|
NOTE 3
|
SEGMENT REPORTING
|
|||||
|
Ferd's segment reporting complies with IFRS 8. Ferd is an investment company, and the Company's management makes decisions, monitors and evaluates these decisions based on the development in value and fair value of the Company's investments.
|
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|
Ferd has four commercial business areas:
|
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|
Ferd Capital is a long-term investor working actively with the companies during the period of ownership to secure the development in value to be the best possible. Ferd Capital comprises three mandates: Private companies, public companies and Special Investments.
|
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|
Those companies where Ferd Capital has control, are consolidated into the group accounts, and the segment reporting in the consolidated financial statements consequently comprises the consolidated results from these companies, in addition to value changes and management costs on non-consolidated companies and other investments. The value of the investments and the value changes are included in Ferd AS' company accounts, where Ferd Capital reports MNOK 1 788 in operating profit. The value of Ferd Capital's portfolio constitutes MNOK 13 515 at 31 December 2016 and MNOK 10 616 at 31 December 2015 measured at fair value.
|
||||||
|
Ferd Capital's largest investments as of 31 December 2016 are:
|
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|
- Elopak (100.0 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.
|
||||||
|
- Aibel (49.4 percent stake) is a leading supplier to the international upstream oil 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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|
- Interwell (58.1 percent stake) 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 (100.0 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.
|
||||||
|
- Mestergruppen (78.4 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 (99.5 percent stake) develops and manufactures customer specific hydraulics systems, cylinders and vents to the offshore, maritime and land based industries.
|
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|
- Fjord Line (44.6 percent stake) is a modern shipping company offering sea transport between Norway, Denmark and Sweden. In addition to passenger traffic, Fjord Line has adequate capacity for freight of all types of utility vehicles handled by the shipping company's cargo departments in Norway and Denmark.
|
||||||
|
- Petroleum Geo-Services (10.6 percent stake) supplies seismology, electro- magnetic services and reservoir analyses to oil companies engaged in offshore operations all over the world.
|
||||||
|
- Scatec Solar (12.5 percent stake) develops, builds, owns and operates solar energy plants all over the world.
|
||||||
|
- Benchmark Holdings (11.1 percent stake) contributes to improving fish health within fish farming by manufacturing special meal, roe and vaccines.
|
||||||
|
Ferd Invest mainly invests in listed Nordic limited companies. The ambition is to beat a Nordic share index (the MSCI Nordic Mid Cap Index). The investment team is not focusing on the reference index in the management of the portfolio, but concentrates on the companies in which they invest and their development.
|
||||||
|
Ferd Hedge Fund has two mandates: Hedge funds investing in various types of hedge funds managed by external hedge fund environments. 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). In the Global Fund Opportunities mandate (GFO), Ferd Hedge Fund can invest in externally managed opportunities not suitable for the hedge funds portfolio.
|
||||||
|
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 comprise investments in externally managed private equity funds and hedge funds acquired in the second-hand market. 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.
