Registration Document
Listing on Oslo Børs
2 July 2015
Sole Manager:
Registration Document
Important information
The Registration Document has been prepared in connection with listing of the bonds at Oslo Børs.
This Registration Document is subject to the general business terms of the Sole Manager. Confidentiality rules
and internal rules restricting the exchange of information between different parts of the Sole Manager may
prevent employees of the Sole Manager who are preparing this document from utilizing or being aware of
information available to the Sole Manager and/or affiliated companies and which may be relevant to the
recipient's decisions.
The Sole Manager and/or affiliated companies and/or officers, directors and employees may be a market maker
or hold a position in any instrument or related instrument discussed in this Registration Document, and may
perform or seek to perform financial advisory or banking services related to such instruments. The Sole
Managers’ corporate finance department may act as manager or co-manager for the Company in private and/or
public placement and/or resale not publicly available or commonly known.
Copies of this Registration Document are not being mailed or otherwise distributed or sent in or into or made
available in the United States. Persons receiving this document (including custodians, nominees and trustees)
must not distribute or send such documents or any related documents in or into the United States.
Other than in compliance with applicable United States securities laws, no solicitations are being made or will be
made, directly or indirectly, in the United States. Securities will not be registered under the United States
Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable
exemption from registration requirements.
The distribution of the Registration Document may be limited by law also in other jurisdictions, for example in
the United Kingdom. Verification and approval of the Registration Document by the Financial Supervisory
Authority of Norway (“Finanstilsynet”) implies that the Registration Document may be used in any EEA
country. No other measures have been taken to obtain authorisation to distribute the Registration Document in
any jurisdiction where such action is required.
Unless otherwise stated, the Prospectus is subject to Norwegian law. In the event of any dispute regarding the
Prospectus, Norwegian law will apply.
The Financial Supervisory Authority of Norway has examined and approved the Registration Document pursuant
to Section 7-7 of the Securities Trading Act. The examination and approval by the Financial Supervisory
Authority of Norway relate exclusively to the Company having included descriptions pursuant to a pre-defined
list of content requirements. Consequently, the Financial Supervisory Authority of Norway has not examined or
approved the correctness or completeness of the information disclosed in the Registration Document. Nor has the
Financial Supervisory Authority of Norway performed any form of examination or approval of company law
aspects described in, or encompassed by, the Registration Document.
This Registration Document is not an offer to sell or a request to buy bonds.
The content of the Prospectus does not constitute legal, financial or tax advice and bond owners should seek
legal, financial and/or tax advice.
Page 2 of 17
Registration Document
Contents
1
RISK FACTORS
5
2
PERSONS RESPONSIBLE
6
2.1
2.2
3
PERSONS RESPONSIBLE FOR THE INFORMATION
DECLARATION BY PERSONS RESPONSIBLE
STATUTORY AUDITORS
3.1
4
NAMES AND ADDRESSES
INFORMATION ABOUT THE COMPANY
4.1
4.2
4.3
4.4
4.5
4.6
5
LEGAL AND COMMERCIAL NAME
PLACE OF REGISTRATION AND REGISTRATION NUMBER
DATE OF INCORPORATION
DOMICILE AND LEGAL FORM
RECENT EVENTS RELEVANT TO EVALUATION OF SOLVENCY
MEMORANDUM AND ARTICLES OF ASSOCIATION
BUSINESS OVERVIEW
5.1
5.2
5.3
5.4
6
GENERAL OVERVIEW AND HISTORY
SERVICE OFFERINGS
INVESTMENTS AND/OR NEW PRODUCTS AND/OR ACTIVITIES
PRINCIPAL MARKETS
6
6
7
7
8
8
8
8
8
8
8
9
9
9
10
10
ORGANISATIONAL STRUCTURE
10
6.1
DESCRIPTION OF GROUP
6.1.1
Legal structure
6.2
DEPENDENCE UPON OTHER ENTITIES
10
10
11
7
TREND INFORMATION
7.1
7.2
STATEMENT OF NO MATERIAL ADVERSE CHANGE
STATEMENT ON TREND INFORMATION
11
11
11
8
PROFIT FORECASTS OR ESTIMATES
11
9
ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES
11
9.1
INFORMATION ABOUT PERSONS
9.1.1
Management of the Issuer
9.1.2
Board of Directors of the Issuer
9.2
CONFLICTS OF INTEREST
11
11
11
12
10
BOARD PRACTICES
12
11
MAJOR SHAREHOLDERS
12
11.1
11.2
11.3
12
OWNERSHIP
CHANGE IN CONTROL OF THE ISSUER
