October 4, 2022

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Record result for investment company Einar As's wife and power dealer friend

Record result for investment company Einar As’s wife and power dealer friend

Investment firm Branden Kapital was founded in 2010 by Einar Aa’s old friends Grunde Thorsen and smund Haugsvær.

At the same time in 2020 that it became known that Aas was appointed as an analyst in the company, his wife Torunn Kveim also joined the ownership side in the company.

She owns a 7.3 percent stake in Branden Capital, through her company, Holdyourhorses as. Haugsvær and Thorsen each own 46.35 percent.

Branden Capital made a huge profit last year, with its pre-tax profit exceeding NOK 161 million. The result has never been this high before, a fourfold increase from the previous year, when the result was NOK 40 million. This is shown in the company’s annual accounts.

The owners earned a profit of 36 million Norwegian kroner last year. This is a sharp increase from 2020, when 2.7 million NOK was allocated in profits.

The company’s equity was good, too. At the turn of the year, it was NOK 186.2 million, which is double that of 2020.

While Einar Aas lost billions in 2018 in the so-called “energy crash”, Branden Kapital never made a loss.

Neither Kveim nor Thorsen responded to a DN inquiry Tuesday morning.

million dividends for H.augsvær and Thorsen

In addition to ownership in Branden Kapital, Osmund Haugsvær and Grunde Thorsen own their own investment firms.

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Ossi Holding as and Fløde Invest accounts, respectively, show that energy traders also made a solid profit here, with pre-tax results of NOK 16.9 million and NOK 19.8 million, respectively.

Haugsvær took a profit of NOK 15 million from the Ossi Holding, while Thorsen collected NOK three million in additional profits from Fløde Invest last year.

Kveim’s Holdyourhorses could show more modest results last year. Profit before tax ended at NOK 2.68 million, and no dividend was taken from the company.

force hammer

Together with Einar Aas, Thorsen and Haugsvær were part of the energy merchant environment that arose in Arendal in the 1990s, around Fossekompanis Markedskraft and Agder Energi in Arendal. When Agder Energi closed its trading at the turn of the millennium, many traders set up their own companies. Einar Aas has been throughout the years the big star, the proclaimed genius power trader. Year after year he made huge sums, which were announced every fall when I presented his formula because he invested privately and not through a limited company. From 2003 to 2017, his total income was NOK 3.3 billion, according to the formula. At the end of 2017, he was listed with a fortune of 1.6 billion.

In the fall of 2018, all went well, when the difference between energy prices in Germany and the Nordic countries was 17 times normal. AAS was unable to make adjustments with the Nasdaq’s stock exchange. Then the clearinghouse acquired his portfolio and ascertained a loss of 114 million euros.

AAS managed to avoid bankruptcy, and entered into an agreement with creditors with 1.1 billion kroner outstanding. Among the well-known companies were the energy companies Fortum and Statkraft.

A loss for Aynar al-Aas

DN wrote in June that Einar Aas’ investment firm Toppen Invest lost NOK nine million in 2021. In the previous year, by comparison, the company made a profit of almost NOK 56 million, and the significant difference in annual results stems from a decrease of less of NOK 93 million in financial income.

Gross profit in 2020 went to creditors, while Ace himself has been free to earn whatever he wants since November 2020.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using the links that lead directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.