Ssg Holdco A/S

The Company's income statement for the period 1 October 2021 - 31 December 2022 shows a loss of DKK -259,167 thousand as against DKK -73,531 thousand for the period 1 October 2020 - 30 September 2021. Equity in the Company's balance sheet at 31 December 2022 stood at DKK -209,284 thousand as against DKK 39,408 thousand at 30 September 2021. The loss of the year can mainly be attributed to unsatisfactory results in Norway. An impairment loss for the entire remaining goodwill regarding BELFOR Norway was recorded in 2021/2022. A significant reorganisation program is being implemented, since early 2023 supported by new top management. BELFOR Denmark also could not generate profits due to exceptionally dry weather in combination with significantly less cloudburst compared to prior years, a sharp increase in energy-, car-fleet, and material prices while sales price adjustments are only possible with delay. We were also still faced with high sickness levels due to COVID. We overall still achieved a satisfactory result in Sweden, despite similar circumstances. Further costs in context of the acquisition of the SSG Group by BELFOR, integration and reorganisation impacted results negatively across Scandinavia. At SSG BidCo A/S, an increase in interest expenses since refinancing of the bond through a USD-loan with variable interest rate, with significant rise in the underlying rate throughout the year, that could not be outweighed by foreign exchange gains, contributed further to the overall losses. In the context of the planned mergers in 2023 it is planned to reassess the consolidated equity and to strengthen the capital structure by converting part of the USD-loan in BELFOR Slagelse to share capital.
The Company has changed the financial reporting period from 1 October - 30 September to 1 January - 31 December. The transition period covers 1 October 2021 - 31 December 2022.