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.
Much of what defined 2022 will undoubtedly also define 2023. While uncertainty is high, Investor and our companies are well prepared to handle the challenges and capture the opportunities that lie ahead. Regardless of market environment, our companies benefit from being industry leaders with good profitability and exposure to secular growth areas.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 673,250m (SEK 220 per share) on December 31, 2022, an increase of SEK 46,958m, or 7 percent, including dividend added back, during the quarter. Total shareholder return amounted to 16 percent, compared to 11 percent for the SIXRX return index. For 2022, adjusted net asset value growth amounted to -10 percent and total shareholder return to -15 percent, compared to -23 percent for SIXRX.
Listed Companies generated a total return of 12 percent.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to -4 percent (-4 percent including cash), negatively impacted by multiple contraction and currency effects.
Within Patricia Industries, sales growth for the major subsidiaries amounted to 32 percent, of which 11 percent organically in constant currency. Adjusted EBITA grew by 34 percent.
Mölnlycke reported organic sales growth of 9 percent in constant currency. The EBITA margin declined by 3 percentage points, negatively impacted by a reorganization of the structure of Customer Care and production disturbances in the US Wound Care manufacturing plant. Mölnlycke distributed EUR 300m to Patricia Industries.
The value change of Investments in EQT was 2 percent. Net cash flow to Investor amounted to SEK 1,426m.
Leverage was 1.5 percent as of December 31, 2022 (1.9 percent as of December 31, 2021). Gross cash amounted to SEK 28,533m and the average maturity of Investor AB's debt portfolio was 11.8 years on December 31, 2022.
The Board of Directors proposes a dividend per share of SEK 4.40 (4.00) to be paid in two installments, SEK 3.30 in May, 2023 and SEK 1.10 in November, 2023.
During the third quarter, all three business areas generated positive growth in adjusted net asset value, and our wholly-owned subsidiaries within Patricia Industries reported record sales and profit. Going forward, there is a clear risk that the macro environment will become more challenging, but we are well positioned, and know from history that significant long-term value can be created in tough times.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 626,292m (SEK 204 per share) on September 30, 2022, an increase of SEK 15,802m, or 3 percent, during the quarter. Total shareholder return amounted to -3 percent, compared to -4 percent for the SIXRX return index. Year-to-date, adjusted net asset value growth amounted to -16 percent and total shareholder return to -27 percent, compared to -31 percent for SIXRX.
Listed Companies generated a total return of 2 percent. SEK 0.5bn was invested in Atlas Copco.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 5 percent (5 percent including cash).
Within Patricia Industries, sales growth for the major subsidiaries amounted to 32 percent, of which 10 percent organically in constant currency. Adjusted EBITA grew by 34 percent.
Mölnlycke reported organic sales growth of 9 percent in constant currency. Organic growth in Gloves and Wound Care amounted to 15 percent and 9 percent respectively. The EBITA margin improved by almost 2 percentage points.
The value change of Investments in EQT was 2 percent. Net cash flow to Investor amounted to SEK 927m.
Leverage was 2.2 percent as of September 30, 2022 (1.9 percent as of December 31, 2021). Gross cash amounted to SEK 23,786m and the average maturity of Investor AB’s debt portfolio was 12.1 years on September 30, 2022.
Investor Interim Report January-June 2022
Over many years, we have built and invested in companies with leading market positions in attractive segments with secular growth. Overall, our portfolio of companies has good profitability and strong cash flow generation. Investor also has a strong financial position and a clear strategic direction. Given this, I believe that we are in a good position to navigate successfully even if we enter tougher times.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 610,490m (SEK 199 per share) on June 30, 2022, a change of SEK -61,363m, or -9 percent, with dividend added back, during the quarter. Total shareholder return amounted to -17 percent, compared to -16 percent for the SIXRX return index. Year-to-date, adjusted net asset value growth amounted to -18 percent and total shareholder return to -25 percent, compared to -28 percent for SIXRX.
Listed Companies generated a total return of -8 percent.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 2 percent (2 percent including cash).
Within Patricia Industries, sales growth for the major subsidiaries amounted to 26 percent, of which 8 percent organically in constant currency. Adjusted EBITA grew by 17 percent.
