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Annual Report 2019

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Annual Report 2019 ANNUAL REPORT 2019 • Key figures • Letter from the CEO • Financial Statements Ferd Holding AS • Board of Director's Report • Financial Statements Ferd AS • Financial Statements Ferd AS Group WE WILL CREATE ENDURING VALUE AND LEAVE CLEAR FOOTPRINTS KEY FIGURES 2015 2016 2017 2018 2019 NOK bn Value-adjusted equity Value-adjusted equity 26,6 28,8 32,3 31,4 35,0 Return on equity value-adjusted 8% 9% 13% -2% 12% Liquidity Cash and cash equivalents 11,9 11,9 11,5 12,1 12,8 LETTER FROM THE CEO In a constantly changing world, being able to adapt and our investment in Scatec Solar with a strong gain following innovate is crucial for success. The challenges posed today an ownership period of four years during which time the by climate change require real changes to be made by most company has grown strongly. Other companies in the industries, companies and individuals, as well as by Ferd as portfolio were weaker in 2019, with XXL’s share price falling an investor. In 2017 we put sustainability clearly on our significantly over the course of the year, for example. We agenda, both at the group level and within all our business are closely monitoring the demanding period in which the areas. We now carry out a comprehensive sustainability sports industry finds itself in. In 2019 a Ferd representative assessment when making any investment decision. For us, was appointed to the Board of Directors of the UK listed the question concerns not only today's business models, but company Benchmark Holdings, and we are now working also how we as an active owner can help the companies actively to develop the company into a leader in fish health. with which we are associated to make good long-term and sustainable decisions. Although meaningful progress has been made, there is room for further development, and we Ferd Invest delivered a return of 10% in 2019, which is a will continue to challenge ourselves in relation to how we good performance in absolute terms but significantly below can integrate sustainability into all our activities in a more the Nordic benchmark that it aims to outperform. We systematic and active way. appointed a new team in 2019 and are really pleased to have attracted two very experienced employees who are a good fit with Ferd. They have developed a new strategy for delivering sound results over time from their investment The challenges posed today by climate change require real mandate for Nordic stock markets. changes to be made by most industries, companies and individuals, as well as by Ferd as an investor With a combined return of 14% in USD terms, Ferd External Managers performed strongly. The returns achieved by the Global Equity (equity funds and equity hedge funds) and the Global Fund Opportunities (illiquid niche funds) mandates were particularly strong, with both returning over 20%. We Ferd achieved robust results in strong markets in 2019, increased our exposure to Asia in 2019 with additional generating a combined return of 12%. I am pleased to investment of NOK 250 million in five equity funds. In report that all our business areas delivered a return in addition to broadening our geographic exposure, we will excess of 10%, although just as important is the rotate the portfolio going forward toward greater equity underlying work and how we as an owner and partner capital exposure. contribute over time to the long-term development of our companies and business areas. With a number of exciting projects in both residential and commercial real estate, 2019 was an active year for Ferd Real Estate. The return for the year was nearly 18%, which is yet another strong result for the area. Ferd Real Estate Ferd achieved robust results in strong markets in 2019, has for a long time been clearly focused on sustainability generating a combined return of 12%. I am pleased to when designing new projects. Examples of this include the report that all our business areas delivered a return in focus on green transportation that was adopted for the excess of 10% area’s office building at Brynsveien 14 and our use for the first time of a green financing product for a newly built office building, Asker Tek. In Ensjø, the project to transform the former industrial area The privately owned companies in Ferd Capital’s portfolio into a residential neighbourhood is in its final stage, and made good underlying progress. The combined operating Ferd and its partners have together now built 1,350 homes profit of these companies grew for the fourth year in a row, in Tiedemannsbyen. Going forward, our ambition is to make and in 2019 exceeded NOK 3 billion for the first time. Fjord even more use of Ferd’s position in order to make an even Line and Interwell were once again two of the companies clearer contribution