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 AB's 2016 Annual Report now available online
Year-End Report 2016
Highlights
Net asset value* amounted to SEK 300,077 m. (SEK 393 per share) on December 31, 2016, an increase of SEK 9,394 m. (SEK 13 per share) during the quarter, corresponding to a change of 3 percent.
Listed Core Investments generated a total return* of 3 percent. Shares in Ericssson were purchased for SEK 1,011 m., increasing our ownership to 5.9 percent of the capital and 21.8 percent of the votes.
On January 16, 2017, Atlas Copco proposed a split of the Group into two market-leading companies. As the main owner of Atlas Copco, Investor fully supports this proposal.
The value change of Investor’s investments in EQT was 4 percent in constant currency. Investor paid a net SEK 104 m. to EQT.
Distribution to Patricia Industries totaled SEK 4,226 m., including SEK 860 m. from the refinancing of Laborie.
The Board of Directors proposes a dividend per share of SEK 11.00 (10.00).
Net asset value*1) amounted to SEK 290,683 m. (SEK 380 per share) on September 30, 2016, an increase of SEK 31,600 m. (SEK 41 per share) during the quarter, corresponding to a change of 12 percent. Over the past 20 years, annual average net asset value growth, with dividend added back, has been 10 percent.
Listed Core Investments generated a total return* of 14 percent. Additional shares in Wärtsilä were purchased for SEK 106 m., increasing our ownership to 17.7 percent.
The value of Investor’s investments in EQT was unchanged in constant currency. Net cash flow from EQT amounted to SEK 199 m.
Patricia Industries completed the acquisition of medical technology company LABORIE. Including a capital contribution and transaction costs, Patricia Industries invested USD 650 m. for 97 percent ownership. All subsidiaries grew organically, but overall somewhat slower than during the first half of the year. Cash flow generation was strong.
Interim Report January-June 2016
Highlights
Net asset value *1) amounted to SEK 259,083 m. (SEK 339 per share) on June 30, 2016, a decrease of SEK 3,199 m. (SEK 5 per share) during the quarter, corresponding to a change of -1 percent. Adjusted for the dividend paid, net asset value increased by SEK 4,436 m., or 2 percent. Over the past 20 years, annual average net asset value growth, with dividend added back, has been 9 percent.
Within Listed Core Investments, shares in Wärtsilä were purchased for SEK 247 m.
The value change of Investor’s investments in EQT was 7 percent in constant currency. Net cash flow from EQT amounted to SEK -0.3 bn. due to draw-downs.
Within Patricia Industries, the subsidiaries performed well, with overall strong organic growth and improved profitability.
Interim Management Statement January-March 2016
Highlights
Net asset value amounted to SEK 262,282 m. (SEK 344 per share) on March 31, 2016, a decrease of SEK 9,519 m. (SEK 13 per share) during the quarter, corresponding to a change of -4 percent. Over the past 20 years, annual average net asset value growth, with dividend added back, has been 9 percent.
Within Listed Core Investments, shares in Atlas Copco were acquired for SEK 125 m.
Net cash flow from EQT amounted to SEK 1.2 bn. The value change of Investor’s investments in EQT was flat in constant currency.
The wholly-owned subsidiaries within Patricia Industries reported strong organic growth.
Investor AB's 2015 Annual Report now available online
Year-End Report 2015
Highlights
Net asset value amounted to SEK 271,801 m. (SEK 357 per share) on December 31, 2015, an increase of SEK 14,281 m. (SEK 19 per share) during the quarter, corresponding to a change of 6 percent. Over the past 20 years, annual average net asset value growth, with dividend added back, has been 13 percent.
Additional shares were acquired in ABB for a total SEK 2.1 bn. Investor’s ownership reached 10.0 percent of the capital and votes.
Net cash flow from EQT amounted to SEK 0.8 bn. The value of Investor’s EQT investments increased by 12 percent in constant currency.
Mölnlycke Health Care made a EUR 425 m. capital distribution to Patricia Industries.
Patricia Industries’ acquisition of BraunAbility was completed on October 30, 2015.
The Board of Directors proposes a dividend per share of SEK 10.00 (9.00).
