WelleGruppen in Hafjell

WELLE GRUPPEN, IN HAFJELL
Welle AS, is the group head and parent company of the group "Welle Gruppen", and is the company that presents the consolidated accounts. Welle AS has no employees, is a privately owned real estate and investment company with an office and business address in Hafjell in Øyer municipality.

Welle AS is owned by Jan-Erik Rørvik and his two daughters, who all live in Øyer. In 2019, the Welle Group had a turnover of NOK 63 million and an operating profit of NOK 3.1 million. At the time of the financial presentation in 2019, the Group's book equity was NOK 102 million, which corresponds to 44% of the total capital.

The Board of Directors considers that value-adjusted equity, especially based on the prices achieved on the sale of properties and apartments over the past year, is far higher than book equity. During the 2019 financial year, the Group employed about 250 people, of which about 120 are young people who work in Lilleputthammer Family Park and in Lekeland Hafjell during the summer season.

Overall for the Group, the gender distribution is fairly evenly distributed between girls/women and boys/men. The group has a proven attitude to giving all young first-time employees a good start to their working careers, and this is one of the reasons why we have many hundreds of applications for the summer jobs in Lilleputthammer every year.

Welle Gruppen AS, with an equity of approximately NOK 83 million, is the operating group company and is responsible for group tasks.

Welle Gruppen AS has three business areas, all of which are related to tourism or have their background in tourism activities. The company specializes in the development, development and operation of tourist properties.

The group is now mainly engaged in the geographical area "Sør Gudbrandsdalen" with the main focus in Øyer and Lillehammer.

Welle Gruppen AS's group tasks are wide-ranging, but the main areas are within administration, accounting, marketing and other support functions for the subsidiaries. In addition, a large degree of work and support function in connection with developments, renovations and general development of the Group's properties.

The Group consists of the following 100% owned group companies

Welle Gruppen AS, Welle Lagerutleie AS, Welle Invest AS, Solsiden Hafjell Eiendom AS, Hafjell Gard AS, Hafjell Hotell AS, Lilleputthammer Lekeland AS, Hafjell Event AS, Hafjell Vaktservice AS, Hafjell Catering AS, Hafjell Renhold AS, Hafjell Resort AS and Trysil-Knut AS.

Welle Entreprenør AS, www.welleentreprenor.no is not part of the Welle Group, but the shareholder composition is similar. The company is a property management company, which through agreements with the Welle Group, has been given the main responsibility for the construction, operation and maintenance of the Welle Group's building stock.

We strongly believe in a positive development of the destination Hafjell and Øyer center.

Tourism

The tourism h2ision is mainly organized with subsidiaries under the Hafjell Hotel "Group" and delivers a wide range of services in accommodation, dining, experiences and activities, including through the market name "Hafjell Resort", which has a large number of cabins and apartments in its portfolio, Hafjell Hotel, Lilleputthammer Family Park, Lekeland Hafjell, Hafjell Event and Hafjell Exclusive.

Hafjell Hotell AS

- hotel operations in Hafjell Hotell hafjellhotell.no including Hafjell Catering, which via the kitchen at Hafjell Hotell offers either pick-up of prepared food, delivery of catering or catering includes chef and/or waiter.

-Hafjell Resort a business for booking, selling and operating holiday cabins and apartments hafjellresort.no
- a department in Hafjell Resort is Hafjell Exclusive, which specializes in renting out large cabins where everything is arranged for the customers hafjellexclusive.no
- another department in Hafjell Resort is Hafjell Renhold, they offer services in cleaning and simple janitorial tasks mainly for the cabins and apartments Hafjell Resort has for rent
- In addition, fire guard services are operated from the reception at Hafjell Hotel on behalf of Hafjell Vaktservice hafjellvaktservice.no mainly to the cabins and apartments Hafjell Resort has a rental / brokerage agreement with.

Lilleputthammer Lekeland AS

- Lilleputthammer Family Park lilleputthammer.no is a family park with a number of attractions in and around a miniature model of Storgata (a copy of the main street in Lillehammer in the early 1900s and built on a scale of 1:4) Lilleputthammer has since 2007 been developed and adapted for children under the age of 9 and every summer the park is filled with over 60,000 visiting families with children
- Playland Hafjell lekeland.no 900m2 play area for children between 1 and 12 years
- Hafjell Event, hafjellevent.no undertakes events for groups up to about 60 people and mainly the activities take place inside Lilleputthammer's area - the activities are so-called low-threshold offers / here everyone can participate.

