It was a steep downhill in 2020 for the former top alpinist.
Lasse Kjus is the sole owner of Kjus Holding AS, which is a holding company. There is therefore little that is entered as operating income in the accounts, the interesting items are in the financial accounts.
And the annual accounts for 2020 show that financial income fell from NOK 22.8 million in 2019 to NOK 8.1 million last year. This greatly contributed to net financial income in the period falling from NOK 12.9 million to NOK 3.9 million, the profit before tax from NOK 12.4 million to NOK 12.1 million.
Kjus still has a significant book asset, equity at the end of last year was NOK 62.6 million. Most of the values are in the stock market, a total of NOK 48 million, but Kjus also had over NOK 13 million in the bank as of 31 December.
The online newspaper has tried to get a comment from Kjus on last year’s figures, without success.
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Brand
Kjus, who is one of Norway’s most winning alpinists, has after his alpine career built up his own brand with the sportswear manufacturer Kjus. Kjus Holding owns 96 percent of LK Norge AS, which last year lost NOK 610,000 on a turnover of NOK 10 million. LK Norway distributes the clothing brand Kjus.
Kjus has also invested some of the money in companies such as Norgesski, which sells properties on Hafjell, Funky Frozen Yogurt, which sells yogurt, the smoothie bar Smoothie Xchange, and LK Aviation.
The online newspaper wrote about the 2019 figures that Kjus went for one huge bang on the scandal company Tide Forsikring. The shareholding had a book value of NOK 6.7 million, but has been written down to zero in the accounts.
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Required deletion
Last summer, Finanstilsynet demanded an immediate cancellation of Tide Forsikring. In the Authority’s assessment, Tide had repeatedly breached its obligations under law and regulations.
Tide, however, appealed Finanstilsynet’s decision. Finanstilsynet therefore decided that the decision shall not be implemented until the Authority has completed its processing of the complaint.
– Tide Forsikring still conducts legal activities with approval from Finanstilsynet. Tide strongly disagrees with Finanstilsynet’s decision and has appealed it to the Ministry of Finance. Finanstilsynet has granted deferred implementation. In Tide’s view, the decision is incorrect.
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Without basis
– Much of the criticism from Finanstilsynet is completely unfounded, and the points where there may be grounds for criticism are generally significantly less serious than what Finanstilsynet seems to think, wrote CEO Ørjan Stenberg in Tide Forsikring in an e-mail to Nettavisen in September last year.
Finansavisen wrote in November last year that the company threatened an injunction if the owners did not deposit NOK 20 million. Tide Forsikring lost NOK 68 million in 2019.
Kjus also went on an ugly stock market crash in 2018. Then he lost on equity investments in the oil and offshore sector.
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Wholesaler of medals
Lasse Kjus (50) is thus one of Norway’s best alpinists of all time. Kjus has one Olympic gold from the Olympics in Lillehammer in 1994, where he won the combination. He also has 3 World Cup golds and a number of silver medals in championships.
Kjus won the World Cup in total in 1996 and 1999. During the World Championships in Vail in 1999, Kjus won a medal in all five disciplines, two of which were gold.
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