SHARE CAPITAL
SELECTED FINANCIAL INFORMATION
Page 3 of 17
12
13
13
13
Registration Document
13
SELECTED FINANCIAL INFORMATION CONCERNING THE COMPANY'S ASSETS AND LIABILITIES,
FINANCIAL POSITION AND PROFITS AND LOSSES
13.1
13.2
13.3
13.4
13.5
13.6
HISTORICAL FINANCIAL INFORMATION FOR THE COMPANY
FINANCIAL STATEMENTS
AUDITING OF HISTORICAL ANNUAL FINANCIAL INFORMATION
AGE OF LATEST FINANCIAL INFORMATION
LEGAL AND ARBITRATION PROCEEDINGS
SIGNIFICANT CHANGE IN THE ISSUER’S FINANCIAL OR TRADING POSITION
14
14
14
15
15
15
15
14
MATERIAL CONTRACTS
15
15
DOCUMENTS ON DISPLAY
15
16
SOLE MANAGER’S DISCLAIMER
15
17
ATTACHMENTS:
17
Page 4 of 17
Registration Document
1
RISK FACTORS
Industry risks
General market conditions - the Company’s business and operations are dependent on the general climate and
the growth of the Nordic markets. The demand for staffing services has historically been well correlated with the
fluctuations in the general employment market. A slowdown in the Nordic markets, causing a decline in the
demand for staffing services will have a negative effect on the Company’s business.
Government regulations - the staffing sector is affected by changes in regulations governing the use of temporary
workers, including the EU directive. The sector is also affected by changes in taxes, regulations and other laws or
policies affecting the general market climate which could have a material adverse effect on the Company.
Regional development - the market for the Company’s services is dependent on the demand for staffing services
in each geographical region in which the Company operates, which in turn are dependent on the general market
sentiment and employment activity in the relevant areas.
Company specific risks
Management and key employees – Management and key employees are the most critical factors for the
performance and results of the Company, including having dedicated employees with important candidate
networks. High staff turnover may reduce the candidate network and in turn have a negative effect on the
performance of the Company.
Significant agreements – the business of the Company is based on a great number of contracts which is a risk
balancing factor. Some large contracts offer a significant contribution to the Company and require more key
account management in order to retain and develop the customer. The termination of any such contract may have
an adverse effect on the Company’s performance. Such contracts include e.g. Ringnes and ISS.
Brand value and reputation – the reputation and brand value of the Company is important for continued success.
Any negative publicity hurting the reputation of the Company may impact the perceived attractiveness among
both customers and candidates and consequently have an adverse affect on future performance.
It-systems and databases – the databases with candidates and customers are critical for the both sales and
delivery of services and are dependent on systems and routines for protection. Any system failures, temporary or
permanent, will affect the Company’s ability to perform its services and may have a negative impact on the
Company’s performance.
Uninsured losses and liabilities – the Company’s insurance coverage may under certain circumstances not
protect the Company from all potential losses and liabilities that could result from its operations. The occurrence
of a casualty, loss or liability against which the Company or its subsidiaries are not fully insured, could
significantly reduce its revenues and cause the Company or its subsidiaries to pay fines or damages or otherwise
impair its ability to meet its obligations under its indebtedness.
Legal claims and disputes – the Company may be exposed to legal claims from authorities, customers or other
third parties and the Company will from time to time be involved in disputes in the ordinary course of its
business activities. Such claims and disputes may disrupt business operations and adversely affect the result of
operations and financial condition.
Page 5 of 17
Registration Document
2
PERSONS RESPONSIBLE
2.1
Persons responsible for the information
Persons responsible for the information given in the Registration Document are as follows:
Personalhuset AS, Dronning Maudsgate 10, 0250 Oslo
2.2
Declaration by persons responsible
This Registration Document has been prepared on behalf of Personalhuset AS. The Company confirms that,
having taken all reasonable care to ensure that such is the case, the information contained in this Registration
Document is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect
its import.
