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Annual Report 2023
Annual Report 2023
Bulk Infrastructure Group AS
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Annual Report 2023
BULK INFRASTRUCTURE GROUP AS / LETTER FROM THE CEO AND EXECUTIVE CHAIR
The past year has once again shown us how fast things
can change in our business environment. It also showed
the importance of a strong foundation enabling companies
to take advantage of the opportunities this represents. Bulk
Infrastructure has been a trusted infrastructure partner for
more than 15 years.
In 2023 our systematic approach of building a solid
infrastructure platform really paid off. We were able to
leverage and execute on our platform across all business
areas and truly capitalize on the foundation we have spent
the last years building.
The rise of artificial intelligence has triggered an
exponential increase in the need for robust and scalable
data center solutions. We are pleased to report that Bulk
Infrastructure has not only recognized this demand but has
proactively responded by enhancing and expanding our
infrastructure capabilities. This has allowed us to meet the
evolving needs of businesses and organizations seeking
reliable and high-performance data center solutions. In
2023 we sold out all of our built capacity at our locations in
Norway and we are prepared to take on the rising demand
going forward.
Our industrial real estate team demonstrated remarkable
agility, responding swiftly to the dynamic demands of
the market. The team’s ability to execute with speed
Executing in a new reality
and flexibility has allowed us to capitalize on emerging
opportunities in the industrial sector. We have successfully
delivered high-quality industrial spaces that meet the
evolving needs of our clients, contributing significantly to
our overall success this year.
Our fiber team has been at the forefront of overseeing large
digital infrastructure projects for some of the world’s most
renowned and demanding customers. The complexity of
digital infrastructure projects requires precision, expertise,
and a relentless commitment to excellence. Our fiber
team’s proven track record in project management and
execution has positioned Bulk Infrastructure as a trusted
partner in the digital realm.
While the company has taken leaps and develop a lot in
the past year, we still have sustainability and sustainable
business at the core of our operations. Sustainability is not
just a checkbox on our agenda—it is an integral part of our
identity and a guiding principle in every decision we make.
Our Bulk-team based on respect, creative power and
passion is the foundation we are built on. As we reflect on
our successes in 2023, we look ahead with enthusiasm
and a sense of responsibility. Bulk Infrastructure is poised
for growth, innovation, and leadership in the Nordic
infrastructure space as we continue our journey forward.
In 2023 our systematic approach of
building a solid infrastructure platform
really paid off. We were able to leverage
and execute on our platform across all
business areas and truly capitalize on
the foundation we have spent the last
years building.
Jon Gravråk
CEO
Peder Nærbø
Founder and Executive Chair
Photo credit: InterGlobix Magazine
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Letter from the CEO and
Executive Chair
Group presentation
Bulk Data Centers
Bulk Fiber Networks
Bulk Industrial Real Estate
Board of Directors Report 2023
Consolidated nancial
statements
Parent company nancial
statements
Responsibility statement
Auditor’s report
Group presentation
Bulk Infrastructure Holding is a leading
provider of sustainable digital infrastructure in
the Nordics. We believe in the value creation
opportunity of enabling our digital society to be
fully sustainable
The Group consists of three business areas that develop
successfully with an increasing degree of autonomy,
and a Group Management that explores future business
opportunities as well as supporting the business areas.
All of Bulk’s business areas have an impact on the
environment, on society and are confronted with
governance issues. It is a fundamental part of the Bulk
culture to accelerate the positive impact and reduce any
potential negative effects.
The topic of this annual report is Sustainability as a
Business. Transparency is necessary, especially when
areas in need of improvement are exposed.
In 2022 Bulk upgraded the group’s ESG framework
(Environmental, Social and Governance). Previously, the
framework was concentrated on environmental impact.
Now, social impact and governance issues have been
included. Please visit bulk.no/sustainability for more
information.
A company’s financing also needs to be sustainable. In a
challenging financial market, Bulk Infrastructure Group AS
succeeded to issue a new senior unsecured green bond of
NOK 500 million. The net proceeds from the bond will be
utilized in accordance with the green bond framework.
Bulk is not perfect. By exposing our imperfections,
you may help us getting closer.
Annual Report 2023
BULK INFRASTRUCTURE GROUP AS / GROUP PRESENTATION
Key gures (Consolidated)
(Figures in NOK million)
2023 2022 %
Revenue 396.8 284.4 40%
Revenue property sales 15.3 -8.3 284%
Revenue fiber sales 52.0 - 100%
Total revenues 464.1 276.1 68%
EBITDA 131.7 -42.8 408%
Fair value change on investment property -176.6 369.2 52%
Profit for the year -415.8 -442.5 6%
Assets 9,813.0 7,974 23%
- Investment property 4,169.1 4,628 -10%
- Property, plant and equipment 3,210.5 2,339 37%
Equity ratio (%) 41% 44% 15%
Number of employees 89 81 10%
Financial highlights
Throughout the year, Bulk has achived a
significant growth in signed annual recurring
revenue within the Data Center business.
We are already observing parts of this effect
through the growth in this year’s revenue
excluding asset sales, which increased by 40
per cent compared to last year. We expect to
see the full potential of revenue growth as a
result of these signings in the coming years.
As a company with substantial exposure to
investment property our financial results are
influenced by macro changes in the capital
market. In particular increasing interest rates
and higher inflation have led to increasing
yields in the Nordic real estate market, thus
negatively influencing fair market value of our
investment property in 2023, as well as 2022.
The decrease in investment property is due to
the investment properties held for sale as of
year end 2023, amounting to approximately
NOK 670 million.
Bulk Industrier AS (51.7%)
BGO King HoldCo Sarl (21.9%)
Geveran Trading Company Ltd. (11.3%)
Other (15.1%)
Ownership structure
Bulk Infrastructure Group AS is owned by Bulk Infrastructure Holding AS, which has the
following ownership structure:
PAGE 3 BROWSE SEARCH
Letter from the CEO and
Executive Chair
Group presentation
Bulk Data Centers
Bulk Fiber Networks
Bulk Industrial Real Estate
Board of Directors Report 2023
Consolidated nancial
statements
Parent company nancial
statements
Responsibility statement
Auditor’s report