Mölnlycke reported organic sales growth of 5 percent in constant currency. Excluding the contribution from covid-19-related contract sales of Personal Protective Equipment during the second quarter 2021, organic growth was 9 percent in constant currency. Wound Care grew 11 percent organically.
The value change of Investments in EQT amounted to -26 percent. Net cash flow to Investor amounted to SEK 3,813m.
Leverage was 2.3 percent as of June 30, 2022 (1.9 percent as of December 31, 2021). Gross cash amounted to SEK 30,611m and the average maturity of Investor AB’s debt portfolio was 10.4 years on June 30, 2022. Including the bond buyback after the quarter, gross cash amounted to SEK 22,750m and the average maturity was 12.3 years.
Interim Management Statement January-March 2022
The first quarter of 2022 will always be remembered for the unprovoked Russian invasion of Ukraine. The war is, first and foremost, a human tragedy, but it will most likely also have longer-term implications on geopolitics and business. We continue to work closely with our companies to support them in this unpredictable environment.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 684,107m (SEK 223 per share) on March 31, 2022, a change of SEK -76,855m, or -10 percent, during the quarter. Total shareholder return amounted to -9 percent, compared to -14 percent for the SIXRX return index.
Listed Companies generated a total return of -10 percent.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to -5 percent (-5 percent including cash).
Within Patricia Industries, organic sales growth for the major subsidiaries amounted to 5 percent in constant currency. Adjusted EBITA declined by 3 percent. Excluding Mölnlycke, combined organic sales growth for the major subsidiaries amounted to 16 percent in constant currency and adjusted EBITA grew by 30 percent.
Mölnlycke reported organic sales growth of -7 percent in constant currency. Excluding the significant contribution from covid-19-related contract sales of Personal Protective Equipment during the first quarter 2021, organic growth was 6 percent in constant currency, driven by 11 percent organic growth within Wound Care.
The value change of Investments in EQT amounted to -15 percent. Net cash flow to Investor amounted to SEK 54m.
Leverage was 1.8 percent as of March 31, 2022 (1.9 as of December 31, 2021). Gross cash amounted to SEK 25,319m and the average maturity of Investor AB’s debt portfolio was 10.8 years on March 31, 2022
Year-End Report 2021
Entering 2022, there is no lack of challenges and uncertainty. That said, regardless of how the global economy and equity markets develop, Investor stands strong. In our portfolio we have great companies with leading positions in attractive markets, led by top-quality people. We also have a strong financial position, enabling us to act on attractive opportunities that arise.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 760,962m (SEK 248 per share) on December 31, 2021, an increase of SEK 78,564m, or 12 percent, with dividend added back, during the quarter. Total shareholder return amounted to 21 percent, compared to 12 percent for the SIXRX return index. For 2021, adjusted NAV growth, with dividend added back, amounted to 41 percent and total shareholder return to 55 percent, compared to 39 percent for SIXRX.
Listed Companies generated a total return of 11 percent. The bid for Sobi, which Investor supported, was withdrawn. SEK 1bn was invested in Ericsson.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to -1 percent (-1 percent including cash).
Within Patricia Industries, organic sales growth for the major subsidiaries amounted to -10 percent in constant currency. Adjusted EBITA declined by 23 percent. Excluding Mölnlycke, combined organic sales growth for the major subsidiaries amounted to 8 percent in constant currency and adjusted EBITA grew by 24 percent.
Mölnlycke reported organic sales growth of -26 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 fourth quarter 2020, while the contribution this quarter was zero. Gloves sales were negatively impacted by a temporary, covid-19-related, production halt. Wound Care grew 8 percent organically in constant currency, with strong profitability.
The value of Investments in EQT increased by 30 percent. Net cash flow to Investor amounted to SEK 1.8bn.
Leverage was 1.9 percent as of December 31, 2021 (3.5 as of December 31, 2020). Gross cash amounted to SEK 23,955m and the average maturity of Investor AB’s debt portfolio was 10.8 years on December 31, 2021.
The Board of Directors proposes a dividend per share of SEK 4.00 (3.50) to be paid in two installments, SEK 3.00 in May, 2022 and SEK 1.00 in November, 2022.
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Presentation Q4 2016
Presentation Q3 2016 och presentation av Permobil
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