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NOTE 3
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BUSINESS AREAS
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Ferd's segment reporting complies with IFRS 8. Ferd is an investment company, and the Company's management makes decisions and monitors and evaluates these decisions based on the development in value and fair value of the Company's investments. The operating segments are identified on the basis of investment type/mandate, capital and resource allocation and risk assessment. Ferd is operating the following five business areas:
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Ferd Capital is an active and long-term investor in privately owned and listed companies. This implies that Ferd Capital both consider when to invest or sell, and is working actively with the companies during the period of ownership to secure the development in value to be the best possible. Ferd Capital is exercising active leadership by cooperating with the companies' management and board . Those companies controlled by Ferd Capital are consolidated into the consolidated financial statements. Accordingly, the business area reporting in the consolidated financial statements comprises the consolidated results from these companies, together with the value changes and administration costs of the non-consolidated companies. The value of the investments and value changes are included in the company accounts of Ferd AS, where Ferd Capital reports an operating loss of MNOK 1 315. The value of Ferd Capital's portfolio constitutes MNOK 10 317 as at 31 December 2014 and MNOK 10 847s at 31 December 2013 measured at fair value.
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The investments comprise:
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- Elopak (100 percent stake) is one of the world's leading manufacturers of packaging systems for fluid food articles. With an organisation and cooperating partners in more than 40 countries, the company's products are sold and marketed in more than 100 countries.
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- Aibel (49 percent stake) is a leading supplier to the international upstream and gas industry concentrating on the Norwegian shelf. The company is engaged in operating, maintaining and modifying offshore and land based plants, and is also supplying complete production and processing installations.
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- TeleComputing (96 percent stake) is a leading supplier of IT services to small and medium-sized enterprises in Norway and Sweden. The company supplies netbased applications and customised operating and outsourcing services.
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- Interwell (58 percent stakel) is a preeminent Norwegian supplier of high-tech well tools to the international oil and gas industry. The company's most important market is the Norwegian shelf, but it has in recent years also gained access to several significant markets internationally.
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- Swix Sport (100 percent stake) is developing, manufacturing and marketing ski wax, ski sticks, accessories and textiles for sporting and active leasure time use. The company has extensive operations in Norway and abroad.
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- Mestergruppen (95 percent stake) is a prominent actor in the Norwegian building materials market concentrating on the professional part of the market. The company's operations include the sale of building materials and developing land and projects, housing and cottage chains.
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- Servi (100 percent stake). Servi develops and manufactures customer specific hydraulics systems, cylinders and vents to the offshore, maritime and land based industries.
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- Petroleum Geo-Services (10,1 percent stake). Petroleum Geo-Services (PGS) supplies seismology, electro-magnetic services and reservoir analyses to oil companies engaged in offshore operations all over the world.
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Ferd Invest mainly invests in listed Nordic limited companies. The ambition is to beat a Nordic share index, but the investment team is not focusing on allocations between countries and sectors or the content of the reference index (MSCI Nordic Mid Cap Index). Ferd Invest is only concerned with the companies in which they invest and their development.
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Ferd Special Investments (SI) has a wide mandate to make investments, but so far only hedge fund shares in the second-hand market have been purchased. SI makes investments where Ferd assumes there are opportunities within this niche.
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Ferd Hedge Fund invests in various types of hedge funds managed by hedge fund environments abroad. The aim is to achieve an attractive risk-adjusted return, both in absolute terms and relatively to the hedge fund index (HFRI FoF: Conservative Index).
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Ferd Real Estate is an active property investor responsible for the Group's efforts concerning property. Developments mainly take place within housing projects, new office buildings and warehouse/combined buildings. The projects are partly carried out in-house, partly together with selected external cooperating partners. Investments concerning financial property only are also made.
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Other areas mainly comprises investments in externally managed private equity funds that do no require much daily follow-up and therefore are monitored by management. Other areas also comprise some financial instruments to be utilised by management to adjust the total risk exposure. Costs to the company's management, staff and in-house bank are also included.
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Ferd Special Investments and Ferd Hedge Fund are invested in USD. Foreign currency effects on the investments are recognised in Other areas by using foreign currency derivatives.
