The second half of 2022 was more stable, and several investments recovered some of the value decline from the first half of the year. Elopak, which is Ferd’s largest listed investment, rose 54 per cent in value in the second half of the year and ended up with a full-year value decline of 4.5 per cent.

Ferd’s value-adjusted equity at the end of 2022 has been calculated to be NOK 43.0 billion (NOK 48.0 billion on 31 December 2021). The return on value-adjusted equity for Ferd was minus 9.1 per cent in 2022. The return expressed in NOK, after adjusting for dividend payments to the company’s owners, was minus NOK 4.4 billion.

More information is available in our summary of 2022, available here.