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1 ABG Sundal Collier | Annual Report 2023
ABG Sundal Collier
Independent Nordic investment bank
Annual
Report
2023
Ida Ekblad / INTERNAL COURTYARD, 2020
2 ABG Sundal Collier | Annual Report 2023
Dag Alveng
Misty Morning, Vemork, Rjukan, 2020/2021
Silver gelatin print, 120 x 150 cm (cropped image) ...........p. 26
Truls Wörsel
Untitled, 2012
Acrylic on canvas, 180 x 300 cm (2 panels) .....................p. 28
Sam Francis
SFP 94-140, 1994
Acrylic on canvas, 38 x 61 cm ...........................................p. 29
Truls Wörsel
Untitled (For Erhard Klein, Gross Bonn), 1988
Acrylic on canvas, 200 x 145 cm (cropped image)
..........p. 36
Sam Francis
SFP 94-104, 1994
Acrylic on canvas, 38 x 40,5 cm (cropped image) ...........p. 90
Ida Ekblad
INTERNAL COURTYARD, 2020
Watercolor on paper, 76 x 57 cm (cropped image) .............p. 1
Dag Alveng
This is most important / Table Cloth, 1993
Silver gelatin print, 46 x 56 cm ........................................... p. 3
Håkon Bleken
Sort oppstilling (Black arrangement), 2014
Oil on canvas, 160 x 200 cm ............................................... p. 9
Ida Ekblad
CRANIAL RHYTHMIC IMPULSE, 2020
Oil on linen, 180 x 140 cm (cropped image) .....................p. 13
Håkon Bleken
Ishockeyspiller og kvinne V, 2008
Oil on canvas, 170 x 210 cm ................................................p. 24
As in art – in business,
creativity is everything
The art in ABG Sundal Collier’s offices is more than
mere decoration.
Rather, it serves as inspiration. When we come into
the office each day, we are greeted with a visual
reminder of ingenuity, creativity and outside-the-box
thinking. These are important qualities to be reminded
of, especially for us. At ABGSC, we are proud to be
independent. We strive to be creative. And our vision
is to be the most agile and respected investment bank
in the Nordic region. The art in our offices elevates
the environment in which we work and inspires
us to achieve this vision.
All of the pieces displayed in our offices are part
of the Collier Collection and have been selected
and placed by Jan Petter Collier. Among the pieces
are some of the finest examples of contemporary
Scandinavian and global art.
To our clients, partners, visitors, and friends: we
hope that, like us, you find inspiration in the art
selected for our offices and this year’s annual report.
LIST OF WORKS
3 ABG Sundal Collier | Annual Report 2023
04
Enabling businesses and
capital to grow and perform ............................... 4-5
06
Key Figures ................................................................. 6-8
09
Comment by CEO & Chairman ......................... 9-10
11
Mission and Vision ................................................. 11
12
Core Values ................................................................ 12
14
Macro backdrop ....................................................... 14-15
16
Corporate Financing .............................................. 16-18
19
M&A and Advisory ................................................. 19-21
22
Brokerage and Research ..................................... 22-23
25
Executive Committee ............................................ 25-26
27
The Board of Directors ......................................... 27-28
30
Statutory Directors’ Report ............................... 30-35
37
Consolidated Financial Statement .................. 37-42
44
Notes to the Consolidated
Financial Statement ................................................ 44-70
71
Parent Company Financial Statement .......... 71-75
76
Notes to the Parent Company
Financial Statement ................................................ 76-81
82
Responsibility Statement ..................................... 82
84
Auditor’s Report ........................................................ 84-89
90
Addresses ..................................................................... 90
Table of Contents
Dag Alveng / This is most important / Table Cloth , 1993
4 ABG Sundal Collier | Annual Report 20234 ABG Sundal Collier | Annual Report 2023
Enabling businesses
and capital to grow
and perform
ABG Sundal Collier (“ABGSC”) is founded on an inclusive
partnership culture and the ability to attract and develop
top talent. The merger between Norwegian Sundal Collier
and Swedish ABG Securities in 2001 laid the foundation
for today’s independent, full-service investment bank.
We have a strong Nordic heritage, with operations in Norway,
Sweden and Denmark and a global reach through our offices
in London, Frankfurt, Lucerne, New York and Singapore.
Relying on our superior transaction experience and network, we advise and guide
clients when acquiring, consolidating or selling assets. With our outstanding
investor access and placing power, we help corporations and entrepreneurs
to finance their businesses. Through our high-quality research, we enable smarter
investment decisions. We are committed to excellence, and offer deep sector
knowledge, extensive transaction experience and access to a large network
of corporates and investors. We take great pride in always delivering first-class
service, and we always seek to obtain a high degree of client satisfaction.
ABGSC demonstrates endurance as a financial partner. We work tirelessly to achieve
our clients’ objectives, using a holistic approach. When taking on new clients,
5 ABG Sundal Collier | Annual Report 2023
we commit to the long run, guiding our clients though the different stages of their business life
cycles. ABGSC’s culture is defined by the fact that most of our staff members are partners in the
firm. This ownership component empowers staff members and ensures a long-term commitment
to the firm and to our clients. As an independent investment bank, we always act in the best
interest of our clients, with no second agenda. Our business is not about taking our own positions
and our focus is 100 per cent on our clients. Because we are a leading investment bank within
all relevant corporate finance disciplines (equity, debt and mergers & acquisitions), we have no
product bias when advising our clients.
Globalisation, increasing regulation and disruptive technologies are transforming companies
and industries. ABGSC is an agile and dynamic organisation, well respected in the industry, capable
of adapting to changing environments and new situations. We are never satisfied with the status
quo and are constantly developing our business and challenging our own way of working. This
makes us well suited to advise and enable businesses and capital to grow and perform.
6 ABG Sundal Collier | Annual Report 2023
Group Key Figures (NOKm) 2019 2020 2021 2022 2023
Total revenues 1,351 1,926 2,911 1,704 1,707
Personnel costs -730 -994 -1 563 -943 -988
Non-personell costs -282 -297 -312 -365 -393
Total operating costs -1,012 -1,291 -1,875 -1,308 -1,381
Operating profit 339 635 1 036 396 325
Net profit 227 412 760 270 236
Book value per share
1)
1.51 2.01 2.69 2.13 1.96
Diluted average number of shares
2)
525 537 550 557 558
EPS (basic) 0.50 0.93 1.69 0.58 0.49
EPS (diluted) 0.44 0.78 1.39 0.50 0.44
Payment to shareholders per share 0.39 1.00 1.00 0.50 0.50
Return on equity
3)
34 % 52 % 72 % 24 % 24 %
Headcount (average) 278 285 311 332 341
Revenues per head (average) 4.86 6.77 9.35 5.13 5.01
Total costs per head (average) -3.64 -4.53 -6.02 -3.94 -4.05
Total compensation / Revenues 54 % 52 % 54 % 55 % 58 %
Total costs/ Revenues 75 % 67 % 64 % 77 % 81 %
EBIT margin 25 % 33 % 36 % 23 % 19 %
Key
figures
1) Book equity at 31 December / (total number of shares – treasury shares)
2) Number of shares adjusted for treasury shares and shares on forward contracts
3) Net result for the period/Average equity for the period
7 ABG Sundal Collier | Annual Report 2023
Key
figures
5.13
5.01
4.86
6.77
9.35
202 32022202120202019
0.58
0.49
0.50
0.93
1.69
202 32022202120202019
1,707
1,351
1,926
2,911
1,704
202 32022202120202019
3.94
4.05
3.64
4.53
6.02
202 32022202120202019
1,308
1,381
1,012
1,291
1,875
202 32022202120202019
23.3
19.1
25.1
33.0
35.6
202 32022202120202019
Revenue per head (Average)
(NOKm)
EPS basicTotal revenues
(NOKm)
Costs per head (Average)
(NOKm)
Total operating costs
(NOKm)
EBIT Margin
(%)
8 ABG Sundal Collier | Annual Report 2023
329
Staff as of
31 December
2023
Oslo
London
Frankfurt
Copenhagen
Stockholm
Global reach
Geographic Revenue Distribution 2023
Functional Revenue Distribution 2023
Norway 55 %
Sweden 29 %
Denmark 6 %
International 10 %
M&A and Advisory 33 %
Brokerage and Research 33 %
Corporate Financing 34 %
Revenue
1,707
NOKm
Revenue
1,707
NOKm
Lucerne
SWITZERLAND
GERMANY
UK
USA
New York
SINGAPORE
9 ABG Sundal Collier | Annual Report 2023
Comment by
CEO & Chairman
Dear shareholders, clients and colleagues,
We are delighted to present to you our 2023 annual report. 2023 was a year that showcased
the resilience, agility and excellence of our company in a period of modest market activity that
saw participants waiting for clear signals on the direction of inflation and the economy. Despite
a slow start to the year, revenues eventually ended up in line with 2022. However, margins came
in somewhat lower on the back of a higher cost base. The rise in costs was mainly due to factors
beyond our control (inflation and exchange rates), but it was also partly by design, as we are
investing in our company for the future by adding two new business areas that are currently
not contributing to revenues.
The ABGSC business model is simple and robust: we are an advisor and facilitator. We get paid
when our clients are satisfied with our valuable insights and advice, when we provide liquidity
and when we help them execute transformative transactions. Our interests are aligned with
those of our clients, as we only benefit from providing high-quality services that aid in their
long-term success.
Our revenues depend on the activity in a mature but cyclical market, and our ability to gain market
share in each of the segments in which we compete. As for any other investment bank, our model
offers significant leverage in a scenario where capital is readily available, and investors are
actively looking for new and alternative investment opportunities. However, when conditions
are more challenging, ABGSC capitalises on having an edge across all key investment banking
and brokerage services, thereby being able to find the best solutions for our clients.
Our broad and top-ranked research offering creates the foundation for our well-connected sales
and brokerage operation. This provides the investment banking teams with superior qualifications
within ECM, DCM and M&A to execute on the most optimal transaction structure at any given
time. It is all interlinked and the totality is a key differentiator that is hard to replicate.
Håkon Bleken / Sort oppstilling (Black arrangement), 2014
10 ABG Sundal Collier | Annual Report 2023
One of the key assets of ABGSC is our people and we are focused on attracting and retaining talent
from the broadest possible talent pool as we work actively to increase diversity in the industry
as well as our firm. We leverage from a respected brand built over decades and a streamlined
and scalable infrastructure. But what we believe makes a company “great” rather than just “good”
is the culture. At ABGSC, we aspire to maintain our winning culture through being commercially
focused, honest and working together as a team. We always put our clients first and we are never
afraid to speak our minds. The status quo is never an option; we always strive for improvement
and seek to avoid any unnecessary hierarchy or bureaucracy in our organisation.
We are proud that ABGSC has always been profitable (by a significant margin) and that we have
over time generated superior returns for our shareholders than most comparable players in our
industry. At the same time, we have also managed to be an attractive employer offering both
a positive and stimulating work environment, exciting challenges and competitive total remuneration
to top performers. While we still can, and always should, seek to improve in most areas, the high
number of long-serving staff is clear evidence of that.
At ABGSC, we are always concerned about costs. This is an integral part of the company culture
and runs through the firm, from the Board level to the Executive Committee to line managers
and to the individual partners and staff. Because inflation and exchange rates are hard to predict,
we focus on where we can make a difference. Our cost base is a function of our employee base,
how we compensate them and what we spend on various third-party goods and services. After
several years of growing our operations, we reduced our headcount in 2023 as we adapted to the
prevailing market conditions and took measures to further improve the quality of our operation.
While we are committed to providing competitive remuneration for top talent, we are at the same
time very prudent and cautious about maintaining a lean organisation and avoiding unnecessary
spending. Consequently, we conduct regular cost reviews to lower costs where possible.
While we have a strong focus on constantly managing costs and streamlining our operations,
we acknowledge the importance of scale and the importance of developing the firm by broadening
our service offering and client reach. We are well equipped to continue to increase our market share
as our scalable platform is a great foundation for having a competitive advantage in segments
adjacent to our current core operations. As such, we are very excited about launching a superior
Private Banking service in Sweden and our first Alternative Investment Real Estate fund in Norway
in 2024. We strongly believe in the combination of the dedicated teams’ expertise in their respective
fields, and the competence and network of our current operations.
As we seek to balance growth and short-term profitability, we will also continue to build on our
capital-light business model and remain committed to protecting our ability to return cash to
our shareholders. While we naturally cannot guarantee dividends in excess of earnings, we expect
to over time return the vast majority of profits through a combination of cash dividends and share
buy-backs, as we have an ambition to limit the dilution effect of our important partner share
programme.
As we are looking forward to an exciting 2024, we would like to thank our colleagues, clients,
partners and shareholders for their fantastic contribution to the achievements in 2023. Together,
we look forward to building on this momentum as we embrace the opportunities that lie ahead.
Yours sincerely,
Knut Brundtland, Chairman
& Jonas Ström, CEO
Knut Brundtland, Chairman Jonas Ström, CEO
11 ABG Sundal Collier | Annual Report 2023
Vision Mission
To be the most agile and
respected investment
bank in the Nordics
To enable businesses
and capital to grow
and perform
Quality focused
advisory business
Clear strategic direction
operating in an active
and diversified Nordic
financial industry
Lean and agile
operation
Slim operation with
proven track record of
adapting to changing
markets
Solid and
asset-light model
Well capitalised
asset-light business
model with limited
financial risk taking
Partnership
model
Significant staff ownership
securing long-term
commitment and alignment
of interests
Profitable, sustainable
and growing
Dedication to delivering
strong returns primarily
through cash flow to
shareholders
12 ABG Sundal Collier | Annual Report 2023
Core Values
Excellence
We go above and beyond to
deliver the best result possible,
and we aspire to nothing
less than excellence and
exceptional performance.
Inclusion
We are fostering a strong culture
of inclusion which embraces
diversity and creates opportunity
for all staff. We treat all people with
the utmost dignity, respect and
appreciation. At ABGSC, everyone
can reach their full potential
regardless of their background.
Integrity
We strive to do the right thing at
all times, and we are accountable
to ourselves, our clients and our
colleagues. We adhere to all laws and
regulations and are guided by our
values and our moral compasses.
Collaboration
At ABGSC, we are agile and we
work seamlessly across teams and
across borders, to deliver the most
value for our clients. We take a long-
term approach with the objective of
assisting, advising and collaborating
with our clients throughout their
business life-cycles.
13 ABG Sundal Collier | Annual Report 2023
Ida Ekblad / CRANIAL RHYTHMIC IMPULSE, 2020
14 ABG Sundal Collier | Annual Report 2023
Despite a turbulent start to 2023, the year ended in a better position than consensus had
projected. Global GDP growth was revised up by 0.4pps by the OECD, as US consumers showed
better resilience, expanding budget deficits supported growth and emerging markets (e.g. China)
showed strong growth overall. As overall economic growth improved, corporate earnings grew.
Nevertheless, the year was still marked throughout by a pronounced degree of risk aversion,
which resulted in a subdued level of activity in capital markets.
The key change in 2023 was the signal from central banks in the western world that the peak
in short-term interest rates had been reached, and that the next change in policy rates would
be down. This change was mainly due to inflation coming down. In general, inflation is still above
central banks’ targets, but the trends point towards lower inflation ahead. Following the signals
from the central banks, long-term rates also fell ~100bps, supporting the performance of the stock
market and other asset classes. The total return for MSCI Nordic in 2023 was 17%, of which most
of the performance (80%) happened in the last two months of the year. The S&P 500 rose by 26%
after dropping 18% in 2022.
The outlook is better entering 2024, but not without risk. Consumers in the western world will
likely see an improvement in their purchasing power, which should support consumer spending.
Labour markets are still tight, suggesting that unemployment rates will remain low, while in the
interest rate market, expectations are for 4-5 rate cuts from central banks by the end of the year.
Assuming consumer spending improves, this will likely lead to a turnaround in the inventory cycle
supporting industrial production, which has been the weak spot in the global economy in 2023.
These observations could lead to a return of inflationary pressures, as the western world operates
at close to full capacity; we see this as the key risk in 2024, moderating our otherwise positive
expectations.
Nevertheless, in a world characterised by high levels of uncertainty impacted by several large
events during recent years (e.g. the COVID-19 pandemic) followed by unprecedented fiscal and
monetary stimuli leading to a demand shock and large inflationary pressure, as well as the Russian
invasion of Ukraine leading to an unprecedented energy price shock, companies have navigated
well. Most companies have protected their margins and earnings and improved their balance
sheets. As such, most companies are in a position to continue to create shareholder value for
the next years to come.
Macro backdrop
15 ABG Sundal Collier | Annual Report 2023
Interest rates Equity indicesEquity market volatility (S&P VIX)
10y US interest
10y German interest
S&P 500
MSCI Nordic
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%
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
16 ABG Sundal Collier | Annual Report 2023
Corporate Financing
ABGSC is a leading provider of corporate financing services, supporting corporate clients when
they wish to raise capital through either equity or debt financing within Nordic capital markets.
Equity Capital Market (ECM) transactions typically include initial public offerings (IPOs), private
placements, rights issues and secondary block trades. ABGSC is a Nordic force in ECM, often
taking a leading role by acting as global coordinator or bookrunner in transactions that span both
sectors and sizes.
Within Debt Capital Market (DCM) transactions, ABGSC has chosen to focus on the non-investment
grade bond segment, raising debt capital for companies that are looking for alternative sources
to traditional bank financing. In recent years ABGSC has expanded its debt offering by providing
independent debt advisory and sourcing services such as loans, factoring and leasing.
ABGSC is compensated through fees subject to the successful completion of a given transaction.
In 2023, revenues from corporate financing activities were NOK 580m, up from NOK 519m in 2022,
and in line with historical revenues.
