(The newspaper online): Finally, 2021 accounts are available for Oda Norway AS, almost five months after the deadline for submission to Brønnøysund (see bottom of status).
Oda Norway, formerly Kolonial.no, sells groceries online. It involves selling, distributing and picking groceries via an internet based commerce solution. Most of the business is located in Lørenskog municipality, but a warehouse has also been opened in Lier outside Drammen.
Oda’s strategy focuses on growth and market share. But the numbers for 2021 aren’t very interesting for Oda, who used this fall to raise money.
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Significant increase in turnover
Annual accounts for 2021 show that sales volume increased from NOK 1,978 million in 2020 to NOK 2,490 million last year. But despite the strong growth, the operating deficit rose from NOK 106 million to NOK 284 million in the period. The result worsened before tax from a loss of NOK 131 million in 2020 to NOK 292 million last year.
With the business volume increasing sharply, the cost of commodities also rose a lot during this period. Salary payments increased, and other operating costs rose nearly NOK 200 million. According to the annual report, Oda invested nearly 420 million last year.
basic process, cash flow from work, went into the red last year with a total of 305 million. By comparison, this shortfall was only 17 million the previous year. Since the beginning in 2014, according to Nettavisen’s calculations, Oda’s losses totaled NOK 700 million after tax, nearly NOK 900 million before tax.
Lost property rights
At the end of 2020, Oda Norway lost its shares, and the debt was NOK 87 million higher than the estimated values of the company’s assets. But thanks to capital and equity injections, the owners’ values were positive as of 31.12.21 with 246m.
The board of directors writes in the annual report for 2021 that they made several strategic moves in 2022. In April, the company received a loan of NOK 400 million and in July a loan from investors of NOK 621 million. This loan can be converted into equity.
And now in December, according to the annual report, it has become clear that the company has binding agreements for NOK 1,500 million in new capital. It should be sufficient to support the group’s long-term plans. Thus, information about capital injections in December has been included in the annual report for the year 2021.
It was the Norwegian acquisition funds Summa Equity and Verdane that joined forces with Sweden’s Kinnevik for a major capital injection at the start of the month. to me E24 Oda was valued at NOK 3.5 billion, down from NOK 10 billion in 2021. According to company founder Karl Munthe-Kaas, Finansavisen heavily diluted from the capital increase.
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Oda Norway AS is owned by Oda Group Holding AS. Before the capital increase, this owner company owned the Swedish Kinnevik Online AB and Rasmussen group as the largest owners.
In May 2021, Oda executed a capital expansion in excess of NOK 1 billion. At the same time, debts were converted into equity for several hundred million. Last fall and in December 2021, the company was split between Oda Norway AS and Oda Holding Group.
According to the annual report, the separation was the first step in establishing Oda Group Holding AS as the new flagship company in the group. The personal owners at Oda Norway AS were subsequently replaced in the process of separation. The purpose of the separation is for Oda to invest abroad, ideally then with a Norwegian company that owns the so-called Intangible assets. Examples include licenses, franchises, patents, and research.
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Lots of short term debt
At the end of last year, Oda of Norway’s debt totaled more than NOK 800 million, most of which was due less than a year in the future. The company has employed 603 years of work.
However, annual accounts are available for several additional months. The deadline for submitting annual accounts is basically 31st July of the following calendar year. Accounts submitted late can be punished with a fine of approximately NOK 64,000.
The auditor’s report is dated December 9. Here, auditor Jan Mueller at Grant Thornton Revision notes that the annual accounts and annual report were submitted after the deadline.
Nettavisen confronted Mueller in November about why he didn’t file any annual accounts, but then had no comment.
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