Net asset value amounted to SEK 257,520 m. (SEK 338 per share) on September 30, 2015, a decrease of SEK 22,054 m. (SEK 29 per share) during the quarter, corresponding to a change of -8 percent. Over the past 20 years, annual average net asset value growth, with dividend added back, has been 12 percent.
Shares were acquired in Wärtsilä for a total of SEK 170 m. Investor’s ownership reached 17.2 percent of the capital and votes in the company.
Net cash flow from EQT amounted to SEK 0.7 bn. The value on Investor’s EQT investments decreased by 4 percent in constant currency.
Patricia Industries’ acquisition of BraunAbility was announced. In 2014, BraunAbility’s sales amounted to USD 415 m. BraunAbility will be a new wholly-owned subsidiary and the acquisition is expected to be completed during the fourth quarter 2015.
Interim Report January-June 2015
Highlights
Net asset value amounted to SEK 279,574 m. (SEK 367 per share) on June 30, 2015, a decrease of SEK 16,216 m. (SEK 21 per share) during the quarter, corresponding to a change, including dividend added back, of -3 percent. Over the past 20 years, annual average net asset value growth, with dividend added back, has been 13 percent.
Investor’s new structure was implemented, with investments managed within Listed Core Investments, EQT and Patricia Industries.
Shares were acquired in ABB for a total SEK 2.5 bn. Investor’s ownership reached 9.5 percent of the capital and votes in the company.
Net cash flow from EQT investments amounted to SEK 2.5 bn. The value increased by 16 percent in constant currency.
Interim Management Statement January-March 2015
Highlights
Net asset value amounted to SEK 295,790 m. (SEK 388 per share) on March 31, 2015, an increase of SEK 34,827 m. (SEK 45 per share) during the quarter, corresponding to 13 percent. Over the past 20 years, annual average net asset value growth, with dividend added back, has been 14 percent.
Shares were acquired in ABB for a total SEK 961 m.
Aleris signed an agreement to acquire Teres Medical Group, strengthening its position in Norway, Sweden and Denmark.
Permobil announced the acquisition of ROHO Group, marking an important step in its strategy to become an integrated provider of advanced mobile rehab solutions.
Investor AB's 2014 Annual Report now available online
Year-End Report 2014
Highlights
Net asset value amounted to SEK 260,963 m. (SEK 343 per share) on December 31, 2014, an increase of SEK 14,162 m. (SEK 19 per share) during the quarter, corresponding to a change of 6 percent. Over the past 20 years, annual net asset value growth, with dividend added back, has been 14 percent.
Additional shares were acquired in ABB and Wärtsilä.
3 Scandinavia repaid SEK 7.5 bn. of its external debt, financed by an equity injection,with Investor contributing its pro rata share SEK 3.0 bn. The new funding structure allows 3 Scandinavia to use its cash flow for distribution to its owners. During the quarter, a distribution of SEK 0.3 bn. was made to Investor.
The Board of Directors proposes a dividend per share of SEK 9.00 (8.00).
On January 28, 2015, the Board of Directors announced the appointment of Johan Forssell as new President and CEO of Investor as of May 12, 2015. Johan Forssell succeeds Börje Ekholm who is leaving his position after almost ten years.
On January 28, 2015, Investor announced the creation of a new division, Patrica Industries, that will develop and expand its portfolio of wholly-owned subsidiaries. Börje Ekholm will be responsible for Patricia Industries.
Net asset value amounted to SEK 246,801 m. (SEK 324 per share) on September 30, 2014, an increase of SEK 14,300 m. (SEK 19 per share) during the quarter, corresponding to a change of 6 percent. Over the past 20 years, annual net asset value growth, with dividend added back, has been 14 percent.
Investor acquired an additional 15.8 million shares in Wärtsilä, increasing its share of the capital and votes in the company from 8.8 percent to 16.8 percent. Investor is now the clearly largest shareholder in Wärtsilä.
Mölnlycke Health Care made its first capital distribution to Investor, amounting to EUR 130 m.
The divestiture of the majority of Lindorff was completed. The cash proceeds, received on October 6, amounted to SEK 6.8 bn.
