Asset Buyout Partners Annual Report 2019

Notes to the Consolidated Financial Statements Note 1 General information Asset Buyout Partners Invest AS (“ABP”, “the Company” or “the Group”) is an industrial real estate company with a dedicated investment strategy aimed towards real estate and infrastructure assets located in Norwegian energy and maritime clusters. Asset Buyout Partners Invest AS is the parent company of the real estate group ABP, and the parent company of these financial state- ments. Asset Buyout Partners Invest AS is a limited liability company registered in Norway. The head office of the Group is located in Olav Vs gate 1, Oslo, Norway. The Group holds a portfolio of investment properties in Norway. This year’s consolidated financial statements were approved for issue by the Board of Directors on 27 April 2020. The ultimate holding company for the Group is HV VII Invest Lagus AS. Note 2 Summary of significant Accounting Principles 2.1. General 2.2. Changes in accounting principles 2.3. Consolidation 2.4. Classification of assets and debt 2.5. Investment property 2.6. Financial instruments 2.7. Share Capital 2.8. Current and deferred income tax 2.9. Provisions 2.10. Revenue recognition 2.11. Property related expenses and other expenses 2.12. Interest income 2.13. Dividend distribution 2.1. General These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, and additional disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2019. The consolidated financial statements have been prepared under the historical cost convention, with the following exceptions: · Investment properties are measured at fair value · Financial derivatives are measured at fair value with changes through profit and loss The consolidated financial statements have been prepared with con- sistent accounting principles for similar transactions and events. The consolidated financial statements provide comparative information in respect of the previous period that has been prepared based on the same accounting principles. The consolidated financial statements are presented in NOK, which is also the parent company’s, and all of the subsidiaries, functional currency. 2.2. Changes in accounting principles a) New standards, interpretations and amendments effective from 1 January 2019 New standards impacting the Group that have been adopted in the annual financial statements for the year ended 31 December 2019, and which have given rise to minor changes in the Group’s accounting policies are: · IFRS 16 Leases and · IFRIC 23 Uncertainty over Income Tax Positions) The changes in accounting policy from these two did not have any material effect on the financial statements of the Group. Other new and amended standards and Interpretations issued by the IASB effective from 1 January 2019 had no impact on the Group as they were either not relevant to the Group’s activities or required accounting which was consistent with the Group’s pre-existing accounting policies. IFRS 16 Leases IFRS 16 replaced IAS 17 Leases and related interpretation for financial statement beginning on or after 1 January 2019. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to Asset Buyout Partners | Annual Report 2019 20