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.
We are facing an increasingly complex, fast-moving environment. In the coming years, sustainability, digitalization, an intensifying competition for talent and geopolitics will shape both Investor and our companies. Based on our engaged ownership model, cash flow generation and portfolio of great companies, I am confident that we are well positioned to continue delivering attractive long-term total returns.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 682,398m (SEK 223 per share) on September 30, 2021, an increase of SEK 23,644m, or 4 percent during the quarter. Total shareholder return amounted to -4 percent, compared to 1 percent for the SIXRX return index. Year-to-date, adjusted NAV growth amounted to 27 percent and total shareholder return to 28 percent, compared to 24 percent for SIXRX.
Listed Companies generated a total return of 3 percent. In September, Investor announced its support of Agnafit Bidco’s bid for Sobi, valuing Investor’s ownership stake at SEK 25.3bn.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to -2 percent (-2 percent including cash).
Within Patricia Industries, organic sales growth for the major subsidiaries amounted to -1 percent in constant currency. Adjusted EBITA declined by 9 percent. Excluding Mölnlycke, combined organic sales growth for the major subsidiaries amounted to 15 percent in constant currency and adjusted EBITA grew by 24 percent.
Mölnlycke reported organic sales growth of -16 percent in constant currency. Year-over-year growth was significantly distorted by the strong contribution from covid-19-related contract sales of Personal Protective Equipment during the third quarter 2020, while the contribution this quarter was zero. Wound Care grew 8 percent organically in constant currency. The EBITA margin decreased, negatively impacted by business area Surgical.
Patricia Industries invested a total SEK 5.3bn of equity in strategic add-on acquisitions made by Advanced Instruments, Atlas Antibodies and Sarnova. As of this quarter, Atlas Antibodies is presented as a major subsidiary.
The value of Investments in EQT increased by 16 percent. Net cash flow to Investor amounted to SEK 0.3bn.
The leverage policy has been updated, now targeting 0-10 percent net debt to total adjusted assets (previously 5-10 percent net debt to total reported assets). According to the updated policy, leverage was 2.5 percent as of September 30, 2021 (3.5 as of December 31, 2020). Gross cash amounted to SEK 24,933m and the average maturity of Investor AB’s debt portfolio was 10.0 years on September 30, 2021.
Investor announced new and updated climate targets, aligned with limiting global warming to 1.5 degrees and joined the UN campaign “Race to Zero”.
Interim Report January-June 2021
Activity within our companies remained high during the quarter, with continued focus on handling supply chain issues and adapting to rapidly changing demand. At the same time, our companies are taking important steps forward within technology and sustainability to further strengthen their customer offerings.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 658,748m (SEK 215 per share) on June 30, 2021, an increase of SEK 33,180m, or 5 percent, with dividend added back, during the quarter. Total shareholder return amounted to 15 percent, compared to 7 percent for the SIXRX return index.
Listed Companies generated a total return of 5 percent.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 3 percent (2 percent including cash).
Sales growth for the major subsidiaries amounted to 16 percent. Organic growth amounted to 25 percent in constant currency. EBITA grew by 32 percent.
Mölnlycke reported organic sales growth of 18 percent in constant currency. Wound Care grew 20 percent organically in constant currency. Surgical grew 17 percent. The contribution from customer contract sales of Personal Protective Equipment was limited and slightly lower than during the second quarter last year. The EBITA margin improved by 1 percentage point. Mölnlycke distributed EUR 200m.
Strategic add-on acquisitions were made by Permobil and BraunAbility. The previously announced divestment of Grand Group and the Grand Hôtel property was completed.
The value of Investments in EQT increased by 9 percent. Net cash flow to Investor amounted to SEK 3.8bn.
Leverage was 2.1 percent as of June 30, 2021 (4.1 as of December 31, 2020). Gross cash amounted to SEK 29,659m and the average maturity of Investor AB’s debt portfolio was 10.3 years on June 30, 2021.
Investor’s Annual General Meeting approved the Board’s proposal of a SEK 14 per share dividend (corresponding to SEK 3.50 per share following the 4:1 share split) for fiscal 2020. The Board’s 4:1 share split proposal was also approved.