Interim Report January-June 2014
Highlights
Net asset value amounted to SEK 232,501 m. (SEK 305 per share) on June 30, 2014, an increase of SEK 4,917 m. (SEK 6 per share) during the quarter, corresponding to a change, with dividend added back, of 5 percent. Over the past 20 years, annual net asset value growth, with dividend added back, has been 14 percent.
Additional shares in ABB were acquired for SEK 833 m.
Permobil acquired TiLite, a leading manufacturer of advanced manual wheelchairs, as part of its strategy to become a leader within complex rehabilitation solutions.
EQT funds distributed a net of SEK 117 m. to Investor. In constant currency, the value increased by 10 percent. Investor Growth Capital distributed SEK 105 m. to Investor. In constant currency, the value decreased by 3 percent.
Interim Management Statement January-March 2014
Highlights
Net asset value amounted to SEK 227,584 m. (SEK 299 per share) on March 31, 2014, an increase of SEK 12,167 m. (SEK 16 per share) during the quarter, corresponding to a change of 6 percent. Over the past 20 years, annual net asset value growth, with dividend added back, has been 15 percent.
EQT funds distributed a net of SEK 868 m., and Investor Growth Capital distributed SEK 362 m. to Investor during the quarter.
Additional shares in ABB were acquired for SEK 239 m.
Investor AB's 2013 Annual Report now available online
Year-End Report 2013
Highlights
Net asset value amounted to SEK 215.4 bn. (SEK 283 per share) on December 31, 2013, an increase by SEK 14.6 bn., (SEK 19 per share) during the quarter.
Investor invested SEK 1.0 bn. in equity in Aleris and refinanced it with an all senior debt structure. Due to a fundamental overhaul of internal processes required for Aleris to reach its full potential, the medium-term forecasts for Aleris have been lowered, resulting in a SEK 940 m. write down of goodwill.
The Board of Directors proposes a dividend per share of SEK 8.00 (7.00).
Interim Report January-September 2013
Highlights
Net asset value amounted to SEK 200.9 bn. (SEK 264 per share) on September 30, 2013, an increase by SEK 18.2 bn., (SEK 24 per share) during the quarter.
The refinancing of Mölnlycke Health Care was completed. Investor increased its equity in the company by EUR 544 m., of which EUR 225 m. related to our portion of the company’s mezzanine debt. Mölnlycke Health Care now has an all senior debt structure, and leverage corresponds to 2.4x 12-month rolling EBITDA.
Following approval by competition authorities, Investor’s divestiture of its holding in Gambro was completed. Total proceeds to Investor amount to SEK 10.2 bn., of which SEK 1.6 bn. from EQT. Of the total proceeds of SEK 10.2 bn., SEK 1.2 bn. will remain in escrow for 15 months from the closing date.
Additional shares in ABB were acquired for SEK 0.7 bn.
Interim Report January-June 2013
Highlights
Net asset value amounted to SEK 182.7 bn. (SEK 240 per share) on June 30, 2013, a decrease by SEK 8.3 bn., (SEK 11 per share) during the quarter, partially driven by Investor’s dividend of SEK 5.3 bn. (SEK 7 per share) being paid out. With Gambro valued at the transaction value, net asset value would have amounted to SEK 186.7 bn. (SEK 245 per share).
The acquisition of Permobil was completed, and the company is now a subsidiary within Investor’s Core Investments. Investor invested SEK 3.7 bn. in equity.
Interim Report January-March 2013
Highlights
Net asset value amounted to SEK 191.0 bn. (SEK 251 per share) on March 31, 2013, an increase by SEK 16.3 bn., (SEK 21 per share) during the quarter. With Gambro valued at the transaction value, net asset value would have amounted to SEK 195.1 bn. (SEK 256 per share).
An agreement was signed to acquire Permobil, a global leader in advanced powered wheelchairs, for an enterprise value of SEK 5.1 bn. Investor will inject SEK 3.7 bn. in equity. The transaction is expected to close during the second quarter.
On April 15, Investor’s Annual General Meeting decided to pay SEK 7.00 in dividend per share. In total, SEK 5.3 bn. is distributed on April 23.
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
