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Midelfart Holding as was a money-making machine for the two sisters and heirs of cosmetics importer Finn-Erik Midelfart. In the years 2013-2017, the investment company made a total profit of more than NOK 400 million, mostly after earning significant amounts at the Acano video conferencing company in 2015.
After the sisters split Midelfart Holding and parted ways in 2018, the results in their separate new companies have also gone in different directions. Up for Hermine, down for Celina.
I’m stung by the oil recession
The annual accounts of Celina Midelfart’s wholly owned investment company, Midelfart Capital as, show a pre-tax loss of just over NOK 24 million in 2019. This loss follows an even weaker 2018, when the company had a loss of NOK 85 million before tax. The company invests primarily in Norwegian and foreign securities.
– 2019 and 2020 will be characterized by a significant depreciation in the part of my portfolio that goes towards oil and energy, writes Celina Midelfart in an email to DN.
She notes that the reduction in demand and the collapse of the oil price in the wake of the crown outbreak, combined with the fact that investors have turned their attention to companies that focus on sustainable and responsible investments in general, and on Renewable energies in particular have contributed to great losses for her.
– Both Yara, which in my opinion still has a very solid and positive development, as well as our work and expansion with the consumer bank Avida, with KKR as the main owner sophisticated and strong in capital, we hope to contribute positively in the future, writes and refers to the US investment fund. this winter it was owned by Swedish consumer loan bank Avida.
Before Midelfart ends:
– You live and you learn.
Affected by corona
In the annual report dated July 10 this year, he also expresses concern about future prospects:
“The company, like many others, has been affected by the covid-19 outbreak. According to the board’s assessment, Midelfart Capital as will be affected by significant fluctuations in the stock market. At the time of presentation of the financial statements, it is not yet possible to make a reliable estimate of the consequences that this outbreak will have for the financial situation of the company ”.
The company still has a solid capital of more than 500 million crowns, and sole owner Celina Midelfart will earn a dividend of NOK 32 million last year, up from zero dividends in 2018.
Hermine Midelfart’s investment company turned a loss to earnings last year. Here from a regular guest event at the Theater Café in 2013. (Photo: Ida von Hanno Bast)
Significant uncertainty
For older sister Hermine Midelfart, the arrows have so far pointed in a different direction after the split. The pre-tax result at the investment firm Pescara as shows a pre-tax profit in 2019 of just over NOK 53 million, compared to a loss of NOK 32 million the previous year. First, it is realized and unrealized gains on securities that contribute to the 2019 profit.
– I was quite satisfied with last year. A diversified portfolio consistently gave a reasonably good performance in 2019. Of course, it has been a very special and uncertain year so far in 2020, but despite that, the company can also make a positive contribution this year, writes Hermine Midelfart in sms to DN.
The company’s registered capital has increased from NOK 422 million to NOK 603 million in the last year. However, Hermine Midelfart also expresses her concern about the ongoing pandemic in the annual report that was signed on May 28 this year.
“The coronavirus outbreak has created a significant slowdown in business. Uncertainty is very high relative to the depth of the recession in the Norwegian and international economy. Authorities in Norway and internationally are launching ongoing crisis packages to help the business community in a very critical period. When presenting the annual accounts, there is great uncertainty associated with the effects of the virus outbreak, in the short and long term. The board of directors recognizes that it can also affect the activity in the company “, it is indicated in the report to Pescara as.
Hermine Midelfart received no dividends from the company last year, but in 2018 she earned NOK 20 million in dividends.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content may only be done with written permission or as permitted by law. For more terms, see here.
