We made some changes to Ferd’s organisational structure in 2012 in order to strengthen further the way we work as a team, which is one of Ferd’s most important comparative advantages.

In autumn 2012, Johan decided to move to the role of Chairman of Ferd's board of directors. In conjunction with this, I was appointed Chief Executive Officer, becoming the first person from outside the family to fill this position.
Over the past 15 years of Johan’s leadership, Ferd has developed into a large and well-diversified company with sizeable ownership interests in many companies and a significant scale of financial investments. It is in many ways a natural consequence of Ferd’s current size and position that the family now intends to exercise its ownership interest through the board of directors rather than through the day-to-day management of the company's activities.
The company could scarcely have been in better shape at the start of my time as CEO. The return on Ferd’s value adjusted capital in 2012 was 23%, making this the third best annual return since Ferd was established in 2001, and significantly better than all the benchmarks with which we might naturally compare our performance. The company's solidity and liquidity have never been better, and all the group's activities made a good contribution to profit in 2012.

Our way of thinking at Ferd emphasises a very considered approach to what types of risk and level of exposure we take on in our activities. Ferd’s risk exposure must always be consistent with the owner's wishes and preferences. One of Ferd’s particular strengths is that Johan expresses his approach to risk very clearly and consistently. This means that our risk targets are firmly anchored, and we are prepared for major fluctuations in the markets in which we operate. We made good use of our risk capacity over the course of 2012, and significant disposals at the end of 2012 and the start of 2013 have given us significant new investment capacity.

In addition to good risk management, Ferd is very dependent on having a competent organisation that works well as a team with the shared objective of furthering Ferd’s overall interest. We have over recent years developed a team of highly competent colleagues. We made some changes to Ferd’s organisational structure in 2012 in order to strengthen further the way we work as a team, which is one of Ferd’s most important comparative advantages.

A highlight of 2012 was the partnership we entered into with the Swedish investment company Ratos as the owners of Aibel.

A highlight of 2012 was the partnership we entered into with the Swedish investment company Ratos as the owners of Aibel. Ferd’s ownership interest in Aibel, which dates back to 2007, provides a good illustration of what we mean by active and long-term ownership. When Aibel needed additional capital in autumn 2008, Ferd was both willing and able to recapitalise the company despite the particularly difficult conditions in the markets at that time. Throughout the turnaround operation in 2008/2009, which was essential for Aibel’s future, Ferd supported the company with management resources. Over the course of the very successful performance that Aibel has achieved in more recent years, Ferd has continued to be a supportive and active owner. In autumn 2012, Ferd played a lead role in developing a new ownership structure for Aibel, which resulted in the current ownership by Ratos and Ferd as equal partners. I believe that this kind of partnership model may also be a very good way to realise many other investment opportunities in the future.

With Ferd’s financial resources at the start of 2013 and our team of highly competent colleagues, I am very confident that we can look forward to many attractive investment opportunities. Having an actively involved owner and a very committed board of directors is crucial for ensuring that we set our sights at the right level and that we maintain the highest standards of quality in every aspect of our activities. I have high expectations for the future as I take on my new responsibility to lead Ferd’s development over the coming years, but I also take on this challenge with what I hope is a healthy degree of humility.