1 ABG Sundal Collier | Annual Report 2024
ABG Sundal Collier
Independent Nordic investment bank
Annual
Report
2024
Peter Fischli and David Weiss, HOW TO WORK BETTER, 1991
© Peter Fischli & David Weiss, courtesy of the artists and Peder Lund
Photographer: Sigbjrn Andre Ulst
2 ABG Sundal Collier | Annual Report 2024
Paul Osipow
OLYMPIA 6, 2012-13
Oil on canvas, 155 x 208 cm ..................... p. 25
Andreas Eriksson
MEANDER VI, 2015
Oil on canvas, 200 x 125 cm ........ .............p. 27
Andreas Eriksson
TRÄDSTAM (GRÅ), 2010
Oil and acrylic on canvas, 252 x 235 cm .........p. 28
Tom Sandberg
UNTITLED (WOMAN BY POOL), 2006
Silver gelatin print, 68 x 185 cm
.................p. 30
Per Kirkeby
KOMPOSITION, 1981
Oil on canvas, 200 x 150 cm . ....................p. 31
Paul Osipow
UNTITLED, 2017
Oil on canvas, 208 x 155 cm ..................... p. 92
Peter Fischli and David Weiss
HOW TO WORK BETTER, 1991
Screenprint on paper, 69,5 x 50 cm ...............p. 1
Tom Sandberg
HAIR, 2004
Silver gelatin print, 120 x 150 cm .. ................p. 3
Paul Osipow
TUNG (HEAVY), 1995-97
Acrylic on canvas, 240 x 240 cm ..................p. 9
Per Kirkeby
UNTITLED, 1996
Mixed media on panel, 122 x 122 cm ... .......p. 13
Per Kirkeby
UNTITLED, 1997
Mixed media on panel, 122 x 122 cm .............p. 22
In art, as in business,
creativity is everything
The art in ABG Sundal Collier’s offices is more
than mere decoration.
Rather, it serves as inspiration. When we come
into the office each day, we are greeted with
a visual reminder of ingenuity, creativity, and
outside-the-box thinking. These are important
qualities to be reminded of, especially for us.
At ABGSC, we are proud to be independent.
We strive to be creative. And our vision is
to be the most agile and respected investment
bank in the Nordic region. The art in our offices
elevates the environment in which we work
and inspires us to achieve this vision.
All of the pieces displayed in our offices are
part of the Collier Collection and have been
selected and placed by Jan Petter Collier.
Among the pieces are some of the finest
examples of contemporary Scandinavian
and global art.
To our clients, partners, visitors, and friends:
we hope that, like us, you find inspiration in
the art selected for our offices and this year’s
annual report.
LIST OF WORKS
3 ABG Sundal Collier | Annual Report 2024
32
Statutory Directors’ Report ............... 32-37
39
Consolidated Financial Statement .... 39-43
46
Notes to the Consolidated
Financial Statement .......................... 46-72
73
Parent Company Financial Statement 73-77
78
Notes to the Parent Company
Financial Statement .......................... 78-83
84
Responsibility Statement .................. 84
86
Auditor’s Report ................................ 86-91
92
Addresses ......................................... 92
04
Enabling businesses and
capital to grow and perform .............. 4-5
06
Key Figures ...................................... 6-8
09
Comment by CEO & Chairman ........ 9-10
11
Purpose and Vision .......................... 11
12
Core Values ..................................... 12
14
Macro backdrop ............................... 14-15
16
Corporate Financing ........................ 16-18
19
M&A and Advisory ............................ 19-21
23
Brokerage and Research ................. 23-24
26
Executive Committee ....................... 26-28
29
The Board of Directors ..................... 29-31
Table of Contents
Tom Sandberg, Hair, 2004
© Tom Sandberg / BONO 2025
4 ABG Sundal Collier | Annual Report 2024
Enabling businesses
and capital to grow
and perform
ABG Sundal Collier (“ABGSC”) is built on an inclusive partnership
culture and the ability to attract and develop top talent. The merger
of Swedish ABG and Norwegian Sundal Collier in 2001 laid the
foundation for today’s independent, full-service investment bank.
We have a strong Nordic heritage, with corporate finance offices
and operations in Norway, Sweden and Denmark and a global reach
with offices in London, Frankfurt, Lucerne, New York and Singapore.
Drawing on our superior transaction experience and network, we advise and guide
clients in the acquisition, consolidation or sale of assets. We help companies and
entrepreneurs fund their businesses through our unparalleled investor access and
placement power. Our high-quality research and sales operations enables smarter
investment decisions and ensures best-in-class trade flow matching and execution.
We are committed to excellence and offer in-depth sector knowledge, extensive
transaction experience and access to a wide network of companies and investors.
We pride ourselves on delivering a first-class service and strive to achieve a high
level of client satisfaction.
As a financial partner, ABGSC is in it for the long haul. We work tirelessly to achieve
our clients’ objectives, taking a holistic approach. When we take on new clients we
make a long-term commitment, guiding them through the various stages of their
business life cycle. ABGSC’s culture is defined by the fact that a large portion of our
5 ABG Sundal Collier | Annual Report 2024
employees are partners in the firm. This ownership component empowers employees and
ensures a long-term commitment to the firm and our clients. As an independent investment
bank, we always act in the best interests of our clients, and they have 100% of our focus
at all times. As we hold leading market positions in all relevant corporate finance disciplines
(equity, debt, and M&A), we have no product bias when advising our clients.
Globalisation, increasing regulation and disruptive technologies are transforming businesses
and industries. ABGSC is an agile and dynamic organisation, respected in the industry
and able to adapt to changing environments and situations. Never satisfied with the status
quo, we are constantly evolving our business and challenging our own way of working.
This makes us well placed to advise and enable businesses and capital to grow and perform.
6 ABG Sundal Collier | Annual Report 2024
Group Key Figures (NOKm) 2020 2021 2022 2023 2024
Total revenues 1,926 2,911 1,704 1,707 1,933
Personnel costs -994 -1,563 -943 -988 -1,096
Non-personell costs -297 -312 -365 -393 -429
Total operating costs -1,291 -1,875 -1,308 -1,381 -1,525
Operating profit 635 1 036 396 325 407
Net profit 412 760 270 236 308
Book value per share
1)
2.01 2.69 2.13 1.96 2.01
Diluted average number of shares
2)
537 550 557 558 572
EPS (basic) 0.93 1.69 0.58 0.49 0.60
EPS (diluted) 0.78 1.39 0.50 0.44 0.56
Payment to shareholders per share 1.00 1.00 0.50 0.50 0.50
Return on equity
3)
52 % 72 % 24 % 24 % 31 %
Headcount (average) 285 311 332 341 336
Revenues per head (average) 6.77 9.35 5.13 5.01 5.75
Total costs per head (average) -4.53 -6.02 -3.94 -4.05 -4.54
Total compensation / Revenues 52 % 54 % 55 % 58 % 57 %
Total costs/ Revenues 67 % 64 % 77 % 81 % 79 %
EBIT margin 33 % 36 % 23 % 19 % 21 %
Key
figures
1) Book equity at 31 December / (total number of shares – treasury shares)
2) Number of shares adjusted for treasury shares and shares on forward contracts, figures in million shares
3) Net result for the period/Average equity for the period
7 ABG Sundal Collier | Annual Report 2024
5.01
5.75
6.77
9.35
5.13
20242023202220212020
0.49
0.60
0.93
1.69
0.58
20242023202220212020
1,933
1,926
2,911
1,704
1,707
20242023202220212020
4.05
4.54
4.53
6.02
3.94
20242023202220212020
1,381
1,525
1,291
1,875
1,308
20242023202220212020
19
21
33
36
23
20242023202220212020
Revenue per head (Average)
(NOKm)
EPS basic
(NOK)
Total revenues
(NOKm)
Costs per head (Average)
(NOKm)
Total operating costs
(NOKm)
EBIT Margin
(%)
Key
figures
8 ABG Sundal Collier | Annual Report 2024
344
Staff as of
31 December
2024
SWEDEN
Stockholm
Global reach
Geographic Revenue
Distribution 2024
Functional Revenue
Distribution 2024
Norway 52 %
Sweden 34 %
Denmark 6 %
International 8 %
M&A and Advisory 30 %
Brokerage and Research 29 %
Corporate Financing 41 %
Revenue
1,933
NOKm
Revenue
1,933
NOKm
SWITZERLAND
Lucerne
GERMANY
Frankfurt
UK
London
SINGAPORE
NORWAY
Oslo
DENMARK
Copenhagen
US
New York
9 ABG Sundal Collier | Annual Report 2024
Comment by
CEO & Chairman
Dear shareholders, clients and colleagues,
We are pleased to present the annual report for 2024, a year when we celebrated our 40th
anniversary with a solid financial performance and revenues increasing by 13%, close to the
NOK 2bn mark.
With looming geopolitical and macroeconomic uncertainty, it is fair to say that all our business
segments are not running at full speed. The market for raising new equity and initial public offerings
has remained sluggish, but the activity within high-yield bonds have been close to all-time highs.
Activity within some sectors has also been lower than observed in recent years, but this has
been compensated for by achieving higher volumes in other sectors, highlighting the benefits
of diversification.
While we recognise this inherent volatility and cyclicality of our industry, it is hardly reflected
in our overall figures. Our diversified business mix, with a broad sector coverage and leading
market positions within all key product areas, has provided a sound balance, making cyclicality
less apparent over time. We take pride in our consistent profitability, having delivered close
to 100 consecutive quarters with operational profitability since our listing in 2001.
This year, we have refined our long-term strategy, setting a clear vision for the upcoming years.
We strongly believe in our position as the leading independent investment bank in the Nordic region.
Our business model is both straightforward and resilient: we act as an adviser and a facilitator.
The foundation for our strategy is to continue to deliver top-quality services and always be available
for our clients. We succeed when our clients succeed, as we make our earnings by delivering
valuable insights, providing liquidity, and executing transformative transactions. Our interests
are fully aligned with those of our clients, as our success is built on a long-term focus. This requires
excellence, dedication, and persistence.
Paul Osipow, Tung (Heavy), 1995-97
© Paul Osipow
Photo: Courtesy of Galleri Riis
10 ABG Sundal Collier | Annual Report 2024
We believe in growing our business through a focused approach where we look to gain more
market share within our current core business areas and through carefully broadening our service
offerings to be more relevant to existing clients and to increase our client reach. To ensure that
we also protect our profitability, we always need to work smarter and seek to become more
efficient. Our three key enablers are People, Technology, and Brand. As a people-driven business,
our success starts with talent. We are enhancing our processes and infrastructure to not only
attract top professionals but also foster a collaborative culture where collective performance
exceeds individual contributions. True diversification, for us, means bringing together individuals
with different perspectives to deliver exceptional service to our clients.
We are also accelerating the adoption of new technology to enhance productivity and efficiency.
We believe we are well positioned to benefit from the rapid development of AI and other emerging
technologies, with a clean and modern IT infrastructure and an agile and lean operation. At the
same time, we are continuously working on developing our brand, an often-underestimated
catalyst for growth in our industry. By ensuring that clients, prospects, and the market clearly
understand our capabilities and core differentiators, especially our commitment to excellence
and a client-first approach, we aim to generate stronger tailwinds for our business.
A key milestone in 2025 is the launch of our Private Banking operation, a strategic expansion
of our business and an area where we have great ambitions to provide a superior and unique
offering to the market.
Our performance in 2024 underscores the dedication and expertise of our team. We would like
to extend our sincere gratitude to all our employees for their massive contributions, and to our
clients, and shareholders for their continued trust and partnership. As we move forward into
2025, we do so with optimism, a clear strategic vision, and an unwavering commitment
to delivering long-term value for all our stakeholders.
Yours sincerely,
Knut Brundtland, Chairman
& Jonas Ström, CEO
Knut Brundtland, Chairman Jonas Ström, CEO
11 ABG Sundal Collier | Annual Report 2024
Vision Purpose
The Nordic
Investment Bank
of Choice
To enable businesses
and capital to grow
and perform
Quality focused
advisory business
Clear strategic direction
operating in an active
and diversified Nordic
financial industry
Lean and agile
operation
Slim operation with
proven track record of
adapting to changing
markets
Solid and
asset-light model
Well capitalised
asset-light business model
with limited financial risk
taking
Partnership
model
Significant staff ownership
securing long-term
commitment and alignment
of interests
Profitable, sustainable
and growing
Dedication to delivering
strong returns primarily
through cash flow to
shareholders
12 ABG Sundal Collier | Annual Report 2024
Core Values
Excellence
We have high standards,
providing best-in-class
advice and execution
Dedication
We are fully committed
and focused
on everything we do
Persistence
We never give up
and always deliver
13 ABG Sundal Collier | Annual Report 2024
Per Kirkeby, Untitled, 1996
© Per Kirkeby Estate
14 ABG Sundal Collier | Annual Report 2024
2024 was another year that turned out better than consensus thought at the start of the year.