Interim Management Statement January-March 2021
Having managed the covid-19 impact well so far, our companies continue to focus on innovation, capturing geographic growth opportunities, accelerating sustainability efforts and maintaining the efficiency improvements that have been achieved during the pandemic. These are all important priorities to further strengthen their competitive positions.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 636,297m (SEK 831 per share) on March 31, 2021, an increase of SEK 89,912m, or 16 percent, during the quarter. Total shareholder return amounted to 16 percent during the quarter, compared to 14 percent for the SIXRX return index.
Listed Companies generated a total return of 19 percent.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 4 percent (3 percent including cash).
Sales growth for the major subsidiaries amounted to -5 percent. Organic growth amounted to 1 percent in constant currency. Reported EBITA grew by 26 percent, while adjusted EBITA grew by 14 percent.
Mölnlycke reported organic sales growth of 14 percent in constant currency. Wound Care grew 5 percent organically in constant currency. Surgical grew 24 percent, positively impacted by personal protective equipment contracts. The EBITA margin improved by 5 percentage points.
After the end of the quarter, Patricia Industries and its subsidiary Vectura divested Grand Group and the Grand Hôtel property, respectively, to FAM AB. The total transaction value amounts to SEK 3.9bn. Net proceeds from the transaction are approximately SEK 1.5bn.
The value of our EQT investments increased by 30 percent. Net cash flow to Investor amounted to SEK -1.1bn.
Leverage was 3.4 percent as of March 31, 2021 (4.1 as of December 31, 2020). Gross cash amounted to SEK 22,761m and the average maturity of Investor AB’s debt portfolio was 10.5 years on March 31, 2021.
Year-End Report 2020
While the pandemic has had wide-spread effects, our companies were quick to adapt and 2020 turned out strong for Investor. As always, predicting the future is difficult, why flexibility remains key. Based on our proven governance model and our portfolio of great companies, we will continue to work relentlessly to capture value-creating opportunities in these times of uncertainty.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 546,385m (SEK 713 per share) on December 31, 2020, an increase of SEK 9,053m, or 2 percent, with dividend added back, during the quarter. Total shareholder return amounted to 2 percent during the quarter, compared to 6 percent for the SIXRX return index. This means that for 2020, adjusted net asset value grew by 14 percent and total shareholder return amounted to 19 percent, compared to 15 percent for the SIXRX return index.
Listed Companies generated a total return of -2 percent.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 5 percent (4 percent including cash).
Sales growth for the major subsidiaries amounted to 10 percent, of which 14 percent organic in constant currency. Reported EBITA grew by 34 percent, while adjusted EBITA grew by 29 percent.
Mölnlycke reported organic sales growth of 41 percent in constant currency, mainly driven by covid-19 related sales of personal protective equipment, but the underlying business also performed well and grew organically by 9 percent. The EBITA-margin improved by 4 percentage points and cash flow generation was strong. Mölnlycke distributed EUR 347m to Patricia Industries. Personal protective equipment sales is expected to contribute positively during 2021, but significantly less than in 2020.
Patricia Industries completed the acquisition of Advanced Instruments, the global leader in instrumentation and consumables for osmolality testing, for USD 780m in enterprise value. During the quarter, the company reported strong sales growth and high profitability.
Three Scandinavia announced the divestment of its passive network infrastructure in a transaction that will further strengthen Investor's balance sheet.
The value of our EQT investments increased by 16 percent. Net cash flow to Investor amounted to SEK 0.5bn.
Leverage was 4.1 percent as of December 31, 2020 (2.8 as of December 31, 2019). Gross cash amounted to SEK 21,862m and the average maturity of Investor AB's debt portfolio was 10.8 years on December 31, 2020.
The Board of Directors proposes a dividend per share of SEK 14.00 (9.00), to be paid in two installments, SEK 10.00 in May, 2021, and SEK 4.00 in November, 2021. The Board of Directors also proposes a 4:1 split of the Investor share.
Presentations archive
Date
Title
Presentation
Presentation Q4 2016
Presentation Q3 2016 och presentation av Permobil
Presentation Q2 2016
Discover more
Strategy and business model
Learn more about our ownership philosophy, our strategic pillars and how we create long-term value.
Learn more
Learn more
Learn more
