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.
I am impressed by the management teams in our companies and the way they have handled a challenging year. They have stayed close to their customers, while quickly adapting their operations. I also believe that our companies have done an excellent job in balancing necessary cost reductions with continuation of prioritized investments to future-proof the businesses and emerge as long-term winners.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 537,358m (SEK 702 per share) on September 30, 2020, an increase of SEK 46,408m, or 9 percent, with dividend added back, during the quarter. Total shareholder return amounted to 19 percent during the quarter, compared to 13 percent for the SIXRX return index.
Listed Companies generated a total return of 7 percent.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 18 percent (16 percent including cash), driven by multiple expansion and higher earnings (adjusted for items affecting comparability in Sarnova).
Sales growth for the major subsidiaries amounted to 2 percent, of which 5 percent organic in constant currency. Reported EBITA declined by 1 percent, while adjusted EBITA grew by 7 percent.
Mölnlycke reported organic sales growth of 29 percent in constant currency, mainly driven by covid-19 related sales of personal protective equipment. This positive impact is expected to remain during the fourth quarter and into 2021, although to a lesser extent. Underlying organic growth was solid in both business areas and the EBITA-margin was in line with last year.
Patricia Industries announced the acquisition of Advanced Instruments, the global leader in instrumentation and consumables for osmolality testing, for USD 780m in enterprise value.
The value of our EQT investments increased by 3 percent. Net cash flow to Investor amounted to SEK 0.3bn.
Leverage (net debt/reported total assets) was 4.7 percent as of September 30, 2020 (2.8 as of December 31, 2019). Gross cash amounted to SEK 14,395m and the average maturity of Investor AB's debt portfolio was 10.3 years on September 30, 2020.
Interim Report January-June 2020
While covid-19 has had a severe impact on people and the global economy, it has also given us insights to build upon. Furthermore, the pandemic has accelerated the already strong trends of digitalization, automation and integration of sustainability into business operations. We will support our companies in capturing these opportunities.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 490,950m (SEK 641 per share) on June 30, 2020, an increase of SEK 59,920m, or 14 percent, with dividend added back, during the quarter. Total shareholder return amounted to 9 percent during the quarter, compared to 17 percent for the SIXRX return index.
Listed Companies generated a total return of 19 percent. Investor purchased shares in ABB for SEK 0.5bn.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to -2 percent (-2 percent including cash). Earnings and currency impacted negatively, mitigated by multiple expansion.
Sales growth for the major subsidiaries amounted to -16 percent, of which -19 percent organic in constant currency. Reported EBITA declined by 25 percent. Including our 40 percent ownership in Three Scandinavia, EBITDA declined by 18 percent.
Mölnlycke reported organic sales growth of -7 percent in constant currency, with margins almost in line with last year. Sales growth is expected to be strong during the third quarter driven by new customer agreements within personal protective equipment.
The value of our EQT investments increased by 16 percent, driven by a total return of 42 percent in EQT AB. Net cash flow to Investor amounted to SEK -1.6bn.
Leverage (net debt/reported total assets) was 5.1 percent as of June 30, 2020 (2.8 as of December 31, 2019). Gross cash amounted to SEK 13,652m and the average maturity of Investor AB's debt portfolio was 10.6 years on June 30, 2020.
Investor's Annual General Meeting approved the Board's proposal of a SEK 9 per share dividend for fiscal 2019.
Interim Management Statement January-March 2020
The world is experiencing exceptional challenges. From history and experience we know that eventually crises pass and things gradually normalize. In such an environment, it is crucial that our companies balance the need to manage the challenging day-to-day business with continued focus on the critical investments which will strengthen them long-term. Such investments are just as important today as they were a few months ago.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 437,919m (SEK 572 per share) on March 31, 2020, a decrease of SEK 47,100m, or -10 percent during the quarter. Total shareholder return amounted to -11 percent during the quarter, compared to -18 percent for the SIXRX return index.
Listed Companies generated a total return of -14 percent. Investor purchased shares in ABB for SEK 1.6bn, in Ericsson for SEK 1.1bn and in Electrolux Professional for SEK 0.2bn.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to -2 percent (-1 percent including cash) negatively affected by multiple contraction.
Sales growth for the major subsidiaries amounted to 13 percent, of which 6 percent organic in constant currency. Reported EBITA grew by 1 percent. Adjusted EBITA grew by 12 percent. Mölnlycke grew organically by 7 percent in constant currency.
The value of our EQT investments increased by 11 percent, driven by strong performance in EQT funds (reported with a one-quarter lag) and a total return of 9 percent in EQT AB. Net cash flow to Investor amounted to SEK 0.9bn.
Leverage (net debt/reported total assets) was 4.7 percent as of March 31, 2020 (2.8 as of December 31, 2019). Gross cash amounted to SEK 19,810m and the average maturity of Investor AB's debt portfolio was 10.8 years on March 31, 2020.
In order to future-proof Investor and our companies, Investor has decided on three focus areas within sustainability: Business Ethics & Governance, Climate & Resource Efficiency and Diversity & Inclusion.
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