After a year of muted capital market sentiment in 2022, 2023 was similarly marked by a reduced
confidence and resultant risk aversion within the market.
The first quarter was dominated by significant uncertainty, fuelled by the rapid collapse of Silicon
Valley Bank and the ensuing market turbulence within the banking and finance sector in particular.
As a result, some transactions were postponed or put on hold. However, Q1 would prove to be the
high-point of the year for IPOs, with ABGSC completing the Seacrest (Norway), Gubra (Denmark)
and Himalaya Shipping (US) IPOs within the quarter. The IPO market remained subdued
throughout the year, with ABGSC assisting with one additional IPO, for DOF (Norway), in Q2.
519
580
503
1,045
1,713
202 32022202120202019
Corporate Financing (ECM/DCM)
revenues (NOKm)
Despite less than optimal market
conditions in 2023, we delivered a solid
result, executing on a number of important
mandates and providing quality advice
to clients navigating uncertain markets.
Our diversified business model served us
well, resulting in a wide spread of corporate
financing transactions across geographies,
sectors and products. As we look ahead
to 2024, we are continuing to invest
in developing our expertise and we are
enthusiastic about the strong inflow
of new mandates that we see”, said Johan
Lindén, Co-Head of Investment Banking.
“
Corporate
financing
revenues
580
NOKm
17 ABG Sundal Collier | Annual Report 2023
Throughout 2023, ECM activity was at times selective. Nevertheless, ABGSC retained its strong
position within Nordic ECM and completed a number of primary and secondary placements.
Of note were two Seadrill secondary placements (in Q1 and Q3) in Norway, in which ABGSC assisted
Export Finance Norway with the sale of its shares in Seadrill. Also of note were two Sagax
transactions (in Q2 and Q4) in Sweden, in which ABGSC assisted the company with directed share
issues (representing the two largest directed share issues in Sweden in 2023); the transactions
represented the fourth and fifth occasions on which ABGSC has advised Sagax, cementing our
long-term relationship with the company.
On the DCM side, overall Nordic volumes were up compared to 2022 and ABGSC closed several
important DCM transactions, maintaining our strong position within the high yield bond segment.
Of note were two Hexagon Purus transactions in Norway; in Q1 ABGSC assisted the company with
a combined convertible bond private placement and equity private placement, in addition
to advising Mitsui on its strategic investment in the convertible bond private placement. This was
followed up in Q4 when ABGSC assisted Hexagon Purus with a further convertible bond private
placement. Of further note was the Polar Structure transaction in Sweden, in which ABGSC served
as Sole Financial Advisor in connection with the issuance of senior secured notes by
the sustainability-focused company.
In total ABGSC concluded 35 DCM transactions and 58 ECM transactions, including the four IPOs,
in 2023. The firm was ranked as the #1 ECM Advisor in Norway, the #1 Corporate Finance adviser
in Norway and the #2 Corporate Finance adviser in Sweden and the Nordics in 2023 by Kantar
Sifo Prospera: evidence of our continued strong standing among clients.
In 2023 we continued to build on our strong position
within DCM, executing a number of significant
transactions despite muted market sentiment. Thanks
to the investments we have made in developing our
debt advisory business in recent years, we were well
positioned to take advantage of opportunities as they
arose. 2023 proved to be a solid year in terms of DCM
revenues, and we look forward to further leveraging
our expertise in 2024”, said Kristoffer Sletten, Head
of DCM Sweden.
“
18 ABG Sundal Collier | Annual Report 2023
Selected Corporate Financing transactions
ECM – SP NOK 4.56bn Energy
ECM – IPO
ECM – PP
NOK 2.7bn
NOK 280m
Energy
ECM - SP
ECM - SP
NOK 2bn
NOK 1.7bn
Oil service
ECM – SP NOK 1.8bn Shipping
ECM – PP
ECM – PP
SEK 2.12bn
SEK 2.06bn
Real Estate
ECM – PP SEK 325m Health care
ECM - PP SEK 301m TMT
ECM - IPO DKK 575m Health care
DCM – HY USD 390m Oil service
DCM – CB
ECM – PP
NOK 800m
NOK 500m
Renewables
DCM – HY
DCM – DL
EUR 50m
EUR 40m
Renewables
DCM – HY EUR 200m TMT
DCM – DL SEK 835m Financials
DCM – HY SEK 300m TMT
19 ABG Sundal Collier | Annual Report 2023
ABGSC has for several years been a Nordic market leader within Mergers & Acquisitions (“M&A”)
and advisory, participating in more transactions than any other financial advisor in the region.
Our M&A and advisory services product area primarily involves advising companies in relation
to mergers, acquisitions, and sales, in addition to various real asset transactions and other
advisory services.
ABGSC is normally compensated by its clients through a combination of fixed retainers and
transaction fees.
In 2023, the Nordic M&A market fell from 2022 levels, with volumes relatively subdued throughout
the year. The year was marked by the elevated cost of funding due to increased interest rates.
This resulted in a persistent disparity between buyers and sellers in their price expectations,
hindering, or slowing down, many transactions. However, as the year went on, we saw signs
of the gap beginning to close.
Despite the weak market sentiment, ABGSC ended the year with a solid performance, maintaining
our strong Nordic position within M&A. We finished the year with revenues of NOK 562m, down
from NOK 618m in 2022, but in line with historical revenues. In total we completed 34 transactions,
up from 28 in 2022.
There were several highlights throughout the year. In Q1, the Swedish team served as advisers to
Readly in relation to Bonnier News’ public offer to acquire shares in the company; the transaction
marked the third occasion on which ABGSC has advised Readly. Throughout the year, the Danish
team completed several important transactions, including in Q1 advising Re-Match on the
company’s delisting and the associated public tender offer led by Verdane; additionally, the team
advised Confirma Software on two separate acquisitions (SmartTID in Q3 and Admind in Q4).
In Norway, the team had a strong year, completing a number of transactions; of note was the
Q4 Visma transaction, in which ABGSC advised the company and its shareholders on the expansion
618
562
449
381
595
202 32022202120202019
M&A and Advisory
M&A and Advisory
revenues (NOKm)
M&A and
advisory
revenues
562
NOKm
20 ABG Sundal Collier | Annual Report 2023
of its ownership base – a landmark transaction marking two decades of advising the company.
ABGSC also provides real estate investment opportunities through a pan-Nordic platform
consisting of the fully owned subsidiary Vika Project Finance, covering Norway and Denmark,
and the partly owned ABG Fastena, covering Sweden and Finland. The sentiment within real
estate was very challenging in 2023, with buyers and sellers yet to define a new pricing level
following the recent and rapid interest rate hikes. During the year, Vika Project Finance conducted
five transactions for a total value of NOK 3.26bn, while ABG Fastena conducted four transactions
for a total value of SEK 327m.
21 ABG Sundal Collier | Annual Report 2023
Selected M&A transactions and restructurings
Financial advisor to Visma and shareholders in connection
with expansion of ownership base
EUR 19bn TMT
Sale of Kahoot! to Kangaroo BidCo NOK 17.2bn TMT
Sale of Self Storage Group to T-C Storage HoldCo NOK 3.8bn Real estate
Sale of Telenor Satellite to Space Norway NOK 2.4bn TMT
Viridor’s voluntary offer to acquire all shares in Quantafuel NOK 1.1bn Industrials
Sale of Fjordbase Holding AS to Ancala Partners Undisclosed Energy
Nordic Capital’s acquisition of a majority share in Foxway Undisclosed TMT
Sale of Solcellespesialisten to FSN Capital Undisclosed Renewables
AP7’s acquisition of 33% of the Urban Escape properties
in Stockholm CBD
SEK 22bn Real Estate
Public cash offer from Tidnings AB Marieberg SEK 455m TMT
C-Resiliens’ acquisition of Tutus Data AB SEK 455m TMT
Financial advisor to Nordic Mezzanine in connection
with the sale of Sauna360 to Masco Corporation
EUR 125m Consumer
Advisory services to Re-Match related to a voluntary
public tender offer
DKK 256m Industrials
Confirma Software’s acquisition of SmartTID Undisclosed TMT
In 2023 our teams in Norway, Sweden and
Denmark completed some fantastic deals within
M&A, reinforcing our leading position within the
Nordic market. As we look ahead towards 2024,
we are encouraged to see opportunities within
the market opening up, and we are committed
to providing creative and solution-oriented advice
to our clients”, said Kristian B. Fyksen, Co-Head
of Investment Banking and CEO ABGSC Norway.
“
22 ABG Sundal Collier | Annual Report 2023
Brokerage and Research
ABGSC offers considerable experience within brokerage services, with market-leading placing
power and a highly recognised research team covering 467 companies as of year-end 2023
(including 392 equity and 75 credit research) – among the highest number of all Nordic investment
banks. Our research and brokerage services product area comprises a range of secondary security
brokerage and research services, either subscribed to by investor clients or commissioned
by companies.
With offices in Oslo, Stockholm, Copenhagen, London, Frankfurt, Lucerne, New York and Singapore,
we offer a powerful, integrated platform that is able to match client trading flows within equities,
bonds, derivatives, structured products and FX. ABGSC also has a limited proprietary trading
operation, primarily supporting our client trading and corporate market-making activities.
ABGSC is compensated through a combination of trading commissions and separate payments
for either investment advisory and research services, or by fixed payments from companies
for commissioned research or marketing services. In 2023, revenues from brokerage and research
were NOK 565m, in line with 2022 revenues (NOK 567m) and very strong in relation to historical
revenues.
In 2023, turbulence at the beginning of the year, followed by a pronounced degree of risk aversion
throughout the remainder, underlined the need for high-quality fundamental research and reliable
brokerage services. ABGSC continued to focus on developing our highly-ranked research operation
and idea-driven brokerage operation, building credibility with investors, sharing knowledge
and offering high-quality investment advice. Overall, the activities of our research and brokerage
teams made a strong contribution to 2023 revenues, achieving a robust performance despite
market turmoil.
565
399
501
603
567
202 32022202120202019
In 2023, we continued to strengthen
our offering and invest in developing
a very strong research team. It is clear
that our efforts in recent years to step-
up our performance are paying off,
as we increasingly take market share
and receive industry recognition. I am
proud of our team’s achievements and
look forward to seeing their further
development in 2024”, said John Olaisen,
Co-Head of Research.
“
Brokerage and Research
revenues (NOKm)
Brokerage and
Research
revenues
565
NOKm
23 ABG Sundal Collier | Annual Report 2023
In 2023, the research team achieved top rankings in a number of external surveys. In Norway,
ABGSC once again came in second overall in the Kapital rankings, taking the #1 spot for best
individual analyst, in addition to winning a total of 10 podium places, including three #1 positions.
In Sweden, the team came in second overall in the Kantar Sifo Prospera rankings, improving on
their #3 spot of 2022; in total the team achieved eight sector-based podium places, including two
#1 positions and five performance-based podium places, including #1 Analyst Speaking Partner.
The ABGSC markets operations enjoyed a strong year, in particular in Norway where we grew the
secondary business from the strong levels of 2022. Additionally, the brokerage teams continued
to maintain their strong performance across external surveys. In Norway, ABGSC was awarded the
#1 spot for best individual broker in Kapital’s rankings, and in Sweden, the team achieved podium
places in all three categories within the Kantar Sifo Prospera rankings, including taking the
#1 spot for the important “Sales business ideas” category.
In 2023 our brokerage teams really delivered, not
only by providing a solid contribution to ABGSC
revenues via secondary market activity, but
also by being a preferred advisor to our broad
Nordic and international investor base, cementing
ABGSC’s capacity to provide market-leading
placing power within ECM and DCM primary
segments”, said Per Flostrand, Head of Equity
Sales Sweden & International.
“
24 ABG Sundal Collier | Annual Report 2023
Håkon Bleken / Ishockeyspiller og kvinne V, 2008
25 ABG Sundal Collier | Annual Report 202325 ABG Sundal Collier | Annual Report 2022
Executive
Committee
Jonas Ström
CEO
Jonas Ström joined the firm in 2011.
Prior to joining ABGSC, he was Head
of Debt Capital Markets at Öhman and
he has also worked as a Portfolio Manager
at Swedbank Robur. Ström has a MSc
in Economics from the Gothenburg School
of Economics.
Geir B. Olsen
CFO
Geir B. Olsen joined the firm in 2002.
He was previously Head of Business
Development and Projects and has also
worked within Equity Sales
and Investment Banking. Olsen holds
a Master of Business and Economics
(“Siviløkonom”) from Handelshøyskolen BI.
Jessica Blink
Head of Legal
Jessica Blink joined the firm
in 2006. She has a Master of
Laws (LL.M.) and a Master
of Science in Business
Administration and Economics
from Stockholm University.
Kristian B. Fyksen
Co-head of Investment Banking
and CEO ABGSC Norway
Kristian B. Fyksen joined the firm in 2016.
He previously worked at DNB Markets.
Fyksen has a MSc in Economics and
Resource Management from the
Norwegian University of Life Sciences.
26 ABG Sundal Collier | Annual Report 2023
Johan Lindén
Co-head of Investment Banking
Johan Lindén joined the firm in 2009.
He previously worked at Lazard and
Deutsche Bank. Lindén holds a BA
(Hons) in International Business from the
European Business School, London.
Per Flostrand
Head of Equity Sales
Sweden & International
Per Flostrand joined the firm in 2009.
He previously worked at Crédit Agricole
Cheuvreux and JPMorgan. Flostrand
holds a Ph.D in Accounting from
Uppsala University.
John Olaisen
Co-head of Research
John Olaisen joined the firm in 2012.
He previously worked at Carnegie,
Terra and Abacus/International
Capital Growth. Olaisen is
“Siviløkonom” (MSc) from Fribourg
University in Switzerland.
Dag Alveng / Misty Morning, Vemork, Rjukan, 2020/2021
27 ABG Sundal Collier | Annual Report 2023
Knut Brundtland
Chairman
Knut Brundtland joined the firm as Group
CEO in 2010. Prior to this, he held several
board positions and has also been the CEO
of Voss of Norway ASA. Brundtland also has
15 years’ experience as a lawyer and partner
with the law firm BAHR in Oslo. He holds a
law degree from the University of Oslo.
27 ABG Sundal Collier | Annual Report 2022
The Board
of Directors
Martina Klingvall
Board Member
Martina Klingvall has a startup
background and is known for
challenging old business models,
and championing modern leadership
and digital opportunities.
She has extensive experience from
the telecom industry, both from
working at Telenor in Sweden and
Norway, but also from starting up
and running a new mobile operator,
Telness, in Sweden. Klingvall holds
a degree in engineering from the
Royal Institute of Technology, KTH.
Adele Bugge
Norman Pran
Board Member
Adele Bugge Norman Pran has extensive
experience from board positions, developing
companies and transactions, with experience
from Herkules Capital and PWC Deals. Pran
holds a degree in law from the University
of Oslo, and a master in auditing and
accounting from NHH. She has also studied
advanced mathematics at Harvard University
and has an International Baccalaureate
from United World College, Atlantic. Pran’s
extensive board experience includes roles
on the boards of Yara ASA, B2Holding ASA,
Hitec Vision AS and Motorgruppen AS,
among others.
Jan Petter Collier
Board Member
Jan Petter Collier was one of the two
founders of Sundal Collier in 1984
and is currently a partner within
Investment Banking. From 1992
until 2004, he was the Executive
Chairman and from 2004 to 2010
he was the CEO of ABGSC. Prior
to founding Sundal Collier he
was Chief Executive of Tennant
and Deputy General Manager
of Rogalandsbanken.
28 ABG Sundal Collier | Annual Report 2023
Arild A. Engh
Board Member
Arild Abel Engh is an independent investor. Since 2018
he has operated Melesio AS, a partner owned private
investment company. He has 30 years of experience
within investment banking, financial analysis and
investments. Engh joined ABGSC in 1993 and headed
the Investment Banking Division from 1999 to 2018.
Before joining ABGSC he was involved in the cruise, oil
service, bulk shipping and TMT industries. Engh holds
an MSc degree in Petroleum Engineering from the
Norwegian Institute of Technology (NTH Trondheim)
and also completed post graduate studies in Finance
at the Norwegian School of Economics (NHH Bergen).
Cecilia Marlow
Board Member
Cecilia Marlow is a full time non-executive
board professional and investor. She has
experience from various industries and
ownership structures, including listed
companies as well as the finance sector.
Marlow previously worked as a CEO in retail
for some 20 years and she holds an MBA
from the Stockholm School of Economics.
Truls Wörsel / Untitled, 2012
29 ABG Sundal Collier | Annual Report 2023
Sam Francis / SFP 94-140, 1994
30 ABG Sundal Collier | Annual Report 2023
ABGSC is an independent Nordic investment bank, established in 1984, founded on an inclusive
partnership culture and the ability to attract and develop top talent. Our strategy is to be
an advisor and an intermediary, and our core product offering comprises corporate advisory,
corporate financing, investment research and brokerage services.
COMMENTS ON THE ANNUAL ACCOUNTS
Highlights
2023 demonstrated the diversity and balance of our business mix, with revenues evenly spread
between Corporate Financing, M&A and Brokerage and Research. Despite a continued lack
of IPOs, Corporate Financing revenues increased, primarily driven by higher activity in primary
and secondary placings and our debt franchise. Our Brokerage team also showcased an
impressive ability to create liquidity and manage complex transactions. Our position in our core
markets is well-defended and solidified despite the challenging conditions.
Operating profit for 2023 decreased by 18% to NOK 325m and diluted EPS for 2023 was NOK 0.44
compared to NOK 0.50 for 2022. The Board has decided to propose a payment to shareholders
of NOK 0.50 per share for the accounting year 2023.