Real Estate

The real estate h2ision is organized under the Welle Gruppen "group" with both tourism-related properties, but also purely commercial buildings with external tenants. The focus is on properties that either house companies that are engaged in tourism or that are important for tourism in Øyer / Hafjell

Welle Gruppen AS, properties for rent to tourists and retail trade.

Solsiden Hafjell Eiendom AS, properties and holiday homes in several locations in Øyer / Hafjell, which are mainly rented out to tourists.

Welle Invest AS, properties for hotels, playgrounds and family parks

Hafjell Gard AS, properties for retail, service and offices

Welle Lagerutleie AS, properties for rent, warehouse and offices

Trysil-Knut AS, properties in Trysil

Investments

In addition to investments in companies that are either directly or indirectly involved in the tourism industry in Sør Gudbrandsdalen, including Lillehammer, the Group has also invested in other companies, including Norlandia Holding AS, with approximately 5%.

Gaia Restaurantdrift AS, part-ownership, with 34%, in the operating company at Gaiastova.

Sentrumsgarden Øyer AS, part-ownership, with 34%, in real estate company with properties and plots in the center of Øyer. The company rents out areas for the operation of restaurants, but has opportunities for the development of commercial premises for other types of commerce as well as the development of apartments close to the city centre.

Collaborating company

Welle Entreprenør AS (100% owned by the same shareholders as in Welle AS) is a property management company, which, through its own agreements, has the main responsibility for the Welle Group's total building stock.
Plumber Medby
Eltera, Electrical
Cacus Fire Safety
Gausdal Landhandleri

Projects
Since the 1990s, the "Welle Group" / "Viking Group" has built and developed several hundred housing units and commercial areas for tourism purposes.

Ongoing and planned projects

- Further develop the Welle building / old Solvang school and the Skibua building including the surrounding plot area. The goal is for this area to become an attractive place for establishing several industries that can play each other well, whether it is local food producers, retail, catering or others who can offer something to tourists. This in addition to further developing the property that Skibua skibuahafjell.no rents today to become the preferred ski rental in Hafjell as well as developing the Welle building into something more than just offices.
- At the old ICA building in the center of Øyer, Welle Gruppen is now in the starting pit to be able to develop the building into a small center for simple retail, combined with a simple form of catering where everyone will be customer-oriented.
- Welle Invest is in the process of further smaller projects at Hafjell Hotel, this includes a new "wine cellar" / a wine lounge that will be used for meeting rooms and simple gatherings. The room is located in the basement and adjacent to the new toilet, shower, solarium and wardrobe facilities that are now soon completed.
- Welle Invest is also, at Hafjell Hotel, in the process of preparing a plan that in the long term can lead to the conversion of old rooms into new and modern HC / universally designed hotel rooms. This is being done at the same time as it is now time to adapt the building stock in relation to fire and new escape routes.

Projects in recent years have included

- renovated and further developed JaerTunet consisting of 15 apartments that are now organized in Sameiet JaerTunet 2, Mosætervegen 12-22. but where all sections as of January 2020 are owned by Welle Gruppen AS. The apartments are from about 75 m2 to about 100m2. Most have now been renovated and some apartments are planned to be sold during 2020. The apartments are in commercial rental via Hafjell Resort.
- rebuilt and renovated both "Hovedhuset" and "Kårboligen" at Jaer Gård. Both houses have been completely renovated and today appear as very attractive housing units for tourists who want something real and genuine.
- participated in the development of Jaer Panorama chalet area
- Hafjell Hotel - continuous development of the old Øyer Gjestegard from 2007 onwards to the present. The development from being a run-down and outdated "roadside restaurant" with motel / accommodation rooms, to gradually appearing as a family-friendly hotel with charm. During these years, the restaurant, fireplace lounge, conference rooms and all the hotel rooms have been renovated. Some of the hotel rooms have also been converted into suites, and now a separate project is underway to build as many HC rooms as possible.
The hotel has preserved the "old times" but now appears more and more as a contemporary and homely hotel with a focus on quality in everything from service to food and functionality.
- the development and construction of Alpin Apartments Solsiden with 40 apartments, parking garage and infrastructure for the next construction stage. Most of the apartments have now been sold, but almost all are in commercial rental via Hafjell Resort.
- the development and construction of Alpin Apartments Sørlia with 36 environmentally adapted apartments. The apartments are owned by Solsiden Hafjell Eiendom AS and are in commercial rental via Hafjell Resort.
- Conversion of the old Solvang school into offices for the Welle Group
- Conversion of former premises for school/offices to Skibua Ski Rental
- Built Lekeland Hafjell, from being a worn-out swimming facility to becoming a modern Lekeland with over 900 m2 of play area for children from 1 to 12 years.
- Developed Lilleputthammer playground from being a tired copy of the main street in Lillehammer to becoming a Family Park with over 60,000 visitors. The project started in 2006, but has since been further developed every year since
- Remodeling of Gaiastova and Restaurant Lodgen
The "Welle Group" has previously been responsible for the development and implementation of many hundreds of small and large projects, both in Hafjell but very many in Trysil and other destinations.