Global GDP growth was again revised up, and the US consumer continued to show resilience
driving global economic growth. Growth disappointments were seen in Europe and China,
and this triggered a policy response.
Europe and other central banks have cut interest rates by 100-150bps as inflation has come under
control and growth has weakened. The signals entering 2025 is that there is limited need for
additional interest rate cuts. Despite the cuts, long term interest rates are stable, although they are
at the high end of the levels seen over the past two years. We do not expect another leg up will
materialise in 2025, and the current level for long term interest is appropriate.
Entering 2025, the outlook is better, but not without risk. The labour market in the US shows some
weakness, while savings ratios are on the rise amongst European and Chinese households,
suggesting a negative view regarding the future, as people tend to save for a rainy day.
Nevertheless, our expectation is that income growth will continue to drive growth in consumption,
which points towards an acceleration, rather than a deceleration in industrial production and
the global economy as a whole. This will limit the potential for further cuts by the central banks,
but companies will do better. Improved demand, the neutral pricing picture, and better productivity
growth should continue to support company earnings.
The key risk for 2025 are big political events that could alter the picture. Trade wars, stricter
immigration policies, more frequent natural disasters, continued diplomatic conflicts, and pressure
on NATO members to increase defence spending, are all signals of an unclear landscape. As such,
companies need to prepare for low probability but high impact events and continue to invest in their
organisations, while building robust business models. The recent experience is that companies
have so far navigated well. Most companies have protected their margins and earnings
and therefore have improved their balance sheets. As such, most companies are in a strong
position to continue to create shareholder value for the years to come.
Macro backdrop
15 ABG Sundal Collier | Annual Report 2024
Interest rates Equity indicesEquity market volatility (S&P VIX)
10y US interest
10y German interest
S&P 500
MSCI Nordic
0
50
100
150
200
250
300
0
10
20
30
40
50
60
70
80
90
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
6.0%
5.0%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
16 ABG Sundal Collier | Annual Report 2024
Corporate Financing
ABGSC is a leading provider of corporate financing services, supporting corporate clients when
they seek to raise capital through either equity or debt financing within Nordic capital markets.
Equity Capital Market (ECM) transactions typically include initial public offerings (IPOs), private
placements, rights issues and secondary block trades. ABGSC is a force within ECM with a strong
market position, and normally taking a leading role in transactions in a range of sectors across
the Nordics.
Within the Debt Capital Market (DCM), ABGSC focuses on the non-investment grade bond segment.
In recent years, ABGSC has expanded its debt offering by providing direct lending independent
debt advisory and sourcing services such as loans, factoring, and leasing.
ABGSC is compensated through fees subject to the successful completion of a given transaction. In
2024, revenues from corporate financing activities were NOK 789m, up 36% from NOK 580m in 2023.
2024 could well be dubbed the year of DCM, as this segment showcased its strengths after a modest
start, ultimately reaching record-high levels. Market activity has been close to record levels with
representation from nearly all sectors. A key highlight of the year was the influx of foreign investors
and issuers drawn to the Nordic market due to favourable terms compared to traditional bank
financing. ABGSC successfully executed a broad range of major DCM transactions, further
solidifying its market leading position. Notable deals included First Camp (Sweden), EcoDataCenter
(Sweden), NES Fircroft (Norway), and Wrist Ship Supply (Denmark).
At the start of the year, the ECM segment remained sluggish, characterised by a lack of IPOs and
other primary capital market activities. By early summer, we began to see signs of an improvement
in market conditions. Although we did not, and still do not, consider the IPO window fully open,
ABGSC advised on all four Swedish main market IPOs during the year: Prisma, Cinclus Pharma,
Intea, and Apotea.
580
789
1,045
1,713
519
20242023202220212020
Corporate Financing revenues
(NOKm)
2024 proved to be a record year for
DCM activity, with robust demand
across sectors and an influx of
international investors. ABG Sundal
Collier strengthened its leading position
by delivering innovative debt solutions
and executing major transactions that
showcased the appeal of the Nordic
market.
– Kristoffer Sletten, Head of Fixed Income.
“
Corporate
Financing
revenues
789
NOKm
17 ABG Sundal Collier | Annual Report 2024
In summary, ECM activity in 2024 was selective. Nonetheless, ABGSC maintained its strong
position within Nordic ECM, completing several primary and secondary placements. Notable
transactions included Vår Energi (Norway), Höegh Autoliners (Norway), Stendörren (Sweden),
and Gubra (Denmark). In total, ABGSC concluded 50 DCM transactions and 49 ECM transactions,
including five IPOs, during 2024.
Against an at times challenging market backdrop,
ABG Sundal Collier leveraged its expertise
to successfully execute key transactions, including
multiple main market IPOs. Our role as a trusted
advisor in Nordic equity financing remains steadfast,
ensuring strong outcomes for our clients.
– Erik Skog, Co-Head of ECM and Head of Investment
Banking Sweden.
“
18 ABG Sundal Collier | Annual Report 2024
Selected Corporate Financing transactions
DCM – HY SEK 2.3bn Consumer
DCM – HY NOK 1.6bn TMT
DCM - HY
SEK 1.3bn
SEK 550m
Industrials
DCM - HY NOK 1.2bn Energy
DCM - HY SEK 1.0bn Real Estate
DCM - HY USD 350m Industrials
DCM – HY EUR 200m Shipping
ECM – IPO SEK 2.5bn Real Estate
ECM – IPO SEK 1.9bn Consumer
ECM - IPO SEK 1.8bn Real Estate
ECM - IPO SEK 787m Health care
ECM - PP SEK 2.0bn Real Estate
ECM – PP NOK 1.0bn Renewables
ECM – PP SEK 505m Real Estate
ECM - SP NOK 3.7bn Energy
ECM – SP NOK 1.1bn Shipping
ECM - SP
NOK 706m
NOK 350m
NOK 294m
Consumer
ECM – SP NOK 512m Consumer
ECM - SP
SEK 455m
SEK 400m
SEK 240m
Consumer
ECM – SP DKK 150m Health Care
19 ABG Sundal Collier | Annual Report 2024
ABGSC has been a Nordic market leader within Mergers & Acquisitions (“M&A”) and Advisory
for several years, participating in more transactions than any other financial advisor in the region.
Our M&A and Advisory services product area primarily involves advising companies in relation
to mergers, acquisitions and sell-side transactions, in addition to various real asset transactions
and other advisory services. ABGSC is normally compensated by its clients through a combination
of fixed retainers and transaction fees.
In 2024, the Nordic M&A market showed some growth compared to the relatively subdued activity
seen in 2023. While buyers and sellers still faced challenges aligning their price expectations, the
gap began to narrow. Despite these improvements, dealmakers remained cautious, with economic
uncertainties, inflation concerns and geopolitical tensions continuing to impact M&A activity.
ABGSC closed the year on a strong note, having advised in 41 transactions during the year,
including nine public-to-private transactions, reinforcing our leading position in the Nordic
M&A market. Total M&A and advisory revenues of NOK 578m were consistent with our historical
performance and an increase from NOK 562m in 2023.
There were several highlights throughout the year. In Q1, our team served as sell-side advisers
to STIM when it was acquired by Summa Equity. In Q2, ABGSC advised Logistea when the company
entered into an agreement with KMC Properties to acquire the operations in the KMC Properties
group. Our team also acted as a joint financial adviser when Hydro and Macquarie Asset
Management formally announced the beginning of their renewable energy partnership, Hydro REIN.
562
578
381
595
618
20242023202220212020
M&A and Advisory
M&A and Advisory revenues (NOKm)
M&A and
Advisory
revenues
578
NOKm
20 ABG Sundal Collier | Annual Report 2024
Notable transactions in Q3 included the sale of Kanari to Conscia Group, a leading provider
of cybersecurity and networking solutions, where ABGSC acted as the financial adviser to Kanari’s
owners. In Q4, ABGSC served as the financial adviser to Arendals Fossekompani, the largest
shareholder of Volue, in connection with Edison Bidco’s offer to acquire the remaining shares.
We also acted as financial advisor and receiving agent in the tender offer by Olympus BidCo
to acquire the remaining shares in business services provider ECIT. Additionally, in Denmark,
ABGSC advised Spar Nord Fonden, the largest shareholder of Spar Nord, on the recommended
public offer by Nykredit.
ABGSC also offers real estate investment opportunities through a pan-Nordic platform comprising
the fully owned subsidiary ABG Project Finance, which operates in Norway and Denmark, and
the partly owned ABG Fastena, covering Sweden and Finland. The real estate market remained
challenging throughout 2024. However, we observed decreased volatility towards the second half
of the year alongside a gradual return of risk appetite as easing inflation led to declining interest
rates. Over the year, ABG Project Finance completed 12 transactions totalling NOK 2.25 bn,
while ABG Fastena carried out five transactions with a total value of SEK 400 million.
Despite a somewhat challenging macroeconomic
environment, we maintained our position as
a leading M&A adviser in the Nordics, successfully
closing a strong year. The market showed signs
of recovery, and we capitalised on emerging
opportunities, executing a high number
of transactions across sectors. Our ability
to navigate complex deal dynamics and deliver
value to our clients underscores the strength
of our platform and the expertise of our team.
– Kristian B. Fyksen, Head of Investment Banking
and CEO ABGSC Norway
“
21 ABG Sundal Collier | Annual Report 2024
Selected M&A transactions and restructurings
Voluntary tender offer NOK 4.7bn
Business
Service
Partnership between Hydro Rein and Macquarie
Asset Management
USD 333m Renewables
Sale of Kanari to Conscia Undisclosed TMT
Sale of 50% stake in Kvarøy Smolt AS to Kobbvåglaks
and Seløy Sjøfarm
Undisclosed Seafood
Financial advisor to Logistea SEK 13bn Real Estate
Sale of Maritech to CAI Software Undisclosed TMT
Partnership between Safe Life and Bonnier Capital Undisclosed Health Care
Nykredit’s recommended public tender offer for Spar Nord DKK 24.7bn Financials
Sale of STIM to Summa Equity Undisclosed Seafood
Financial advisor to Topdanmark DKK 33bn Financials
Voluntary tender offer NOK 6.1bn TMT
Sale of Oppdal Skisenter to Alpinco Undisclosed Real Estate
Sale of Wint to Norvestor Undisclosed TMT
22 ABG Sundal Collier | Annual Report 2024
Per Kirkeby, Untitled, 1997
© Per Kirkeby Estate
23 ABG Sundal Collier | Annual Report 2024
567
501
603
567
565
20242023202220212020
Brokerage and Research
ABGSC offers considerable insight and market access, with a leading investor reach and a highly
recognised research team covering close to 500 companies as of year-end 2024 with our equity
and credit research products – among the highest number of any Nordic investment bank.
With offices across the globe, we offer a powerful, integrated platform that matches client trading
flows within equities, bonds, derivatives, structured products, and FX. ABGSC also has a limited
proprietary trading operation, primarily supporting our client trading and corporate market-making
activities.
ABGSC’s revenues derive from a combination of trading commissions and separate payments
for either investment advisory and research services, or from fixed payments from companies
for commissioned research or market making services. In 2024, the revenues from brokerage
and research once again proved remarkable stability relative to recent years, totalling NOK 567m.
2024 was marked by geopolitical turbulence including the U.S. election and persistent inflation
during the autumn. These factors dampened expectations for more substantial interest rate
cuts, which held back investors’ risk appetite. Against this backdrop, our equity and credit sales
operations completed several successful block placings and record-high debt capital market
transactions.
Throughout the year we continued to focus on developing our highly ranked research operation
and idea-driven brokerage business, building credibility with investors, sharing knowledge
and offering high-quality investment advice. Overall, the activities of our research and brokerage
teams continued to make a strong contribution to revenues, achieving a robust and very stable
performance despite the cyclicality of our business.
Brokerage and
Research
revenues
567
NOKm
Brokerage
and Research
revenues
567
NOKm
Brokerage and Research revenues
(NOKm)
24 ABG Sundal Collier | Annual Report 2024
In 2024, our research team earned top rankings in several external surveys. In Norway, ABGSC
retained its overall second-place position in the Kapital rankings, securing the #1 spot for the best
individual analyst overall. Additionally, in the Kantar Sifo Prospera rankings, we maintained our
#2 position in Norway and were ranked #3 in Sweden, and we are proud to have achieved a total
of 27 podium places for sector coverage.
Our brokerage teams continued to maintain their strong performance across external surveys.
In Norway, ABGSC was awarded the #1 spot for best brokerage in Kapital’s rankings, with 23%
of the total votes. In Sweden, we achieved podium places in all three categories in the Kantar Sifo
Prospera rankings, including the #1 spot for the important “Sales business ideas” category.
Despite a relatively challenging market
in 2024, our Brokerage and Research team
delivered a very solid performance, securing
top rankings and maintaining our market-
leading placing power. Our global platform
and idea-driven approach enabled us to
identify opportunities and provide unparalleled
support for our clients.
