Year-End Report 2020

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“While the pandemic has had wide-spread effects, our companies were quick to adapt and 2020 turned out strong for
Investor. As always, predicting the future is difficult, why flexibility remains key. Based on our proven governance model and our
portfolio of great companies, we will continue to work relentlessly to capture value-creating opportunities in these times of

Johan Forssell, President & CEO of Investor

Highlights during the fourth quarter

  • Adjusted net asset value (NAV) amounted to SEK 546,385m (SEK 713 per share) on December 31, 2020, an increase of SEK 9,053m, or 2 percent, with dividend added back, during the quarter. Total shareholder return amounted to 2 percent during the quarter, compared to 6 percent for the SIXRX return index. This means that for 2020, adjusted net asset value grew by 14 percent and total shareholder return amounted to 19 percent, compared to 15 percent for the SIXRX return index.
  • Listed Companies generated a total return of -2 percent.
  • Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 5 percent (4 percent including cash).
  • Sales growth for the major subsidiaries amounted to 10 percent, of which 14 percent organic in constant currency. Reported EBITA grew by 34 percent, while adjusted EBITA grew by 29 percent.
  • Mölnlycke reported organic sales growth of 41 percent in constant currency, mainly driven by covid-19 related sales of personal protective equipment, but the underlying business also performed well and grew organically by 9 percent. The EBITA-margin improved by 4 percentage points and cash flow generation was strong. Mölnlycke distributed EUR 347m to Patricia Industries. Personal protective equipment sales is expected to contribute positively during 2021, but significantly less than in 2020.
  • Patricia Industries completed the acquisition of Advanced Instruments, the global leader in instrumentation and consumables for osmolality testing, for USD 780m in enterprise value. During the quarter, the company reported strong sales growth and high profitability.
  • Three Scandinavia announced the divestment of its passive network infrastructure in a transaction that will further strengthen Investor’s balance sheet.
  • The value of our EQT investments increased by 16 percent. Net cash flow to Investor amounted to SEK 0.5bn.
  • Leverage was 4.1 percent as of December 31, 2020 (2.8 as of December 31, 2019). Gross cash amounted to SEK 21,862m and the average maturity of Investor AB’s debt portfolio was 10.8 years on December 31, 2020.
  • The Board of Directors proposes a dividend per share of SEK 14.00 (9.00), to be paid in two installments, SEK 10.00 in May, 2021, and SEK 8.00 in November, 2021. The Board of Directors also proposes a 4:1 split of the Investor share.

For further information:

Viveka Hirdman-Ryrberg, Head of Corporate Communication and Sustainability, 
Phone +46 70 550 3500

Magnus Dalhammar, Head of Investor Relations, 
Phone +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 12:00 CET on January 21 2021.

Our press releases can be accessed at

Investor, founded by the Wallenberg family in 1916, is an engaged owner of high quality global companies. We have a long-term investment perspective. Through board participation, as well as industrial experience, our network and financial strength, we work continuously to support our companies to remain or become best-in-class. Our holdings include, among others, ABB, Atlas Copco, Ericsson, Mölnlycke and SEB.


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