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Investor AB
Quarterly Report • Apr 18, 2024
2931_10-q_2024-04-18_0637941b-ccd8-484c-a3f1-bf5c5fa7e8d3.pdf
Quarterly Report
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We create value for people and society by building strong and sustainable businesses
Interim Management Statement
"The year has started on a strong note. Our adjusted net asset value reached SEK 915bn, an increase of 12 percent during the quarter, with all three business areas contributing strongly. With value creation as our North Star, we continue to support our companies in their efforts to future proof operations and customer offerings."
Johan Forssell President & CEO of Investor
Highlights during the first quarter
- Adjusted net asset value (NAV) amounted to SEK 915,109m (SEK 299 per share) on March 31, 2024, an increase of SEK 96,723m, or 12 percent, during the quarter. Total shareholder return amounted to 15 percent, compared to 8 percent for the SIXRX return index.
- Listed Companies generated a total return of 10 percent.
- Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 18 percent (17 percent including cash). Multiple expansion, earnings growth and currency contributed positively.
- Within Patricia Industries, sales growth for the major subsidiaries amounted to 7 percent, of which 7 percent organically in constant currency. Reported and adjusted EBITA grew 10 percent.
- Mölnlycke reported organic sales growth of 5 percent in constant currency, with the largest business area Wound Care growing 6 percent. The profit margin improved.
- The value change of Investments in EQT was 12 percent. Net cash flow to Investor amounted to SEK -1,005m.
- Leverage was 0.8 percent as of March 31, 2024 (1.7 percent as of December 31, 2023). Gross cash amounted to SEK 32,381m and the average maturity of Investor AB's debt portfolio was 10.6 years on March 31, 2024.
| Financial information* | ||
|---|---|---|
| 3/31 2024 | 12/31 2023 | |
| Adjusted NAV, SEK m* | 915,109 | 818,386 |
| Adjusted NAV, SEK per share* | 299 | 267 |
| Reported NAV, SEK m*1) | 786,703 | 716,768 |
| Reported NAV, SEK per share*1) | 257 | 234 |
| Market capitalization (both share classes), excl. repurchased shares, SEK m | 819,914 | 712,694 |
| Share price (B-share), SEK | 268.65 | 233.50 |
| Q1 2024 | Q1 2023 | |
| Adjusted NAV, sequential change, incl. dividend added back, SEK m* | 96,723 | 50,371 |
| Adjusted NAV, sequential change, incl. dividend added back, %* | 12 | 7 |
| Reported NAV, sequential change, incl. dividend added back, SEK m*1) | 69,935 | 33,277 |
| Reported NAV, sequential change, incl. dividend added back, %*1) | 10 | 6 |
| Market capitalization, sequential change, incl. dividend added back, SEK m* | 107,221 | 53,412 |
| Market capitalization, sequential change, incl. dividend added back, %* | 15 | 9 |
| Q1 2024 | Q1 2023 | |
| Consolidated net sales, SEK m | 14,964 | 14,010 |
| Consolidated profit/loss, SEK m | 66,956 | 32,812 |
| Basic earnings per share, SEK | 21.88 | 10.72 |
* Financial measures that are not defined or specified in the applicable financial reporting framework. For more information, see pages 17 and 26-27. Change in market capitalization with dividend added back reflects the change in total market capitalization (both share classes) with the dividend paid out added back. Change in net asset value with dividend added back includes the full dividend approved by the AGM.
1) In the reported net asset value, the wholly-owned subsidiaries and partner-owned investments within Patricia Industries are reported according to the acquisition and equity method respectively. Methods are further described in Investor AB's Annual Report.
Overview annual average performance
| YTD | 1 year | 5 years | 10 years | 20 years | |
|---|---|---|---|---|---|
| Adjusted NAV incl. dividend added back, % | 11.8 | 28.3 | 19.8 | ||
| Investor B, total return, % | 15.1 | 33.1 | 23.4 | 19.5 | 17.4 |
| SIXRX return index, % | 7.9 | 18.3 | 13.6 | 11.6 | 11.6 |
CEO statement
Dear fellow shareholders,
During the first quarter 2024, our adjusted net asset value reached SEK 915bn, an increase of 12 percent, with all three business areas contributing strongly. Our total shareholder return was 15 percent, compared to 8 percent for the SIXRX return index.
The global economy continued to hold up relatively well. Although
inflation has declined from previous highs, and economists anticipate lower interest rates, the extent and speed of these rate cuts is currently widely debated. At the same time, consumers remain under pressure and the complex geopolitical landscape has become even more uncertain given the recent development in the Middle East. In this environment, we continue to focus on capturing growth opportunities, improving efficiency and further strengthening operational resilience in our companies.
Listed Companies
Listed Companies generated a total return of 10 percent, outperforming the SIXRX return index by 2 percentage points. Most companies contributed to the performance, with Saab generating a very strong return.
AstraZeneca presented positive clinical data in several trials. The company also announced the strategic acquisitions of Fusion Pharmaceuticals within transformative and more targeted cancer treatments, and Amolyt Pharma, expanding its late-stage rare disease pipeline.
Epiroc announced a split of the Tools & Attachments division to ensure strong focus on profitable growth in each business line, following the STANLEY Infrastructure acquisition.
ABB announced that Morten Wierod, with extensive experience across the company's key technologies and customer segments as well as a strong performance track record, will succeed Björn Rosengren as CEO during the year. Björn Rosengren and his team have done an outstanding job in decentralizing ABB's organization and strengthening its customer offerings. The results of these steps are clearly seen in the financial performance.
Patricia Industries
Patricia Industries' total return was 18 percent, driven by multiple expansion, profit growth and positive currency impact.