Brief history of main owner Jan-Erik Rørvik

Born 1961, married and living in Øyer with his wife and two children.
Originally from Ålesund, and got his first paycheck at the age of 10 as a Runner Boy at the grocery store Reitebø in Ålesund. Was 16 years old when he moved away from home to work, first in foreign trade and then took an education as a chef in Trondheim.
Studied at the Norwegian Hotel College in Stavanger and has short study stays in Germany and the USA.
in 1987 he moved to Trysil at the age of 27 to become director of Trysil-Knut Hotel.
In 1990, at the age of 29, he bought Trysil-Knut AS and became the owner of both the hotel operations and the buildings. At the same time, Rørvik and Trysil-Knut AS became involved in Trysil Booking AS (today part of Skistar), Restaurant Laaven 1790, Ski Pub'en, Fjellmat grocery.
In March 1994, he sold the hotel property and the operation of the hotel to Norlandia.
In Trysil, where he lived until 2001, he was also a member of the municipal council for almost 4 periods and a member of the building council and chairmanship.
ReiselivsCompagniet AS was established in 1995, and started with the rental of cabins and apartments to tourists, including the operation of Trysilfjell Apartment Hotel. This was combined with the establishment and operation of several restaurants. Après-ski and the restaurant at Trysilfjell Apartment Hotel as well as St. Olav and the Pilgrim in Fageråsen.
The first investments in Hafjell through the participation of the purchase of Gaiastova and the purchase of operations at Olympiatunet took place in the autumn of 1996. From 1997, the operation of the food, drink and souvenir outlets in Hunderfossen Family Park, the operation of Quality Hunderfossen Hotel, the operation of Øyer Gjestegård, Hafjell Sportell and Hafjell Booking were also included in the portfolio. The main parts of the companies under ReiselivsCompagniet AS were sold in 1999, but Rørvik continued to work on projects in his own company, Trysil-Knut AS, but in addition Rørvik was engaged in various projects in Viking Gruppen AS.
Rørvik acquired Viking Gruppen AS on 1 January 2002, the company owned many tourism properties in both Trysil and Hafjell but also at other destinations.
The largest tenant of Viking Gruppen AS's properties, TOP, went bankrupt in the summer of 2002 and Rørvik then chose to establish its own companies to operate the properties owned by Viking Gruppen and Trysil-Knut AS
In the autumn of 2002, Rørvik decided to sell the office premises at Aker Brygge in order to move the entire business to Øyer and Hafjell. In Trysil, a separate booking company, Trysil Resort AS, was established with a total of over 100 employees. A company that basically delivered the same as Hafjell Resort delivers to the guests in Hafjell today.
In 2006, the main part of the business in Trysil was sold and the entire group was subsequently gathered in Øyer.
Rørvik has organised its operations from 2002 into two sub-groups, Trysil-Knut and Viking Gruppen. In 2007, Viking Gruppen AS was renamed Welle Gruppen AS.

The name change, from Viking Gruppen to Welle Gruppen, took place in the summer of 2007. This came as a result of restructuring, and after the main part of the company's operations in Trysil had been sold.
In addition, there had been such major changes in Viking Gruppen AS, since Rørvik bought this, that it was natural to change both the name and a reorganization of the group. The company was also formally moved to Øyer municipality.
The name Welle is said to mean: the place where the water flows together, from the mountain, and before it reaches the sea - figuratively as in Øyer before the water reaches Mjøsa. Welle incidentally, Jan-Erik Rørvik's mother's family name, and has its origins from Velledalen in Sunnmøre.

For further information, please contact:

Welle Gruppen AS
Hundervegen 105
2636 Islands
Phone +47 61 05 62 60
Email [email protected]