Skogsmell contributed to the year of crisis for Tom Vidar Rygh – DN.no

The annual accounts of the family investment company Tom Vidar Rygh (60 years old), Steinerud as, are not a joyous reading. Last year, the company lost 73 million Norwegian Kroner and withdrew from the year with negative equity of 32 million Norwegian kroner. The loss reduced the company's total balance from 78 to six million crowns.

– The equity of the company is lost. The end of year settlement is always done assuming the continuation of activities. The reason is that there is significant value added in the subsidiary NCAP AB, this is stated in a note to the financial statements.

NCAP Holding has only a book value of NOK 83,000, but according to Steinerud's annual accounts, it has a fair market value of just over NOK 48 million. This means that the adjusted net worth of the business value remains positive.

Tom Vidar Rygh is known for a number of executive positions in Norwegian companies. He has, among other things, been director of Orkla and president of Telenor. He is now a partner and principal advisor of the Nordic Capital acquisition fund.

Rygh did not answer DN's questions on Friday.

Framed by forest fires

The loss of 73 million NOK in 2017 is mainly due to Steinerud which reduced the value of its financial investments by 71 million NOK.

The accounts do not specify which individual companies caused Rygh the big loss, but it is clear that the investment in the forest company Green Resources is a major contributor. Income – – – Operational Result (ebit) Income Income Income ] – – ] – Profit before tax -72.7 -0.3 -%

At the end of 2017, Steinerud held by DN's share register was close to $ 15.7 million. 39, shares of Green Resources, corresponding to a 5.6% interest.

In recent years, Green Resources has struggled to recover from a deep economic disadvantage. A number of crisis problems have been solved in recent years, raising the price of the action from 54 crowns in 2011 to 10 cents in early 2018.

Investment in decline

Green Resources is a forestry company founded by former star analyst Mads Asprem. Since its launch in 1995, Green Resources has planted more than 40,000 hectares of forests in Mozambique, Tanzania and Uganda.

In total, it is invested around three billion dollars in the business but most of them are now lost. A number of well – known investors own the company, including Kjell Inge Røkke, Edvin Austbø and Erik Bøhler.

The annual accounts of Steinerud show that the company has participated in a number of files in Green Resources (GR). Among others, the number of GR shares in the company rose from 5.2 million in 2016 to 15.7 million in 2017.

By the end of 2017, Tom Vidar Rygh also held 7.5 million shares. GR shares through the intermediary of Rybø as. This company is owned 50/50 by Rygh and fellow investor Erik Bøhler.

GR 's board of directors and management have been working on the blast to sell the business over the past year or to put in place a complete refinance. Until now, this work has not succeeded. In June, almost the entire board of directors of the company was replaced. Chris Pienaar, from South Africa, among others, took over President Korsvold.

Benefits to Retiro

Tom Vidar Rygh owns all Steinerud A shares and thus holds total control of the company, although his actual shareholding is only ten percent. The children Pia (25 years old) and Olav (29 years old) Rygh own the remaining 90%, equally each in the form of shares B.

D 'here the end of the year. year 2017, according to DN's share register, Steinerud allegedly invested, among others, the spirits producer Arcus, the insurance company Gjensidige and the NBT wind turbine company.

Tom Vidar Rygh also has another wholly owned investment company called Retiro. The accounts for 2017 show that this company had a pre-tax profit of NOK 8.3 million in 2017.

Interest income contributed the most to this surplus. Among other things, Retiro AS issued 34.4 million Norwegian kroner to Steinerud as. (Conditions)