– Olof Cederholm, Co-Head of Equities
“
25 ABG Sundal Collier | Annual Report 2024
Paul Osipow, Olympia 6, 2012-13
© Paul Osipow
Photo: Courtesy of Galleri Riis
26 ABG Sundal Collier | Annual Report 2024
26 ABG Sundal Collier | Annual Report 2024
Executive
Committee
Jonas Ström
CEO
Jonas Ström joined the firm in 2011.
Prior to joining ABGSC, he was Head
of Debt Capital Markets at Öhman and
he has also worked as a Portfolio Manager
at Swedbank Robur. Ström has a MSc
in Economics from the Gothenburg School
of Economics.
Geir B. Olsen
CFO
Geir B. Olsen joined the firm in 2002.
He was previously Head of Business
Development and Projects and has
also worked within Equity Sales and
Investment Banking. Olsen holds a
MSc of Business an Economics from
Handelshøyskolen BI.
Jessica Blink
Head of Legal
Jessica Blink joined the
firm in 2006. She has a
Master of Laws (LL.M.)
and a MSc in Business
Administration and
Economics from Stockholm
University.
Kristian B. Fyksen
Head of Investment Banking
and CEO ABGSC Norway
Kristian B. Fyksen joined the firm
in 2016. He previously worked at
DNB Markets. Fyksen has a MSc in
Economics and Resource Management
from the Norwegian University
of Life Sciences.
27 ABG Sundal Collier | Annual Report 2024
Erik Skog
Co-head of ECM and Head
of Investment Banking Sweden
Erik Skog joined the firm in 2018 and
has previously worked at Royal Bank
of Scotland, Goldman Sachs and
Nordea. Skog has a MSc in Economics
and Business from Stockholm School
of Economics.
Kristoffer Sletten
Head of Fixed Income
Kristoffer Sletten joined the firm
in 2017 and has previously worked
at Nordea Markets. Sletten has a
MSc in Investments and Finance from
University of Strathclyde.
Olof Cederholm
Co-head of Equities
Olof Cederholm re-joined the
firm in 2011. Before coming back
to ABGSC, he worked at UBS.
Cederholm has a BBA from
Northwood University.
Andreas Eriksson, Meander VI, 2015
© Andreas Erikkson / BONO 2025
28 ABG Sundal Collier | Annual Report 2024
Hans Øyvind Haukeli
Co-head of Equities
Hans Øyvind Haukeli joined the firm
in 2001 and has a MSc from the
Norwegian School of Management.
John Olaisen
Head of Research
John Olaisen joined the firm in 2012.
He previously worked at Carnegie,
Terra and Abacus/International Capital
Growth. Olaisen has a MSc from
Fribourg University in Switzerland.
Andreas Eriksson, Trädstam (grå), 2010
© Andreas Erikkson / BONO 2025
29 ABG Sundal Collier | Annual Report 2024
Martina Klingvall
Board Member
Martina Klingvall has a startup
background and is known for
challenging old business models,
and championing modern leadership
and digital opportunities. She has
extensive experience from the
Telecom industry, both from working
at Telenor in Sweden and Norway,
but also from starting up and running
a new mobile operator, Telness,
in Sweden. Klingvall holds a degree
in engineering from the Royal
Institute of Technology, KTH.
Jan Petter Collier
Deputy Chairman
Jan Petter Collier was one of the
two founders of Sundal Collier
in 1984 and is currently a partner
within Investment Banking. From
1992 until 2004, he was the
Executive Chairman and from
2004 to 2010 he was the CEO of
ABGSC. Prior to founding Sundal
Collier he was Chief Executive
of Tennant and Deputy General
Manager of Rogalandsbanken.
Knut Brundtland
Chairman
Knut Brundtland joined the firm as Group
CEO in 2010. Prior to this, he held several
board positions and has also been the CEO
of Voss of Norway ASA. Brundtland also
has 15 years’ experience as a lawyer and
partner with the law firm BAHR in Oslo.
He holds a law degree from the University
of Oslo.
29 ABG Sundal Collier | Annual Report 2024
The Board
of Directors
Adele Bugge
Norman Pran
Board Member
Adele Bugge Norman Pran has extensive
experience from board positions,
developing companies and transactions,
with experience from Herkules Capital and
PWC Deals. Pran holds a degree in law
from the University of Oslo, and a master
in auditing and accounting from NHH. She
has also studied advanced mathematics at
Harvard University and has an International
Baccalaureate from United World College,
Atlantic. Pran’s extensive board experience
includes roles on the boards of Yara ASA,
B2Holding ASA, Hitec Vision AS and
Motorgruppen AS, among others.
30 ABG Sundal Collier | Annual Report 2024
Tom Sandberg, Untitled (Woman by pool), 2006
© Tom Sandberg / BONO 2025
31 ABG Sundal Collier | Annual Report 2024
Arild A. Engh
Board Member
Arild Abel Engh is an independent investor. Since
2018 he has operated Melesio AS, a partner owned
private investment company. He has 30 years of
experience within investment banking, financial
analysis and investments. Engh joined ABGSC in
1993 and headed the Investment Banking Division
from 1999 to 2018. Before joining ABGSC he was
involved in the cruise, oil service, bulk shipping
and TMT industries. Engh holds an MSc degree in
Petroleum Engineering from the Norwegian Institute
of Technology (NTH Trondheim) and also completed
post graduate studies in Finance at the Norwegian
School of Economics (NHH Bergen).
Cecilia Marlow
Board Member
Cecilia Marlow is a full time non-executive
board professional and investor. She has
experience from various industries and
ownership structures, including listed
companies as well as the finance sector.
Marlow previously worked as a CEO
in retail for some 20 years and she holds
an MBA from the Stockholm School
of Economics.
Per Kirkeby, Komposition, 1981
© Per Kirkeby Estate
32 ABG Sundal Collier | Annual Report 2024
ABGSC is an independent Nordic investment bank established in 1984 and founded on an
inclusive partnership culture and the ability to attract and develop top talent. Our strategy is to
be an advisor and an intermediary, and our core product offering comprises corporate advisory,
corporate financing, investment research and brokerage services.
COMMENTS ON THE ANNUAL ACCOUNTS
Highlights
2024 again demonstrated the solidity and diversity of our operation, with diversified revenues
across Corporate Financing, M&A and Advisory, and Brokerage and Research. Despite a continued
lack of IPOs, Corporate Financing revenues increased, primarily driven by higher activity within
the high yield bonds segment. Our Brokerage team also showcased an impressive ability to create
liquidity and manage complex transactions. Our position in our core markets is solid and well-
defended despite the challenging conditions.
Operating profit for 2024 increased by 25% to NOK 407m and diluted EPS for 2024 was NOK 0.56
compared to NOK 0.44 for 2023. The Board has decided to propose a payment to shareholders
of NOK 0.50 per share for the accounting year 2024.
Pursuant to the Norwegian Accounting Act, the Company confirms that the parent company
accounts, based on Norwegian GAAP, have been prepared on a going concern basis. Group
accounts have also been prepared on a going concern basis, based on International Financial
Reporting Standards (IFRS), as adopted by the EU.
Income Statement
Revenues from Corporate Financing services increased from NOK 580m in 2023 to NOK 789m
in 2024 (+36%). In 2024, Nordic primary ECM volumes were up 4% compared to 2023, while
Nordic primary DCM volumes were up 68%. During the year, ABGSC conducted 50 DCM
transactions and 49 ECM transactions, including five IPOs.
Revenues from M&A and Advisory services increased from NOK 562m in 2023 to NOK 578m
in 2024 (3%). In 2024, the number of M&A transactions in the Nordic markets was up 18%
compared to 2023. In total, ABGSC advised 41 M&A transactions and managed 17 direct real
estate investments.
Revenues from Brokerage and Research services of NOK 567m were in line with 2023 (NOK 565m).
Total operating costs for the year were NOK 1,525m compared to NOK 1,381m in 2023 (+10%).
The main driver for the cost increase is the profitability-driven compensation model increasing
variable remuneration. Start-up costs related to the investments in new business initiatives, general
cost inflation and the continued weakening of NOK all contributed to the higher cost base.
Operating profit for 2024 was NOK 407m (NOK 325m in 2023), an increase of 25%. The net
financial result was NOK 6m compared to NOK -6m in 2023. Net profit after tax was NOK 307m
(NOK 237m in 2023), resulting in EPS (basic) of NOK 0.60 (NOK 0.49 in 2023).
Balance Sheet and Liquidity
ABGSC maintained a strong balance sheet throughout 2024. Our asset base largely consists
of short-term receivables and bank deposits.
The Group’s capital adequacy following the proposed NOK 0.50 dividend payment to shareholders
at the end of 2024 was 2.0x (1.6x in 2023) the requirement set by The Financial Supervisory
Authority of Norway. The capital ratio before the proposed payment to shareholders was 2.7x
for 2024 (2.2x in 2023).
ABGSC has positive cash flow from its operations, although due to the nature of our business,
working capital requirements can be subject to significant daily fluctuations. To meet varying
liquidity demands from Group operations, we have established overdraft facilities with our main
banks. ABGSC’s level of liquidity was solid throughout 2024.
ABG Sundal Collier Holding ASA (“the Company”) together with its
subsidiaries (“ABGSC” or “the Group”) is a Nordic investment bank listed
on the Oslo Stock Exchange. The Group’s headquarters are in Oslo, with
other offices in Stockholm, Copenhagen, London, Frankfurt, Lucerne, New
York and Singapore.
Statutory Directors’ Report
33 ABG Sundal Collier | Annual Report 2024
Financial Statement for the Parent Company
The parent company receives dividends or group contributions from subsidiaries to pay a dividend
to the shareholders. In 2024, the parent company received NOK 325m in dividends and group
contributions, compared to NOK 287m in 2023. The balance sheet is good, with a book equity
to total capital of 39% after dividend allocation.
Allocation of Profit
The net profit of the Company was NOK 234m, and the Board proposes that the Annual General
Meeting adopt the following allocation:
Payment to shareholders NOK 264m
From other equity NOK -30m
Total allocated NOK 234m
Following the allocation above, the Company will have a share premium and other equity
of NOK 352m.
Shareholders
The Company’s share price closed at NOK 7.08 on 31 December 2024 (NOK 6.80 on 31 December
2023). Shareholders received a total payment of NOK 0.50 per share during 2024, implying a total
return of 11.5% in 2024. The Oslo Børs main index (OSEBX) increased by 9% in the same period.
At the end of 2024, ABGSC had 6,336 shareholders, and the Group’s partners and Board
members owned approx. 30% of the total shares outstanding and 36% of the total diluted shares.
Although ABGSC is a publicly listed company, the Board believes in the importance of preserving
the company’s partnership ethos. The Group’s key staff are significant owners of the Company,
providing a reassuring alignment of interests between shareholders and staff. We strongly believe
that these coinciding interests help us to reduce operational risk and ensure a long-term focus
on providing the best possible advice to our clients while maintaining a clear understanding
of the importance of the Group’s financial performance.
Other Conditions
Risk management is an integral part of ABGSC’s core business activities. While conducting
our business operations, ABGSC is exposed to a variety of risks. These include market, credit,
liquidity, operational and currency risks that are material and require comprehensive controls
and management. ABGSC aims to maintain a low risk profile. For a further description of the
Group’s risk profile and risk management policy, see Note 5 to the Consolidated Financial Statement.
A separate description pertaining to risk control in financial reporting is included in the Board’s
Corporate Governance report. The Board has approved the overall limits for market risk for equity
trading, bond trading, securities financing, and foreign exchange. ABGSC’s main trading activities
are carried out on a short-term basis with a low level of overnight exposure. Any breach of the
defined limits is reported to the Board of Directors. The purpose of the trading activities is to
facilitate client orders and profit from market arbitrage opportunities and market volatility.
The Executive Committee, act as the Group’s Credit Committee, approving policies and limits
for client financing, cash collateral and the pledging of shares within the mandate approved
by the Board of Directors. Changes in collateral value are monitored daily and adjustments
are made by either reducing exposure or providing additional collateral. Regular stockbroking
transactions are settled on a delivery versus payment basis, such that the credit risk is minimised
to the difference between the unsettled amount and the market value of the shares.
The Board is not aware of any matters arising during the year that have had a materially negative
effect on the Company’s or the Group’s business position.
COMMENTS ON CORPORATE GOVERNANCE
Implementation and Reporting on Corporate Governance
ABGSC is committed to the Norwegian code of practice for Corporate Governance as issued
by NUES (the Norwegian Corporate Governance Board) and has implemented sound corporate
governance regulations and practices for the Group. The ABGSC Corporate Governance Policy
is published on the ABGSC website and should be read in combination with this statutory report
to understand the overall compliance with the Code of Practice.
