The Smedvig family-owned investment company is run by Anna Smedvig and manages huge assets. From the annual accounts for 2022, the company appears to have assets equivalent to NOK 14.2 billion, up less than NOK 2 billion from last year.
The company also made an operating profit of NOK 407.9 million in 2022. This is a marked decrease from 2021, when operating profit was calculated at more than NOK five billion.
The big difference between the two years is due to the fact that 2021 was an extraordinarily good accounting year rather than 2022 being a bad year. The sale of the Green Mountain subsidiary meant that the group could receive a profit of NOK 4.5 billion, which contributed to an unusually strong financial year.
– The past year passed almost as expected, judging by the development of the market that was. We have a very international portfolio that very much follows the market,” says managing director Odd Torland of DN.
The group states in its annual accounts that it earned NOK 366 million from the sale of securities in 2022.
The price/earnings portfolio has shrunk
Torland further says that Smedvig has a long-term investment strategy and is well diversified across a number of sectors and countries. The majority of investments are made in unlisted companies, the so-called private equity, as well as some external funds. The reason for this is that the company wants to actively influence the companies it owns.
Turland says so private equityThe portfolio saw a slight decrease in 2022.
– Our illiquid portfolio of private equity and properties, a slight negative development in 2022. This is mainly due to significant write downs that impacted the outcome, Turland says.
From the notes on the accounts, it is stated that many of the company’s subsidiaries in the real estate group were affected by the war in Ukraine.
“The war in Ukraine has reduced access to raw materials and greatly increased prices for energy and building materials, among other things,” one can read from the accounts. Furthermore, operations in 2023 appear to have been positively affected by the stock market downturn in 2023.
Torland doesn’t seem to worry too much about the short-term fluctuations in financial markets.
We are market investors with a relatively liquid portfolio. He says we have a long-range approach and don’t do much in tactical customization.
One of Norway’s richest women
Anna Margaret Smedwig took over the management of the family fortune after her father, Peter T. Smedvig about six years ago. Paternal sister Heurdes Kluge Smedvig and daughter Julie Smedvig Haagland own about 20 percent of the value in the family business. This means that Anna Margrethe Smedvig is one of Norway’s richest women.
The Smedvig family’s investments are distributed private equity– Money and liquid investments in stock funds, hedge funds, cash, property and direct private equitySimilar investments.
In the Stavanger region, the company owns real estate worth billions.(conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We’d like you to share our statuses using links that lead directly to our pages. Reproduction or other use of all or part of the Content may be made only with written permission or as permitted by law. For more terms see here.
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