Our companies are doing a good job balancing current performance with investments in innovation, particularly related to AI, to secure profitable long-term growth. In an increasingly competitive global environment, long-term success will depend on their ability to innovate faster, invest more effectively and successfully scale new technologies.
Investor's long-term success ultimately depends on our companies' ability to outperform global competition. As an engaged owner, we drive and support initiatives to achieve sustainable profitable growth through innovation, geographical expansion, operational excellence and structural changes.
Johan ForssellCEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 485,019m (SEK 634 per share) on December 31, 2019, an increase of SEK 29,098m, or 6 percent during the quarter. Total shareholder return amounted to 7 percent during the quarter, compared to 10 percent for the SIXRX return index. This means that for 2019, adjusted net asset value grew by 33 percent and total shareholder return amounted to 40 percent, compared to 35 percent for the SIXRX return index.
Listed Companies generated a total return of 9 percent. Investor purchased shares in ABB for SEK 1.0bn.
Based on estimated market values, the value of Patricia Industries, excluding cash, decreased by 3 percent, negatively affected by multiple contraction.
Pro forma sales growth for the major subsidiaries amounted to 9 percent, of which 2 percent organic in constant currency. Reported EBITA grew by 3 percent. Adjusting for items affecting comparability, EBITA grew by 6 percent. Total distributions and exit proceeds to Patricia Industries amounted to SEK 6.8bn.
Within Patricia Industries, Laborie and Piab announced the strategically important acquisitions of Clinical Innovations and TAWI Group respectively.
The value of our EQT investments increased by 9 percent, driven by strong share price performance in EQT AB, while the value of our fund investments (reported with a one-quarter lag) was essentially flat. Net cash flow to Investor amounted to SEK 2.7bn.
Leverage (net debt/reported total assets) was 2.8 percent as of December 31, 2019 (6.1 as of December 31, 2018).
The Board of Directors proposes a dividend per share of SEK 14.00 (13.00), to be paid in two installments, SEK 10.00 in May, 2020 and SEK 4.00 in November, 2020.
Investor had a strong quarter with adjusted net asset value growth of 8 percent. EQT AB was successfully listed on NASDAQ Stockholm and our subsidiaries reported high earnings growth. In the current macroeconomic environment, our focus is on securing agility in our companies and maintaining financial flexibility at Investor.
Johan ForssellCEO of Investor
Highlights
Adjusted net asset value (NAV)* amounted to SEK 455,921m (SEK 596 per share) on September 30, 2019, an increase of SEK 34,319m, or 8 percent during the quarter. Total shareholder return amounted to 8 percent during the quarter, compared to 2 percent for the SIXRX return index.
Listed Companies generated a total return* of 2 percent. Shares in ABB were purchased for a total SEK 1.3bn.
Based on estimated market values, the value of Patricia Industries, excluding cash, increased by 13 percent.
Pro forma sales growth for the major subsidiaries amounted to 14 percent, of which 6 percent organic in constant currency. Reported EBITA grew by 33 percent. Adjusting for material items affecting comparability, EBITA grew by 22 percent. Mölnlycke’s organic sales growth amounted to 7 percent in constant currency.
EQT AB was successfully listed on NASDAQ Stockholm. As of September 30, 2019, the value of our holding in EQT AB amounted to SEK 15 bn. Adding our investments in EQT funds, our total investments in EQT amount to SEK 37bn.
Leverage* (net debt/reported total assets) was 4.6 percent as of September 30, 2019 (6.1 as of December 31, 2018).
Interim Report January-June 2019
Our total shareholder return was 9 percent during the second quarter. All business areas reported good value growth. The combined operating profit in the subsidiaries grew at a healthy pace. After the end of the quarter, significant divestments were made within Patricia Industries.
Johan ForssellCEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 421,603m (SEK 551 per share) on June 30, 2019, an increase of SEK 24,658m, or 6 percent during the quarter. Total shareholder return amounted to 9 percent during the quarter, compared to 7 percent for the SIXRX return index.
Listed Companies generated a total return of 6 percent. Shares in ABB were purchased for a total of SEK 2bn.
Based on estimated market values, the value of Patricia Industries, excluding cash, increased by 6 percent.
Pro forma sales growth for the major subsidiaries amounted to 10 percent, of which 2 percent organic in constant currency. EBITA grew by 16 percent. Mölnlycke’s organic sales growth amounted to 5 percent in constant currency.
In total, Mölnlycke, Permobil and Three Scandinavia distributed SEK 2.1bn to Patricia Industries.
Within Patricia Industries’ Financial Investments, the holding in NS Focus was fully exited. As of June 30, 2019, proceeds were yet to be received and hence not included in Investor’s cash position. In total, expected proceeds from recently made divestments of financial investments, still to be included in Investor’s cash position, exceed SEK 2bn.
The value of Investor’s investments in EQT increased by 8 percent in constant currency. Net cash flow to Investor amounted to SEK -615m. The negative cash flow to Investor is entirely explained by transactions related to the simplification of EQT AB’s ownership structure.
Leverage (net debt/reported total assets) was 5.5 percent as of June 30, 2019 (6.1 as of December 31, 2018).
Interim Management Statement January-March 2019
During the quarter, our total return was 11 percent. Our major subsidiaries reported strong earnings growth of 27 percent. Longer-term, it is important that our companies use new technologies to provide significant value to customers and to contribute to an improved sustainable development. Our companies are working hard to capture the attractive opportunities that this offers.
Johan ForssellCEO of Investor
Highlights
Adjusted net asset value amounted to SEK 406,892m (SEK 532 per share) on March 31, 2019, an increase of SEK 34,887m, or 9 percent during the quarter. Total shareholder return amounted to 11 percent during the quarter, compared to 13 percent for the SIXRX return index.
Listed Core Investments generated a total return of 10 percent.
Based on estimated market values, the value of Patricia Industries, excluding cash, increased by 7 percent during the quarter.
Pro forma sales growth for the major subsidiaries amounted to 16 percent, of which 3 percent organic in constant currency. EBITA grew by 27 percent. Mölnlycke’s organic sales growth amounted to 4 percent in constant currency.
The value of Investor’s investments in EQT increased by 6 percent in constant currency. Net cash flow to Investor amounted to SEK 740m.
Leverage (net debt/reported total assets) was 5.3 percent as of March 31, 2019 (6.1).
Presentations archive
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Presentation Q4 2016
Presentation Q3 2016 och presentation av Permobil
Presentation Q2 2016
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Strategy and business model
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