34 ABG Sundal Collier | Annual Report 2024
Equity and Dividends
The Board is committed to returning excess capital to shareholders through cash and buy-backs
of shares over time. Excess capital will be evaluated on a continual basis, taking into consideration
several factors including market conditions, regulatory requirements, counterparty and market
perceptions and the nature of our business.
ABGSC’s balance sheet and liquidity position are very solid relative to our capital requirements.
Consequently, the Board will propose to the AGM a payment to shareholders of NOK 0.50 per
share for the accounting year 2024 (NOK 0.50 in 2023).
The Board currently has a mandate from the shareholders to acquire a number of ABG shares
corresponding to approx. 10% of the share capital. The one-year mandate is valid until the
end of June 2025. Under the mandate, ABGSC purchased 775,000 ABG shares in 2024.
The Board currently has a mandate from the shareholders to issue a number of new ABG shares
corresponding to approx. 20% of the share capital. The one-year mandate is valid until the end
of June 2025. Under the mandate, ABGSC issued 30,271,700 new ABG shares in 2024.
Equal Treatment of Shareholders and Transactions with Close Associates
Internal guidelines require that special approval is required for any transactions whereby members
of the Board or management might have conflicting interests with the Group. During 2024, there
were no such transactions requiring special approval.
General Meetings
The ordinary general meeting was held on 18 April 2024. Shareholders had the opportunity
to participate in, and vote at, the general meeting without being present by giving proxy
to the Company. Knut Brundtland represented the Board of Directors at the AGM. The Nomination
Committee and the auditor did not attend the AGM.
No extraordinary general meeting was held in 2024.
Nomination Committee
In 2024, the Nomination Committee consisted of Stein Aukner, Roy Myklebust and Leiv Askvig. The
committee is thereby independent of the Group’s executive management and Board of Directors.
The shareholdings and fees of the members of the Nomination Committee are disclosed in Note 9
to the Consolidated Financial Statement.
Board of Directors: Composition and Independence
The Board of Directors is of the opinion that, overall, it has sufficient expertise and capacity to carry
out its duties in a satisfactory manner. The Board of Directors has six members, including three males
and three females, and the composition represents sufficient diversity of background and expertise.
The Board members serve for a period of one year unless re-elected.
Four of the current members are independent of the Company’s main shareholders,
the Company’s executive personnel and material business contacts. No executive personnel
are members of the Board.
Three out of six of the Board members own shares in the Company. Board member shareholdings
are disclosed in Note 9 to the Consolidated Financial Statement.
The Work of the Board of Directors
The Board held nine board meetings in 2024. Three meetings were physical meetings, and the rest
were held as video conferences. Board members’ total attendance in 2024 was 95%.
The Board of Directors has established the Compensation Committee and the Audit Committee
as sub-committees.
In 2024, the Compensation Committee consisted of Knut Brundtland as chairperson and Arild
A. Engh as a member, together with a non-management staff representative. The Compensation
Committee is thereby independent of the Group’s executive management. The Compensation
Committee met three times in 2024 in relation to the remuneration process in the Group.
In 2024, the Audit Committee consisted of Adele Norman Pran as chairperson and Arild A. Engh
as a member. The Audit Committee is thereby independent of the Group’s executive management.
The Audit Committee had five meetings during 2024.
35 ABG Sundal Collier | Annual Report 2024
Risk Management and Internal Control
The Board of Directors has drawn up general policies and guidelines for management and
control. These policies deal with the Board’s responsibility for determining the Group’s risk profile,
approval of the organisation of the business, assignment of areas of responsibility and authority,
requirements concerning reporting lines and information flow as well as management and internal
control requirements. The Board and CEO’s areas of responsibility are defined in the rules
of procedure for the Board and instructions for the CEO, respectively.
The Audit Committee supervises the financial reporting process and ensures that the internal controls
in relation to financial reporting function effectively. Among other things, the Audit Committee reviews
the quarterly and annual accounts and reports.
The Group Finance team is headed by the Head of Financial who reports to the CFO and is
responsible for matters such as financial reporting, direct and indirect taxes, and financial internal
controls. On behalf of the CFO, the Group Finance team identifies, assesses, and monitors
the potential risk of errors in the group’s financial reporting.
The Group Finance team prepares the financial reports of the Group and ensures that such
reporting is in line with prevailing legislation, accounting standards, current accounting guidelines
and other relevant external and internal regulations. Processes and several control measures have
been prepared to ensure that the financial reporting is of high quality. These measures include
rules concerning authorisations, reconciliations, IT controls and management reviews. The Group
Finance team prepares a presentation to the Audit Committee every quarter, with details of any
questions to be discussed by the committee.
All quarterly and annual reports to the shareholders are reviewed by the Audit Committee with
a special focus on correct revenue recognition, correct accrual for costs and the accounting
treatment and presentation of any items of a non-recurring nature. The external auditor participates
in the meetings of the Audit Committee.
The Group Compliance team is organised as an independent control function separate from the
business areas and with established dual reporting lines to the CEO and the Chairman of the
Board. The objectives of the function are to support and advise senior management in its work with
internal steering and control and to ensure compliance with applicable securities law and other
relevant regulations for conducting the business, to advise senior management in its work with risk
assessment, management, and to control risks within the business and ensure that procedures,
limits, and guidelines are adhered to.
The Compliance function takes a risk-based approach to allocate the function’s resources efficiently.
A compliance risk assessment is used to determine the focus of the monitoring and advisory
activities of the Compliance function. The risk assessment takes into account the applicable
obligations under relevant international and national laws and regulations, relevant factors
in the regulatory environment, the business structure, findings based on annual internal control
assessments and ICAAPs, signals from the business and its key staff/managers, signals from
the Executive Committee, the Board and relevant internal or external audit findings as well as alerts
and findings from monitoring activities and surveillance systems. Based on the risk assessment
and any other relevant signals, a high-level annual Group Compliance Plan and derived local
monitoring plans are established to ensure that compliance risks are comprehensively monitored.
The Compliance function reports regularly to the Executive Committee and the Board. The Executive
Committee receives written risk reports on a weekly basis, and the Board receives written
compliance and risk control reports before every board meeting.
Risk management and internal control has been on the Board of Director’s agenda at most board
meetings so that the Board can comprehensively assess the Group’s risk and internal control
environment. The Board of Directors has received a summary of the annual internal risk and
internal control assessment process, which also reflects the risk and control assessment performed
at the business area level supplemented by an independent internal control assessment by the
internal auditor.
36 ABG Sundal Collier | Annual Report 2024
Liability insurance
ABGSC has entered into liability insurance for members of the Board of Directors and the CEO
for their potential liability towards the Company and third parties.
Remuneration of the Board of Directors
Knut Brundtland has received NOK 2,200k as board fee from the subsidiary ABG Sundal Collier
ASA. Jan Petter Collier received remuneration as partner of ABGSC for 2024. Arild A. Engh
received NOK 1,696k in 2024 for paid assignments. Other than this, no members of the Board
of Directors have undertaken additional paid assignments for the Company in 2024. Remuneration
of the Board of Directors complies with the Code of Practice, and details are disclosed in Note 9
to the Consolidated Financial Statement.
Remuneration of Executive Personnel
Remuneration of executive personnel complies with strict regulatory remuneration codes in the
relevant countries in which the Group operates, as well as the Code of Practice as demonstrated
in the Corporate Governance Policy. Remuneration to executive personnel is disclosed in Note 9
to the Consolidated Financial Statement.
Auditor
The Group’s auditor is Deloitte. Eivind Bollum Berge is responsible partner for the third year.
Memberships, political donations, and governmental support
There were no political contributions during the year, in line with our policy.
ABGSC has not received any financial assistance from any governments during the year.
ABGSC is a member of the Norwegian Securities Dealers Association, the Swedish Securities
Dealers Association, AksjeNorge and the Norwegian Petroleum Society (NPF).
COMMENTS ON SUSTAINABILITY
For sustainability related information and disclosures, please see the 2024 Sustainability Report
available on ABGSC’s website.
37 ABG Sundal Collier | Annual Report 2024
PROSPECTS FOR 2025
2024 demonstrated the solidity and diversity of our operations. In the absence of an active market
for IPOs, we have been able to capture a fair share of the vibrant segment for high yield bonds,
been a market leader within the public-to-private M&A segment and upheld the solid contribution
from secondary brokerage and research advisory services.
Inflation, interest rates and geopolitical risks remain key topics as we enter the new year. Increased
geopolitical instability and the outlook for a potential trade war are likely to have significant impact
on markets and transaction activity.
We have seen signs of a revived appetite for IPOs in the Swedish market and this may trigger
similar interest in other parts of the region. Furthermore, at the start of 2025, debt capital markets
continue to be very active while we see a positive momentum within M&A.
Our transaction pipeline is larger than at the same time last year and is well adapted to the
prevailing market conditions. Our key priority remains to provide best in class advisory services
to our clients across geographies, industries, and products and improve the efficiently of our
operations. We are also looking forward to the upcoming launch our new Private Banking operation.
Oslo, 26 March 2025
(sign) (sign) (sign)
Knut Brundtland Martina Klingvall Adele Norman Pran
Chairman
(sign) (sign) (sign)
Jan Petter Collier Arild A. Engh Cecilia Marlow
(sign)
Jonas Ström
CEO
38 ABG Sundal Collier | Annual Report 2024
ABG Sundal Collier | Annual Report 2024
39
CONSOLIDATED
FINANCIAL
STATEMENT
ABG Sundal Collier | Annual Report 2024
40
Consolidated statement of comprehensive income
ALL AMOUNTS IN NOK 1,000
Profit / loss for the year attributable to: | Notes | 2024 | 2023 |
Owners of the parent | |||
Non-controlling interests | - | ||
Diluted earnings per share | 21 | ||
Basic earnings per share | 21 | ||
Consolidated statement of other comprehensive income | |||
Items that may be reclassified to profit or loss | |||
Exchange differences on translating foreign operations | 13 | ||
Profit/loss on hedges of net assets of foreign operations | 13 | - | - |
Income tax relating to items that may be reclassified | 13 | ||