|
||||||
|
NOK 1 000
|
Ferd AS Group
|
Ferd Capital
|
Ferd Invest
|
Ferd Hedge Fund
|
Ferd Real Estate
|
Other areas
|
|
Result 2016
|
||||||
|
Sales income
|
14 185 117
|
14 184 120
|
-
|
-
|
997
|
-
|
|
Income from financial investments
|
76 357
|
196 203
|
- 523
|
-59 429
|
-8 070
|
-51 823
|
|
Other income
|
760 980
|
25 534
|
-
|
-
|
731 512
|
3 934
|
|
Operating income
|
15 022 454
|
14 405 857
|
- 523
|
-59 429
|
724 439
|
-47 889
|
|
Operating expenses excl. depreciation and impairment
|
13 402 215
|
13 211 083
|
11 302
|
13 833
|
73 609
|
92 388
|
|
EBITDA
|
1 620 239
|
1 194 773
|
-11 825
|
-73 262
|
650 830
|
-140 277
|
|
Depreciation and impairment
|
659 037
|
653 677
|
-
|
-
|
4 032
|
1 328
|
|
Operating profit
|
961 202
|
541 096
|
-11 825
|
-73 262
|
646 797
|
-141 605
|
|
Income on investments accounted for by the equity method
|
56 613
|
57 065
|
-
|
-
|
- 452
|
-
|
|
Result before finance items and income tax expense
|
1 017 815
|
598 162
|
-11 825
|
-73 262
|
646 346
|
-141 605
|
|
Balance sheet as at 31 December 2016
|
||||||
|
Intangible assets
|
3 802 321
|
3 802 321
|
-
|
-
|
-
|
-
|
|
Tangible assets and investment properties
|
4 893 835
|
2 086 093
|
-
|
-
|
2 801 037
|
6 706
|
|
Investments accounted for by the equity method
|
551 317
|
386 488
|
-
|
-
|
164 830
|
-
|
|
Investments classified as current assets
|
16 258 553
|
4 211 231
|
5 262 505
|
3 707 612
|
478 330
|
2 598 875
|
|
Bank deposits 1)
|
1 628 513
|
1 219 606
|
12 031
|
-67 344
|
-83 647
|
547 868
|
|
Other assets
|
7 187 421
|
5 084 474
|
8 501
|
142 972
|
1 720 357
|
231 117
|
| Total assets |
34 321 961
|
16 790 212
|
5 283 037
|
3 783 240
|
5 080 906
|
3 384 566
|
|
1) The business area's net withdrawals from the bank accounts are included here.
|
||||||
|
NOK 1 000
|
Ferd AS Group
|
Ferd Capital
|
Ferd Invest
|
Ferd Hedge Fund
|
Ferd Real Estate
|
Other areas
|
|
Result 2015
|
||||||
|
Sales income
|
12 912 698
|
12 910 948
|
-
|
-
|
1 750
|
-
|
|
Income from financial investments
|
1 985 920
|
-177 017
|
1 419 511
|
144 773
|
119 783
|
478 870
|
|
Other income
|
315 246
|
34 665
|
60
|
- 143
|
278 272
|
2 392
|
|
Operating income
|
15 213 863
|
12 768 596
|
1 419 571
|
144 630
|
399 804
|
481 262
|
|
Operating expenses excl. depreciation and impairment
|
12 132 631
|
11 996 794
|
9 181
|
11 503
|
46 843
|
68 310
|
|
EBITDA
|
3 081 232
|
771 802
|
1 410 390
|
133 127
|
352 961
|
412 952
|
|
Depreciation and impairment
|
773 269
|
770 004
|
-
|
68
|
2 153
|
1 045
|
|
Operating profit
|
2 307 964
|
1 798
|
1 410 390
|
133 060
|
350 809
|
411 907
|
|
Income on investments accounted for by the equity method
|
34 548
|
37 442
|
-
|
-
|
-2 894
|
-
|
|
Result before finance items and income tax expense
|
2 342 512
|
39 240
|
1 410 390
|
133 060
|
347 915
|
411 907
|
|
Balance sheet at 31 December 2015
|
||||||
|
Intangible assets
|
3 153 719
|
3 153 719
|
-
|
-
|
-
|
-
|
|
Tangible assets and investment properties
|
4 411 259
|
2 057 210
|
-
|
-
|
2 346 947
|
7 102
|
|
Investments accounted for by the equity method
|
494 635
|
338 967
|
-
|
-
|
155 668
|
-
|
|
Investments classified as current assets
|
15 652 095
|
2 031 641
|
6 218 513
|
3 887 561
|
460 530
|
3 053 850
|
|
Bank deposits 1)
|
1 852 737
|
1 175 613
|
53 061
|
41 352
|
173 494
|
409 217
|
|
Other assets
|
6 674 347
|
5 963 617
|
27 259
|
19 946
|
326 031
|
337 495
|
|
Total assets
|
32 238 792
|
14 720 767
|
6 298 833
|
3 948 858
|
3 462 670
|
3 807 664
|
|
1) The business area's net withdrawals from the bank accounts are included here.
|
||||||