to sustainable urban development. A that made the biggest contribution to this improvement in major opportunity to do just this is the NRK site in earnings. It was also particularly exciting to see Aibel Marienlyst, which is a project that received a great deal of strengthen its position in offshore wind. Mestergruppen attention at Ferd in 2019. Ferd has dedicated considerable continued its journey to becoming one of the leading effort and resources to this, and we are proud to have been building materials groups in the Nordic region, and in 2019 chosen to develop Marienlyst into an even more creative it entered the Swedish market through its acquisition of XL- and inclusive district of Oslo. We are looking forward to BYGG. We invested in Simployer (previously Infotjenester), starting this exciting work and will work hard to ensure that a private HR technology company that offers organisations the LYST project becomes a great place to live, work and expertise and solutions for managing and developing visit. employees through decision support, HR systems and training. We are looking forward to working with Simployer to help ensure it is even better equipped for growth and We are proud to have been chosen to develop Marienlyst development. into an even more creative and inclusive district of Oslo In 2019 we expanded our focus onto impact investing, which is to say investing in early phase companies and Ferd Capital’s investments in listed companies showed a funds with commercial potential that also have a positive mixed performance. In December 2019 we decided to sell impact in terms of the UN’s Sustainable Development Overall, I am very satisfied with Ferd’s progress. Our 2019 Goals. Towards the end of the year we made an exciting results were robust but in line with expectations given the platform investment in Antler, a global venture capital fund strength of financial markets last year. What I am that specialises in impact start-ups. Going forward, we will particularly pleased to see is the underlying progress made make more investments in this segment, either by investing by many of our companies, as well as the ability of Ferd as in funds or through other types of partnership, primarily in an organisation to renew itself. We are now stronger and a renewable energy, aquaculture and real estate technology. more future-oriented organisation, we have significant financial capacity, and we are ready to make new In 2019 Ferd Social Entrepreneurs (FSE) celebrated the investments and to exercise active ownership in our tenth anniversary of the SosEnt conference, which this time companies in a sustainable way. addressed the topic of social impact contracts. Social impact contracts are a new financing model that makes it possible to test out new solutions through collaborations between the public sector, investors and social entrepreneurs, and they are an important tool for social innovation. FSE, Trygg av Natur and Lier Municipality signed an impact contract in 2019 which aims to increase the life skills of lower secondary school students. In 2019 Ferd made a number of equity investments where Ferd’s expertise as an active owner will benefit the social entrepreneurs concerned. FINANCIAL STATEMENTS FERD HOLDING AS 2019 THE BOARD OF DIRECTORS’ REPORT FERD HOLDING The Company’s business is to be a holding company and to invest in shares. The Company’s main office is in Bærum municipality. Pursuant to the Norwegian Accounting Act section 3-3a, we confirm that the financial statements have been prepared on the going concern assumption. On the balance sheet date, 31 December 2019, there were only a limited number of cases of unknown virus reported to the WHO (World Health Organization), and there were no known cases where the virus was transmitted between humans. The WHO declared the corona outbreak as a global public health crisis on 30 January 2020 and as a global pandemic on 11 March 2020. The subsequent spread of the virus did not provide new information on conditions that existed on the balance sheet date on 31 December 2019. These are therefore events which, according to the standards, shall not have an accounting consequence for recognition and measurement in the 2019 annual accounts. The Company has implemented a policy securing that there shall be no gender discrimination. There are no employees in the Company. The Company’s Board comprises 4 men and 1 woman. The Company’s effect on the external environment is considered insignificant. For comments to Ferd’s results, please refer to Ferd.no Comments to Ferd Holding AS’ financial statements Write down of the shares in Ferd AS from 2018, NOK 1 067 280 000, has been reversed as of 31 December 2019. In the Board’s opinion, the financial statements give a fair view of Ferd Holding AS’ assets and liabilities, financial position and result.
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