Pursuant to the Norwegian Accounting Act, the Company confirms that the parent company
accounts, based on Norwegian GAAP, have been prepared on a going concern basis. Group
accounts have also been prepared on a going concern basis, based on International Financial
Reporting Standards (IFRS), as adopted by the EU.
Income Statement
Revenues from Corporate Financing services increased from NOK 519m in 2022 to NOK 580m
in 2023 (+12%). In 2023, the Nordic primary ECM volumes were up 30% compared to 2022, while
the Nordic primary DCM volumes were up 40%. During the year, ABGSC conducted 35 DCM
transactions and 58 ECM transactions.
Revenues from M&A and Advisory services decreased from NOK 618m in 2022 to NOK 562m
in 2023 (-9%). In 2023, the Nordic M&A transactions were down 21% compared to 2022. In total,
ABGSC conducted 34 M&A transactions and nine direct real estate investments.
Revenues from Brokerage and Research services of NOK 565m were in line with 2022 (NOK 567m).
Total operating costs for the year were NOK 1,381m compared to NOK 1,308m in 2022 (+6%). Total
fixed operating costs increased by approximately NOK 48m for the year due to the weakening
NOK relative to 2022. Average headcount increased from 332 in 2022 to 341 in 2023, mainly related
to new business operations. However, during the year, the company has taken measures to lower
costs and streamline its operations, leading to a lower headcount at the end of 2023 vs year-end
2022 (330 vs. 340).
Operating profit for 2023 was NOK 325m (NOK 396m in 2022), a decrease of 18%. The net financial
result was NOK -6m compared to NOK -21m in 2022. Net profit after tax was NOK 237m (NOK 282m
in 2022), resulting in EPS (basic) of NOK 0.49 (NOK 0.58 in 2022).
Balance Sheet and Liquidity
ABGSC maintained a strong balance sheet throughout 2023. Our asset base largely consists
of short-term receivables and bank deposits.
ABG Sundal Collier Holding ASA (“the Company”) together with its
subsidiaries (“ABGSC” or “the Group”) is a Nordic investment bank
listed on the Oslo Stock Exchange. The Group’s headquarters are in
Oslo, with other offices in Stockholm, Copenhagen, London, Frankfurt,
Lucerne, New York and Singapore.
Statutory Directors’ Report
31 ABG Sundal Collier | Annual Report 2023
The Group’s capital adequacy following the proposed NOK 0.50 dividend payment to shareholders
at the end of 2023 was 1.6x (1.7x in 2022) the requirement set by The Financial Supervisory
Authority of Norway. The capital ratio before the proposed payment to shareholders was 2.2x
for 2023 (2.3x in 2022).
ABGSC has positive cash flow from its operations, although due to the nature of our business,
working capital requirements can be subject to significant daily fluctuations. To meet varying
liquidity demands from Group operations, we have established overdraft facilities with our main
banks. ABGSC’s level of liquidity was solid throughout 2023.
Financial Statement for the Parent Company
The parent company receives dividends or group contributions from subsidiaries to pay a dividend
to the shareholders. In 2023, the parent company received NOK 287m in dividends and group
contributions compared to NOK 375m in 2022. The balance sheet is good, with a book equity
to total capital of 40% after dividend allocation.
Allocation of Profit
Shareholders
The Company’s share price closed at NOK 6.80 on 31 December 2023 (NOK 5.63 on 31 December
2022). Shareholders received a total payment of NOK 0.50 per share during 2023, implying a total
return of 29.7% in 2023. The Oslo Børs main index (OSEBX) increased by 9.9% in the same period.
At the end of 2023, ABGSC had 6,502 shareholders, and the Group’s partners and Board members
owned approx. 29% of the total shares outstanding and 38% of the total diluted shares. Although
ABGSC is a publicly listed company, the Board believes in the importance of preserving the
company’s partnership ethos. The Group’s key staff are significant owners of the Company,
providing a reassuring alignment of interests between shareholders and staff. We strongly believe
that these coinciding interests help us to reduce operational risk and ensure a long-term focus
on providing the best possible advice to our clients while maintaining a clear understanding
of the importance of the Group’s financial performance.
.
Other Conditions
Risk management is an integral part of ABGSC’s core business activities. While conducting
our business operations, ABGSC is exposed to a variety of risks. These include market, credit,
liquidity, operational and currency risks that are material and require comprehensive controls and
management. ABGSC aims to maintain a low risk profile. For a further description of the Group’s
risk profile and risk management policy, see Note 5 to the Consolidated Financial Statement.
A separate description pertaining to risk control in financial reporting is included in the Board’s
Corporate Governance report. The Board has approved the overall limits for market risk for equity
trading, bond trading, securities financing, and foreign exchange. ABGSC’s main trading activities
are carried out on a short-term basis with a low level of overnight exposure. Any breach
of the defined limits is reported to the Board of Directors. The purpose of the trading activities
is to facilitate client orders and profit from market arbitrage opportunities and market volatility.
The Executive Committee, together with the Chief Compliance Officer, act as the Group’s Credit
Committee, approving policies and limits for client financing, cash collateral and the pledging
of shares within the mandate approved by the Board of Directors. Changes in collateral value are
monitored daily and adjustments are made by either reducing exposure or providing additional
collateral. Regular stockbroking transactions are settled on a delivery versus payment basis, such
that the credit risk is minimised to the difference between the unsettled amount and the market
value of the shares.
The Board is not aware of any matters arising during the year that have had a materially negative
effect on the Company’s or the Group’s business position.
COMMENTS ON CORPORATE GOVERNANCE
Implementation and Reporting on Corporate Governance
ABGSC is committed to the Norwegian code of practice for Corporate Governance as issued
by NUES (the Norwegian Corporate Governance Board) and has implemented sound corporate
governance regulations and practices for the Group. The ABGSC Corporate Governance Policy
is published on the ABGSC website and should be read in combination with this statutory report
to understand the overall compliance with the Code of Practice.
32 ABG Sundal Collier | Annual Report 2023
Equity and Dividends
The Board is committed to returning excess capital to shareholders through cash and buy-backs
of shares over time. Excess capital will be evaluated on a continual basis, taking into consideration
several factors including market conditions, regulatory requirements, counterparty and market
perceptions and the nature of our business.
ABGSC’s balance sheet and liquidity position are very solid relative to our capital requirements.
Consequently, the Board will propose to the AGM a payment to the shareholders of NOK 0.50
per share for the accounting year 2023 (NOK 0.50 in 2022). Prevailing regulatory core capital
rules imply a need to increase our core capital as the operational risk determination is driven
by our consolidated revenues. Norway is expected to implement the new EU capital regulations
some time in either 2024 or 2025. Although the final details remain to be clarified, our current
interpretation indicated a lower minimum capital requirement after implementation.
The Board currently has a mandate from the shareholders to acquire a number of ABG shares
corresponding to approx. 10% of the share capital. The one-year mandate is valid until the end
of June 2024. Under the mandate, ABGSC purchased 14,775,512 ABG shares in 2023.
The Board currently has a mandate from the shareholders to issue a number of new ABG shares
corresponding to approx. 20% of the share capital. The one-year mandate is valid until the end
of June 2024. Under the mandate, ABGSC issued 14,120,000 new ABG shares in 2023.
Equal Treatment of Shareholders and Transactions with Close Associates
Internal guidelines require that special approval be given for any transactions whereby members
of the Board or management might have conflicting interests with the Group. During 2023, there
were no such transactions requiring special approval.
General Meetings
The ordinary general meeting was held on 26 April 2023. Shareholders had the opportunity
to participate in, and vote at, the general meeting without being present by giving proxy to
the Company. Knut Brundtland represented the Board of Directors at the AGM. The Nomination
Committee and the auditor did not attend the AGM.
No extraordinary general meeting was held in 2023.
Nomination Committee
In 2023, the Nomination Committee consisted of Stein Aukner, Roy Myklebust and Leiv Askvig. The
committee is thereby independent of the Group’s executive management and Board of Directors.
The shareholdings and fees of the members of the Nomination Committee are disclosed in Note
9 to the Consolidated Financial Statement.
Board of Directors: Composition and Independence
The Board of Directors is of the opinion that, overall, it has sufficient expertise and capacity
to carry out its duties in a satisfactory manner. The Board of Directors has six members, including
three males and three females, and the composition represents sufficient diversity of background
and expertise. The Board members serve for a period of one year unless re-elected.
Three of the current members are independent of the Company’s main shareholders, the Company’s
executive personnel and material business contacts. No executive personnel are members
of the Board.
Three out of six of the Board members own shares in the Company. Board member shareholdings
are disclosed in Note 9 to the Consolidated Financial Statement.
The Work of the Board of Directors
The Board held 11 board meetings in 2023. Two meetings were physical meetings, and the rest
were held as video conferences. Board members’ total attendance in 2023 was 98%.
The Board of Directors has established the Compensation Committee and the Audit Committee
as sub-committees.
In 2023, the Compensation Committee consisted of Knut Brundtland as chairperson and Arild A.
Engh as a member together with a non-management staff representative. The Compensation
33 ABG Sundal Collier | Annual Report 2023
Committee is thereby independent of the Group’s executive management. The Compensation
Committee met three times in 2023 in relation to the remuneration process in the Group.
In 2023, the Audit Committee consisted of Adele Norman Pran as chairperson and Arild A. Engh
as a member. The Audit Committee is thereby independent of the Group’s executive management.
The Audit Committee had five meetings during 2023.
Risk Management and Internal Control
The Board of Directors has drawn up general policies and guidelines for management and control.
These policies deal with the Board’s responsibility for determining the Group’s risk profile,
approval of the organisation of the business, assignment of areas of responsibility and authority,
requirements concerning reporting lines and information flow as well as management and internal
control requirements. The Board and CEO’s areas of responsibility are defined in the rules
of procedure for the Board and instructions for the CEO, respectively.
The Audit Committee supervises the financial reporting process and ensures that the internal
controls in relation to financial reporting function effectively. Among other things, the Audit
Committee reviews the quarterly and annual accounts and reports.
The Group Finance team is headed by the CFO and is organised outside of the business areas.
The Group financial controller reports to the CFO and is responsible for matters such as financial
reporting, direct and indirect taxes, and financial internal controls. On behalf of the CFO, the Head
of Group Accounting identifies, assesses, and monitors the potential risk of errors in the group’s
financial reporting.
The Group Finance team prepares the financial reports of the Group and ensures that such
reporting is in line with prevailing legislation, accounting standards, current accounting guidelines
and other relevant external and internal regulations. Processes and several control measures have
been prepared to ensure that the financial reporting is of high quality. These measures include
rules concerning authorisations, reconciliations, IT controls and management reviews. The Group
Finance team prepares a presentation to the Audit Committee every quarter, with details of any
questions to be discussed by the committee.
All quarterly and annual reports to the shareholders are reviewed by the Audit Committee with
a special focus on correct revenue recognition, correct accrual for costs and the accounting
treatment and presentation of any items of a non-recurring nature. The external auditor
participates in the meetings of the Audit Committee.
The Group Compliance team is organised as an independent control function separate from
the business areas and with established dual reporting lines to the CEO and the Chairman
of the Board. The objectives of the function are to support and advise senior management
in its work with internal steering and control and to ensure compliance with applicable securities
laws and other relevant regulations for conducting the business, to advise senior management
in its work with risk assessment, management, and control of risks in the business and ensure
that procedures, limits, and guidelines are adhered to.
The Compliance function takes a risk-based approach to allocate the function’s resources
efficiently. A compliance risk assessment is used to determine the focus of the monitoring
and advisory activities of the Compliance function. The risk assessment takes into account
the applicable obligations under relevant international and national laws and regulations, relevant
factors in the regulatory environment, the business structure, findings based on annual internal
control assessments and ICAAPs, signals from the business and its key staff/managers, signals
from the Executive Committee, the Board and relevant internal or external audit findings as well
as alerts and findings from monitoring activities and surveillance systems. Based
on the risk assessment and any other relevant signals, a high-level annual Group Compliance
Plan and derived local monitoring plans are established to ensure that compliance risks are
comprehensively monitored.
The Compliance function reports regularly to the Executive Committee and the Board. The
Executive Committee receives written risk reports on a weekly basis, and the Board receives
written compliance and risk control reports before every board meeting.
Risk management and internal control has been on the Board of Director’s agenda at most
board meetings for the Board to fully assess the Group’s risk and internal control environment.
The Board of Directors has received a summary of the annual internal risk and internal control
assessment process, which also reflects the risk and control assessment performed at the
business area level supplemented by an independent internal control assessment by the internal
auditor.
34 ABG Sundal Collier | Annual Report 2023
Liability insurance
ABGSC has entered into liability insurance for members of the Board of Directors and the CEO
for their potential liability towards the Company and third parties.
Remuneration of the Board of Directors
Knut Brundtland has received NOK 1,000k as board fee from the subsidiary ABG Sundal Collier
ASA. The payment is NOK 500k for the period 2022-2023 and NOK 500k for the period 2023-2024.
Jan Petter Collier received remuneration as partner of ABGSC for 2023. Other than this, no members
of the Board of Directors have undertaken additional paid assignments for the Company in 2023.
Remuneration of the Board of Directors complies with the Code of Practice, and details
are disclosed in Note 9 to the Consolidated Financial Statement.
Remuneration of Executive Personnel
Remuneration of executive personnel complies with strict regulatory remuneration codes in the
relevant countries in which the Group operates, as well as the Code of Practice as demonstrated
in the Corporate Governance Policy. Remuneration to executive personnel is disclosed in Note
9 to the Consolidated Financial Statement.
Auditor
The Group’s auditor is Deloitte. Eivind Bollum Berge is responsible partner for the second year.
Memberships, political donations, and governmental support
There were no political contributions during the year, in line with our policy.
ABGSC has not received any financial assistance from any governments during the year.
ABGSC is a member of the Norwegian Securities Dealers Association, the Swedish Securities
Dealers Association, AksjeNorge and the Norwegian Petroleum Society (NPF).
COMMENTS ON SUSTAINABILITY
For sustainability related information and disclosures, please see the 2023 Sustainability Report
available on ABGSC’s website.
35 ABG Sundal Collier | Annual Report 2023
PROSPECTS FOR 2024
As 2023 once again demonstrated the resilience and balance of our operations, we believe we are
well-positioned to further strengthen our market position and increase our market share in 2024.
Inflation, interest rates and geopolitical risks remain some of the key themes as we enter the new
year. Whether interest rates will come down or stay “higher for longer” and the outlook for a “soft
landing” for the macro economy are likely to be important triggers for increased activity within
our key market segments.
We observe some signs of a revived appetite for IPOs in the not-too-distant future, but due
to the nature of these transactions, we do need to see stable markets for some time before we
can expect to see a significant uptick in IPO activity. In the meantime, we continue to experience
positive momentum within M&A and for other capital market transactions with shorter lead times.
Secondary trading activity is also holding up reasonably well.
Our transaction pipeline is larger than at the same time last year and is well adapted to the
prevailing market conditions. Our key priority remains to provide best in class advisory services
to our clients across geographies, industries, and products – every day. We are also looking
forward to launching our new Private Banking and Alternative Investment operations during
the year, albeit with a limited expected contribution to revenues in 2024.
