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BUSINESS FRIENDS: Hallvard Flatland, here with his good friend Arthur Buchardt, can look back on two years with more than NOK 30 million in earnings for Gaustatoppen Invest. Photo: Janne Møller-Hansen, VG
Flatland made solid profits with $ 11.5 million in land sales in 2019 and expects to see a positive result in 2020, despite the crown crisis.
The 63-year-old man owns 50 percent of Gaustatoppen Invest, which operates large-scale cabin sales in the area around Gaustatoppen in Vestfold and Telemark County. The other half of the company is owned by Anders Buchardt, son of Arthur Buchardt.
Anders Buchardt is also Chairman of the Board for Gaustatoppen Invest and has similar projects in Hemsedal, Hafjell and Kvitfjell. Incidentally, his Hemsedals project was called Vy until the Norwegian state railway company, formerly called NSB, took this name.
This project is now called Fyri.
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In 2018, Gaustatoppen Invest had a record turnover of 40.5 million and a positive result of NOK 19.9 million. In 2019, the same figures were NOK 35 million and 11.5 million, respectively.
Has his natural explanation, Hallvard Flatland tells VG:
– The decrease in 2019 versus 2018 is due to the fact that we have no land to sell. Not a single one, Flatland says.
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Together with Arthur Buchardt he established Gaustatoppen Invest in 2000. It was the beginning of several years with red numbers on the accounts. The reward for patience came seriously in 2016, when profits topped NOK 5 million.
Just because they don’t have any more parcels to sell doesn’t mean it’s the company’s door hook.
– We now have a zoning plan for approximately 70 new parcels, and we expect this to be approved during the year. We have a long list of stakeholders who are eager to start construction, ”says Hallvard Flatland.
One of the notes to the 2019 financial statements expresses uncertainty about future earnings as a result of the coronavirus outbreak.
“Revenue for a period will decrease, due to less activity in the company,” it reads, while the same note emphasizes the strength of the company and that there is therefore a good basis for future operations.
Hallvard Flatland chooses to sound optimistic about it.
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– In fact, it seems that the crown crisis has a positive effect on the interest of the cabin. Probably many people are turning their attention from abroad to Norway, and then Gaustatoppen is an attractive area, says Flatland, which also points to increased interest from neighboring countries.
