Interim Management Statement January-March 2018
Highlights during the first quarter
- Adjusted net asset value*, based on estimated market values for the major wholly-owned subsidiaries and partner-owned investments within Patricia Industries, amounted to SEK 383,027 m. (SEK 501 per share) on March 31, 2018, a decrease of SEK 1,720 m., or 0 percent, during the quarter.
- Reported net asset value1)* amounted to SEK 342,575 m. (SEK 448 per share) on March 31, 2018, an increase of SEK 6,312 m., or 2 percent, during the quarter.
- Listed Core Investments generated a total return* of 1 percent.
- Within Listed Core Investments, shares in Ericsson were purchased for SEK 1,002 m., strengthening our ownership to 7.2 and 22.5 percent of the capital and votes respectively.
- Within Patricia Industries, organic sales growth for the major wholly-owned subsidiaries amounted to 4 percent in constant currency. Mölnlycke grew 2 percent organically in constant currency, with improved profitability.
- Patricia Industries agreed to acquire Sarnova, a leading U.S. healthcare products specialty distributor. Upon closing on April 4, 2018, Patricia Industries paid USD 513 m. for 86 percent ownership.
- The value of Investor’s investments in EQT increased by 3 percent in constant currency. Net cash flow to Investor amounted to SEK 514 m. EQT closed EQT VIII, its largest fund to date, at EUR 10.75 bn. Investor has committed SEK 5.7 bn. to the fund.
Financial information, first quarter 2018
- Adjusted net asset value growth and reported net asset value growth, including dividend added back, amounted to 0 percent and 2 percent respectively.
- Contribution to reported net asset value amounted to SEK 6,312 m. (30,120), of which: Listed Core Investments SEK 3,872 m. (29,840), Patricia Industries SEK 2,362 m. (16) and EQT SEK 1,143 m. (663).
- Leverage* (net debt/reported total assets) was 3.6 percent on March 31, 2018 (3.5).
- Consolidated net sales for the period was SEK 8,605 m. (8,407). Consolidated profit/loss for the period was SEK 4,403 m. (SEK 5.77 basic earnings per share), compared to SEK 30,404 m. (SEK 39.78 basic earnings per share) for the same period 2017.
For further information:
Magnus Dalhammar, Head of Investor Relations, Phone 46 8 614 2130, 46 73 524 2130
This information is information that Investor AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8:15 CET on April 20 2018.
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Investor, founded by the Wallenberg family a hundred years ago, is the leading owner of high quality Nordic-based international companies. Through board participation, our industrial experience, network and financial strength, we strive to make our companies best-in-class. Our holdings include, among others, ABB, Atlas Copco, Ericsson, Mölnlycke and SEB.