Oslo, 21 March 2024
(sign) (sign) (sign)
Knut Brundtland Martina Klingvall Adele Norman Pran
Chairman
(sign) (sign) (sign)
Jan Petter Collier Arild A. Engh Cecilia Marlow
(sign)
Jonas Ström
CEO
36 ABG Sundal Collier | Annual Report 2023
Truls Wörsel / Untitled (For Erhard Klein, Gross Bonn), Svalbard, 1988
ABG Sundal Collier | Annual Report 2023
37
CONSOLIDATED
FINANCIAL
STATEMENT
ABG Sundal Collier | Annual Report 2023
38
Consolidated statement of comprehensive income
ALL AMOUNTS IN NOK 1,000
OPERATING REVENUES AND COSTS
Notes
2023
2022
Corporate Financing
57 9,98 6
5 19 , 047
M&A and Advisory
56 1,76 7
6 18 , 185
Brokerage and Research
56 4,97 9
5 67 , 091
Total operating revenues
3
1,70 6,73 2
1 , 70 4, 32 3
Personnel costs
9
98 7,967
943,016
Other operating costs
9
30 9,438
279,553
Depreciation
11 , 15
83,884
85 , 43 7
Total operating costs
1,38 1,28 9
1 , 30 8, 00 6
Operating profit
32 5,44 3
3 96 , 316
FINANCIAL INCOME AND COSTS
Interest income
13 2,16 8
55,41 8
Result from associated companies
16
-5,445
-6,275
Other financial income
576
959
Interest costs
-13 1, 70 8
-67,55 1
Other financial costs
-1,177
-3,089
Net financial result
-5,585
-20,537
Profit before taxes
31 9,85 8
3 75 , 779
Tax cost
10
82,54 4
93,770
NET RESULT FOR THE YEAR
23 7,3 14
282 ,0 09
Profit / loss for the year attributable to:
Notes
2023
2022
Owners of the parent
23 6,32 9
2 70,25 8
Non-controlling interests
985
11,752
Diluted earnings per share
21
0.44
0.50
Basic earnings per share
21
0.49
0.58
Consolidated statement of other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations
13
22,705
15,867
Profit/loss on hedges of net assets of foreign operations
13
-20 , 65 4
-17 , 24 8
Income tax relating to items that may be reclassified
13
5,164
4,31 2
Total other comprehensive income
7,21 4
2,932
Total comprehensive income for the year
24 4,52 8
2 84,94 1
Total comprehensive income for the year attributable to:
Owners of the parent
24 2,76 8
2 73,19 0
Non-controlling interests
1,76 0
11,75 2
ABG Sundal Collier | Annual Report 2023
39
Consolidated statement of financial position as of 31.12
ALL AMOUNTS IN NOK 1,000
ASSETS
Notes
2023
2022
Non-current assets
Intangible assets
Deferred tax assets
10
46 , 13 5
60,262
Goodwill
14
9 3,30 8
9 3,308
Other intangible assets
15
19 , 27 4
24,994
Total intangible assets
15 8,71 7
1 78,565
Tangible non-current assets
Office equipment and fittings
15
54 , 42 0
59,636
Right-of-use assets
11
43 5,16 7
4 71,65 6
Total tangible non-current assets
48 9,58 7
5 31,29 2
Financial non-current assets
Long-term receivables
8
2 8,23 2
27,665
Investments in associates
16
34 , 47 8
39,922
Other shares
12
2,61 0
2,905
Total financial non-current assets
65,320
70,491
Total non-current assets
71 3,624
78 0,34 8
Notes
2023
2022
Current assets
Receivables
Accounts receivables
6 - 8, 19
1,40 1,63 3
1,418 , 70 2
Receivables from stockbrokers
6 - 8
94 7,52 9
5 89,56 7
Other receivables
6, 8 , 17
32 0,58 5
2 33,42 8
Total receivables
12
2,66 9,74 8
2,241 , 69 7
Investments
Securities and financial instruments
6, 12
14,164
63,114
Cash and bank deposits
Cash and bank deposits
6, 12, 20
52 5,70 9
8 31,95 4
Total current assets
3,20 9,62 1
3,136 , 76 5
TOTAL ASSETS
3,92 3,24 5
3,917 , 11 3
ABG Sundal Collier | Annual Report 2023
40
Consolidated statement of financial position as of 31.12
ALL AMOUNTS IN NOK 1,000
(sign) (sign) (sign)
Knut Brundtland Martina Klingvall Adele Norman Pran
Chairman
(sign) (sign) (sign)
Arild A. Engh Cecilia Marlow Jan Petter Collier
(sign)
Jonas Ström
CEO
The Board of ABG Sundal Collier Holding ASA
Oslo, 21 March 2024
EQUITY AND LIABILITIES
Notes
2023
2022
Equity
Paid-in-capital
Share capital
22
11 4,41 7
1 11,16 9
Treasury shares at nominal value
22
-1,990
-1,30 4
Share premium
25,397
24,408
Total paid-in-capital
1 37 , 824
13 4,27 3
Retained earnings
82 1,89 3
8 84,83 7
Equity attributable to owners of the parent
95 9,71 6
1,019,110
Non controlling interests
14
11 , 70 7
7,596
Total equity
4
9 71 , 423
1,02 6,70 6
Liabilities
Non-current liabilities
Deferred tax
10
8,71 8
8,718
Long-term provisions
8
2 6,77 7
35,154
Lease liabilities
11
39 3,72 9
4 32,35 5
Deposits from partners
4,120
4,210
Total non-current liabilities
43 3,34 4
4 80,43 6
Current liabilities
Notes
2023
2022
Accounts payable
6, 8
27,736
1 7,64 8
Liabilities payable to customers
6 - 8, 12
1,283 , 84 0
822 , 62 3
Securities and financial instruments (short positions)
6, 12
0
6 , 54 0
Liabilities payable to stockbrokers
6 - 8, 12
5 60 , 100
7 75 , 544
Income tax payable
6, 8, 10
42,829
7 0,44 1
Public dues payable
6, 8
32,011
3 6,04 0
Lease liabilities
11
7 8,881
6 8,858
Bank overdraft liability
2,88 0
69 , 97 3
Other liabilities
6, 8, 17
49 0,20 1
54 2,30 2
Total current liabilities
12
2,518,478
2 , 40 9, 97 0
Total liabilities
2 , 95 1, 82 2
2,890,406
TOTAL EQUITY AND LIABILITIES
3 , 92 3, 24 5
3,91 7,11 3
ABG Sundal Collier | Annual Report 2023
41
Consolidated cash flow statement
ALL AMOUNTS IN NOK 1,000
CASH FLOW FROM OPERATING ACTIVITIES
2023
2022
Profit before taxes
3 19 , 858
375 ,779
Interest income
-13 2, 16 8
-55,418
Interest received
12 8,68 0
55,38 1
Interest costs
13 1,70 8
67,55 1
Interest paid
-11 2, 64 9
-49,379
Total other comprehensive income before taxes
2,05 1
-1,380
Taxes paid
-92,990
-22 5,82 0
Depreciation
83,884
85 , 43 7
Result from associated companies
5,44 5
6,27 5
Change in investments
42,410
471,669
Change in accounts receivables/receivables from other stockbrokers
-34 0, 89 3
-736,919
Change in accounts payable/payable to customers and other stock-
brokers
25 5,86 0
693,202
Change in other current assets/liabilities
-14 7,88 9
-7 39,49 2
Net cash flow from operating activities
14 3,30 6
-5 3,11 4
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of fixed assets /intangible assets
-8,257
-2 1,175
Investments in financial non-current assets
-27 3
2,184
Net cash flow from investing activities
-8,530
-1 8,99 1
CASH FLOW FROM FINANCING ACTIVITIES
2023
2022
Repayment of loans
-90
-1 40
Change in bank overdraft
-67,093
69,973
Repayment of lease liabilities
-71,676
-6 2,379
Paid-in equity
4,23 6
16,32 1
Change in own shares
-57,667
-1 3,527
Payment to shareholders
-24 8,73 2
-4 94 , 66 7
Net cash flow from financing activities
-44 1,02 2
-4 84 , 41 9
Net increase/ (decrease) in bank deposits, cash and cash equivalents
-30 6,24 5
-55 6,52 4
Bank deposits, cash and cash equivalents as of 1 January
83 1,954
1,388,478
Bank deposit, cash and cash equivalents as of 31 December
5 25 , 709
83 1,95 4
ABG Sundal Collier | Annual Report 2023
42
Consolidated statement of changes in equity
ALL AMOUNTS IN NOK 1,000
Cumulative
Non-
Share
Retained
translation
controlling
Share capital
Own shares
premium
earnings
differences
interests
Total equity
Shareholders' equity as of 1 January 2022
10 8,27 2
-4,456
10,98 4
1,07 7,37 5
2 1,69 9
19,764
1 ,233 ,639
Net result for the year
27 0,25 8
11,752
2 82 , 009
Other comprehensive income
4,31 2
-1 , 38 0
2,93 2
Payment to shareholders
-47 0, 74 7
-23 , 92 0
-4 94 , 667
Share issues
2,89 7
1 3,42 4
16,321
Change in own shares
3,15 1
-16 , 67 9
-13 , 52 6
Shareholders' equity as of 31 December 2022
11 1,16 9
-1,304
24,40 8
86 4,52 0
2 0,31 9
7,596
1 , 026 , 70 6
Net result for the year
23 6,32 9
985
237,314
Other comprehensive income
5,16 4
1,276
775
7,214
Payment to shareholders
-24 8, 73 2
0
-248 , 73 2
Share issues
3,24 8
988
4,236
Change in own shares
-68 6
-56,981
-57 , 66 7
Business combinations
2,35 0
2,350
Shareholders' equity as of 31 December 2023
11 4,41 7
-1,990
25,39 7
80 0,29 8
2 1,59 5
11,707
9 71,423
ABG Sundal Collier | Annual Report 2023
44
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
45
ABG Sundal Collier | Annual Report 2023
ALL AMOUNTS IN NOK 1,000 UNLESS OTHERWISE SPECIFIED
Note 1 – Accounting policies
General information
When the Group has less than a majority of the voting rights of an investee, it has power over an
ABG Sundal Collier Holding ASA (“the Company”) is a public limited company and its head office is in
investee when the voting rights are sufficient to give it the practical ability to direct the relevant
Vika, Oslo in Norway. The Company together with is subsidiaries (“ABGSC” or “the Group”) provides
activities of the investee unilaterally. The Group considers all relevant facts and circumstances in
investment banking, stock broking and corporate advisory services that encompass the needs of both
assessing whether the company’s voting rights in an investee are sufficient to give it power, including:
international investors and Nordic business clients. The Company’s shares are listed on the Oslo Stock
Exchange.
• Potential voting rights held by the Group, other vote holders and other parties,
• Rights arising from other contractual arrangements, and
The consolidated financial statements comprise ABG Sundal Collier Holding ASA and its subsidiaries. The
• Any additional facts and circumstances that indicate that the Group has, or does not have, the
consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional
current ability to direct the relevant activities at the time that decisions need to be made, including
currency of the Company. Except as indicated, the amounts presented have been rounded to the
voting patterns at previous shareholder’s meetings.
nearest thousand.
The consolidated financial statements for the Group for the year 2023 were approved by the Board of
See Note 24 in the consolidated financial statement for a complete list of subsidiaries.
Directors of ABG Sundal Collier Holding ASA on 21 March 2024.
Associates are those entities for which the Group has significant influence, which is the power to
participate in (but not control) the financial and operating policy decisions of the associates to obtain
Basis of preparation
benefits from its activities. Significant influence generally exists when the Group controls between 20%
The consolidated financial statements for the Group are prepared in accordance with the International
and 50% of the voting power of the investee.
Financial Reporting Standards (IFRS) published by International Accounting Standards Board (IASB) and
all interpretations from the Financial Reporting Interpretations Committee (IFRIC), which have been
Investments in associates are accounted for using the equity method and are initially recognised at cost.
endorsed by the EU commission for adoption within the EU as well as additional Norwegian reporting
The investments include goodwill identified on acquisition, net of any accumulated impairment losses.
requirements pursuant to the Norwegian Accounting Act. The accounting policies applied to the
The consolidated financial statements include the Group’s share of the total recognised gains and losses
consolidated financial statements are described below. The policies have been applied in the same
of associates, from the date that significant influence commences until the date that significant
manner in all presented periods, unless otherwise stated.
influence ceases. If the Group’s share of losses exceeds its interest in an associate, the carrying amount
The consolidated financial statements are prepared on the historical cost basis, except for certain
of that associate is valued at zero and recognition of further losses is ceased. If the associate
financial assets. Shares and equity instruments, derivatives, short positions, bonds, and other debt
subsequently reports profits, the Group resumes recognizing its share of profits only after its share of
instruments are measured at fair value through profit or loss.
profits equals the share of losses not recognised.
ABGSC’s consolidated financial statements comprise the parent company ABG Sundal Collier Holding
See Note 16 in the consolidated financial statement for a reconciliation of investments in associated
ASA and companies in which ABG Sundal Collier Holding ASA has a controlling interest.
companies.
Control is achieved when the Group:
The purchase method is applied when accounting for business combinations. Companies which have
• has power over the investee,
been bought or sold during the year are included in the consolidated financial statements from the date
• is exposed, or has rights, to variable returns from its involvement with the investee, and
when control is achieved and until the date when control ceases.
• can use its power to affect its returns.
All Group-internal transactions and intercompany balances, including internal profits and unrealised
The Group reassesses whether it controls an investee if facts and circumstances indicate that there are
changes to one or more of the elements listed above.
gains and losses, have been eliminated.
ABG Sundal Collier | Annual Report 2023
46
Segment reporting
An operating segment is a component of an entity that engages in business activities from which it may
earn revenues and incur expenses. Furthermore, the entity’s component’s operating results are
regularly reviewed by the entity’s chief operating decision maker to make decisions about resources to
be allocated to the segment and assess its performance, and thus separate financial information is
available. There are three reporting segments representing the following products levels: Corporate
Financing, M&A and Advisory and Brokerage and Research.
See Note 3 for financial segment reporting.
Revenue recognition
ABGSC accounts for revenue in accordance with IFRS 15 Revenue from Contracts with Customer.
Revenue is recognised when it is probable that transactions will generate future economic benefits that
will flow to the company and when the amount can be reliably estimated. IFRS 15 also requires us, for
each contract with a given customer, to complete the following: (1) identify the performance obligation;
(2) determine the transaction price; (3) allocate the transaction price to performance obligation, to the
extent the contract covers more than one performance obligation; (4) determine whether revenue
should be recognised over time, or at a given point in time; and, finally (5) recognise revenue when (or
as) the performance obligation is satisfied.
Brokerage and Research
Commissions income from trades are recognised at specific points in time as the performance obligation
is satisfied at trade date.
Ongoing services, such as fixed-price research, are recognised over time and typically billed periodically.
Discretionary fees from research are recognised where there is deemed to be no uncertainty related to
ABGSC’s right to claim compensation for research provided.
Corporate Financing / M&A and Advisory
Revenue from service delivery is recognised in conjunction with the execution of the services used to
complete an engagement. Revenue from performance fees is recognised upon completion of the
transaction, or if there is deemed to be no uncertainty related to ABGSC’s right to claim compensation
for a transaction. Fixed fees (contractual sign-on fees or periodical fees) are recognised at the time they
are earned.
Accounting of partnership
Some of the subsidiaries in the Group are the principal partners in silent partnerships. The relations are
as follows:
• ABG Sundal Collier ASA is the principal partner in ABG Sundal Collier silent partnership
• ABG Sundal Collier Eiendom AS is the principal partner in ABG Sundal Collier Eiendom silent
partnership
• Sundal Collier & Co AS is the principal partner in Sundal Collier & Co silent partnership
• Vika Project Finance AS is the principal partner in Vika Project Finance silent partnership
The silent partnerships’ accounts are fully incorporated in the financial statements of the principal
partner. The partner’s share of the profit is classified as variable personnel cost in the income
statement, while unpaid profits to partners are classified as current liabilities. Capital contributions from
partners are classified as long-term liabilities in the accounts of the principal partner.
Foreign currency
Transactions and balance sheet items in foreign currency
Foreign currency transactions are recorded at the rate of exchange on the date of the transaction. At
the balance sheet date, monetary assets and liabilities denominated in foreign currencies are translated
into the functional currency using the exchange rate applicable on the balance sheet date. Unrealised
foreign exchange differences on unsettled foreign currency monetary assets and liabilities are
recognised in the income statement. Unrealised exchange differences on non-monetary financial assets
(typically investments in equity instruments) are a component of the change in the instrument’s entire
fair value. For a non-monetary financial asset at fair value through profit or loss, unrealised exchange
differences are recognised in the income statement. For non-monetary financial investments,
unrealised exchange differences are recorded directly in equity until the asset is sold or becomes
impaired.
Net assets in foreign operations
Foreign subsidiaries’ assets and liabilities have been translated into functional currency at the exchange
rates on the balance sheet date. Revenues and expenses from foreign subsidiaries have been translated
using the monthly average exchange rates during the year. Translation gains and losses on both foreign
operations and related hedging instruments are recognised in equity as a separate component
(cumulative translation differences). When a foreign operation is disposed of, in part or in full, the
relevant amount in the translation reserve (both foreign operation and related hedging instrument) is
transferred from equity and recognised in the income statement as part of the gain or loss.
ABG Sundal Collier | Annual Report 2023
47
• A lease contract is modified, and the lease modification is not accounted for as a separate lease, in
which case the lease liability is remeasured based on the lease term of the modified lease by discounting
the revised lease payments using a revised discount rate at the effective date of the modification
The Group did not make any such adjustments during the periods presented.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease
payments made at or before the commencement day, less any lease incentives received and any initial
direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying
asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that
the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the
useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The right-of-use assets are presented as a separate line in the consolidated statement of financial position.
The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any
identified impairment loss as described under the “Impairment of financial assets”. Variable rents that do
not depend on an index or rate are not included in the measurement of the lease liability and the right-of-
use asset. The related payments are recognised as an expense in the period in which the event or condition
that triggers those payments occurs and are included in administration costs in profit or loss.
As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead
account for any lease and associated non-lease components as a single arrangement. The Group has not
used this practical expedient. For a contract that contain a lease component and one or more additional
lease or non-lease components, the Group allocates the consideration in the contract to each lease
component on the basis of the relative stand-alone price of the lease component and the aggregate stand-
alone price of the non-lease components.
Financial instruments
Financial assets and financial liabilities are recognised in the Group’s statement of financial position when
the Group becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets
and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of
the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are
recognised immediately in profit or loss.
Leases
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group
recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements
in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months
or less) and leases of low value assets (such as tablets and personal computers, small items of office
furniture and telephones). For these leases, the Group recognises the lease payments as an
administration cost on a straight-line basis over the term of the lease unless another systematic basis is
more representative of the time pattern in which economic benefits from the leased assets are
consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily
determined, the lessee uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
• Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable
• Variable lease payments that depend on an index or rate, initially measured using the index or rate
at the commencement date
• The amount expected to be payable by the lessee under residual value guarantees
• The exercise price of purchase options if the lessee is reasonably certain to exercise the options
• Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option
to terminate the lease
The lease liability is presented as a separate line in the consolidated statement of financial position.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the
lease liability (using the effective interest method) and by reducing the carrying amount to reflect the
lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-
use asset) whenever:
• The lease term has changed or there is a significant event or change in circumstances resulting in a
change in the assessment of exercise of a purchase option, in which case the lease liability is
remeasured by discounting the revised lease payments using a revised discount rate
• The lease payments change due to changes in an index or rate or a change in expected payment
under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the
revised lease payments using an unchanged discount rate (unless the lease payments change is due
to a change in a floating interest rate, in which case a revised discount rate is used)
ABG Sundal Collier | Annual Report 2023
48
that are an integral part of the effective interest rate. Accrued interest is included in the carrying
amount of the liabilities in the balance sheet.
Determination of fair value
For financial instruments traded in active markets, the determination of fair values of financial assets
and financial liabilities is based on quoted market prices or dealer price quotations. For all other financial
instruments, fair value is determined using valuation techniques. Valuation techniques include net
present value techniques, the discounted cash flow method and valuation models. The Group uses
widely recognised valuation models for determining fair values of financial instruments.