Oslo, 2 July 2015
Personalhuset AS
________________________
Page 6 of 17
Registration Document
3
STATUTORY AUDITORS
3.1
Names and addresses
BDO AS
Department: Drammen
Munkedamsveien 45A
NO-0250 Oslo, Norway
Telephone: +47 23 11 91 00
Telefax: +47 23 11 91 01
www.bdo.no
Org. no. 993 606 650 MVA
BDO AS is a member of The Norwegian Institute of Public Accountants, and has been the Company’s auditor
for 2014 and 2013.
Page 7 of 17
Registration Document
4
INFORMATION ABOUT THE COMPANY
4.1
Legal and commercial name
The Legal name of the Issuer is Personalhuset AS, and the commercial name is Personalhuset Staffing Group.
4.2
Place of registration and registration number
Registration no. 913 664 949, incorporated in Norway. The Company is registered in the Register of Business
Enterprises (no: Enhetsregisteret).
4.3
Date of incorporation
The Issuer was incorporated in 07.05.2014.
4.4
Domicile and legal form
The Issuer is registered as a private limited liability company domiciled in Oslo, Norway, organized and existing
under the laws of Norway in accordance with and pursuant to the Norwegian Limited Companies Act (Nw.
aksjeloven).
Company address: Personalhuset AS, Dronning Maudsgate 10, 0250 Oslo
Tel: 815 81 340
4.5
Recent events relevant to evaluation of solvency
None.
4.6
Memorandum and Articles of Association
Personalhuset AS’ (registration number 913 664 949) is registered in the Norwegian Register of Business
Enterprises (no: Enhetsregisteren) and its stated objective in the third paragraph of the Company’s Articles of
Association is as follows (English translation):
“Investment in equities and other similar activities, ownership in companies and all that entails with such
ownership”
Page 8 of 17
Registration Document
5
BUSINESS OVERVIEW
5.1
General overview and history
The Issuer with its subsidiaries (together the “Group”) offers a complete range of staffing services within
most major sectors in Scandinavia, including temporary and permanent staffing, search and selection and
consulting and outplacements. The Group is established in four Nordic countries, Norway, Sweden,
Denmark and Finland and has 208 full time employees with headquarter in Oslo. Personalhuset’s
geographical presence is illustrated below.
Personalhuset locations
Headquarter
Personalhuset Staffing Group is an established player in the staffing industry with 30 branches across the
Nordic countries. The company employs ~8,000 unique temporary workers and performs over 600
permanent placements for customers yearly. Personalhuset Staffing Group was owned by ISS, but
acquired by Personalhuset AS in October 2014, an entity controlled by Kristian and Roger Adolfsen. The
Group has an ambition to become the third largest staffing company in Norway and a major player in the
Nordic region.
The Group is a consolidation of Personalhuset Staffing Group and the Agito companies. The Agito
companies delivers the same services as Personalhuset Staffing Group but within the segment of
healthcare.
The Group focuses on high margin segments such as specialist healthcare staffing (i.e. doctors and other
specialists) and supplier of maritime and offshore staffing in the Nordics.
5.2
Service offerings
Temporary staffing
Temporary and long-term staffing within a wide range of segments, including skilled and unskilled
workers, specialists as well as managers. The revenue model is a margin business, where the hourly rate
charged to the client is higher than the hourly cost (incl. social costs)
Search and selection
Recruiting of managers, specialists and workers for permanent positions, to both private and public
organizations. The revenue model is to receive a one-time payment in percentage of the recruited
candidate’s salary.
Consultancy and outplacement
Page 9 of 17
Registration Document
Consulting, planning and execution of restructuring processes and aiding those affected to find new jobs. The
revenue model includes fixed fees and success fees.
5.3
Investments and/or new products and/or activities
None.
5.4
Principal markets
The market of temporary staffing is an established service within the Nordic countries. The Group estimates the
market size of above 50 billion NOK where Norway and Sweden are the biggest. The service is dominated by the
2 big international players Adecco and Manpower and is considered as the major competitors. The service is
existing in all regions of the Nordic countries even though the major volume is within and around the biggest
cities.
The Group operates in all 4 Nordic countries but Norway operation is clearly the biggest with approximately
67% of the revenue share, whereas Sweden, Denmark and Finland account for 15%, 11% and 8%, respectively
(pro-forma 2014). Norway operation is also the most established organization with more than 12 years of
existence within the market. The other 3 operations are relatively new but is considered as growing operations
focusing on more customer wins and expansion of geographical footprint.