Total other comprehensive income | |||
Total comprehensive income for the year | |||
Total comprehensive income for the year attributable to: | |||
Owners of the parent | |||
Non-controlling interests | - |
OPERATING REVENUES AND COSTS | Notes | 2024 | 2023 |
Corporate Financing | |||
M&A and Advisory | |||
Brokerage and Research | |||
Total operating revenues | 3 | ||
Personnel costs | 9 | ||
Other operating costs | 9 | ||
Depreciation | 11 , 15 | ||
Total operating costs | |||
Operating profit | |||
FINANCIAL INCOME AND COSTS | |||
Interest income | |||
Result from associated companies | 16 | - | - |
Other financial income | |||
Interest costs | - | - | |
Other financial costs | - | - | |
Net financial result | - | ||
Profit before taxes | |||
Tax cost | 10 | ||
NET RESULT FOR THE YEAR |
ABG Sundal Collier | Annual Report 2024
41
Consolidated statement of financial position as of 31.12
ALL AMOUNTS IN NOK 1,000
ASSETS | Notes | 2024 | 2023 |
Non-current assets | |||
Intangible assets | |||
Deferred tax assets | 10 | ||
Goodwill | 14 | ||
Other intangible assets | 15 | ||
Total intangible assets | |||
Tangible non-current assets | |||
Office equipment and fittings | 15 | ||
Right-of-use assets | 11 | ||
Total tangible non-current assets | |||
Financial non-current assets | |||
Long-term receivables | 8 | ||
Investments in associates | 16 | ||
Other shares | 12 | ||
Total financial non-current assets | |||
Total non-current assets |
Notes | 2024 | 2023 | |
Current assets | |||
Receivables | |||
Accounts receivables | 6 - 8, 19 | ||
Receivables from stockbrokers | 6 - 8 | ||
Other receivables | 6, 8 , 17 | ||
Total receivables | 12 | ||
Investments | |||
Securities and financial instruments | 6, 12 | ||
Cash and bank deposits | |||
Cash and bank deposits | 6, 12, 20 | ||
Total current assets | |||
TOTAL ASSETS |
ABG Sundal Collier | Annual Report 2024
42
Consolidated statement of financial position as of 31.12
ALL AMOUNTS IN NOK 1,000
(sign) (sign)
(sign)
Knut Brundtland Martina Klingvall
Adele Norman Pran
Chairman
(sign) (sign) (sign)
Arild A. Engh Cecilia Marlow Jan Petter Collier
(sign)
Jonas Ström
CEO
The Board of ABG Sundal Collier Holding ASA
Oslo, 26 March 2025
EQUITY AND LIABILITIES | Notes | 2024 | 2023 |
Equity | |||
Paid-in-capital | |||
Share capital | 22 | ||
Treasury shares at nominal value | 22 | - | - |
Share premium | |||
Total paid-in-capital | |||
Retained earnings | |||
Equity attributable to owners of the parent | |||
Non controlling interests | 14 | ||
Total equity | 4 | ||
Liabilities | |||
Non-current liabilities | |||
Deferred tax | 10 | ||
Long-term provisions | 8 | ||
Lease liabilities | 11 | ||
Deposits from partners | |||
Total non-current liabilities |
Current liabilities | Notes | 2024 | 2023 |
Accounts payable | 6, 8 | ||
Liabilities payable to customers | 6 - 8, 12 | ||
Securities and financial instruments (short positions) | 6, 12 | ||
Liabilities payable to stockbrokers | 6 - 8, 12 | ||
Income tax payable | 6, 8, 10 | ||
Public dues payable | 6, 8 | ||
Lease liabilities | 11 | ||
Bank overdraft liability | |||
Other liabilities | 6, 8, 17 | ||
Total current liabilities | 12 | ||
Total liabilities | |||
TOTAL EQUITY AND LIABILITIES |
ABG Sundal Collier | Annual Report 2024
43
Consolidated cash flow statement
ALL AMOUNTS IN NOK 1,000
CASH FLOW FROM FINANCING ACTIVITIES | 2024 | 2023 |
Repayment of loans | - | |
Change in bank overdraft | - | |
Repayment of lease liabilities | - | - |
Paid-in equity | ||
Change in own shares | - | |
Payment to shareholders | - | - |
Net cash flow from financing activities | - | - |
Net increase/ (decrease) in bank deposits, cash and cash equivalents | - | |
Bank deposits, cash and cash equivalents as of 1 January | ||
Bank deposit, cash and cash equivalents as of 31 December |
CASH FLOW FROM OPERATING ACTIVITIES | 2024 | 2023 |
Profit before taxes | ||
Interest income | - | - |
Interest received | ||
Interest costs | ||
Interest paid | - | - |
Total other comprehensive income before taxes | - | |
Taxes paid | - | - |
Depreciation | ||
Result from associated companies | ||
Change in investments | - | |
Change in accounts receivables/receivables from other stockbrokers | - | - |
Change in accounts payable/payable to customers and other stock- brokers | ||
Change in other current assets/liabilities | - | |
Net cash flow from operating activities | ||
CASH FLOW FROM INVESTING ACTIVITIES | ||
Purchase of fixed assets /intangible assets | - | - |
Investments in financial non-current assets | - | - |
Received dividend from associates | ||
Net cash flow from investing activities | - | - |
ABG Sundal Collier | Annual Report 2024
44
Consolidated statement of changes in equity
ALL AMOUNTS IN NOK 1,000
Cumulative | Non- | ||||||
Share | Retained | translation | controlling | ||||
Share capital | Own shares | premium | earnings | differences | interests | Total equity | |
Shareholders' equity as of 1 January 2023 | - | ||||||
Net result for the year | |||||||
Other comprehensive income | |||||||
Payment to shareholders | - | - | |||||
Share issues | |||||||
Change in own shares | - | - | - | ||||
Business combinations | |||||||
Shareholders' equity as of 31 December 2023 | - | ||||||
Net result for the year | - | ||||||
Other comprehensive income | - | ||||||
Payment to shareholders | - | - | |||||
Share issues | |||||||
Change in own shares | |||||||
Shareholders' equity as of 31 December 2024 | - |
ABG Sundal Collier | Annual Report 2024
46
Notes to the Consolidated
Financial Statement
Policies
Note 1 – Accounting policies
Note 2 – Significant accounting judgements and
estimates
Segments
Note 3 – Information about segments and geographical
markets
Risks
Note 4 – Capital ratio
Note 5 – Risk management
Note 6 – Market risk
Note 7 – Credit risk
Note 8 – Liquidity risk
Income statement
Note 9 – Wages and social costs
Note 10 – Taxes
Note 11 – Rental costs and lease commitments
Statement of financial position
Note 12 – Fair value measurement of financial assets and
liabilities
Note 13 – Hedging of net assets of foreign operations
Note 14 – Goodwill, acquisitions and non-controlling
interests
Note 15 – Fixed assets
Note 16 – Investments in associated companies
Note 17 – Other receivables and liabilities
Note 18 – Guarantees and mortgages
Note 19 – Accounts receivables
Note 20 – Cash and bank deposits and funds on client
accounts
Other
Note 21 – Earnings per share
Note 22 – Shareholder information
Note 23 – Forward contracts for ABGSC shares held by
partners of the Group
Note 24 – Related parties
Note 25 – Legal matters / disputes
Note 26 – Significant subsequent events
47
ABG Sundal Collier | Annual Report 2024
ALL AMOUNTS IN NOK 1,000 UNLESS OTHERWISE SPECIFIED
Note 1 – Accounting policies
All Group-internal transactions and intercompany balances, including internal profits and unrealised gains
and losses, have been eliminated.
ABG Sundal Collier | Annual Report 2024
48
ABG Sundal Collier | Annual Report 2024
49
ABG Sundal Collier | Annual Report 2024
50
ABG Sundal Collier | Annual Report 2024
51
ABG Sundal Collier | Annual Report 2024
52
ABG Sundal Collier | Annual Report 2024
53
Geographical segment: | 2024 | 2023 |
Norway | 1,011,036 | 944,245 |
Sweden | 652,195 | 495,536 |
Denmark | 112,786 | 102,464 |
International | 156,782 | 164,486 |
Total | 1,932,799 | 1,706,732 |
ABG Sundal Collier | Annual Report 2024
54
2024 | 2023 | |
Capital adequacy of credit-, counterparty-, and business risk | 859,274 | 829,546 |
Capital adequacy of position-, and currency risk | 231,235 | 95,325 |
Capital adequacy of operational risk | 3,327,509 | 3,928,253 |
Total capital adequacy | 4,418,018 | 4,853,124 |
Booked equity | 1,055,563 | 971,423 |
Proposed payment to shareholders and non controlling interests | -260,338 | -244,407 |
Intangible assets | -104,446 | -103,879 |
Core capital | 690,780 | 623,137 |
Total capital adequacy ratio | 15.6% | 12.8% |
Number of times regulatory minimum | 2.0x | 1.6x |
2024 | 2023 The operational risk is calculated using the following amounts (revenues and net financials): | |
2024 | 1,939,083 | |
2023 | 1,701,147 | 1,701,147 |
2022 | 1,683,785 | 1,683,785 |
2021 | 2,900,273 | |
Capital adequacy of operational risk | 3,327,509 | 3,928,253 |
ABG Sundal Collier | Annual Report 2024
55
Financial assets and liabilities in foreign currencies | Net | |||
position in | ||||
foreign | ||||
Assets | Liabilities | currency | NOK | |
SEK | 1,311,334 | 1,243,689 | 67,645 | 69,627 |
USD | 252,758 | 248,314 | 4,443 | 50,448 |
EUR | 12,193 | 9,206 | 2,986 | 35,225 |
GBP | 17,323 | 15,344 | 1,979 | 28,154 |
DKK | 90,506 | 130,078 | -39,573 | -62,588 |
Other currencies | -15,229 | |||
Total net position currency 2024 | 105,637 | |||
Total net position currency 2023 | 47,219 |
2024 | 2023 | |
Receivables from Securities Financing clients | 322,056 | 345,925 |
Market value of collateral from Securities Financing clients | 826,758 | 1,184,207 |
Net exposure to Securities Financing clients | 0 | 0 |
2024 | 2023 | |
Accounts receivables | 3,328,717 | 1,055,708 |
Receivables from broker firms | 222,065 | 947,529 |
Liabilities payable to broker firms | -705,197 | -560,100 |
Liabilities payable to customers | -2,648,457 | -1,283,840 |
Net exposure other accounts receivables / settlement risk | 197,127 | 159,298 |
ABG Sundal Collier | Annual Report 2024
56
2024 | 2023 | |||
Assets | Book value | Net value Book value | Net value | |
Financial derivatives | 3,773 | 1,962 | 33,290 | 28,783 |
Received collateral | 1,373 | 1,373 | 24,720 | 24,720 |
Net exposure | 2,400 | 589 | 8,570 | 4,063 |
2024 | 2023 | |||
Liabilities | Book value | Net value Book value | Net value | |
Financial derivatives | 13,065 | 11,254 | 9,515 | 5,008 |
Pledged collateral | 41,635 | 41,635 | 109,880 | 109,880 |
Forward | Option | |
Positive market value | 61,511 | 7,190 |
Negative market value | -61,511 | -7,190 |
Net value | 0 | 0 |
30 days - | |||||
Agreed rest maturity assets | 1-30 days | 1 year | 1-3 years | >3 years Total value | |
Long term receivables | 19,943 | 19,943 | |||
Accounts receivables | 3,609,614 | 41,158 | 3,650,772 | ||
Receivables from stockbrokers | 222,065 | 222,065 | |||
Other current receivables | 156,285 | 72,886 | 229,171 | ||
Total 2024 | 3,987,964 | 114,044 | 19,943 | 0 | 4,121,951 |
Total 2023 | 2,489,724 | 180,024 | 28,232 | 0 | 2,697,980 |
30 days - | |||||
Agreed rest maturity liabilities | 1-30 days | 1 year | 1-3 years | >3 years Total value | |
Long-term provisions | 34,702 | 1,619 | 36,321 | ||
Lease liabilities | 64,918 | 129,768 | 234,112 | 428,798 | |
Accounts payable | 30,383 | 30,383 | |||
Liabilities payable to customers | 2,648,457 | 2,648,457 | |||
Liabilities payable to stockbrokers | 705,197 | 705,197 | |||
Social and corporate taxes | 100,829 | 100,829 | |||
Other liabilities | 563,322 | 563,322 | |||
Total 2024 | 3,384,038 | 729,069 | 164,470 | 235,731 | 4,513,308 |
Total 2023 | 1,871,676 | 643,922 | 145,144 | 275,363 | 2,936,104 |
ABG Sundal Collier | Annual Report 2024
2024 | 2023 | |
Wages/partner remuneration | 879,185 | 800,705 |
Social security tax | 133,465 | 112,575 |
Pension costs including social security tax | 45,963 | 39,998 |
Other personnel costs | 37,610 | 34,588 |
Total wages and social costs | 1,096,223 | 987,867 |
Average number of man-labour years | 336 | 341 |
ABG Sundal Collier | Annual Report 2024
58
Board Member | Board Fee | Other fee 1) | Number of Shares |
Knut Brundtland (Chairman) 2) | 400 | 2,225 | 7,500,000 |
Adele Norman Pran | 290 | 100 | 0 |
Arild A. Engh 3) | 290 | 1,796 | 5,332,976 |
Cecilia Marlow | 290 | 10 | 0 |
Jan Petter Collier 4) | 290 | 10 | 40,538,000 |
Martina Klingvall | 290 | 102 | 0 |
Nomination Committee | Other fee | Number of Shares |
Stein Aukner 5) | 40 | 140,429 |
Leiv Askvig | 20 | 0 |
Roy Myklebust | 20 | 2,000,000 |
ABG Sundal Collier | Annual Report 2024
59
2024 | |||||||||
ABG Sundal Collier | Annual Report 2024
60
Fixed | Variable | Long-term | Number of shares | |||||
compensation | compensation | incentive | Pension | Benefits | Number | on forward | ||
Name | Position | 1) | 1) & 2) compensation contribution | in kind | of shares | contracts 3) | ||
Jonas Ström | CEO | 7,992 | 500 | 720 | 213 | 6 | 3,375,000 | 3,000,000 |
Geir B. Olsen | CFO | 2,700 | 1,250 | 192 | 89 | 18 | 1,600,000 | 0 |