The output of a model is always an estimate or approximation of a value that cannot be determined with
certainty, and valuation techniques employed may not fully reflect all factors relevant to the positions
the Group holds. Valuations are therefore adjusted, where appropriate, to allow for additional factors
including model risks, liquidity risk and counterparty credit risk. Based on the established fair value and
the related controls and procedures applied, management believes that these valuation adjustments are
necessary and appropriate to fairly state the values of financial instruments carried at fair value on the
balance sheet.
Impairment of financial assets
In relation to the impairment of financial assets, IFRS 9 requires an expected credit loss model. The
expected credit loss model requires the Group to account for expected credit losses and changes in
those expected credit losses at each reporting date to reflect changes in credit risk since initial
recognition of the financial assets. Specifically, IFRS 9 requires the Group to recognise a loss allowance
for expected credit losses on:
• Debt investments measured subsequently at amortised cost or at FVTOCI
• Lease receivables
• Trade receivables and contract assets
• Financial guarantee contracts to which the impairment requirements of IFRS 9 apply
As impairment of financial assets is only applicable to the Group’s receivables, the Group applies the
simplified approach and recognizes lifetime ECL for these assets, measuring the loss allowance at an
amount equal to lifetime ECL. The assessment is performed on a receivable-by-receivable basis.
Definition of default
The Group considers the following as constituting an event of default for internal credit risk
management purposes as historical experience indicates that financial assets that meet either of the
following criteria are generally not recoverable:
• when there is a breach of financial covenants by the debtor; or
• information developed internally or obtained from external sources indicates that the debtor is
unlikely to pay its creditors, including the Group, in full (without considering any collateral held by
the Group).
The Group classifies its financial assets in the following categories: financial assets and liabilities at fair
value through profit and loss, and financial assets and liabilities at amortized cost. Management
determines the classification of financial instruments at initial recognition. Financial assets and liabilities
measured at fair value are presented in the balance sheet as “Securities and financial instruments” and
“Securities and financial instruments (short positions)” and consist of derivatives, short positions, fixed
income, and equity securities.
Financial assets and liabilities
Classification and measurement of financial assets
Debt instruments that meet the following conditions are measured subsequently at amortised cost:
• the financial asset is held within a business model whose objective is to hold financial assets to
collect contractual cash flows; and
• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
Receivables from transactions with other stockbrokers and counterparties are measured subsequently
at amortised cost. Unsettled security trades transacted prior to the year-end for which settlement does
not occur until after year-end are recorded under accounts receivable and accounts payable to
customers / stockbrokers. These financial assets are measured at fair value on initial recognition, and
subsequently they are measured at amortized cost using the effective interest method, less allowance
for impairment. As the receivables are generally short term, the effect of amortization is minimal. The
losses arising from impairment are recognised in the income statement in “administration costs”.
By default, all other financial assets are measured subsequently at fair value through profit or loss
(FVTPL). Financial assets and liabilities measured at fair value are presented in the balance sheet as
“Securities and financial instruments” and “Securities and financial instruments (short positions)” and
consist of derivatives, short positions, fixed income, and equity securities.
Financial assets FVTPL are initially recognised and subsequently measured at fair value in the balance
sheet. Transaction costs are taken directly to profit or loss. Changes in fair value are recognised in the
income statement in “brokerage and research revenue”.
Financial liabilities
Short positions in shares are carried at fair value. All other liabilities are carried at amortized cost.
Financial liabilities measured at amortised cost are recognised initially at fair value net of transaction
costs incurred, and subsequently are carried at amortised cost using the effective interest method.
Amortised cost is calculated by considering any discount or premium on the issue and fees and costs
ABG Sundal Collier | Annual Report 2023
49
Where hedge accounting is applied, the Group documents, at the inception of the hedge, the
relationship between the hedged items and the hedging instruments, as well as the Group’s risk
management objective and strategy for undertaking the hedges. The Group also documents its
assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used
in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged
items.
Hedges of net investments in foreign operations seek to eliminate the currency exposure on the carrying
amount of the Group’s net investments in foreign subsidiaries in the consolidated financial statements.
The exchange differences arising from the translation of net investments in foreign subsidiaries into the
presentation currency are recognised directly in other comprehensive income. The effective portion of
the gains or losses on hedging instruments is also recognised within other comprehensive income, net of
tax. Any ineffective portion of changes in the fair value of hedging instruments is recognised
immediately in the income statement in the Net Financial Result. The amounts recognised in other
comprehensive income are transferred to the income statement upon disposals of hedged foreign
subsidiaries.
See Note 13 for further information.
Goodwill
All business combinations are accounted for by applying the purchase method. Goodwill represents the
difference between the cost of the acquisition and the fair value of all identifiable assets and liabilities
acquired.
Goodwill is not amortised but tested yearly for impairment. Goodwill is allocated to the relevant cash-
generating unit, and if the related discounted cash flow does not exceed the carrying amount of
goodwill, the goodwill will be written down to its fair value.
Fixed assets and depreciation
Fixed assets are carried at original cost less accumulated depreciation and impairment losses.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives
of each part of an item of equipment.
The carrying amount of the Group’s equipment is reviewed at each balance sheet date to determine
whether there is any indication of impairment. If any such indication exists, the asset’s recoverable
amount (the greater of its net selling price and value in use) is estimated. An impairment loss is
recognised in the income statement
Irrespective of the above analysis, the Group considers that default has occurred when a financial asset
is more than 90 days past due unless the Group has reasonable and supportable information to
demonstrate that a more lagging default criterion is more appropriate.
Write-off policy
The Group writes off a financial asset when there is information indicating that the debtor is in severe
financial difficulty and there is no realistic prospect of recovery, e.g., when the debtor has been placed
under liquidation or has entered bankruptcy proceedings. Financial assets written off may still be subject
to enforcement activities under the Group’s recovery procedures, considering legal advice where
appropriate. Any recoveries made are recognised in profit or loss.
Measurement and recognition of expected credit losses
The measurement of expected credit losses is a function of the probability of default, loss given default
and the exposure at default. The assessment of the probability of default and loss given default is based
on experience adjusted by forward-looking information, primarily publicly available information
regarding the financial status of the debtor and the industry it operates within. As for the exposure at
default this is represented by the assets’ gross carrying amount at the reporting date. For financial
assets, the expected credit loss is estimated as the difference between all contractual cash flows that are
due to the Group in accordance with the contract and all the cash flows that the Group expects to
receive, discounted at the original effective interest rate. The losses arising from impairment are
recognized in the income statement in “Operating expenses”.
Hedge accounting
The Group uses derivatives and other financial instruments for trading purposes and to hedge its
exposure to market price risk and currency risk. These derivatives are classified as financial assets or
financial liabilities depending on whether their fair value at the balance sheet date is positive (assets) or
negative (liabilities). The derivatives are measured at fair value.
In accordance with the Group’s risk management objectives and strategies, The Group enters into
hedging transactions to ensure that it is economically hedged. However, as most of the hedged items
which are exposed to market price risk are carried at fair value though profit and loss, hedge accounting
would have no effect, as the hedging instrument also is carried at fair value through profit and loss.
Therefore, the Group only practices hedge accounting for net investments in foreign subsidiaries.
ABG Sundal Collier | Annual Report 2023
50
whenever the carrying amount of an asset or of a cash-generating unit exceeds its recoverable amount.
The impairment loss is reversed if there has been a change in the estimates used to determine the
recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount
does not exceed the carrying amount that would have been determined, net of depreciation or
amortisation, if no impairment loss had been recognised.
Cash and bank deposits
Cash and bank deposits include cash, bank deposits and other monetary instruments where the
maturity is less than three months from the date of purchase. Client funds are not included in the
balance.
Income taxes
The income tax expense consists of the aggregate of current taxes payable and changes in deferred tax.
Current and deferred tax are recognised as expense or income in the income statement, except when
they relate to items recognised directly to equity, in which case the tax is also recognised directly in
equity.
Current tax is the expected tax payable on the taxable income for the period.
Deferred tax liabilities and assets are recognised on differences between the carrying amounts of assets
and liabilities in the financial statements and the corresponding amounts used in the tax returns.
Deferred tax liabilities and assets are generally recognised for all taxable temporary differences.
Deferred tax and deferred tax assets are only off-set as far as this is possible under taxation legislation
and regulations.
Pensions
The Group’s subsidiaries now have pension schemes where the company’s commitment is to contribute
to the individual employee’s pension scheme (defined contribution plans). Contributions to defined
contribution plans are expensed when employees have rendered services in exchange for such
contributions, generally in the year of contribution.
ABG Sundal Collier | Annual Report 2023
51
Note 2 – Significant accounting judgements and
estimates
Financial statement preparation requires estimates and assumptions that affect the application of
accounting policies and the amounts recognised in the consolidated financial statements. Actual results
may differ from these estimates. As the accounting estimates and underlying assumptions are reviewed
on an ongoing basis, the judgements, estimates, and assumptions are based on the best assessment
present at the time of the rendering of the accounts.
The most significant accounting judgements and estimates are the following:
Revenue recognition
Corporate Financing / M&A and Advisory
Revenue from service delivery is recognised in conjunction with the execution of the services used to
complete an engagement. Revenues from performance fees are recognised upon completion of the
transaction, or there is deemed to be no uncertainty related to ABGSC’s right to claim compensation for
a transaction. Accruing for performance fees requires management judgment of both the probability of
future events and the performance fee amount that the group is entitled to. See note 17 for further
information. The accruals are transferred to receivables when the rights become unconditional. This
usually occurs when the Group issues an invoice to the customer. Fixed fees (contractual sign-on fees or
periodical fees) are recognised at the time they are earn.
Determination of fair value of financial instruments
Most of the Group’s financial instruments are quoted in active markets, but determination of fair value
of financial assets and financial liabilities that are not quoted in active markets will have to be
performed by using valuation techniques. These valuation techniques are validated by qualified
personnel and all valuations are also performed by qualified personnel. To the extent practical, the
valuation models use only observable or known data, however as future cash flows and events are
unknown, valuation will require management to make estimates.
Income taxes
The Group is subject to income taxes in several tax jurisdictions. The use of silent partnerships in the
Norwegian subsidiaries is also affecting the calculation of the tax accruals. Estimates are required in
determining the Group’s provision for income taxes. The Group recognises liabilities for anticipated tax
using historical experience and estimates for taxable income. Where the final tax assessment is different
from the initially recorded accruals, such differences will impact the income tax cost and the deferred
tax provisions in the period the assessment is made.
Deferred tax assets are continuously assessed and are only recognised to the extent that is probable
that future taxable profit will be large enough for the deferred tax asset to be utilised.
Note 3 – Information about segments and
geographical markets
The Group segments its business primarily on a product level as this provides the best understanding of
the Group’s integrated operation. The Group does not allocate profits or split the balance sheet per
product. The revenues from the product level are shown in the Income Statement. Revenues are also
split at an overall geographical level as shown below.
Geographical segment: 2023
2022
Norway
944,245
906,373
Sweden
495,536
587,154
Denmark
102,464
87,211
International
164,486
123,585
Total
1,706,732
1,704,323
ABG Sundal Collier | Annual Report 2023
52
Note 5 – Risk management
Risk management is an integral part of ABGSC’s core business activities. While conducting our business
operations, ABGSC is exposed to a variety of risks. These risks include market, credit, liquidity,
operational and currency risks that are material and require comprehensive controls and management.
The responsibility and accountability for these risks remain primarily within each business area. ABGSC
aims to maintain a low risk profile. Risk is managed through clearly defined decision-making processes,
authorisation systems and exposure limits. The Group’s accounting for and reporting of transactions as
well as information in disclosures are heavily dependent on IT systems. The IT systems are standardized,
and parts of system development and operations are outsourced. Effective internal controls related to IT
are important for ensuring accurate, complete, and reliable financial reporting.
Note 6 – Market risk
Market risk
ABGSC is exposed to fluctuations in the value of its own investments, market-making, and settlement
from customers. Financial market risk is managed under rules established in the Norwegian Companies
Act and internal control regulations. The Board has established procedures for internal control designed
to monitor financial market risk and ensure a robust control discipline. To facilitate settlement on
ABGSC's agency business, ABGSC may borrow securities or fund the purchase of securities, leaving
ABGSC with a risk that the buyer or seller may not be able to complete their obligation under the trade.
Settlement risk is mitigated by only trading with good-quality, credit-worthy clients that are institutional
investors or high net-worth individuals. Generally, the underlying securities are liquid securities for
which there is a transparent and liquid market.
Interest rate risk
ABGSC's interest rate risk is limited due to the modest volume of long-term balance sheet investments.
Note 4 – Capital ratio
ABGSC is required to have a capital ratio of a minimum 8% of total capital adequacy. The capital ratio is
calculated as core capital divided by capital adequacy. The capital ratio at year-end is:
2023
2022
Capital adequacy of credit-, counterparty-, and business risk
829,546
790,110
Capital adequacy of position-, and currency risk
95,325
156,064
Capital adequacy of operational risk
3,928,253
4,060,165
Total capital adequacy
4,853,124
5,006,339
Booked equity
971,423
1,026,706
Proposed payment to shareholders and non controlling interests
-244,407
-246,433
Intangible assets
-103,879
-109,643
Core capital
623,137
670,630
Total capital adequacy ratio
12.8%
13.4%
Number of times regulatory minimum
1.6x
1.7x
2023
2022
The operational risk is calculated using the following amounts (revenues and net financials):
2023
1,701,147
2022
1,683,785
1,683,785
2021
2,900,273
2,900,273
2020
1,912,206
Capital adequacy of operational risk
3,928,253
4,060,165
ABG Sundal Collier | Annual Report 2023
53
Note 7 – Credit risk
Credit risk is the risk of losses due to failure from counterparties or clients to meet their payment
obligations, and adverse credit quality migration of financial instruments. The main categories are:
Securities Financing
Key features describing the credit risk in securities financing are:
• Financing system based on securities as collateral (not based on credit capacity in general)
• Daily margin calculations based on real time market value, stock liquidity, volatility, and risk
Changes in the value of collateral are followed up daily and are compensated for by reduction in
exposure or with additional collateral. Credit losses have been moderate in previous years. Legal and/or
financial recovery is an everyday ongoing process.
Other accounts receivable/settlement risk
Regular stock broking trades are settled with exchange of cash and shares (delivery versus payments)
and the credit risk is thereby reduced to the difference between the unsettled amount and the market
value of the shares. Credit risk is considered low, and no loss has been booked in 2023.
Foreign currency risk
ABGSC's foreign currency exposure is linked to future cash flow and balance-sheet items in all
operations. The foreign currency risk is mitigated by use of drawing rights and currency derivatives in
the respective currencies.
Exchange rate risk is predominantly short term related to settlement of customer trades, where
settlement is executed at trade date plus two business days. The sensitivity to currency effects on these
trades is limited. Long-term exchange-rate risk is related to net investments in foreign operations where
accumulated profit and loss is kept in local currency. The Group hedge its exchange-rate risk related to
net investments in foreign operations.
ABGSC is also exposed to FX rate risk through positions in FX forwards.
The Group is only exposed to foreign currency risk for the net exposure, see below:
Financial assets and liabilities in foreign currencies
Net
position in
foreign
Assets
Liabilities
currency
NOK
EUR
12,661
10,526
2,135
24,001
SEK
1,531,164
1,508,450
22,714
23,009
USD
45,811
44,330
1,481
15,070
GBP
14,103
13,518
586
7,575
DKK
109,347
125,830
-16,483
-24,860
Other currencies
2,422
Total net position currency 2023
47,219
Total net position currency 2022
71,536
2023
2022
Receivables from Securities Financing clients
345,925
220,826
Market value of collateral from Securities Financing clients
1,184,207
866,105
Net exposure to Securities Financing clients
0
0
2023
2022
Accounts receivables
1,055,708
1,197,877
Receivables from broker firms
947,529
589,567
Liabilities payable to broker firms
-560,100
-775,544
Liabilities payable to customers
-1,283,840
-822,623
Net exposure other accounts receivables / settlement risk
159,298
189,276
ABG Sundal Collier | Annual Report 2023
54
Note 8 – Liquidity risk
Amounts included earned interest:
Derivatives and FX contracts
ABGSC is exposed to counterparty risk in relation to derivatives. ISDA contracts and Credit Support
Annex (CSA) have been established with major counterparties, and changes in market value are settled
on a daily basis. Counterparty risk is largely eliminated by collateral and daily margin calculations, but
still considered as medium risk.
As of 31 December 2023, ABGSC has outstanding FX contracts of NOK 33m. That number will be
reduced in a possible default situation since ABGSC has netting agreements with the counterparties. In
addition, we have received 10% collateral from most customers.
Counterparty exposure related to derivative contracts
All market risk in relation to equity derivative exposure toward clients is offset through equivalent
contracts with counterparties. Credit risk exposure in connection with this activity is mitigated by daily
exchange of collateral.