6
ORGANISATIONAL STRUCTURE
6.1
Description of group
6.1.1
Legal structure
The Issuer is a holding company.
Page 10 of 17
Registration Document
Personalhuset AS (Issuer) owns all its subsidiaries 100% except Personalhuset Ringnes AS where the ownership
is 50%. Personalhuset Ringnes AS is a cooperation between Personalhuset Staffing Group and Ringnes AS
which main purpose is to support former Ringnes employees to find new jobs.
The Agito Companies is legally owned by Personalhuset Staffing Group AS but operates as described in above
structure together with local Personalhuset Staffing Group companies in each country. Agito companies serves as
operations within the healthcare segment but managed cross each legal entity at a country level.
The 2 management companies – Personalhuset Management AS and Personalhuset Service Management AS serve only on an internal basis by delivering management services to the operational companies in Norway. All
internal employees of the Norwegian entities are registered in the 2 management companies.
6.2
Dependence upon other entities
The Issuer is a holding company with no operations and is as such the Issuer’s cash flow will dependent on the
cash flow provided by its Subsidiaries. The Bond Agreement includes cross default provisions for financial
indebtedness with a NOK 10 million threshold. A cross-default may result in a material adverse effect for the
Group.
7
TREND INFORMATION
7.1
Statement of no material adverse change
There has been no material adverse change in the prospects of the Issuer since the date of its last published
audited financial statements.
7.2
Statement on trend information
There are not any known trends, uncertainties, demands, commitments or events that are reasonably likely to
have a material effect on the issuer's prospects since the date of its last published audited financial statements.
8
PROFIT FORECASTS OR ESTIMATES
Neither a profit forecast nor a profit estimate is included in this Registration Document.
9
ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES
9.1
Information about persons
9.1.1
Management of the Issuer
Name
Title
Address (business)
Carl-Fredrik Bjor
Group CEO
Dronning Maudsgate 10, 0250 Oslo
Claes Poulsen
Group CFO
Dronning Maudsgate 10, 0250 Oslo
9.1.2
Board of Directors of the Issuer
Name
Title
Address (business)
Fredrik Ragnar
Bertilsson Thafvelin
Chairman of the Board
Sorgenfrigata 31 B, 0365 OSLO
Page 11 of 17
Registration Document
Kristian Arne Adolfsen
Board member
Rådhusgata 23, 0158 Oslo
Karl Høie
Board member
Dronning Maudsgate 10, 0250 Oslo
Roger Adolfsen
Board member
Rådhusgata 23, 0158 Oslo
Gillis Gustaf Cullin
Board member
Dronning Maudsgate 10, 0250 Oslo
9.2
Conflicts of interest
There are no potential conflicts of interests between any duties to the Group of the persons referred to in item 9.1
and their private interests and or other duties.
10
BOARD PRACTICES
The Issuer is a private limited company and not subject to the corporate governance code in its home jurisdiction
as this code only applies to companies with listed shares in Norway..
11
MAJOR SHAREHOLDERS
11.1
Ownership
As of 31 December 2014, Personalhuset AS had the following shareholders:
The Company does not know of any agreements that can change the control of Personalhuset AS. A shareholder
agreement is in place to avoid any abuse of direct ownership.
The Board of the company consist of 3 (out of 5) external members in order to avoid any abuse of single control.
The Company follow applicable law and incorporate internal corporate governance to avoid any abuse.
Page 12 of 17
Registration Document
11.2
Change in control of the Issuer
There are no arrangements, known to the Issuer, the operation of which may at a subsequent date result in a
change in control of the Issuer.
11.3
Share Capital
Personalhuset AS’ share capital consists of 1,000,000,000 shares each with a par value of NOK 0.001.
All shares have been fully paid in and all shares have equal voting rights. There is only one share class.
12
SELECTED FINANCIAL INFORMATION
The following financials (cash flow and income statement) includes 12 months of Agito Nordic operations and 3
months of Personalhuset Staffing Group operations on 2014.The consolidated financial statements of the
Company have been prepared in accordance with, and comply with, IFRS (International Financial Reporting
Standard).
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2014.
