Letter from the CEO
In 2022 the world again experienced upheavals that have left deep scars and have put values to the test. Not just financial values, but also fundamental universal values such as trust, collaboration and security. This was particularly evident to the 151 employees at Elopak’s production facility in Ukraine, and the 185 employees at Elopak’s business in Russia which the company had to dispose of in 2022.
These bleak times affect all of us, and also challenge Ferd and our people. We can see examples of both small and major consequences of these uncertain times throughout the Ferd group. Our people at Fjord Line have seen the global pandemic succeeded by a global energy crisis which has multiplied fuel prices several times over. Uncertainty has also had an impact on Brav and Mestergruppen, where accelerating inflation and the outlook for slower economic growth mean that customers have to be more cautious in their spending priorities.
Ferd is committed to ensuring we will always be able to support our companies through challenging periods.
Ferd is committed to ensuring we will always be able to support our companies through challenging periods. Following several years of positive development for the group, we now have the skilled people, robust systems and available capital that are needed to support and continue to develop both our companies and our people. Ferd’s team of over 70 employees has played a crucial role in dealing with one of the most challenging periods we have seen in recent times.
Ferd is a major owner in over 18 leading Nordic companies that have over 20,000 employees in total. The overall return for 2022 was minus 9.1%. This was much better than had been feared in the extremely turbulent market conditions seen in 2022 in both the Nordic countries and internationally, and we are well equipped to cope with this outturn. The group’s financial condition is solid.
The strength we have seen in our employees and portfolio companies throughout the group, is being taken forward into 2023.
On the positive side, several parts of the group’s activities did create significant value over the course of 2022. This was achieved through our ability and willingness to identify and take advantage of opportunities. We have supported the initiative of people and companies who in a bold way have dared to make use of uncertain times to strengthen long-term positions and competitiveness. Through the acquisition of PTC, Interwell gained an even stronger position as a technology supplier that offers both greater efficiency and reduced risk for dealing with damaging climate events in the energy sector. Aibel continues to expand with new green energy projects and has a record-high order book, particularly in offshore wind projects. Through Ferd Social Entrepreneurs we are creating social value, and we hope that our Oslo Initiative will help to reduce social inequality in our capital city.
For almost 175 years, Ferd and Ferd's owners have stood for long-term Norwegian ownership.
The strength we have seen in our employees and portfolio companies throughout the group, is being taken forward into 2023. We will continue to seek out opportunities for energy transformation, developing consumer-oriented companies and niche tech companies, as well as opportunities within real estate and the seafood industry. We believe that combined focus and collaboration between society, the authorities and business is absolutely crucial in order for Norway to protect its position in the industries where we are world leading and not to miss out on the ability and opportunities to develop new industries.
…. when we and the world are put to the test our vision is an unconditional guide: We will create enduring value and leave clear footprints.
For almost 175 years, Ferd and Ferd’s owners have stood for long-term Norwegian ownership. It is particularly when the outlook is at its bleakest, and we and the world are put to the test, that our vision is an unconditional guide: We will create enduring value and leave clear footprints.
Morten Borge
CEO