2023
2022
Assets
Book value
Net value Book value
Net value
Financial derivatives
33,290
28,783
5,267
1,415
Received collateral
24,720
24,720
1,507
1,507
Net exposure
8,570
4,063
3,760
0
2023
2022
Liabilities
Book value
Net value Book value
Net value
Financial derivatives
9,515
5,008
7,266
3,413
Pledged collateral
109,880
109,880
97,395
97,395
Forward
Option
Positive market value
29,779
10,403
Negative market value
-29,779
-10,403
Net value
0
0
30 days -
Total
Agreed rest maturity assets
1-30 days
1 year
1-3 years
>3 years
value
Long term receivables
28,232
28,232
Accounts receivables
1,327,025
74,608
1,401,633
Receivables from stockbrokers
947,529
947,529
Other current receivables
215,170
105,415
320,585
Total 2023
2,489,724
180,024
28,232
0
2,697,980
Total 2022
2,081,093
160,604
27,665
0
2,269,362
30 days -
Total
Agreed rest maturity liabilities
1-30 days
1 year
1-3 years
>3 years
value
Long-term provisions
24,618
2,159
26,777
Lease liabilities
78,881
120,526
273,203
472,610
Accounts payable
27,736
27,736
Liabilities payable to customers
1,283,840
1,283,840
Liabilities payable to stockbrokers
560,100
560,100
Social and corporate taxes
74,840
74,840
Other liabilities
490,201
490,201
Total 2023
1,871,676
643,922
145,144
275,363
2,936,104
Total 2022
1,615,816
717,641
132,704
334,805
2,800,967
ABG Sundal Collier | Annual Report 2023
55
results and individual performance. Principles for the allocation of variable compensation are decided by
the Board after recommendations from the Compensation Committee. The preliminary variable
compensation is decided by the Executive Committee and finally approved by the CEO. Variable
compensation to individual members of senior management is decided by the CEO after taking advice
from the Compensation Committee. The compensation of the CEO is proposed by the Compensation
Committee and approved by the Board. Members of the Executive Committee are all defined as
specifically identified staff ("SIS"). Variable compensation to SIS is subject to various deferral
mechanisms, determined by the local regulations governing the legal entity at which the SIS is
employed.
There are no specific agreements regarding remuneration at termination of employment for the CEO or
members of the Executive Committee.
The CEO and members of the Executive Committee participate in pension schemes according to the
same conditions as other partners and employees.
Note 9 – Wages and social costs
Board of Directors’ statement on Executive Committee Remuneration
The Board of Directors has prepared a separate statement regarding the remuneration of the Executive
Committee in accordance with the Norwegian Public Limited Companies Act, § 6-16 (a). Following
amendments to the Public Limited Liability Companies Act, i.e amendment of section 6-16 (a), addition
of a new section 6-16 (b), and associated new regulations, the statements is now subject to new and
more detailed requirements for determining salaries and other remuneration. From 1 January 2021, the
board is required to prepare both guidelines for such determination and a report that provides an
overview of paid and outstanding remuneration. The guidelines will be forward-looking and will be
adopted by the Annual General Meeting through a binding vote, while the report will be retrospective
and will be subject to an advisory vote at the Annual General Meeting. The report will be presented at
the Annual General Meeting on 18 April 2024.
Executive Committee Remuneration policy in 2023
The remuneration policy has been implemented in accordance with the guidelines adopted in 2021 and
presented at the Annual General Meeting on 20 April 2021.
The remuneration to senior management is based on the same principles for remuneration that are
applied for all partners of the Group. Compensation to partners and employees consists of a fixed salary
or compensation and a variable discretionary compensation, the amount of which is dependent on a
combination of Group
2023
2022
Wages/partner remuneration
800,705
764,568
Social security tax
112,575
114,338
Pension costs including social security tax
39,998
34,877
Other personnel costs
34,688
29,232
Total wages and social costs
987,967
943,016
Average number of man-labour years
341
332
ABG Sundal Collier | Annual Report 2023
56
Board of Directors Remuneration
The highest governing body of the Group is its Board of Directors. The Board has a majority of Non-
Executive Directors. Remuneration to Board members consists of payment of fees and is based on the
position of the Board member. There are no specific agreements regarding fees at termination for the
Chairman of the Board or other members of the Board. ABGSC did not have any outstanding loans to, or
guarantees made on behalf of, any Board member during 2023. Board fees paid in 2023 and
outstanding numbers of shares as of 31 December 2023 are shown in the table below:
1) Other fee is fees related to Audit Committee, Compensation Committee, Board Fees for board membership in subsidiaries and
remuneration for paid assignments.
2) Knut Brundtland received in 2023 board fee of NOK 400k for the period 2022-2023 and NOK 400k for the period 2023-2024. In
addition, he received board fee of NOK 500k for the period 2022-2023 and NOK 500k for the period 2023-2024 from ABG Sundal
Collier ASA as approved at the Annual General Meeting held 26 April 2023. Knut Brundtland incl. the family-owned company Giotto
AS also owns 2,500,000 ABGSC shares on a forward contract.
3) Jan Petter Collier has through his partnership in ABGSC received a fixed compensation of NOK 4,500k, a variable compensation of
NOK 1,000k, pension contribution of NOK 89K and benefits in kind of NOK 18k.
4) 75,000 of the shares are controlled through proxies.
Board Member
Board Fee
Other fee
1)
Number of Shares
Knut Brundtland (Chairman)
2)
800
1,025
11,583,000
Adele Norman Pran
270
100
0
Arild A. Engh
270
100
5,332,976
Cecilia Marlow
270
10
0
Jan Petter Collier
3)
270
10
40,538,000
Martina Klingvall
270
100
0
Nomination Committee
Other fee
Number of Shares
Stein Aukner
4)
40
140,429
Leiv Askvig
20
0
Roy Myklebust
20
2,000,000
ABG Sundal Collier | Annual Report 2023
57
Executive management remuneration
Executive committee members reporting directly to the CEO are defined as executive management. Remuneration to executive management consists of a fixed payment as well as a variable element ,
plus pension contribution and other remuneration in-kind. There are no specific agreements regarding salary at termination or change of conditions of employment for any executive management
individual.
Executive management individuals’ remuneration and shareholding as of 31 December 2023 and 31 December 2022 are shown in the tables below:
1) Norwegian Executive management members are part of a silent partnership and receive fixed and variable compensation through participation of the profit distribution from the silent partnership.
2) Variable compensation in respect of calendar year 2023.
3) The forward contracts have settlement in 2024-2028.
Fixed
Variable
Long-term
Number of shares
compensation
compensation
incentive
Pension
Benefits
Number
on forward
Name
Position
1)
1) & 2)
compensation
contribution
in kind
of shares
contracts
3)
Jonas Ström
CEO
7,992
500
720
213
6
3,375,000
3,000,000
Geir B. Olsen
CFO
2,700
1,250
192
89
18
1,600,000
0
Jessica Blink
Head of Legal
2,012
533
0
216
6
250,000
25,000
Kristian B. Fyksen
Co-head of IB/CEO ABGSC Norway
7,000
2,661
384
89
18
1,250,000
1,500,000
Johan Lindén
Co-head of IB
7,998
0
384
213
22
1,625,000
3,300,000
John Olaisen
Co-head of Research
4,500
2,200
672
89
18
2,380,000
2,000,000
Per Flostrand
Head of Equity Sales, Sweden & International
7,998
0
768
189
6
2,665,000
2,050,000
Marius Opstad
Head of Fixed Income Sales
7,000
3,000
0
89
18
1,620,000
0
2023
ABG Sundal Collier | Annual Report 2023
58
1) Norwegian Executive management members are part of a silent partnership and receive fixed and variable compensation through participation of the profit distribution from the silent partnership.
2) Variable compensation in respect of calendar year 2022.
3) The forward contracts have settlement in 2023-2027.
4) Kristian B. Fyksen has been Co-head of IB from 1 September 2022 and CEO ABGSC Norway from 12 December 2022. The numbers are for the full year.
5) Johan Lindén has been Co-head of IB from 1 September 2022. The numbers are for the full year.
6) Peter Straume being CEO ABGSC Norway until 12 December 2022. The numbers are for the full year.
7) Are Andersen being Head of IB until 1 September 2022. The numbers are for the full year.
2022
Fixed
Variable
Long-term
Number of shares
compensation
compensation
incentive
Pension
Benefits
Number
on forward
Name
Position
1)
1) & 2)
compensation
contribution
in kind
of shares
contracts
3)
Jonas Ström
CEO
9,534
0
413
204
6
3,000,000
3,375,000
Geir B. Olsen
CFO
2,200
1,750
0
89
17
1,600,000
0
Jessica Blink
Head of Legal
1,892
342
0
206
6
250,000
25,000
Kristian B. Fyksen
4)
Co-head of IB/CEO ABGSC Norway
2,267
9,650
165
89
17
800,000
700,000
Johan Lindén
5)
Co-head of IB
9,540
0
330
203
6
1,425,000
3,500,000
John Olaisen
Co-head of Research
6,500
0
165
89
17
2,030,000
2,350,000
Per Flostrand
Head of Equity Sales, Sweden & International
9,540
0
660
184
6
2,265,000
2,450,000
Marius Opstad
Co-head of Fixed Income Sales
9,000
5,091
0
89
17
1,620,000
0
Peter Straume
6)
CEO ABGSC Norway
10,000
3,000
289
89
110
2,407,500
2,250,000
Are Andersen
7)
Head of IB
7,725
7,275
0
89
17
4,390,184
1,300,000
ABG Sundal Collier | Annual Report 2023
59
Note 10 – Taxes
Remuneration to auditors
The following table shows total audit and other services delivered to the Group by the appointed
auditor. Amounts do not include VAT.
1) Tax services consists of technical support regarding preparation of tax papers.
Other
Assurance
Tax services
non-audit
2023
Audit fee
services
1)
services
Total
Deloitte Norway
1,451
264
616
0
2,331
Deloitte Abroad
894
0
0
16
909
Total Deloitte
2,345
264
616
16
3,240
Other
923
0
158
55
1,137
Total
3,268
264
774
71
4,377
2022
Deloitte Norway
1,112
102
529
0
1,743
Deloitte Abroad
608
0
119
2
729
Total Deloitte
1,720
102
648
2
2,472
Others
740
0
249
0
989
Total
2,460
102
897
2
3,461
Tax cost in the income statement
2023
2022
Tax payable in Norway
60,657
41,015
Tax payable outside Norway
17,227
25,108
Total tax payable
77,883
66,123
Change in deferred tax in Norway
4,107
29,024
Change in deferred tax outside Norway
554
-1,378
Total change in deferred tax
4,661
27,647
Tax cost
82,544
93,770
Reconciliation from nominal to effective tax rate
Profit before taxes
319,858
375,779
Expected tax cost based on nominal tax rate (22%)
70,369
82,671
Net tax free gain/loss and other income
-759
1,343
Non deductible costs
6,129
8,029
Prior year adjustment
-4,963
-5,715
Effect on finance tax in Norway
7,788
9,051
Differences in tax rates outside Norway and FX-effects
3,980
-1,609
Tax cost on ordinary profit
82,544
93,770
Effective tax rate
25.8 %
25.0 %
Tax payable in the balance sheet
Total tax payable
77,883
66,123
Tax on comprehensive income
-16,494
142
Tax paid in advance
-37,981
-37,481
Tax payable reclassified as short term receivables
0
40,648
FX effects
3,989
-4,706
Prior year adjustment
15,432
5,715
Tax payable at year end
42,829
70,441
ABG Sundal Collier | Annual Report 2023
60
Note 11 – Rental costs and lease commitments
Tax effect on temporary differences at year end
2023
2022
Current items
Receivables
2,496
2,290
Provisions
43,962
55,883
Other current items
-5,872
1,601
Total current items
40,586
59,774
Non current items
Fixed assets
-964
452
Other non current items
-5,620
-8,681
Total non current items
-6,583
-8,229
Loss carried forward
3,415
0
Net loss carried forward
3,415
0
Total deferred tax asset
37,418
51,544
Recognized deferred tax asset
46,135
60,262
Recognized deferred tax liability
8,718
8,718
Net deferred tax asset
37,418
51,544
Reconciliation of changes in deferred tax asset
Net tax asset at 1 January
51,544
47,719
Prior year adjustment
1
26,859
Total change in deferred tax
-4,661
-27,647
FX-effect
1,864
158
Income tax relating to other comprehensive income
-11,330
4,454
Total deferred tax asset as of 31 December
37,418
51,544
Right-of-use assets
2023
2022
Right-of-use assets as of 1 January
471,656
496,956
Additions
16,377
1,197
Depreciation of the year
-62,309
-62,156
Revaluation
-4,957
45,192
FX-effects
14,400
-9,533
Right-of-use assets as of 31 December
435,167
471,656
Remaining lease-term
1-8 years
1-9 years
Depreciation method
Linear
Linear
Lease liabilities
Undiscounted lease liabilities and maturity of cash outflow
2023
2022
< 1 year
78,881
68,858
1-2 years
77,615
65,412
2-3 years
74,679
66,002
3-4 years
72,680
66,634
4-5 years
73,450
67,278
> 5 years
170,597
261,300
Total undiscounted lease liabilities as of 31 December
547,902
595,484
Discount element
-75,292
-94,271
Total discounted lease liabilities as of 31 December
472,610
501,213
2023
2022
Interest expense on lease liabilites
19,059
18,172
Income from subleasing right-of-use assets
3,460
3,417
ABG Sundal Collier | Annual Report 2023
61
Fair value measurement method
Level 1: Quoted marked prices
For financial instruments traded in active markets, fair values are based on quoted market prices or
dealer price quotations. All shares and bonds at this level are held as part of bonds and risk trading and
are all made within large volume and high liquidity markets and objects. Only those positions with high
volumes and high liquidity will be placed at this level.
Level 2: Valuation techniques with market observable input
For financial instruments where fair value measurement inputs are other than quoted prices included
within level 1, that are observable for the asset or liability, either directly (i.e., prices) or indirectly (i.e.,
derived from prices).
Level 3: Valuation techniques with non-market observable input
Financial assets valued without access to market observable input is generally valued at acquisition cost
as these assets are derived through our ordinary business. The assets are valued for impairment based
on assumptions for the timing and probability of the asset being exchanged for cash or being repaid in
full. Impaired assets are written down to expected net present realisable value based on debt servicing
ability and value estimates for collateral, if any. Assets which, at the choice of the debtor, can be
exchanged for cash within short notice, are never valued above the nominal repayment value.
Investments in equities and other investments where there is no market observable input are valued
based on gathered information related to the financial status of the assets, the value of the underlying
assets of the company and recent transactions in the market or for comparable assists, if any.
Note 12 – Fair value measurement of financial
assets and liabilities
Determination of fair value
For financial instruments traded in active markets, the determination of fair values of financial assets
and financial liabilities is based on quoted market prices or dealer price quotations. For all other
financial instruments, fair value is determined using valuation techniques. Valuation techniques include
net present value techniques, the discounted cash flow method and valuation models. The Group uses
widely recognised valuation models for determining fair values of financial instruments.
The output of a model is always an estimate or approximation of a value that cannot be determined
with certainty, and valuation techniques employed may not fully reflect all factors relevant to the
positions the Group holds. Valuations are therefore adjusted, where appropriate, to allow for additional
factors including model risks, liquidity risk and counterparty credit risk. Based on the established fair
value and the related controls and procedures applied, management believes that these valuation
adjustments are necessary and appropriate to fairly state the values of financial instruments carried at
fair value on the balance sheet.
Financial assets
2023
2022
Financial instruments at fair value through profit and loss
16,774
66,018
Receivables
2,669,748
2,241,697
Cash and bank deposits
525,709
831,954
Total financial assets
3,212,231
3,139,669
Financial liabilities
Financial instruments at fair value through profit and loss
0
6,540
Liabilities to customers and stockbrokers
1,843,940
1,598,168
Other current liabilities
674,538
805,262
Total financal liabilities
2,518,478
2,409,970
ABG Sundal Collier | Annual Report 2023
62
Note 13 – Hedging of net assets of foreign
operations
As of 31 December 2023, the Group had the following amounts in hedging instruments:
The Group hedges the carrying amount of net assets of the foreign operations by use of bank accounts
and FX forward contracts. It is the FX risk of the carrying amount of equity values that is hedged.
In 2023, the hedging instruments had a loss of NOK 15.5m net of tax, which is recognised in other
comprehensive income.
Specification of financial instruments divided by valuation techniques
2023
Assets
Level 1
Level 2
Level 3
Total
Securities and financial trading instruments
4,007
3,510
9,257
16,774
Total
4,007
3,510
9,257
16,774
Liabilities
Securities and financial trading instruments (short positions)
0
0
0
0
Total
0
0
0
0
2022
Assets
Level 1
Level 2
Level 3
Total
Securities and financial trading instruments
63,114
0
2,905
66,018
Total
63,114
0
2,905
66,018
Liabilities
Securities and financial trading instruments (short positions)
6,540
0
0
6,540
Total
Level 3 financial instruments (non-current assets)
6,540
0
0
6,540
2023
The table below shows a more detailed description of level 3 financial instruments.
2022
Balance as of 1 January
2,905
2,789
Additions/purchase of shares
0
116
Disposal of shares
-295
0
Balance as of 31 December
2,610
2,905
Currency
Bank accounts
FX-forwards
in NOK
DKK
35,968
0
54,247
EUR
-94
-1,500
-17,914
GBP
162
-7,000
-88,438
SEK
48,922
-200,000
-153,042
SGD
14
-2,000
-15,302
USD
-805
-24,000
-252,328
ABG Sundal Collier | Annual Report 2023
63
Note 14 – Goodwill, acquisitions and non-
controlling interests
The carrying amount of goodwill was NOK 93,308 as of 31 December 2023 (2022: NOK 93,308). The
goodwill has been tested for impairment in line with the policy set out in Note 1. No impairment charge
has been booked in 2023 (2022: no impairment charge). The goodwill originates from the ABGSC
merger in 2001 and the acquisition of Vika Project Finance AS in 2017.
Total revenues, profit before tax and net cash flow for ABG Sundal Collier Fastena AB was in 2023
respectively NOK 14m, NOK -3m and NOK -11m, whereas total assets and equity was NOK 24m and NOK
21m. Total revenues, profit before tax and net cash flow for ABG Alternative Investments Holding AS
was in 2023 respectively NOK 0m, NOK -7m and NOK 8m, whereas total assets and equity was NOK 10m
and NOK 4m.
