Preliminary summary 2023
2023 became a year that tested the adaptability and resilience of our portfolio. However, the activity level at Ferd remained high. We supported and assisted the companies in our portfolio and we actively worked to create value beyond an economic perspective. We will continue to develop Ferd and the people who work with us, so that we can strengthen our position as a responsible and value-creating owner.
Ferd’s value-adjusted equity totalled NOK 45.8 billion as at 31 December, up from NOK 43.0 billion as at 31 December 2022. In total, Ferd achieved a return on value-adjusted equity of 8.6 percent. After adjusting for the NOK 893 million in dividend paid to Ferd’s owners, the return in NOK terms was NOK 3.7 billion. The return on Ferd Capital’s combined portfolio was 9.1 percent. For the privately owned investments there was a positive return of NOK 1.2 billion, representing 7.0 percent. The portfolio of listed investments had a return of NOK 0.9 billion, or 9.9 percent. Ferd’s return on its real estate portfolio was minus 1.9 percent, as a result of increase in yield for commercial real estate and somewhat higher expected future construction costs for the commercial and residential real estate projects. Ferd External Managers generated a total return of 12.4 percent (in USD terms) on its mandates. Measured in NOK, the return was 16.5 percent, primarily as a result of the weakened krone against the USD. The Norwegian krone weakened against EUR, USD and SEK during 2023 which contributed with 1.4 percent of Ferd’s overall return.
More information is available in our summary of 2023, available here.