Year-End Report 2019

"Investor's long-term success ultimately depends on our companies' ability to outperform global competition. As an engaged owner, we drive and support initiatives to achieve sustainable profitable growth through innovation, geographical expansion, operational excellence and structural changes."
Johan Forssell, CEO of Investor 

Highlights during the fourth quarter

·    Adjusted net asset value (NAV) amounted to SEK 485,019m (SEK 634 per share) on December 31, 2019, an increase of SEK 29,098m, or 6 percent during the quarter. Total shareholder return amounted to 7 percent during the quarter, compared to 10 percent for the SIXRX return index. This means that for 2019, adjusted net asset value grew by 33 percent and total shareholder return amounted to 40 percent, compared to 35 percent for the SIXRX return index. 
·    Listed Companies generated a total return of 9 percent. Investor purchased shares in ABB for SEK 1.0bn.
·    Based on estimated market values, the value of Patricia Industries, excluding cash, decreased by 3 percent, negatively affected by multiple contraction.
·    Pro forma sales growth for the major subsidiaries amounted to 9 percent, of which 2 percent organic in constant currency. Reported EBITA grew by 3 percent. Adjusting for items affecting comparability, EBITA grew by 6 percent. Total distributions and exit proceeds to Patricia Industries amounted to SEK 6.8bn.
·    Within Patricia Industries, Laborie and Piab announced the strategically important acquisitions of Clinical Innovations and TAWI Group respectively.
·    The value of our EQT investments increased by 9 percent, driven by strong share price performance in EQT AB, while the value of our fund investments (reported with a one-quarter lag) was essentially flat. Net cash flow to Investor amounted to SEK 2.7bn.
·    Leverage (net debt/reported total assets) was 2.8 percent as of December 31, 2019 (6.1 as of December 31, 2018).
·    The Board of Directors proposes a dividend per share of SEK 14.00 (13.00), to be paid in two installments, SEK 10.00 in May, 2020 and SEK      4.00 in November, 2020.