2023
2022
ABGSC
VPF
Sum ABGSC
VPF
Sum
Cost
34,870
58,438
93,308
34,870
58,438
93,308
Accumulated impairment losses
0
0
0
0
0
0
Balance at end of year
34,870
58,438
93,308
34,870
58,438
93,308
Cost
ABGSC
VPF
Sum ABGSC
VPF
Sum
Balance at beginning of year
34,870
58,438
93,308
34,870
58,438
93,308
Additional amounts recognised from business
0
0
0
0
0
0
combinations during the year
Balance at end of year
34,870
58,438
93,308
34,870
58,438
93,308
Equity attributable to non-controlling interests
2023
2022
Balance at beginning of year
7,596
19,764
Business combinations
2,350
0
Comprehensive income to non-controlling interests
1,760
11,752
Payment to shareholders
0
-23,920
Balance at end of year
11,707
7,596
ABG Sundal Collier | Annual Report 2023
64
Note 15 – Fixed assets
Other
Office
intangible
equipment
assets
and fittings
Acquisition cost as of 1 January 2023
65,552
142,412
FX-adjustment
2,539
5,047
Additions
255
8,002
Acquisition cost as of 31 December 2023
68,346
155,461
Accumulated depreciation as of 1 January 2023
40,558
82,776
FX-adjustment
2,274
2,931
Depreciation
6,241
15,334
Accumulated depreciation as of 31 December 2023
49,072
101,042
Carrying amount as of 1 January 2023
24,994
59,636
Carrying amount as of 31 December 2023
19,274
54,420
Depreciation rates (linear method)
12.5 - 20%
12.5 - 33%
Other
Office
intangible
equipment
assets
and fittings
Acquisition cost as of 1 January 2022
61,720
125,654
FX-adjustment
-1,030
445
Additions
4,862
16,313
Acquisition cost as of 31 December 2022
65,552
142,412
Accumulated depreciation as of 1 January 2022
31,974
68,758
FX-adjustment
-806
126
Depreciation
9,390
13,892
Accumulated depreciation as of 31 December 2022
40,558
82,776
Carrying amount as of 1 January 2022
29,746
56,895
Carrying amount as of 31 December 2022
24,994
59,636
Depreciation rates (linear method)
12.5 - 20%
12.5 - 33%
ABG Sundal Collier | Annual Report 2023
65
Note 16 – Investments in associated companies
2023
Carrying
Carrying
Ownership
amount
Investment
Net result
Received
amount
Entity
Industry
interest
01.01.2023
in 2023
2023
dividend
31.12.2023
Kameo AS
Crowdfunding
27.74%
29,916
0
-6,280
0
23,636
Novier Property Group AB
Property
20.35%
10,006
0
836
0
10,842
Total
39,922
0
-5,445
0
34,478
2022
Carrying
Carrying
Ownership
amount
Investment
Net result
Received
amount
Entity
Industry
interest
01.01.2022
in 2022
2022
dividend
31.12.2022
Kameo AS
Crowdfunding
27.74%
35,606
0
-5,690
0
29,916
Novier Property Group AB
Property
20.35%
12,448
0
-775
1,666
10,006
Total
48,053
0
-6,465
1,666
39,922
ABG Sundal Collier | Annual Report 2023
66
Note 18 – Guarantees and mortgages
The Group has pledged shares and receivables (net of corresponding debt) as collateral for the bank
overdraft liability. As of 31 December 2023, the Group has no bank overdraft, but has withdrawn
amount on some currency accounts within the Group account.
Note 19 – Accounts receivables
A summary of the financial information of Kameo AS and Novier Property Group AB:
Kameo AS and Novier Property AB are unlisted companies and are recognised within the Group accounts
using the equity method.
ABGSC has received revenue from Kameo AS for services in 2023 of NOK 1m (NOK 660k in 2022).
Note 17 – Other receivables and liabilities
2022
Result for
Assets Liabilities
Equity Revenues
the year
Kameo AS
52,893
8,551
44,432
40,849
-20,511
Novier Property Group AB
74,228
53,126
21,102
147,870
-1,846
2023
Result for
Assets Liabilities
Equity Revenues
the year
Kameo AS
38,996
14,580
24,415
51,360
-22,682
Novier Property Group AB
90,611
73,226
17,385
158,039
1,669
2023
2022
Prepaid costs
74,959
62,347
Not yet invoiced revenues and project-costs
210,523
112,991
Prepaid taxes
0
40,648
Other receivables
35,104
17,442
Total other receivables
320,585
233,428
Amounts due to partners/employees (incl. national insurance contribution)
459,721
503,028
Accrued costs and other short-term liabilities
30,480
39,274
Total other liabilities
490,201
542,302
2023
2022
Shares/bonds
51,252
99,401
Net receivables
505,223
410,102
Total assets pledged as collateral
556,475
509,503
Carrying amount of mortgaged liabilities
0
0
2023
2022
Gross accounts receivables
1,404,879
1,419,128
Allowance for doubtful accounts
-3,246
-425
Net accounts receivables
1,401,633
1,418,702
ABG Sundal Collier | Annual Report 2023
67
Note 21 – Earnings per shareNote 20 – Cash and bank deposits and funds on
client accounts
Foreign currency holdings have been valued at the exchange rate as of 31 December. Included in the
balance of cash and bank deposits are amounts of restricted cash of NOK 244m (NOK 486m in 2022).
ABGSC has bank overdraft facilities with a total limit of NOK 1,000m (NOK 1,000m in 2022). Gross funds
on client accounts and corresponding client debt are not included in the balance sheet. Net funds on
client accounts are included in the cash and bank deposits in the financial statement.
2023
2022
Gross client funds
1,446,040
1,098,699
Gross client debt
1,436,236
1,040,750
Net funds on client accounts
9,804
57,950
Basic earnings per share 2023
2022
Profit for the year attributable to the owners of the parent
236,329
270,258
Average number of outstanding shares less own shares
Numbers in 1,000
484,584
468,502
Basic earnings per share
0.49
0.58
Diluted earnings per share
Profit for the year attributable to the owners of the parent
236,329
270,258
Interest on forward contracts
9,718
5,659
Numerator diluted EPS
246,047
275,917
Average number of outstanding shares
Numbers in 1,000
494,012
478,083
Average number of own shares
Numbers in 1,000
-9,427
-9,581
Average number of shares on forward contracts
Numbers in 1,000
73,750
88,768
Diluted average number of shares
Numbers in 1,000
558,334
557,270
Diluted earnings per share
0.44
0.50
ABG Sundal Collier | Annual Report 2023
68
Overview of shareholders as of 31 December 2023 (registered in VPS as of 3 January 2024)
Note 22 – Shareholder information
As of 31 December 2023, there are a total of 497,463,195 (483,343,195 as of 31 December 2022) shares
outstanding at a face value of NOK 0.23 in the Company. All shares have equal voting rights, and all
shares have the same right to dividends. The Company has forward agreements with partners
purchasing a total of 68,585,700 (81,775,700 as of 31 December 2022) shares from the company with
settlement in 2024-2028. The Company owns 8,649,490 treasury shares at year-end, an increase of
2,980,512 shares from the beginning of the year. The Company has authorisation to repurchase its
shares in the market or to issue new shares. In 2023, the Company issued 14,120,000 new shares at a
total of NOK 4,236,000. The Company purchased 412,500 shares from departing partners at a total of
NOK 1,999,770 and sold 11,795,000 shares to partners at NOK 27,915,450 either cash purchase or
related to previous forward agreements, and to specially identified staff who according to local
regulations must purchase shares as part of their variable compensation. The Company purchased
14,363,012 shares in structured buy-back offers at NOK 90,283,220.
Partners of the Group may purchase partner shares, which are settled in cash or financed up to a 5-year
period carried through by using a forward contract. Partner shares are offered at market price, with a
15% price adjustment reflecting several severe restrictions with regards to the selling (or purchasing) of
these shares.
Shareholder
Number of
shares
Share
Sanden Equity AS *
39,823,000
8.0%
Skandinaviska Enskilda Banken AB (nominee)
14,412,205
2.9%
Erling Neby AS
12,600,000
2.5%
Perestroika AS
12,425,422
2.5%
Landkreditt Utbytte
12,338,000
2.5%
Giotto AS **
9,783,000
2.0%
ABG Sundal Collier Holding ASA (own shares)
8,649,490
1.7%
Goldman Sachs International (nominee)
8,642,059
1.7%
State Street Bank (nominee)
6,625,190
1.3%
Citibank (nominee)
6,384,621
1.3%
Fondsfinans Utbytte
6,232,882
1.3%
Hausta Investor AS
5,857,518
1.2%
A/S Skarv
5,500,000
1.1%
Brown Brothers Harriman (nominee)
5,002,191
1.0%
Avanza Bank AB (nominee)
4,789,093
1.0%
Peter Schofield
4,623,000
0.9%
Hans Øyvind Haukeli
4,500,000
0.9%
KLP AksjeNorge Indeks
4,430,820
0.9%
Brown Brothers Harriman (nominee)
4,425,510
0.9%
Kilen AS ***
3,824,376
0.8%
Total top 20
180,868,377
36.4%
Other
316,594,818
63.6%
Total
497,463,195
100.0%
* Jan Petter Collier, who is a board member in ABG Sundal Collier Holding ASA, and family own
a total of 40,538,000 shares including shares owned by Sanden Equity AS
** Knut Brundtland, who is chairman of the board in ABG Sundal Collier Holding ASA, and family
own a total of 11,583,000 shares plus 2,500,000 shares on a forward contract, including shares
owned by Giotto AS and Piero AS
*** Arild A. Engh, who is a board member in ABG Sundal Collier Holding ASA, own a total of
5,332.976 shares including shares owned by Kilen AS
ABG Sundal Collier | Annual Report 2023
69
Note 24 – Related parties
The Group's ultimate parent company is ABG Sundal Collier Holding ASA. Subsidiaries, 100% controlled
unless stated otherwise, are listed in the following table:
• ABG Sundal Collier ASA
• ABG Sundal Collier AB
• ABG Sundal Collier AG
• ABG Sundal Collier Crowd AB
• ABG Sundal Collier Eiendom AS
• ABG Sundal Collier Fastena AB (50% ownership)
• ABG Sundal Collier Fastena Asset Management AB (50% ownership)
• ABG Sundal Collier Finance & Advisory AB
• ABG Sundal Collier Finance & Advisory AS
• ABG Sundal Collier Holdings Inc.
• ABG Sundal Collier Inc.
• ABG Sundal Collier LLP
• ABG Sundal Collier Ltd
• ABG Sundal Collier Pte. Ltd.
• ABG Alternative Investments Holding AS (75% ownership)
• ABG Alternative Investments AS (75% ownership)
• Lagerselskapet Holding AS and subsidiaries
• Sundal Collier & Co AS
• Vika Asset Management AS
• Vika Business Management AS
• Vika Project Finance AS
Note 23 – Forward contracts for ABG shares held by
partners of the Group
Partners of the Group held forward contracts for 68,585,700 shares as of 31 December 2023. The
forward contracts are for settlement in 2024 – 2028. Based on settlement on the termination date, the
number of shares under these contracts that will be issued in the following years, and the lowest and
highest settlement price for the shares, are noted below. The settlement price will be adjusted to reflect
any dividends paid prior to settlement. The interest element of the forward contract will also lead to an
adjustment of the settlement price in cases where the contract is settled prior to the original expiry
date.
The exercise price is adjusted for paid dividend after the partners purchased the shares on forward
contracts. The stated high/low and average prices have not been adjusted for the proposed final
payment to shareholders of NOK 0.50 per share.
Restrictions on shares
As of 31 December 2023, partners of ABGSC held a total of 123,684,411 shares (registered in VPS) in the
Company. These shares are subject to certain material restrictions. A total of 33,313,364 shares are held
as “Partner Shares” and regulated by the Partnership Agreement. In addition, all shares on forward
contracts are defined as “Partner Shares”.
Volume weighted
Lowest exercise
Highest exercise
average exercise
Number of
price
price
price
Expiry year
shares
(NOK per share)
(NOK per share)
(NOK per share)
2024
29,271,700
0.46
1.16
0.72
2025
1,750,000
0.29
2.42
0.95
2026
12,509,000
5.94
8.69
6.09
2027
11,135,000
5.63
7.96
6.86
2028
13,920,000
5.59
6.09
5.99
Total
68,585,700
ABG Sundal Collier | Annual Report 2023
70
Note 25 – Legal matters / disputes
In 2014, ABGSC acted as co-lead manager in connection with the IPO of OW Bunker A/S (“OWB”). OWB
went bankrupt in November 2014. A group of institutional investors have issued a writ of summons
against the OWB bankruptcy estate and several other co-defendants. The OWB bankruptcy estate as
well as other parties in the complexes have as a precaution submitted a series of conditioned recourse
claims against the joint lead managers, ABGSC, a law firm and the auditor indemnifying the OWB
bankruptcy estate for any loss they may suffer if the prospectus is not deemed to be true and fair and
the OWB bankruptcy estate is found to be liable in this respect. ABGSC’s part of any claim is estimated
to a maximum of DKK 37m. ABGSC considers the claim to be unfounded and has not made any
provisions.
In the normal course of business, the Group will from time to time be involved in minor complaints with
various parties that will have no material impact on the Group's overall financial position.
Note 26 – Significant subsequent events
In February, the Board of Directors proposed a payment to the shareholders of NOK 0.50 per share,
equal to NOK 263.9m including shares issued during 2024.
ABG Sundal Collier | Annual Report 2023
71
ABG SUNDAL
COLLIER HOLDINGS
ASA – FINANCIAL
STATEMENT
ABG Sundal Collier | Annual Report 2023
72
ABG Sundal Collier Holding ASA - Income statement
ALL AMOUNTS IN NOK 1,000
Notes 2023 2022
OPERATING REVENUES AND COSTS
Revenues 42 9
Total operating revenues 42 9
Wages and social costs 2 2,967 2,149
Administration costs 2 3,279 3,511
Total operating costs 6,245 5,660
Operating loss -6,203 -5,651
FINANCIAL INCOME AND COSTS
Interest income from group companies 3 7,407 5,740
Other interest income 556 21
Dividend/contribution from group companies 3 287,121 375,234
Other financial income 3 333 0
Interest costs to group companies 3 -22,002 -13,453
Other interest costs 0 -190
Other financial costs -5,445 -6,448
Net financial result 267,970 360,905
Profit before taxes 261,767 355,254
Tax cost 4 45,199 61,938
Notes 2023 2022
NET RESULT FOR THE YEAR 216,568 293,316
ALLOCATIONS AND TRANSFERS
To/From other equity -47,299 44,584
Proposed payment to shareholders 263,867 248,732
Total allocations and transfers 5 216,568 293,316
ABG Sundal Collier | Annual Report 2023
73
ABG Sundal Collier Holding ASA - Balance sheet as of 31.12
ALL AMOUNTS IN NOK 1,000
ASSETS Notes 2023 2022
Non-current assets
Intangible assets
Deferred tax asset 4 2,407 2,436
Tangible non-current assets
Apartments 1,050 1,050
Financial non-current assets
Shares in subsidiaries 6 787,659 777,613
Investments in associates 7 34,672 40,117
Long-term receivables from group companies 5,109 0
Total financial non-current assets 6 827,440 817,729
Total non-current assets 830,897 821,215
Current assets
Receivables
Receivables from group companies 3 326,147 403,715
Other receivables 4,275 304
Total receivables 8 330,422 404,019
Cash and bank deposits
Cash and bank deposits 2,084 1,024
Total current assets 332,505 405,044
TOTAL ASSETS 1,163,402 1,226,259
ABG Sundal Collier | Annual Report 2023
74
ABG Sundal Collier Holding ASA - Balance sheet as of 31.12
ALL AMOUNTS IN NOK 1,000
EQUITY AND LIABILITIES Notes 2023 2022
Equity
Paid-in-capital
Share capital 5, 9-10 114,417 111,169
Treasury shares at nominal value 5 -1,990 -1,304
Share premium 5 25,397 24,408
Total paid-in-capital 137,824 134,273
Other equity
Retained earnings 5 332,693 436,974
Total equity 470,517 571,247
Liabilities
Current liabilities
Liabilities payable to group companies 3 364,095 357,456
Income tax payable 4 58,621 43,085
Payment to shareholders 263,867 248,732
Public dues payable 4,234 4,133
Other current liabilities 2,068 1,607
Total current liabilities 692,886 655,012
TOTAL EQUITY AND LIABILITIES 1,163,402 1,226,259
(sign) (sign) (sign)
Knut Brundtland Martina Klingvall Adele Norman Pran
Chairman
(sign) (sign) (sign)
Arild A. Engh Cecilia Marlow Jan Petter Collier
(sign)
Jonas Ström
CEO
The Board of ABG Sundal Collier Holding ASA
Oslo, 21 March 2024
ABG Sundal Collier | Annual Report 2023
75
ABG Sundal Collier Holding ASA - Cash flow statement as of 31.12
ALL AMOUNTS IN NOK 1,000
2023 2022
CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxes 261,767 355,254
Result from assocoated companies 5,445 6,275
Taxes paid -29,633 -190,012
Change in intercompany accounts 84,207 299,473
Change in other current assets/liabilities -3,409 -3,637
Net cash flow from operating activities 318,377 467,352
CASH FLOW FROM INVESTING ACTIVITIES
Net sale / purchase of financial non-current assets -15,155 612
Net cash flow from investing activities -15,155 612
CASH FLOW FROM FINANCING ACTIVITIES
Paid-in share capital 4,236 16,321
Change in own shares -57,667 -13,527
Payment to shareholders -248,732 -470,747
Net cash flow from financing activities -302,162 -467,953
Net increase in bank deposits, cash and cash equivalents 1,060 12
Bank deposits, cash and cash equivalents at beginning of year 1,024 1,013
Bank deposit, cash and cash equivalents as of 31 December 2,084 1,024
ABG Sundal Collier | Annual Report 2023
76
ABG Sundal Collier Holding ASA
– Notes to Financial Statement
Index
Note 1 – Accounting policies
Note 4 – Wages and social costs
Note 3 – Related parties
Note 4 – Taxes
Note 5 – Shareholders' equity
Note 6 – Financial assets
Note 7 – Investments in associated companies
Note 8 – Guarantees and mortgages
Note 9 – Shareholder information
Note 10 –
Forward contracts for ABGSC shares held by
partners of the Group
ABG Sundal Collier | Annual Report 2023
77
An investment in associates is recognised within the P&L and balance sheet as Equity Investments.