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NOK 1 000
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Ferd AS Group
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Ferd Capital
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Ferd Invest
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Ferd Special Investments
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Ferd Hedge Fund
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Ferd Real Estate
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Other areas
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Result 2014
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Sales income
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13 127 697
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13 126 450
|
|
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1 247
|
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Income from financial investments
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599 704
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-1 291 897
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665 319
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145 705
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96 164
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78 267
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906 145
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Other income
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277 624
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32 206
|
|
|
48
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244 962
|
407
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Operating income
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14 005 025
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11 866 759
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665 319
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145 705
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96 213
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324 476
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906 552
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Operating expenses excl. depreciation and impairment
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11 924 012
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11 793 166
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8 694
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7 190
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8 248
|
36 779
|
69 935
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EBITDA
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2 081 013
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73 594
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656 625
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138 515
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87 965
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287 697
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836 617
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Depreciation and impairment
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645 898
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640 678
|
40
|
|
45
|
3 989
|
1 146
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Operating profit
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1 435 115
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- 567 084
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656 585
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138 515
|
87 920
|
283 708
|
835 471
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Income on investments accounted for by the equity method
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30 367
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33 211
|
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- 2 843
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Result before finance items and income tax expense
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1 465 482
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- 533 873
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656 585
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138 515
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87 920
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280 864
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835 471
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Statement of financial position 31 December 2014
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Intangible assets
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4 117 955
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4 116 955
|
|
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1 000
|
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Tangible assets and investment properties
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4 823 075
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2 166 416
|
|
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2 649 138
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7 521
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Investments accounted for by the equity method
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442 250
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312 318
|
|
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129 932
|
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Investments classified as current asset
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14 361 390
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1 438 482
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5 645 278
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1 898 430
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2 869 671
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348 035
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2 161 494
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Bank deposits 1)
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1 320 725
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1 520 642
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11 390
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- 35 300
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- 157 173
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- 178 796
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159 961
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Other assets
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5 819 700
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4 607 573
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3 770
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383 431
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146 700
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408 314
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269 912
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Total assets
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30 885 095
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14 162 386
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5 660 439
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2 246 562
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2 859 197
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3 357 622
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2 598 888
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1) The business area's net withdrawals from the bank accounts are included here.
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NOK 1 000
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Ferd AS Group
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Ferd Capital
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Ferd Invest
|
Ferd Special Investments
|
Ferd Hedge Fund
|
Ferd Real Estate
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Other areas
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Result 2013
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Sales income
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10 958 333
|
10 956 742
|
|
|
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1 591
|
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Income from financial investments
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2 950 881
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- 120 834
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1 489 658
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568 921
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196 366
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1 013
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815 756
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Other income
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141 334
|
26 258
|
|
|
|
114 396
|
680
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Operating income
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14 050 548
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10 862 166
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1 489 658
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568 921
|
196 366
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117 000
|
816 436
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Operating expenses excl. depreciation and impairment
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10 155 537
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9 998 504
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18 378
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21 367
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4 802
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33 485
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79 001
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EBITDA
|
3 895 010
|
863 663
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1 471 280
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547 553
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191 564
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83 515
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737 435
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Depreciation and impairment
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439 714
|
437 719
|
77
|
|
92
|
923
|
904
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Operating profit
|
3 455 296
|
425 944
|
1 471 203
|
547 553
|
191 472
|
82 592
|
736 531
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Income on investments accounted for by the equity method
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83 164
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29 067
|
|
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|
54 097
|
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Profit before finance items and income tax expense
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3 538 460
|
455 011
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1 471 203
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547 553
|
191 472
|
136 689
|
736 531
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Statement of financial position 31 December 2014
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Intangible assets
|
2 276 314
|
2 276 314
|
|
|
|
|
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Tangible assets and investment properties
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3 743 985
|
1 748 692
|
40
|
|
350
|
1 990 754
|
4 150
|
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Investments accounted for by the equity method
|
647 167
|
294 414
|
|
|
|
352 753
|
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Investments classified as current asset
|
15 064 922
|
2 651 290
|
4 985 020
|
2 008 553
|
2 227 204
|
13 592
|
3 179 263
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Bank deposits 1)
|
1 332 095
|
1 809 760
|
53 737
|
194 897
|
30 896
|
57 970
|
- 815 163
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Other assets
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4 310 855
|
3 852 716
|
941
|
145 238
|
24 917
|
245 610
|
41 434
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Total assets
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27 375 338
|
12 633 185
|
5 039 738
|
2 348 688
|
2 283 366
|
2 660 679
|
2 409 684
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1) The business area's net withdrawals from the bank accounts are included here.
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