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.
At the end of 2023, our adjusted net asset value reached an all-time-high, passing the SEK 800bn mark. During the year, adjusted net asset value growth and total shareholder return were 24 and 26 percent respectively, while the SIXRX return index gained 19 percent. This was the thirteenth straight year of Investor outperforming the stock market. In today's complex environment, our focus remains on future-proofing our companies through strategic initiatives, while never compromising on efficiency.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 818,386m (SEK 267 per share) on December 31, 2023, an increase of SEK 58,067m, or 8 percent, during the quarter. Total shareholder return amounted to 12 percent, compared to 14 percent for the SIXRX return index. For 2023, adjusted net asset value growth amounted to 24 percent and total shareholder return to 26 percent, compared to 19 percent for SIXRX.
Listed Companies generated a total return of 9 percent during the fourth quarter. For 2023, the total return amounted to 25 percent.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to -1 percent (-1 percent including cash) during the fourth quarter. Strong earnings growth and high cash flow generation contributed positively, but were offset by negative currency impact and multiple contraction. The full-year total return amounted to 24 percent (22 percent including cash).
Within Patricia Industries, sales growth for the major subsidiaries amounted to 11 percent, of which 8 percent organically in constant currency. Reported EBITA grew 21 percent and adjusted EBITA grew 22 percent. Cash conversion for the major subsidiaries amounted to 105 percent.
Mölnlycke reported organic sales growth of 9 percent in constant currency, with the largest business area Wound Care also growing 9 percent. The profit margin improved significantly compared to last year, which was impacted by production disturbances and reorganization costs. Mölnlycke distributed EUR 300m to Patricia Industries.
The value change of Investments in EQT was 16 percent. Net cash flow to Investor amounted to SEK 1,163m. For the full year 2023, the value change amounted to 17 percent and the net cash flow to Investor was SEK -178m.
Leverage was 1.7 percent as of December 31, 2023 (1.5 percent as of December 31, 2022). Gross cash amounted to SEK 24,851m and the average maturity of Investor AB's debt portfolio was 10.8 years on December 31, 2023.
The Board of Directors proposes a dividend per share of SEK 4.80 (4.40) to be paid in two installments, SEK 3.60 in May, 2024, and SEK 1.20 in November, 2024.
As an engaged owner, we focus on future-proofing our companies. Developing and taking advantage of new technologies, and capturing opportunities related to climate change are critical for long-term profitable growth. While never compromising on key strategic investments, companies must also handle the current market environment. I believe that our companies are doing a good job balancing short-term efficiency focus with long-term initiatives.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 760,319m (SEK 248 per share) on September 30, 2023, a decrease of SEK -12,741m, or -2 percent, during the quarter. Total shareholder return amounted to -3 percent, compared to -6 percent for the SIXRX return index.
Listed Companies generated a total return of -3 percent. The remaining shares in Accelleron were divested for a total SEK 2.6bn, resulting in total divestment proceeds of SEK 3.6bn.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 0 percent (0 percent including cash). Earnings growth and cash flow contributed positively, offset by multiple contraction and negative currency impact.
Within Patricia Industries, sales growth for the major subsidiaries amounted to 10 percent, of which 5 percent organically in constant currency. Reported EBITA grew 19 percent and adjusted EBITA grew 18 percent.
Mölnlycke reported organic sales growth of 4 percent in constant currency, mainly driven by Wound Care growing at 8 percent. The EBITA margin improved slightly.
The value change of Investments in EQT was 1 percent. Net cash flow to Investor amounted to SEK -1,127m.
Leverage was 2.0 percent as of September 30, 2023 (1.5 percent as of December 31, 2022). Gross cash amounted to SEK 24,067m and the average maturity of Investor AB's debt portfolio was 11.1 years on September 30, 2023.
Interim Report January-June 2023
Investor performed strongly during the second quarter. Our subsidiaries within Patricia Industries reported double-digit organic sales growth and sharply rising profits. In the current complex environment with a continued uncertain macroeconomic outlook, ensuring high flexibility and the ability to respond swiftly to rapid changes remains imperative.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 773,060m (SEK 252 per share) on June 30, 2023, an increase of SEK 62,916m, or 9 percent, with dividend added back, during the quarter. Total shareholder return amounted to 6 percent, compared to 2 percent for the SIXRX return index.
Listed Companies generated a total return of 9 percent. Shares in Accelleron were divested for a total SEK 943 m.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 11 percent (10 percent including cash), mainly driven by strong earnings growth, followed by positive currency impact. Multiple expansion and cash flow also impacted positively, but to a lesser extent.
Within Patricia Industries, sales growth for the major subsidiaries amounted to 22 percent, of which 13 percent organically in constant currency. Reported EBITA grew 40 percent and adjusted EBITA grew 34 percent.
Mölnlycke reported organic sales growth of 6 percent in constant currency. The EBITA margin improved.
The value change of Investments in EQT was 3 percent. Net cash flow to Investor amounted to SEK 536m.
Leverage was 1.7 percent as of June 30, 2023 (1.5 percent as of December 31, 2022). Gross cash amounted to SEK 27,491m and the average maturity of Investor AB’s debt portfolio was 11.3 years on June 30, 2023.
Interim Management Statement January-March 2023
For us as an engaged long-term owner, our key priority is to contribute to our companies staying in the forefront, growing profitably in a sustainable manner and outperforming competition. During the first quarter of this year, our subsidiaries within Patricia Industries achieved strong operational performance, and I am particularly pleased with the development in Mölnlycke, which reported strong organic growth and significant margin expansion.
Johan ForssellPresident & CEO of Investor
Highlights
Adjusted net asset value (NAV) amounted to SEK 723,621m (SEK 236 per share) on March 31, 2023, an increase of SEK 50,371m, or 7 percent, during the quarter. Total shareholder return amounted to 9 percent, compared to 9 percent for the SIXRX return index.
Listed Companies generated a total return of 8 percent.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 13 percent (12 percent including cash), driven by earnings growth and multiple expansion.
Within Patricia Industries, sales growth for the major subsidiaries amounted to 22 percent, of which 11 percent organically in constant currency. Reported and adjusted EBITA both grew by 35 percent.
Mölnlycke reported organic sales growth of 13 percent in constant currency. The EBITA margin increased by 6 percentage points sequentially and by 2 percentage points compared to last year.
The value change of Investments in EQT was -4 percent. Net cash flow to Investor amounted to SEK -749m.
Leverage was 1.0 percent as of March 31, 2023 (1.5 percent as of December 31, 2022). Gross cash amounted to SEK 31,720m and the average maturity of Investor AB's debt portfolio was 11.6 years on March 31, 2023.
Investor publishes 2022 Annual Report
Presentations archive
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Presentation Q3 2016 och presentation av Permobil
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