(amounts in NOK)
2014
Net operating revenue
432 028 872
Total operating expenses
432 528 781
Profit from operations
-499 909
Net finance
-13 889 029
Profit before tax
-14 388 938
Profit
-10 585 520
Total other comprehensive income
7 497 822
Total comprehensive income
-3 087 698
Consolidated statement of financial position
As at 31 December 2014
2014
Total non-current assets
542 812 363
Total current assets
269 297 730
Total assets
812 110 093
Total equity
152 246 811
Total non-current liabilities
431 606 004
Page 13 of 17
Registration Document
Total current liabilities
228 257 278
Total liabilities
659 863 282
Total equity and liabilities
812 110 093
Consolidated statement of cash flows
2014
Cash generated from operations
60 021 897
Net cash flows from operating
activities
60 021 897
Net cash used in investing activities
-376 808 569
Net cash (used in)/from financing
activities
391 012 671
Cash and cash equivalents at end of
year
93 001 051
13
SELECTED FINANCIAL INFORMATION CONCERNING THE COMPANY'S ASSETS AND
LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES
13.1
Historical Financial Information for the Company
According to the Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing Directive
2003/71/EC of the European Parliament and of the Council, information in a registration document may be
incorporated by reference.
Please find the Annual Report for 2014 attached to this document.
Page(s)
Consolidated income statement
6
Consolidated balance sheets
7-8
Consolidated
statement
cash
flow 10
Notes to the consolidated
financial statements
11
Please also find attached the audited financials for Agito Nordic AS and Personalhuset Staffing Group AS for the
financial year 2013.
13.2
Financial statements
Please read Section 13.1. Personalhuset AS’ financial statements are attached to this document.
Page 14 of 17
Registration Document
13.3
Auditing of historical annual financial information
Statement of audited historical financial information:
The financial statements for 2014 are audited.
13.4
Age of latest financial information
Not applicable, the Issuer was established in 2014.
13.5
Legal and arbitration proceedings
The Issuer is not involved in any governmental, legal or arbitration proceedings (including any such proceedings
which are pending or threatened of which the Issuer is aware) which may have significant effects on the Issuer
and/or group’s financial position or profitability, nor has the Issuer been involved in any such proceedings during
the previous 12 months.
13.6
Significant change in the Issuer’s financial or trading position
There has been no significant change in the financial or trading position of the Group since the end of the last
financial period for which either audited financial information or interim financial information have been
published.
14
MATERIAL CONTRACTS
None.
15
DOCUMENTS ON DISPLAY
The following documents (or copies thereof) may be inspected for the life of the Registration Document at the
headquarters of the Company, Dronning Maudsgate 10, 0250 Oslo
(a) memorandum of incorporation and articles of association
(b) all reports, letters, and other documents, historical financial information, valuations and statements prepared
by any expert at the Company's request, any part of which is included or referred to in the Registration
Document;
(c) the historical consolidated financial information of the Company for
publication of the Registration Document.
16
the financial year preceding the
SOLE MANAGER’S DISCLAIMER
Pareto Securities AS, the Sole Manager, has assisted the Company in preparing the Registration Document.
Pareto Securities AS has not verified the information contained herein. Accordingly, no representation, warranty
or undertaking, express or implied, is made and Pareto Securities AS expressly disclaims any legal or financial
liability as to the accuracy or completeness of the information contained in this Registration Document or any
other information supplied in connection with the issuance or distribution of bonds by Personalhuset AS.
Each person receiving this Registration Document acknowledges that such person has not relied on Pareto
Securities AS, nor on any person affiliated with it in connection with its investigation of the accuracy of such
information or its investment decision.
Oslo, 2 July 2015
Pareto Securities AS
Page 15 of 17
Registration Document
Definitions
“Issuer” or “Company” means
Personalhuset AS
“Group” means
The Issuer and all its (directly and indirectly
owned) Subsidiaries from time to time (each a
“Group Company”).
“Sole Manager” means
Pareto Securities AS
Page 16 of 17
Registration Document
17
ATTACHMENTS:
Page 17 of 17
BDO
Ttf : 32 88 21
50
Fax: 32 88 21 90
Kniveveien 31
303ó Drammen
www.bdo.no
Tit generatforsamlingen i Agito Nordic
AS
Revisors beretning
Uttalelse om årsregnskapet
Vi har revidert årsregnskapet for Agito Nordic
AS som
består av selskapsregnskap, som viser
et underskudd på kr 2771 887, og konsernregnskap, som viser et underskudd på kr
17 908 941. Setskapsregnskapet og konsernregnskapet består av batanse per 31. desember
3, resultatregnskap og kontantstrømoppstiIting for regnskapsåret avsluttet per denne
datoen, og en beskrivetse av vesentlige anvendte regnskapsprinsipper og andre
noteopplysninger.