Jessica Blink | Head of Legal | 2,012 | 533 | 0 | 216 | 6 | 250,000 | 25,000 |
Kristian B. Fyksen | Co-head of IB/CEO ABGSC Norway | 7,000 | 2,661 | 384 | 89 | 18 | 1,250,000 | 1,500,000 |
Johan Lindén | Co-head of IB | 7,998 | 0 | 384 | 213 | 22 | 1,625,000 | 3,300,000 |
John Olaisen | Co-head of Research | 4,500 | 2,200 | 672 | 89 | 18 | 2,380,000 | 2,000,000 |
Per Flostrand | Head of Equity Sales, Sweden & International | 7,998 | 0 | 768 | 189 | 6 | 2,665,000 | 2,050,000 |
Marius Opstad | Head of Fixed Income Sales | 7,000 | 3,000 | 0 | 89 | 18 | 1,620,000 | 0 |
ABG Sundal Collier | Annual Report 2024
61
Assurance Tax services | non-audit | ||||
Audit fee | services | 1) | services | Total | |
2023 | |||||
Deloitte Norway | 1,451 | 264 | 616 | 0 | 2,331 |
Deloitte Abroad | 894 | 0 | 0 | 16 | 909 |
Total Deloitte | 2,345 | 264 | 616 | 16 | 3,240 |
Others | 923 | 0 | 158 | 55 | 1,137 |
Total | 3,268 | 264 | 774 | 71 | 4,377 |
Tax cost in the income statement | 2024 | 2023 |
Tax payable in Norway | 64,102 | 60,657 |
Tax payable outside Norway | 39,239 | 17,227 |
Total tax payable | 103,341 | 77,883 |
Change in deferred tax in Norway | 3,824 | 4,107 |
Change in deferred tax outside Norway | -585 | 554 |
Total change in deferred tax | 3,239 | 4,661 |
Tax cost | 106,581 | 82,544 |
Reconciliation from nominal to effective tax rate | ||
Profit before taxes | 413,639 | 319,858 |
Expected tax cost based on nominal tax rate (22%) | 91,001 | 70,369 |
Net tax free gain/loss and other income | -2,915 | -759 |
Non deductible costs | 6,385 | 6,129 |
Prior year adjustment | 2,316 | -4,963 |
Loss carried forward | -500 | 0 |
Effect on finance tax in Norway | 8,508 | 7,788 |
Differences in tax rates outside Norway and FX-effects | 1,786 | 3,980 |
Tax cost on ordinary profit | 106,581 | 82,544 |
Effective tax rate | 25.8 % | 25.8 % |
Tax payable in the balance sheet | ||
Total tax payable | 103,341 | 77,883 |
Tax on comprehensive income | 779 | -16,494 |
Tax paid in advance | -35,606 | -37,981 |
FX effects | 446 | 3,989 |
Prior year adjustment | -5,922 | 15,432 |
Tax payable at year end | 63,038 | 42,829 |
ABG Sundal Collier | Annual Report 2024
62
Tax effect on temporary differences at year end | 2024 | 2023 |
Current items | ||
Receivables | 0 | 2,496 |
Provisions | 44,033 | 43,962 |
Other current items | -6,083 | -5,872 |
Total current items | 37,950 | 40,586 |
Non current items | ||
Fixed assets | 172 | -964 |
Other non current items | 3,365 | -5,620 |
Total non current items | 3,537 | -6,583 |
Loss carried forward | 3,816 | 3,415 |
Net loss carried forward | 3,816 | 3,415 |
Total deferred tax asset | 45,303 | 37,418 |
Recognized deferred tax asset | 54,021 | 46,135 |
Recognized deferred tax liability | 8,718 | 8,718 |
Net deferred tax asset | 45,303 | 37,418 |
Reconciliation of changes in deferred tax asset | ||
Net tax asset at 1 January | 37,418 | 51,544 |
Total change in deferred tax | -3,239 | -4,661 |
FX-effect | 599 | 1,864 |
Income tax relating to other comprehensive income | 10,525 | -11,330 |
Total deferred tax asset as of 31 December | 45,303 | 37,418 |
Right-of-use assets | 2024 | 2023 |
Right-of-use assets as of 1 January | 435,167 | 471,656 |
Additions | 257 | 16,377 |
Depreciation of the year | -66,090 | -62,309 |
Revaluation | 14,356 | -4,957 |
FX-effects | 3,425 | 14,400 |
Right-of-use assets as of 31 December | 387,116 | 435,167 |
Remaining lease-term | 1-8 years | 1-9 years |
Depreciation method | Linear | Linear |
Lease liabilities | ||
Undiscounted lease liabilities and maturity of cash outflow | 2024 | 2023 |
< 1 year | 79,109 | 78,881 |
1-2 years | 76,174 | 77,615 |
2-3 years | 74,606 | 74,679 |
3-4 years | 76,099 | 72,680 |
4-5 years | 77,621 | 73,450 |
> 5 years | 95,093 | 170,597 |
Total undiscounted lease liabilities as of 31 December | 478,701 | 547,902 |
Discount element | -49,903 | -75,292 |
Total discounted lease liabilities as of 31 December | 428,798 | 472,610 |
2024 | 2023 | |
Interest expense on lease liabilites | 17,516 | 19,059 |
Income from subleasing right-of-use assets | 2,566 | 3,460 |
ABG Sundal Collier | Annual Report 2024
63
Financial assets | 2024 | 2023 |
Financial instruments at fair value through profit and loss | 37,983 | 16,774 |
Receivables | 4,102,008 | 2,669,748 |
Cash and bank deposits | 787,801 | 525,709 |
Total financial assets | 4,927,792 | 3,212,231 |
Financial liabilities | ||
Financial instruments at fair value through profit and loss | 88 | 0 |
Liabilities to customers and stockbrokers | 3,353,654 | 1,843,940 |
Other current liabilities | 765,894 | 674,538 |
Total financal liabilities | 4,119,636 | 2,518,478 |
ABG Sundal Collier | Annual Report 2024
64
2024 | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Securities and financial trading instruments | 16,378 | 0 | 21,605 | 37,983 |
Total | 16,378 | 0 | 21,605 | 37,983 |
Liabilities | ||||
Securities and financial trading instruments (short positions) | 88 | 0 | 0 | 88 |
Total | 88 | 0 | 0 | 88 |
2023 | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Securities and financial trading instruments | 4,007 | 3,510 | 9,257 | 16,774 |
Total | 4,007 | 3,510 | 9,257 | 16,774 |
Liabilities | ||||
Securities and financial trading instruments (short positions) | 0 | 0 | 0 | 0 |
Total Level 3 financial instruments (non-current assets) | 0 | 0 | 0 | 0 |
2024 The table below shows a more detailed description of level 3 financial instruments. | 2023 | |
Balance as of 1 January | 2,610 | 2,905 |
Disposal of shares | 1,262 | -295 |
Balance as of 31 December | 3,872 | 2,610 |
Currency | Bank accounts | FX-forwards | in NOK |
DKK | 64,636 | -31,100 | 53,040 |
EUR | -405 | -1,500 | -22,467 |
GBP | -571 | -7,000 | -107,692 |
SEK | -55,587 | -160,000 | -221,904 |
SGD | 5 | -2,000 | -16,614 |
USD | -756 | -26,000 | -303,773 |
ABG Sundal Collier | Annual Report 2024
65
2024 | 2023 | ||||||
ABGSC ABG PF | Sum ABGSC ABG PF | Sum | |||||
Cost | 34,870 | 58,438 | 93,308 | 34,870 | 58,438 | 93,308 | |
Accumulated impairment losses | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance at end of year | 34,870 | 58,438 | 93,308 | 34,870 | 58,438 | 93,308 | |
Cost | ABGSC ABG PF | Sum ABGSC ABG PF | Sum | ||||
Balance at beginning of year | 34,870 | 58,438 | 93,308 | 34,870 | 58,438 | 93,308 | |
Additional amounts recognised from business | 0 | 0 | 0 | 0 | 0 | 0 | |
combinations during the year | |||||||
Balance at end of year | 34,870 | 58,438 | 93,308 | 34,870 | 58,438 | 93,308 | |
Equity attributable to non-controlling interests | 2024 | 2023 |
Balance at beginning of year | 11,707 | 7,596 |
Business combinations | 0 | 2,350 |
Comprehensive income to non-controlling interests | -432 | 1,760 |
Payment to shareholders | 0 | 0 |
Balance at end of year | 11,274 | 11,707 |
ABG Sundal Collier | Annual Report 2024
66
Other | Office | |
intangible | equipment | |
assets | and fittings | |
Acquisition cost as of 1 January 2024 | 68,346 | 155,461 |
FX-adjustment | 690 | 2,731 |
Additions | 6,428 | 7,467 |
Acquisition cost as of 31 December 2024 | 75,465 | 165,659 |
Accumulated depreciation as of 1 January 2024 | 49,072 | 101,042 |
FX-adjustment | 626 | 2,237 |
Depreciation | 5,912 | 16,598 |
Accumulated depreciation as of 31 December 2024 | 55,610 | 119,876 |
Carrying amount as of 1 January 2024 | 19,274 | 54,420 |
Carrying amount as of 31 December 2024 | 19,855 | 45,783 |
Depreciation rates (linear method) | 12.5 - 20% | 12.5 - 33% |
Other | Office | |
intangible | equipment | |
assets | and fittings | |
Acquisition cost as of 1 January 2023 | 65,552 | 142,412 |
FX-adjustment | 2,539 | 5,047 |
Additions | 255 | 8,002 |
Acquisition cost as of 31 December 2023 | 68,346 | 155,461 |
Accumulated depreciation as of 1 January 2023 | 40,558 | 82,776 |
FX-adjustment | 2,274 | 2,931 |
Depreciation | 6,241 | 15,334 |
Accumulated depreciation as of 31 December 2023 | 49,072 | 101,042 |
Carrying amount as of 1 January 2023 | 24,994 | 59,636 |
Carrying amount as of 31 December 2023 | 19,274 | 54,420 |
Depreciation rates (linear method) | 12.5 - 20% | 12.5 - 33% |
ABG Sundal Collier | Annual Report 2024
67
2024 | |||||||
Carrying | Carrying | ||||||
Ownership | amount | Investment | Net result Received | amount | |||
Entity | Industry | interest | 01.01.2024 | in 2024 | 2024 dividend | 31.12.2024 | |
Kameo AS | Crowdfunding | 29.40% | 23,831 | 7,804 | -2,019 | 0 | 29,616 |
Novier Property Group AB | Property | 20.35% | 10,842 | 0 | 592 | 628 | 10,806 |
Total | 34,673 | 7,804 | -1,427 | 628 | 40,422 |
2023 | |||||||
Carrying | Carrying | ||||||
Ownership | amount | Investment | Net result Received | amount | |||
Entity | Industry | interest | 01.01.2023 | in 2023 | 2023 dividend | 31.12.2023 | |
Kameo AS | Crowdfunding | 27.74% | 30,111 | 0 | -6,280 | 0 | 23,831 |
Novier Property Group AB | Property | 20.35% | 10,006 | 0 | 836 | 0 | 10,842 |
Total | 40,117 | 0 | -5,445 | 0 | 34,673 |
ABG Sundal Collier | Annual Report 2024
68
2023 | Result for | ||||
Assets | Liabilities | Equity Revenues | the year | ||
Kameo AS | 38,996 | 14,580 | 24,415 | 51,360 | -22,682 |
Novier Property Group AB | 90,611 | 73,226 | 17,385 | 158,039 | 1,669 |
2024 | Result for | ||||
Assets | Liabilities | Equity Revenues | the year | ||
Kameo AS | 68,879 | 14,976 | 53,904 | 67,115 | -6,858 |
Novier Property Group AB | 92,248 | 74,833 | 17,415 | 171,016 | 2,907 |
2024 | 2023 | |
Prepaid costs | 68,252 | 74,959 |
Not yet invoiced revenues and project-costs | 122,755 | 210,523 |
Other receivables | 38,163 | 35,104 |
Total other receivables | 229,171 | 320,585 |
Amounts due to partners/employees (incl. national insurance contribution) | 520,679 | 459,721 |
Accrued costs and other short-term liabilities | 42,643 | 30,480 |
Total other liabilities | 563,322 | 490,201 |
2024 | 2023 | |
Shares/bonds | 78,317 | 51,252 |
Net receivables | 519,183 | 505,223 |
Total assets pledged as collateral | 597,499 | 556,475 |
Carrying amount of mortgaged liabilities | 0 | 0 |
2024 | 2023 | |
Gross accounts receivables | 3,654,478 | 1,404,879 |
Allowance for doubtful accounts | -3,705 | -3,246 |
Net accounts receivables | 3,650,772 | 1,401,633 |
ABG Sundal Collier | Annual Report 2024
69
2024 | 2023 | |
Gross client funds | 2,081,427 | 1,446,040 |
Gross client debt | 2,039,705 | 1,436,236 |
Net funds on client accounts | 41,722 | 9,804 |
Basic earnings per share | 2024 | 2023 | |
Profit for the year attributable to the owners of the parent | 307,733 | 236,329 | |
Average number of outstanding shares less own shares | Numbers in 1,000 | 513,797 | 484,584 |
Basic earnings per share | 0.60 | 0.49 | |
Diluted earnings per share | |||
Profit for the year attributable to the owners of the parent | 307,733 | 236,329 | |
Interest on forward contracts | 14,568 | 9,718 | |
Numerator diluted EPS | 322,301 | 246,047 | |
Average number of outstanding shares | Numbers in 1,000 | 521,092 | 494,012 |
Average number of own shares | Numbers in 1,000 | -7,295 | -9,427 |
Average number of shares on forward contracts | Numbers in 1,000 | 57,963 | 73,750 |
Diluted average number of shares | Numbers in 1,000 | 571,759 | 558,334 |
Diluted earnings per share | 0.56 | 0.44 |
ABG Sundal Collier | Annual Report 2024
70
Number of | ||
Shareholder | shares | Share |
Sanden Equity AS * | 40,538,000 | 7.7% |
Perestroika AS | 17,988,109 | 3.4% |
Skandinaviska Enskilda Banken AB (nominee) | 13,025,189 | 2.5% |
Erling Neby AS | 12,600,000 | 2.4% |
Landkreditt Utbytte | 12,338,000 | 2.3% |
Verdipapirfondet Fondsfinans Utbytte | 10,000,000 | 1.9% |
Giotto AS ** | 7,500,000 | 1.4% |
Goldman Sachs International (nominee) | 7,247,463 | 1.4% |
State Street Bank (nominee) | 7,242,223 | 1.4% |
ABG Sundal Collier Holding ASA (own shares) | 7,059,490 | 1.3% |
Hans Øyvind Haukeli | 6,500,000 | 1.2% |
Citibank (nominee) | 6,312,771 | 1.2% |
Hausta Investor AS | 5,800,000 | 1.1% |
A/S Skarv | 5,500,000 | 1.0% |
Brown Brothers Harriman & Co (nominee) | 5,491,306 | 1.0% |
Jonas Strøm | 5,375,000 | 1.0% |
Avanza Bank AB (nominee) | 5,366,987 | 1.0% |
Brown Brothers Harriman & Co (nominee) | 5,002,191 | 0.9% |
Johan Lindén | 4,875,000 | 0.9% |
GEG Invest AS | 4,800,000 | 0.9% |
Total top 20 | 190,561,729 | 36.1% |
Other | 337,173,166 | 63.9% |
Total | 527,734,895 | 100.0% |
ABG Sundal Collier | Annual Report 2024
71
Volume weighted | ||||
Lowest exercise | Highest exercise | average exercise | ||
Number of | price | price | price | |
