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The entrepreneur continues to be incredibly successful and believes that turnover will be even higher this year than last year.
In the 1970s, when he was still in high school, Jakob Hatteland (69) started selling various electronic components. He sold the products to friends and acquaintances at the counter of his father’s shop in Nedre Vats, which is located in the Vindafjord municipality.
After founding and selling several companies, including NOK 4 billion worth of Autostore, Hatteland has amassed considerable wealth and talent.
Today, the Hatteland family group, of which Jakob Hatteland himself owns around 40 percent, operates companies in Haugesund, Stavanger, Bergen, Oslo, as well as Malmö in Sweden and Leeds in England. Of course, the head office is in Nedre Vats.
FOUNDER SUCCESS: Jakob Hatteland started with few resources in 1971 at Nedre Vats, and has built a number of successful companies in the decades since.
Photo: Grethe Nygaard (Haugesunds Avis)
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Technology, infrastructure and maritime activity
The group has around 190 employees and saw a real increase in revenue in 2019: the annual accounts show that Jakob Hatteland’s revenue amounted to NOK 1.4 billion last year, and the group can see a pre-tax profit of NOK 927.6 millions.
The Hatteland group companies are engaged in IT, infrastructure and real estate related technology, as well as the development and sale of marine technology.
In the 2019 annual report, the board writes that positive growth in subsidiaries, as well as acquisitions of new companies, has helped the group increase revenue by 16% last year.
MILLIONAIRE: Jakob Hatteland hails from Nedre Vats in Vindafjord Township, which has 8,676 residents. This is where Hatteland has built company after company, and sold solid profits.
Photo: Harald Nordbakken (file) (Haugesunds Avis)
The Hatteland Group believes, despite a global pandemic, that turnover will be higher in 2020 than last year due to increased demand within the business areas in which the Hatteland Group operates.
The Hatteland group started operations in Poland and England last year, and will also start in other countries during 2020.
IT and digitization stocks have skyrocketed as a result of the corona pandemic, and Hatteland is well placed here as much of the products and businesses are tied to IT-related services. Therefore, in the short term, the Hatteland board is not concerned that the pandemic will significantly affect the group. But that can change quickly:
– In the long term, the risk lies mainly in the market position of the product and the possibility that competitors may offer similar products at a lower price. Additionally, one depends on growth in new markets and geographic areas to maintain growth plans going forward, the board writes and continues:
– Longer term, there is uncertainty about the consequences, but the board is particularly concerned about delayed investment decisions by potential clients that could reduce growth opportunities in the coming years.
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Huge Stock Gain
Hatteland sold Norway’s first “unicorn”, robotics technology company Autostore, for NOK 4 billion to the EQT acquisition fund in 2017. A “unicorn” is a start-up company valued at more than US $ 1 billion. EQT also sold Autostore to American THL Partners for $ 16 billion last year.
Hatteland has used the money from the sale of Autostore to invest in new technology, including data security, cloud services and software.
About 15 percent of 2019 turnover came from IT-related operations, while about 4 percent came from industrial production. The rest of the billing is made up of economic income and rental income.
Jakob Hatteland Holding held market shares worth NOK 1.7 billion in 2019, up from NOK 1.2 billion in 2018. In addition, the group held market bonds and other financial instruments worth a total of NOK 286 million.
In total, the group’s share capital increased from NOK 2.3 billion to NOK 3.2 billion during 2019.
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