201
Styret og dogl¡g leders ensvor for årsregnskapet
Styret og dagtig leder er ansvarlig for å utarbeide årsregnskapet og for at det gir et
rettvisende bitde i samsvar med regnskapstovens regter og god regnskapsskikk i Norge, og
for slik intern kontroll som styret og dagtig leder finner nødvendig for å muliggjøre
utarbeidelsen av et årsregnskap som ikke inneholder vesenttig feitinformasjon, verken som
følge av mistigheter elter feit.
Revisors oppgover og
plikter
Vår oppgave er å gi uttrykk for en mening om dette årsregnskapet på bakgrunn av vår
revisjon. Vi har gjennomført revisjonen i samsvar med [ov, forskrift og god revisjonsskikk i
Norge, herunder lnternational Standards on Auditing. Revisjonsstandardene krever at vi
etterlever etiske krav og plantegger og gjennomfører revisjonen for å oppnå betryggende
sikkerhet for at årsregnskapet ikke inneholder vesenttig feitinformasjon.
En revisjon innebærer utførelse av handlinger for å innhente revisjonsbevis for betøpene og
i årsregnskapet. De vatgte handtingene avhenger av revisors skjønn,
opplysningene
herunder vurderingen av risikoene for at årsregnskapet innehotder vesenttig
feitinformasjon, enten det skytdes mistigheter etler feil. Ved en stik risikovurdering tar
revisor hensyn til den interne kontrotlen som er retevant for selskapets utarbeidetse av et
årsregnskap som gir et rettvisende bitde. Formåtet er å utforme revisjonshandtinger som er
hensiktsmessige etter omstendighetene, men ikke for å gi uttrykk for en mening om
effektiviteten av setskapets interne kontrotl. En revisjon omfatter også en vurdering av om
de anvendte regnskapsprinsippene er hensiktsmessige og om regnskapsestimatene
utarbeidet av ledelsen er rimelige, samt en vurdering av den samlede presentasjonen av
årsregnskapet.
Etter vår oppfatning er innhentet revisjonsbevis titstrekketig og hensiktsmessig som
grunnlag for vår konklusjon.
et norsk aksjeselskaP, er dettaker i BDO lnternalìonal Limited, et engetsk setskap med begrenset ansvar, og er en det av det internasjonate
BDO-nettverket, som består av uavhengige setskaper i de enkelte land. Foretaksregisteret: NO 993 606 ó50 MVA
BDO AS,
BDO
Revisors beretning - 2013 - Agito Nordic AS, side 2
Konklusjon
Etter vår mening er årsregnskapet avgitt i samsvar med lov og forskrifter og gir et
rettvisende bitde av selskapet og konsernet Agito Nordic AS' finansiette stitting per 31.
desember 2013 og av deres resultater og kontantstrømmer for regnskapsåret som bte
avsluttet per denne datoen i samsvar med regnskapslovens regler og god regnskapsskikk i
Norge.
Uttalelse om øvrige forhold
Konklusjon om örsberetni ngen
Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, mener vi at opptysningene i
årsberetningen om årsregnskapet, forutsetningen om fortsatt drift og forslaget tit dekning
av tap er konsistente med årsregnskapet og er i samsvar med lov og forskrifter.
Konklusjon om registrering og dokumentasjon
Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrotlhandtinger vi har
funnet nødvendig i henhotd tiI internasjonaI standard for attestasjonsoppdrag |SAE 3000
"Attestasjonsoppdrag som ikke er revisjon elter forenklet revisorkontroll av historisk
finansiell informasjon" mener vi at ledetsen har oppfytt sin ptikt tit å sørge for ordenttig og
oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar
med lov og god bokføringsskikk i Norge.
Drammen, 1O.juni 2014
BDO AS
I
f1
-;
Statsautorisert revisor
Æ, et norsk aksjesetskap, er dettaker i BDo lnternational Limiled, et engetsk setskap med begrenset ansvar, og er en del av det internasjonate
BDo-nettverket, som består av uavhengige setskaper i de enkelte land Foretaksregisteret: NO 993 606 ó50 MVA.
BDO