Expiry year | shares | (NOK per share) | (NOK per share) | (NOK per share) |
2025 | 500,000 | 1.91 | 1.91 | 1.91 |
2026 | 12,209,000 | 5.46 | 8.25 | 5.62 |
2027 | 10,935,000 | 5.29 | 7.52 | 6.41 |
2028 | 13,445,000 | 4.93 | 5.63 | 5.51 |
2029 | 16,135,000 | 6.47 | 6.71 | 6.49 |
Total | 53,224,000 |
ABG Sundal Collier | Annual Report 2024
72
ABG Sundal Collier | Annual Report 2024
73
ABG SUNDAL
COLLIER
HOLDINGS ASA –
FINANCIAL
STATEMENT
ABG Sundal Collier | Annual Report 2024
74
ABG Sundal Collier Holding ASA - Income statement
ALL AMOUNTS IN NOK 1,000
Notes 2024 2023
OPERATING REVENUES AND COSTS
Revenues 42 42
Total operating revenues 42 42
Wages and social costs
2 2,614 2,967
Administration costs 2 3,325 3,279
Total operating costs 5,939 6,245
Operating loss -5,897 -6,203
FINANCIAL INCOME AND COSTS
Interest income from group companies 3 7,364 7,407
Other interest income 145 556
Dividend/contribution from group companies 3 324,692 287,121
Other financial income 3 131 333
Interest costs to group companies 3 -23,086 -22,002
Other interest costs -728 0
Other financial costs -1,428 -5,445
Net financial result 307,091 267,970
Profit before taxes 301,194 261,767
Tax cost 4 67,288 45,199
Notes 2024 2023
NET RESULT FOR THE YEAR 233,906 216,568
ALLOCATIONS AND TRANSFERS
To/From other equity -29,962 -47,299
Proposed payment to shareholders 263,867 263,867
Total allocations and transfers 5 233,906 216,568
ABG Sundal Collier | Annual Report 2024
75
ABG Sundal Collier Holding ASA - Balance sheet as of 31.12
ALL AMOUNTS IN NOK 1,000
ASSETS Notes 2024 2023
Non-current assets
Intangible assets
Deferred tax asset 4 93 2,407
Tangible non-current assets
Apartments 1,050 1,050
Financial non-current assets
Shares in subsidiaries 6 787,659 787,659
Investments in associates 7 40,422 34,672
Long-term receivables from group companies 10,467 5,109
Total financial non-current assets 6 838,547 827,440
Total non-current assets 839,690 830,897
Current assets
Receivables
Receivables from group companies 3 377,225 326,147
Other receivables 276 4,275
Total receivables 8 377,501 330,422
Cash and bank deposits
Cash and bank deposits 2,184 2,084
Total current assets 379,685 332,505
TOTAL ASSETS 1,219,375 1,163,402
ABG Sundal Collier | Annual Report 2024
76
ABG Sundal Collier Holding ASA - Balance sheet as of 31.12
ALL AMOUNTS IN NOK 1,000
EQUITY AND LIABILITIES Notes 2024 2023
Equity
Paid-in-capital
Share capital 5, 9-10 121,379 114,417
Treasury shares at nominal value 5 -1,624 -1,990
Share premium 5 39,038 25,397
Total paid-in-capital 158,793 137,824
Other equity
Retained earnings 5 313,362 332,693
Total equity 472,155 470,517
Liabilities
Current liabilities
Liabilities payable to group companies 3 405,719 364,095
Income tax payable 4 67,986 58,621
Payment to shareholders 263,867 263,867
Public dues payable 5,806 4,234
Other current liabilities 3,841 2,068
Total current liabilities 747,221 692,886
TOTAL EQUITY AND LIABILITIES 1,219,375 1,163,402
(sign) (sign)
(sign)
Knut Brundtland Martina Klingvall
Adele Norman Pran
Chairman
(sign) (sign) (sign)
Arild A. Engh Cecilia Marlow Jan Petter Collier
(sign)
Jonas Ström
CEO
The Board of ABG Sundal Collier Holding ASA
Oslo, 26 March 2025
ABG Sundal Collier | Annual Report 2024
77
ABG Sundal Collier Holding ASA - Cash flow statement as of 31.12
ALL AMOUNTS IN NOK 1,000
2024 2023
CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxes 301,194 261,767
Result from assocoated companies 1,427 5,445
Taxes paid -56,219 -29,633
Change in intercompany accounts -9,453 84,207
Change in other current assets/liabilities 7,324 -3,409
Net cash flow from operating activities 244,273 318,377
CASH FLOW FROM INVESTING ACTIVITIES
Net sale / purchase of financial non-current assets -12,534 -15,155
Dividend received from Associates 628 0
Net cash flow from investing activities -11,906 -15,155
CASH FLOW FROM FINANCING ACTIVITIES
Paid-in share capital 20,604 4,236
Change in own shares 10,996 -57,667
Payment to shareholders -263,867 -248,732
Net cash flow from financing activities -232,267 -302,162
Net increase in bank deposits, cash and cash equivalents 100 1,060
Bank deposits, cash and cash equivalents at beginning of year 2,084 1,024
Bank deposit, cash and cash equivalents as of 31 December 2,184 2,084
ABG Sundal Collier | Annual Report 2024
78
ABG Sundal Collier Holding ASA
– Notes to Financial Statement
Index
Note 1 – Accounting policies
Note 4 – Wages and social costs
Note 3 – Related parties
Note 4 – Taxes
Note 5 – Shareholders' equity
Note 6 – Financial assets
Note 7 – Investments in associated companies
Note 8 – Guarantees and mortgages
Note 9 – Shareholder information
Note 10 – Forward contracts for ABGSC shares held by
partners of the Group
ABG Sundal Collier | Annual Report 2024
79
An investment in associates is recognised within the P&L and balance sheet as Equity Investments.
Receivables
Receivables are carried at face value less provisions for expected losses. An estimate is made for doubtful
receivables based on a review of all outstanding amounts at year-end. Losses on receivables are written
off in the year in which they are identified.
Cash and bank deposits
Cash and bank deposits include cash, bank deposits and other monetary instruments where the maturity
is less than three months from the date of purchase. Client accounts are not included in the balance.
Assets and liabilities in foreign currency
Realised and unrealised profit or losses arising from transactions, assets or liabilities denominated in
foreign currencies are included in the net result for the year. Exchange rates at year-end are used to
convert foreign currency amounts to NOK.
Income taxes
The income tax cost consists of the aggregate of current taxes payable and changes in deferred tax.
Current and deferred tax are recognised as cost or income in the income statement, except when they
relate to items recognised directly to equity, in which case the tax is also recognised directly in equity.
Current tax is the expected tax payable on the taxable income for the period.
Deferred tax liabilities and assets are recognised on differences between the carrying amounts of assets
and liabilities in the financial statements and the corresponding amounts used in the tax returns. Deferred
tax liabilities and assets are generally recognised for all taxable temporary differences. Deferred tax and
deferred tax assets are only off-set as far as this is possible under taxation legislation and regulations.
Deferred tax assets are continuously assessed and are only recognised to the extent that is probable that
future taxable profit will be large enough for the deferred tax asset to be utilised.
Note 1 – Accounting policies
General information
ABG Sundal Collier Holding ASA is a public limited company, and its head office is in Vika, Oslo, in
Norway. The Group provides investment banking, stock broking and corporate advisory services that
encompass the needs of both international investors and Nordic business clients. The company’s shares
are listed on the Oslo Stock Exchange.
The financial statements for the company, including notes, for the year 2024 were approved by the Board
of Directors of the company on 26 March 2025.
Basis of preparation
The accounts are prepared in accordance with the Norwegian Accounting Act and Norwegian Generally
Accepted Accounting Principles (NGAAP).
Classification of assets and liabilities
Receivables that are to be repaid within one year and assets that are not of a permanent nature or used in
the business are classified as current assets. Other assets are classified as long-term assets.
Liabilities are classified as a long-term liability if the liability is due to be repaid more than one year after
the balance sheet date. All other liabilities are classified as current liabilities.
Current assets are valued at the lower of cost and net realisable value.
Goodwill
When a business is acquired, a purchase price more than the identified fair value of assets and liabilities is
accounted for as goodwill. Goodwill is amortised using a straight-line method over the expected economic
life of the asset, not exceeding 10 years.
Financial non-current and current assets
Other non-current shareholdings, minor investments where the company does not hold substantial
influence and investments in subsidiaries, are in general carried at original cost. If a decline in fair value
below the carrying amount is expected to be permanent, the investments are written down. Dividends
received and other surplus distributions from these companies are recognised as financial income.
ALL AMOUNTS IN NOK 1,000 UNLESS OTHERWISE SPECIFIED
ABG Sundal Collier | Annual Report 2024
80
Note 3 – Related parties
Details of transactions with subsidiaries as of 31 December 2024 are as follows:
The Group has no other related parties than mentioned above, in Note 8 - wages and social costs, or Note
9 - shareholder information. All transactions between related parties are carried out on an arms-length
basis.
Note 2 – Wages and social costs
The company has no employees.
There are no specific agreements regarding salary on termination or a change of conditions of
employment for the Chairman of the Board, other members of the Board or the management. One board
member (Jan Petter Collier) is a partner in ABGSC and receives remuneration and profit participation
through this engagement.
The Board of directors’ remuneration and shares can be found in the consolidated statements to ABGSC.
The accounts include audit fees to Deloitte and associated companies as follows:
ABGSC’s fee to Deloitte AS (Norway) for ordinary audit was NOK 675k (2023: NOK 666k), NOK 25k for
assurance services (2023: 53) and fee for technical support regarding preparation of tax papers NOK 55k
(2023: NOK 24k). In addition, Deloitte Advokatfirma AS (Norway) has received a fee for other non-audit
services of 129k (2023: 0).
2024 2023
Fees to external board and committee members 2,129 2,435
Social Security Tax 486 532
Total wages and social costs 2,614 2,967
Company
Liabilities Receivables Interest
Dividend/Group
contributions
ABG Sundal Collier AB 741 0 -17 0
ABG Sundal Collier ASA 392,367 298,815 -18,858 280,000
ABG Sundal Collier Crowd AB 0 18,578 1,090 1,544
ABG Sundal Collier Eiendom AS 0 3,660 70 4,000
ABG Sundal Collier Fastena AB 12,563 0 -213 0
ABG Sundal Collier Finance & Advisory AB 0 17,668 783 17,498
ABG Sundal Collier Finance & Advisory AS 0 3,847 104 4,000
ABG Alternative Investments Holding AS 0 10,467 357 0
Lagerselskapet Holding AS 48 0 0 0
Sundal Collier & Co AS 0 2,251 -157 5,500
ABG Real Estate Management AS 0 531 12 0
ABG Business Management AS 0 2,522 52 0
ABG Project Finance AS 0 29,352 1,055 12,150
Total intercompany balance transactions 405,719 387,691 -15,722 324,692
ABG Sundal Collier | Annual Report 2024
81
Note 5 – Shareholders’ equityNote 4 – Taxes
Share
capital
Own
shares
Share
premium
Retained
earnings
Total
equity
Shareholders' equity as of 1 January 2023 111,169 -1,304 24,408 436,974 571,247
Net profit for the year 216,568 216,568
Proposed payment to shareholders -263,867 -263,867
Share issues 3,248 988 4,236
Change in own shares -686 -56,981 -57,667
Total equity as of 31 December 2023 114,417 -1,990 25,397 332,693 470,517
Net profit for the year 233,906 233,906
Proposed payment to shareholders -263,867 -263,867
Share issues 6,962 13,641 20,604
Change in own shares 366 10,630 10,996
Total equity as of 31 December 2024 121,379 -1,624 39,038 313,362 472,155
Tax cost in the income statement 2024 2023
Tax payable 67,986 58,621
Change in deferred tax 23 29
Prior year adjustment -721 -13,452
Total tax cost 67,288 45,199
Reconciliation from nominal to effective tax rate
Profit before taxes 301,194 261,767
Expected tax cost based on nominal tax rate (22%) 66,263 57,589
Non deductible costs 1,161 1,291
Group contribution/dividend with no tax effect -7,489 -7,089
Effect on finance tax in Norway (3%) 8,075 6,859
Prior year adjustment -721 -13,452
Tax cost on ordinary profit 67,288 45,199
Effective tax rate 22.3 % 17.3 %
Tax effect on temporary differences at year end
Non current items
Receivables 0 2,290
Other non current items 93 117
Total non current items 93 2,407
Total deferred tax asset 93 2,407
ABG Sundal Collier | Annual Report 2024
82
Note 7 – Investments in associated companies
See Note 16 to the consolidated financial statement.
