Interim Report January-June 2018
Highlights during the second quarter
- Adjusted net asset value, based on estimated market values for the major subsidiaries and partner-owned investments within Patricia Industries, amounted to SEK 394,169 m. (SEK 515 per share) on June 30, 2018. Adjusted for Investor’s dividend, adjusted net asset value increased by SEK 20,320 m., or 5 percent during the quarter.
- Reported net asset value amounted to SEK 347,858 m. (SEK 455 per share) on June 30, 2018. Adjusted for Investor’s dividend, reported net asset value increased by SEK 14,461 m., or 4 percent.
- Listed Core Investments generated a total return of 4 percent. Epiroc became a new listed core investment following the spin-off from Atlas Copco.
- Within Patricia Industries, organic sales growth for the major subsidiaries amounted to 6 percent in constant currency. EBITA grew by 9 percent.
- Mölnlycke grew 3 percent organically in constant currency, while EBITA grew by 10 percent. A EUR 250 m. distribution to Patricia Industries was made.
- The acquisitions of the new subsidiaries Piab and Sarnova were closed. Piab and Sarnova grew organically by 10 percent and 8 percent respectively in constant currency.
- The value of Investor’s investments in EQT increased by 9 percent in constant currency. Net cash flow to Investor amounted to SEK -705 m.
Financial information, year to date 2018
- Adjusted net asset value growth and reported net asset value growth, including dividend added back, amounted to 5 percent and 6 percent respectively.
- Contribution to reported net asset value amounted to SEK 11,595 m. (31,161), of which: Listed Core Investments SEK 15,766 m. (39,360), Patricia Industries SEK 4,204 m. (-226) and EQT SEK 3,049 m. (1,569). Investor’s dividend amounted to SEK -9,178 m.
- Leverage (net debt/reported total assets) was 5.3 percent on June 30, 2018 (3.5).
- Consolidated net sales for the period was SEK 19,494 m. (17,127). Consolidated profit/loss was SEK 17,216 m. (SEK 22.54 basic earnings per share), compared to SEK 39,940 m. (SEK 52.25 basic earnings per share) for the same period 2017.
For further information:
Magnus Dalhammar, Head of Investor Relations: +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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 8:15 CET on July 17 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.