The Annual Accounts for 2018 show that Princess Gruppen AS remained with a post tax profit of NOK 28.79 million, compared with NOK 13.38 million at the end of the year before.
The company is owned by Sepas AS, which is owned by 50/50, invested by media investor Per Werner Madsens Periveco and Stein Erik Hagens Canica.
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"The cash flow of a business has improved significantly and reflects the underlying profits. The liquidity situation for the company is considered to be very satisfactory, "says the management's annual report.
The operating profit of the company, located in Ski, and the sale of textile and home furnishings, ended at NOK 37.48 million, compared with NOK 20.52 million. The revenues, mostly generated by the sale of candles, decorations, pillows and blankets, curtains, bedding, amounted to NOK 897.72 million, which is, compared with NOK 878.92 million in 2017.
Most stores are located in major shopping centers.
Along with an increase in revenue, costs remained virtually unchanged, by NOK 1.83 million to NOK 860.24 million.
"The financial development of the company by 2019 was satisfactory. The Board of Directors expects that the company will show a better profit in the future, "it is written in the annual report.
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4.37 billion in five years
The Princess Group, which was founded in 1957, sold a total of NOK 4.37 billion in the last five years.
The company consists of a chain of 150 stores throughout the country, and last year it employed 539 human years. Wage costs in 2018 amounted to NOK 226,58 million compared to NOK 22,66 million in 2017.
The salary of General Manager Kai Jeroen Gulbrandsn is NOK 1,43 million. The Hegnar.nos question did not answer on Tuesday.
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Among the richest in Norway
Per Werner Madsen created a fortune when he built the Maxi trade chain, which was later sold by Stein Erik Hagen. Werner Madsen fully sold the Komplett Bank in the fall, which gave him around NOK 200 million.
In the current portfolio, we find, among other things, the inner Princess chain, which it has with Hagenom.
Werner Madsen is on the list of 400 richest Norwegians in 394th place, with net assets in 2018 of NOK 750 million.
Stein Erik Hagen is at 11th with a net worth of NOK 25 billion.
The case was first published on Hegnar.no