Note 6 – Financial assets
Company name Registered office Number
Ownership /
Voting rights
Booked equity Net result 2024 Book value
ABG Sundal Collier ASA Oslo, Norway 1,200,000 100% 1,029,645 293,376 600,070
ABG Sundal Collier Crowd AB Stockholm, Sweden 50,000 100% 1,976 1,167 46
ABG Sundal Collier Eiendom AS Oslo, Norway 30,000 100% 3,644 3,712 3,020
ABG Sundal Collier Fastena AB Stockholm, Sweden 1,001 50% 23,191 1,893 25,196
ABG Sundal Collier Finance & Advisory AB Stockholm, Sweden 50,000 100% 18,679 16,661 2,101
ABG Sundal Collier Finance & Advisory AS Oslo, Norway 30,000 100% 459 3,285 30
ABG Alternative Investments Holding AS Oslo, Norway 9,000 75% -1,406 -5,273 10,000
Sundal Collier & Co AS Oslo, Norway 256,000 100% 4,689 6,034 635
ABG Project Finance AS Oslo, Norway 9,700 100% 1,024 11,438 146,560
Book value of shares in subsidiaries as of 31 December 2024 787,659
Entity
Ownership /
Voting rights
Head office
Book value
01.01.2024
Investment
in 2024
Profit for
the year
Received
dividend
Book value
31.12.2024
Kameo AS 29.40% Oslo 23,831 7,804 -2,019 0 29,616
Novier Property Group AB 20.35% Stockholm 10,842 0 592 628 10,806
Total 34,673 7,804 -1,427 628 40,422
ABG Sundal Collier | Annual Report 2024
83
Note 8 – Guarantees and mortgages
The company has pledged shares and receivables (net for corresponding debt) as collateral for the Group
bank overdraft facility. All companies participating in the Group bank overdraft facility are responsible
towards the bank for use of the facility. As of 31 December 2024, the Group has no bank overdraft. The
Group has a bank overdraft limit of NOK 1,000m.
Note 9 – Shareholder information
See Note 22 to the consolidated financial statement.
Note 10 – Forward contracts for ABGSC shares held
by partners of the Group
See Note 23 to the consolidated financial statement.
2024 2023
Book value of assets pledged as collateral
Shares 838,547 827,440
Net receivables 377,501 330,422
Total assets pledged as collateral 1,216,048 1,157,862
Carrying amount of mortgaged liabilities 0 0
ABG Sundal Collier | Annual Report 2024
84
Responsibility Statement
We confirm to the best of our knowledge that:
• the consolidated financial statements for 2024 have been prepared in accordance with IFRS as
adopted by the EU, as well as additional information requirements in accordance with the Norwegian
Accounting Act, and that
• the financial statements for the parent company for 2024 have been prepared in accordance with the
Norwegian Accounting Act and generally accepted accounting practice in Norway, and that
• the information presented in the financial statements gives a true and fair view of the Company’s and
the Group’s assets, liabilities, financial position, and results for the period viewed in their entirety, and
that
• the Board of Directors’ report gives a true and fair view of the development, performance and financial
position of the Company and the Group and includes a description of the material risks that the Board
of Directors, at the time of this report, deem might have a significant impact on the financial
performance of the Group.
(sign) (sign)
(sign)
Knut Brundtland Martina Klingvall Adele Norman Pran
Chairman
(sign) (sign) (sign)
Arild A. Engh Cecilia Marlow Jan Petter Collier
(sign)
Jonas Ström
CEO
Oslo, 26 March 2025
ABG Sundal Collier | Annual Report 2024
86
Independent Auditor’s Report
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited the financial statements of ABG Sundal Collier Holding ASA, which comprise:
• The financial statements of the parent company ABG Sundal Collier Holding ASA (the Company),
which comprise the balance sheet as at 31 December 2024, the income statement and statement of
cash flows for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies.
• The consolidated financial statements of ABG Sundal Collier Holding ASA and its subsidiaries (the
Group), which comprise the balance sheet as at 31 December 2024, statement of comprehensive
income, statement of changes in equity and statement of cash flows for the year then ended, and
notes to the financial statements, including material accounting policy information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at 31
December 2024, and its financial performance and its cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the Group
as at 31 December 2024, and its financial performance and its cash flows for the year then ended in
accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
To the General Meeting of ABG Sundal Collier Holding ASA
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company and the Group as required by
relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International Independence Standards)
(IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
We were selected as the auditor of ABG Sundal Collier Holding ASA before 2000, and have been the
selected auditor over a consistent period of more than 20 years.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of 2024. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Deloitte AS
Dronning Eufemias gate 14
Postboks 221 Sentrum
NO-0103 Oslo
Norway
Tel: +47 23 27 90 00
www.deloitte.no
Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by
guarantee (“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte NSE LLP do not provide services to clients. Please see
www.deloitte.com/about to learn more about our global network of member firms.
Deloitte Norway conducts business through two legally separate and independent limited liability companies; Deloitte AS, providing audit, consulting, financial advisory and risk
management services, and Deloitte Advokatfirma AS, providing tax and legal services.
Registrert i Foretaksregisteret
Medlemmer av Den norske
Revisorforening
Organisasjonsnummer: 980 211 282
ABG Sundal Collier | Annual Report 2024
87
Page 2
Independent Auditor’s Report -
ABG Sundal Collier Holding ASA
Brokerage post-trade IT system; control activities relevant to financial reporting
Description
of the Key Audit Matter
How
the matter was addressed in our audit
The Groups accounting for and reporting of brokerage transactions
as well as information in disclosures relating to brokerage services
are heavily dependent on IT systems.
The brokerage IT system is standardized and parts of system
development and operations are outsourced. See note 5 for further
information regarding development, management and operations
of IT systems.
Effective internal controls related to IT are important to ensure
accurate, complete and reliable financial reporting of brokerage
services and is therefore a key audit matter.
The Group has established an overall governance model and control activities related to its IT
-systems.
We have gained an understanding of the overall governance model for the brokerage IT
-
system relevant
to financial reporting.
We assessed and tested the design of selected control activities that are relevant to financial reporting
related to access management. For a sample of these control activities, we tested if they operated
effectively in the reporting period.
We assessed and tested the design of selected automated control activities for the brokerage IT system
related to recording of transactions and calculations. For a sample of these control activities, we tested if
they operated effectively in the reporting period.
We assessed the third party confirmation (SOC 2 Type II) from the service provider of the brokerage IT
-
system, to assess whether the service provider had adequate internal controls in areas that are important
for the Group's financial reporting.
We used our own IT specialists to understand the overall governance model for the brokerage IT
-
system
and in the assessment and testing of the control activities related to the brokerage IT
-system.
ABG Sundal Collier | Annual Report 2024
88
Page 3
Independent Auditor’s Report -
ABG Sundal Collier Holding ASA
Revenue recognition; Corporate Financing/ M&A and AdvisoryBrokerage
Description
of the Key Audit Matter
How
the matter was addressed in our audit
Revenues for the Group consist of Corporate Financing, M&A and
Advisory and Brokerage and Research revenues. See the revenue
recognition section in the Accounting Policies and note 2 for further
information.
Corporate Financing and M&A and Advisory revenues account for
approximately 71% of operating revenues. The majority of the
Corporate Financing and M&A and Advisory engagements are
settled before year
-
end. There are however ongoing engagements
per 31. December which have an increased inherent risk of error
due to the judgement involved related to recognition of
performance fees.
Accruing for performance fees requires management judgment of
both the probability of future events occurring and the performance
fee amount that the Group is entitled to, and is therefore a key
audit matter.
The Group has established control activities regarding recognition of revenue from Corporate Financing
and M&A and Advisory engagements. We assessed and tested the design and implementation of
selected control activities relevant to financial reporting. For a sample of these control activities, we tested
if they operated effectively in the reporting period. The control activities tested were related to both the
Group’s assessment of the probability of the future event occurring and the performance fee amount that
the Group is entitled to.
On a sample basis, we tested that the accrued Corporate Financing and M&A and Advisory revenue was
calculated in accordance with the engagement contract. We considered the adequacy of the Groups’
disclosures related to revenue recognition for Corporate Financing and M&A and Advisory revenues.
ABG Sundal Collier | Annual Report 2024
89
Page 4
Independent Auditor’s Report -
ABG Sundal Collier Holding ASA
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the
Board of Directors’ report and the other information accompanying the financial statements. The other
information comprises information in the annual report, but does not include the financial statements and our
auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board
of Directors’ report nor the other information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’
report and the other information accompanying the financial statements. The purpose is to consider if there
is material inconsistency between the Board of Directors’ report and the other information accompanying the
financial statements and the financial statements or our knowledge obtained in the audit, or whether the
Board of Directors’ report and the other information accompanying the financial statements otherwise
appear to be materially misstated. We are required to report if there is a material misstatement in the Board
of Directors’ report or the other information accompanying the financial statements. We have nothing to
report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our statement on the Board of Directors’ report applies correspondingly to the statement on Corporate
Governance.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true and
fair view in accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and for the preparation of the consolidated financial statements of the Group
that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU.
Management is responsible for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
ABG Sundal Collier | Annual Report 2024
90
Page 5
Independent Auditor’s Report -
ABG Sundal Collier Holding ASA
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s and the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of accounting, and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s and the Group's ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the Company and the
Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves a true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are
responsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Abg Sundal Collier Holding ASA, we have performed an
assurance engagement to obtain reasonable assurance about whether the financial statements included in
the annual report, with the file name abgsundalcollier-2024-12-31-en, have been prepared, in all material
respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on
the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the
Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual
report in XHTML format and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF regulation.
ABG Sundal Collier | Annual Report 2024
91
Page 6
Independent Auditor’s Report -
ABG Sundal Collier Holding ASA
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.
This responsibility comprises an adequate process and such internal control as management determines is
necessary.
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in compliance with
ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements
(ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial information”. The
standard requires us to plan and perform procedures to obtain reasonable assurance about whether the
financial statements included in the annual report have been prepared in compliance with the ESEF
Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company’s processes
for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the
financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the
iXBRL tagging of the consolidated financial statements and assess management’s use of judgement. Our
procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-
readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Oslo, 26 March 2025
Deloitte AS
Eivind Bollum Berge
State Authorised Public Accountant
This document is signed electronically
39 ABG Sundal Collier | Annual Report 2024
Norway
ABG Sundal Collier ASA
NORWAY
Tel +47 22 01 60 00
Sweden
ABG Sundal Collier AB
Regeringsgatan 25
8
th
floor
SE-111 53 Stockholm
SWEDEN
Tel +46 8 566 28 600
Denmark
ABG Sundal Collier ASA
Copenhagen Branch
Forbindelsesvej 12
DK-2100
Copenhagen Ø
DENMARK
Tel + 45 3546 3000
United Kingdom
ABG Sundal Collier Ltd
St. Martins Court
25 Newgate St.
London EC4M 7EJ
UK
Tel +44 (0) 20 7905 5600
Germany
ABG Sundal Collier ASA
Frankfurt Branch
Schillerstr. 2
5. Obergeschoss
DE - 60313 Frankfurt/Main
Germany
Tel +49 69 96 86 96 0
Switzerland
ABG Sundal Collier AG
Representative Office
Schwanenplatz 4
6004 Lucerne
SWITZERLAND
Tel +41 79 502 33 39
USA
ABG Sundal Collier Inc
140 Broadway
Suite 4604
New York, NY 10005
USA
Tel +1 212 605 3800
Singapore
ABG Sundal Collier Pte. Ltd
10 Collyer Quay
Ocean Financial Center
# 40-07
049315
SINGAPORE
#2024256
Paul Osipow / Untitled, 2017
© Paul Osipow
Photo: Courtesy of Galleri Riis