Receivables
Receivables are carried at face value less provisions for expected losses. An estimate is made for
doubtful receivables based on a review of all outstanding amounts at year-end. Losses on receivables
are written off in the year in which they are identified.
Cash and bank deposits
Cash and bank deposits include cash, bank deposits and other monetary instruments where the
maturity is less than three months from the date of purchase. Client accounts are not included in the
balance.
Assets and liabilities in foreign currency
Realised and unrealised profit or losses arising from transactions, assets or liabilities denominated in
foreign currencies are included in the net result for the year. Exchange rates at year-end are used to
convert foreign currency amounts to NOK.
Income taxes
The income tax cost consists of the aggregate of current taxes payable and changes in deferred tax.
Current and deferred tax are recognised as cost or income in the income statement, except when they
relate to items recognised directly to equity, in which case the tax is also recognised directly in equity.
Current tax is the expected tax payable on the taxable income for the period.
Deferred tax liabilities and assets are recognised on differences between the carrying amounts of assets
and liabilities in the financial statements and the corresponding amounts used in the tax returns.
Deferred tax liabilities and assets are generally recognised for all taxable temporary differences.
Deferred tax and deferred tax assets are only off-set as far as this is possible under taxation legislation
and regulations. Deferred tax assets are continuously assessed and are only recognised to the extent
that is probable that future taxable profit will be large enough for the deferred tax asset to be utilised.
Note 1 – Accounting policies
General information
ABG Sundal Collier Holding ASA is a public limited company, and its head office is in Vika, Oslo, in
Norway. The Group provides investment banking, stock broking and corporate advisory services that
encompass the needs of both international investors and Nordic business clients. The company’s shares
are listed on the Oslo Stock Exchange.
The financial statements for the company, including notes, for the year 2023 were approved by the
Board of Directors of the company on 21 March 2024.
Basis of preparation
The accounts are prepared in accordance with the Norwegian Accounting Act and Norwegian Generally
Accepted Accounting Principles (NGAAP).
Classification of assets and liabilities
Receivables that are to be repaid within one year and assets that are not of a permanent nature or used
in the business are classified as current assets. Other assets are classified as long-term assets.
Liabilities are classified as a long-term liability if the liability is due to be repaid more than one year after
the balance sheet date. All other liabilities are classified as current liabilities.
Current assets are valued at the lower of cost and net realisable value.
Goodwill
When a business is acquired, a purchase price more than the identified fair value of assets and liabilities
is accounted for as goodwill. Goodwill is amortised using a straight-line method over the expected
economic life of the asset, not exceeding 10 years.
Financial non-current and current assets
Other non-current shareholdings, minor investments where the company does not hold substantial
influence and investments in subsidiaries, are in general carried at original cost. If a decline in fair value
below the carrying amount is expected to be permanent, the investments are written down. Dividends
received and other surplus distributions from these companies are recognised as financial income.
ALL AMOUNTS IN NOK 1,000 UNLESS OTHERWISE SPECIFIED
ABG Sundal Collier | Annual Report 2023
78
Note 3 – Related parties
Details of transactions with subsidiaries as of 31 December 2023 are as follows:
The Group has no other related parties than mentioned above, in Note 8 - wages and social costs, or
Note 9 - shareholder information. All transactions between related parties are carried out on an arms-
length basis.
Note 2 – Wages and social costs
The company has no employees.
There are no specific agreements regarding salary on termination or a change of conditions of
employment for the Chairman of the Board, other members of the Board or the management. One
board member (Jan Petter Collier) is a partner in ABGSC and receives remuneration and profit
participation through this engagement.
The Board of directors’ remuneration and shares can be found in the consolidated statements to
ABGSC.
The accounts include audit fees to Deloitte and associated companies as follows:
ABGSC’s fee to Deloitte AS (Norway) for ordinary audit was NOK 666k (2022: NOK 391k), NOK 53k for
assurance services (2022: 0) and fee for technical support regarding preparation of tax papers NOK 24k
(2022: NOK 40k). No non-audit services in 2023 (2022: 0).
2023 2022
Fees to external board and committee members 2,435 1,765
Social Security Tax 532 370
Other costs 0 13
Total wages and social costs 2,967 2,149
Company
Liabilities Receivables Interest
Dividend/Group
contributions
ABG Sundal Collier AB 0 1,608 0 0
ABG Sundal Collier ASA 348,799 239,037 -17,895 235,000
ABG Sundal Collier Crowd AB 0 22,823 1,487 0
ABG Sundal Collier Eiendom AS 0 4,640 179 4,200
ABG Sundal Collier Fastena AB 12,156 0 0 0
ABG Sundal Collier Finance & Advisory AB 0 17,637 340 17,221
ABG Sundal Collier Finance & Advisory AS 0 6,739 28 6,700
ABG Alternative Investments Holding AS 0 5,109 109 0
Lagerselskapet Holding AS 48 0 0 0
Sundal Collier & Co AS 3,091 0 -133 0
Vika Asset Management AS 0 466 0 0
Vika Business Management AS 0 172 7 0
Vika Project Finance AS 0 33,026 1,284 24,000
Total intercompany balance transactions 364,095 331,256 -14,594 287,121
ABG Sundal Collier | Annual Report 2023
79
Note 5 – Shareholders’ equityNote 4 – Taxes
Share
capital
Own
shares
Share
premium
Retained
earnings
Total
equity
Shareholders' equity as of 1 January 2022 108,272 -4,456 10,984 409,069 523,869
Net profit for the year 293,316 293,316
Proposed payment to shareholders -248,732 -248,732
Share issues 2,897 13,424 16,321
Change in own shares 3,151 -16,679 -13,527
Total equity as of 31 December 2022 111,169 -1,304 24,408 436,974 571,247
Net profit for the year 216,568 216,568
Proposed payment to shareholders -263,867 -263,867
Share issues 3,248 988 4,236
Change in own shares -686 -56,981 -57,667
Total equity as of 31 December 2023 114,417 -1,990 25,397 332,693 470,517
Tax cost in the income statement 2023 2022
Tax payable 58,621 43,084
Change in deferred tax 29 36
Prior year adjustment -13,452 18,818
Total tax cost 45,199 61,938
Reconciliation from nominal to effective tax rate
Profit before taxes 261,767 355,254
Expected tax cost based on nominal tax rate (22%) 57,589 78,156
Tax-free income/costs 0 -2,871
Non deductible costs 1,291 1,381
Group contribution/dividend with no tax effect -7,089 -38,720
Effect on finance tax in Norway (3%) 6,859 5,175
Prior year adjustment -13,452 18,818
Tax cost on ordinary profit 45,199 61,938
Effective tax rate 17.3 % 17.4 %
Tax effect on temporary differences at year end
Non current items
Receivables 2,290 2,290
Other non current items 117 146
Total non current items 2,407 2,436
Total deferred tax asset 2,407 2,436
ABG Sundal Collier | Annual Report 2023
80
Note 7 – Investments in associated companies
See Note 16 to the consolidated financial statement.
Note 6 – Financial assets
Company name Registered office Number
Ownership /
Voting rights
Booked equity Net result 2023 Book value
ABG Sundal Collier ASA Oslo, Norway 1,200,000 100% 941,553 215,947 600,070
ABG Sundal Collier Crowd AB Stockholm, Sweden 50,000 100% 774 133 46
ABG Sundal Collier Eiendom AS Oslo, Norway 30,000 100% 3,051 3,726 3,020
ABG Sundal Collier Fastena AB Stockholm, Sweden 1,001 50% 21,411 -2,509 25,196
ABG Sundal Collier Finance & Advisory AB Stockholm, Sweden 50,000 100% 18,855 16,461 2,101
ABG Sundal Collier Finance & Advisory AS Oslo, Norway 30,000 100% 174 3,989 30
ABG Alternative Investments Holding AS Oslo, Norway 9,000 75% 4,006 -5,391 10,000
Sundal Collier & Co AS Oslo, Norway 256,000 100% 2,995 -45 589
Vika Project Finance AS Oslo, Norway 9,700 100% 691 18,872 146,560
Book value of shares in subsidiaries as of 31 December 2023 787,613
Entity
Ownership /
Voting rights
Head office
Book value
01.01.2023
Investment
in 2023
Profit for
the year
Received
dividend
Book value
31.12.2023
Kameo AS 27.74% Oslo 30,106 0 -6,280 0 23,825
Novier Property Group AB 20.35% Stockholm 10,010 0 836 0 10,846
Total 40,117 0 -5,445 0 34,672
ABG Sundal Collier | Annual Report 2023
81
Note 8 – Guarantees and mortgages
The company has pledged shares and receivables (net for corresponding debt) as collateral for the
Group bank overdraft facility. All companies participating in the Group bank overdraft facility are
responsible towards the bank for use of the facility. As of 31 December 2023, the Group has no bank
overdraft. The Group has a bank overdraft limit of NOK 1,000m.
Note 9 – Shareholder information
See Note 22 to the consolidated financial statement.
Note 10 – Forward contracts for ABGSC shares held
by partners of the Group
See Note 23 to the consolidated financial statement.
2023 2022
Book value of assets pledged as collateral
Shares 827,440 817,729
Net receivables 330,422 404,019
Total assets pledged as collateral 1,157,862 1,221,749
Carrying amount of mortgaged liabilities 0 0
ABG Sundal Collier | Annual Report 2023
82
Responsibility Statement
We confirm to the best of our knowledge that:
• the consolidated financial statements for 2023 have been prepared in accordance with IFRS as
adopted by the EU, as well as additional information requirements in accordance with the Norwegian
Accounting Act, and that
• the financial statements for the parent company for 2023 have been prepared in accordance with
the Norwegian Accounting Act and generally accepted accounting practice in Norway, and that
• the information presented in the financial statements gives a true and fair view of the Company’s
and the Group’s assets, liabilities, financial position, and results for the period viewed in their
entirety, and that
• the Board of Directors’ report gives a true and fair view of the development, performance and
financial position of the Company and the Group and includes a description of the material risks that
the Board of Directors, at the time of this report, deem might have a significant impact on the
financial performance of the Group.
(sign) (sign) (sign)
Knut Brundtland Martina Klingvall Adele Norman Pran
Chairman
(sign) (sign) (sign)
Arild A. Engh Cecilia Marlow Jan Petter Collier
(sign)
Jonas Ström
CEO
Oslo, 21 March 2024
ABG Sundal Collier | Annual Report 2023
84
Independent Auditor’s Report
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited the financial statements of ABG Sundal Collier Holding ASA, which comprise:
• The financial statements of the parent company ABG Sundal Collier Holding ASA (the Company),
which comprise the balance sheet as at 31 December 2023, the income statement and statement
of cash flows for the year then ended, and notes to the financial statements, including a summary
of significant accounting policies.
• The consolidated financial statements of ABG Sundal Collier Holding ASA and its subsidiaries (the
Group), which comprise the balance sheet as at 31 December 2023, statement of comprehensive
income, statement of changes in equity and statement of cash flows for the year then ended, and
notes to the financial statements, including material accounting policy information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at
31 December 2023, and its financial performance and its cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the
Group as at 31 December 2023, and its financial performance and its cash flows for the year then
ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
To the General Meeting of ABG Sundal Collier Holding ASA
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit
of the Financial Statements section of our report. We are independent of the Company and the Group as
required by relevant laws and regulations in Norway and the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including International
Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We were selected as the auditor of ABG Sundal Collier Holding ASA before 2000, and have been the
selected auditor over a consistent period of more than 20 years.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of 2023. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Deloitte AS
Dronning Eufemias gate 14
Postboks 221 Sentrum
NO-0103 Oslo
Norway
Tel: +47 23 27 90 00
www.deloitte.no
Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited ("DTTL"), its network of member firms,
and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to
clients. Please see www.deloitte.no for a more detailed description of DTTL and its member firms.
© Deloitte AS
Registrert i Foretaksregisteret
Medlemmer av Den norske
Revisorforening
Organisasjonsnummer: 980 211 282
ABG Sundal Collier | Annual Report 2023
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Independent Auditor’s Report -
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Revenue recognition; Corporate Financing/ M&A and Advisory
Key
audit matter
How
the matter was addressed in our audit
The Groups accounting for and reporting of brokerage
transactions as well as information in disclosures relating to
brokerage services are heavily dependent on IT systems.
The brokerage IT system is
standardized and parts of system
development and operations are outsourced. See note 5 for
further information regarding development, management and
operations of IT systems.
Effective internal controls related to IT are important to ensure
accurate, complete and reliable financial reporting of brokerage
services and is therefore a key audit matter
The Group has established an overall governance model and control activities related to its IT
-
systems.
We have gained an understanding of the overall governance model for the brokerage IT
-system
relevant to financial reporting.
We assessed and tested the design of selected control activities that are relevant to financial reporting
related to access management. For a sample of these control activities, we tested if they operated
effectively in the reporting period.
We assessed and tested the design of selected automated control activities for the brokerage IT system
related to recording of transactions and calculations. For a sample of these control activities, we tested
if they operated effectively in the reporting period.
We assessed the
third party confirmation (SOC 2 Type II) from the service provider of the brokerage IT
-
system, to assess whether the service provider had adequate internal controls in areas that are
important for the Group’s financial reporting.
We used our own IT specialists to understand the overall governance model for the brokerage IT
-
system and in the assessment and testing of the control activities related to the brokerage IT
-system
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Brokerage post-trade IT system; control activities relevant to financial reporting
Key
audit matter
How
the matter was addressed in our audit
Revenues for the Group consist of Corporate Financing, M&A and
Advisory and Brokerage and Research revenues. See the revenue
recognition section in the Accounting Policies and note 2 for
further information.
Corporate Financing and M&A and Advisory revenues account for
approximately 67% of operating revenues. The majority of the
Corporate Financing and M&A and Advisory engagements are
settled before year
-end. There are however ongoing
engagements per 31. December which have an increased
inherent risk of error due to the judgement involved related to
recognition of performance fees.
Accruing for performance fees requires management judgment of
both the probability of future events occurring and the
performance fee amount that the Group is entitled
to, and is
therefore a key audit matter.
The Group has established control activities regarding recognition of revenue from Corporate
Financing and M&A and Advisory engagements. We assessed and tested the design and
implementation of selected control activities relevant to financial reporting. For a sample of these
control activities, we tested if they operated effectively in the reporting period. The control activities
tested were related to both the Group’s assessment of the probability of the future event occurring
and the performance fee amount that the Group is entitled to.
On a sample basis, we tested that the accrued Corporate Financing and M&A and Advisory revenue
was calculated in accordance with the engagement contract. We considered the adequacy of the
Groups’ disclosures related to revenue recognition for Corporate Financing and M&A and Advisory
revenues.
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Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in
the Board of Directors’ report and the other information accompanying the financial statements. The
other information comprises information in the annual report, but does not include the financial
statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the
information in the Board of Directors’ report nor the other information accompanying the financial
statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of
Directors’ report and the other information accompanying the financial statements. The purpose is to
consider if there is material inconsistency between the Board of Directors’ report and the other
information accompanying the financial statements and the financial statements or our knowledge
obtained in the audit, or whether the Board of Directors’ report and the other information accompanying
the financial statements otherwise appear to be materially misstated. We are required to report if there is
a material misstatement in the Board of Directors’ report or the other information accompanying the
financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our opinion on the Board of Directors’ report applies correspondingly to the statements on Corporate
Governance and Corporate Social Responsibility.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true
and fair view in accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and for the preparation of the consolidated financial statements of the
Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU.
Management is responsible for such internal control as management determines is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern.
The financial statements of the Company use the going concern basis of accounting insofar as it is not
likely that the enterprise will cease operations. The financial statements of the Group use the going
concern basis of accounting unless management either intends to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
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Independent Auditor’s Report -
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As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s and the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of accounting,
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company’s and the Group's ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause
the Company and the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves a true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of ABG Sundal Collier Holding ASA, we have performed an
assurance engagement to obtain reasonable assurance about whether the financial statements included
in the annual report, with the file name abgsundalcollier-2023-12-31-en, have been prepared, in all
material respects, in compliance with the requirements of the Commission Delegated Regulation (EU)
2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section
5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of
the annual report in XHTML format and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF regulation.
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Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
regulation. This responsibility comprises an adequate process and such internal control as management
determines is necessary.
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in compliance with
ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements
(ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial information”.
The standard requires us to plan and perform procedures to obtain reasonable assurance about whether
the financial statements included in the annual report have been prepared in compliance with the ESEF
Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company’s
processes for preparing the financial statements in compliance with the ESEF Regulation. We examine
whether the financial statements are presented in XHTML-format. We evaluate the completeness and
accuracy of the iXBRL tagging of the consolidated financial statements and assess management’s use of
judgement. Our procedures include reconciliation of the iXBRL tagged data with the audited financial
statements in human-readable format. We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Oslo, 21 March 2024
Deloitte AS
Eivind Bollum Berge
State Authorised Public Accountant
This document is signed electronically
91 ABG Sundal Collier | Annual Report 2023
Norway
ABG Sundal Collier ASA
Ruseløkkveien 26, 8
th
floor
NO-0251 Oslo
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
#2024010
Sam Francis / SFP 94-140, 1994