Sales growth for the major subsidiaries was 7 percent, of which 7 percent organically in constant currency. Adjusted EBITA grew 10 percent.
Mölnlycke reported organic growth of 5 percent in constant currency and the profit margin improved. Wound Care grew by 6 percent organically in constant currency. The Gloves manufacturing in Malaysia was restructured to improve efficiency and further reduce the climate footprint. Permobil had a strong quarter, with 10 percent organic growth in constant currency and good margin expansion.
Laborie grew 21 percent organically in constant currency. All product areas grew in the quarter, with the acquired OptilumeTM urethral strictures product contributing significantly to the strong growth. Despite significant investments in the launch of OptilumeTM for benign prostatic hyperplasia, BPH, and increased research and development activity, the EBITA margin held up well, supported by the successful launch of the high gross margin OptilumeTM urethral strictures product.
Add-on acquisitions to strengthen competitiveness and complement organic growth remain a high priority for Patricia Industries. Currently, several subsidiaries are involved in acquisition processes.
Investments in EQT
The reported value change of Investments in EQT amounted to 12 percent, driven by strong total return in EQT AB, while the value of our fund investments was flat. Net cash flow to Investor was SEK -1bn, as drawdowns exceeded proceeds.
Going forward
We continue to support our companies in their constant efforts to ensure competitiveness by future-proofing operations and customer offerings, while never compromising on efficiency. Embracing innovation and opportunities offered by new technology, as well as driving sustainability, is at the heart of this work. In this context, it is encouraging to see the development within Climate and Resource Efficiency, one of our ESG focus areas. As of year-end 2023, GHG emissions (Scope 1 & 2) from our portfolio were down 65 percent compared to the base year 2016, approaching our 70 percent reduction target by 2030.
After nine years, this is my final quarterly report as CEO of Investor. Leading this company has been an amazing experience, mostly due to all the fantastic people I have had the pleasure of working with, at Investor and in our companies. They are the true stars making sure that we fulfil our purpose to create value for people and society by building strong and sustainable businesses.
Dear shareholders, it has been an honor to lead your company. Investor stands strong, with a well proven business model, a clear strategic direction, a portfolio of industry champions, and high financial flexibility. Given that, I think this is a perfect time to hand over to my successor, Christian Cederholm. I am convinced that Christian, together with the strong team at Investor, will successfully continue the work to realize the great untapped potential, thereby generating attractive returns. With that, thank you!
Johan Forssell President & CEO
Net asset value overview
| Adjusted values | Reported values | ||||||
|---|---|---|---|---|---|---|---|
| Number of | Ownership | Share of total | Value, | Value, | Value, | Value, | |
| shares | capital/votes (%) | assets (%) | SEK m | SEK m | SEK m | SEK m | |
| 3/31 2024 | 3/31 2024 | 3/31 2024 | 3/31 2024 | 12/31 2023 | 3/31 2024 | 12/31 2023 | |
| Listed Companies | |||||||
| Atlas Copco | 835,653,755 | 17.0/22.3 | 16 | 149,799 | 143,400 | 149,799 | 143,400 |
| ABB | 265,385,142 | 14.1/14.1 | 14 | 131,369 | 118,035 | 131,369 | 118,035 |
| AstraZeneca | 51,587,810 | 3.3/3.3 | 8 | 74,931 | 69,695 | 74,931 | 69,695 |
| SEB | 456,198,927 | 21.3/21.4 | 7 | 66,019 | 63,321 | 66,019 | 63,321 |
| Epiroc | 207,635,622 | 17.1/22.7 | 5 | 41,596 | 41,552 | 41,596 | 41,552 |
| Nasdaq | 58,182,426 | 10.1/10.1 | 4 | 39,107 | 33,968 | 39,107 | 33,968 |
| Saab | 40,972,622 | 30.2/39.7 | 4 | 38,858 | 24,862 | 38,858 | 24,862 |
| Sobi | 122,964,760 | 34.7/34.7 | 4 | 32,877 | 32,729 | 32,877 | 32,729 |
| Wärtsilä | 104,711,363 | 17.7/17.7 | 2 | 17,064 | 15,206 | 17,064 | 15,206 |
| Ericsson | 266,745,735 | 8.0/23.7 | 2 | 15,475 | 16,859 | 15,475 | 16,859 |
| Husqvarna | 97,052,157 | 16.8/33.8 | 1 | 8,898 | 8,025 | 8,898 | 8,025 |
| Electrolux | 50,786,412 | 17.9/30.4 | 1 | 4,855 | 5,480 | 4,855 | 5,480 |
| Electrolux Professional | 58,941,654 | 20.5/32.5 | 0 | 4,110 | 3,213 | 4,110 | 3,213 |
| Total Listed Companies | 68 | 624,957 | 576,345 | 624,957 | 576,345 | ||
| Patricia Industries | Total exposure (%) | ||||||
| Subsidiaries | |||||||
| Mölnlycke1) | 99 | 10 | 93,303 | 77,690 | 21,330 | 19,839 | |
| Laborie | 99 | 3 | 23,712 | 20,569 | 11,494 | 10,995 | |
| Sarnova | 96 | 2 | 19,348 | 15,335 | 7,391 | 6,998 | |
| Permobil1) | 98 | 2 | 17,535 | 14,548 | 5,469 | 5,211 | |
| Advanced Instruments | 98 | 1 | 12,682 | 9,839 | 8,788 | 8,284 | |
| Piab1) | 97 | 1 | 10,903 | 10,543 | 6,431 | 6,238 | |
| BraunAbility | 93 | 1 | 9,798 | 8,551 | 1,719 | 1,521 | |
| Vectura | 100 | 0 | 4,588 | 6,823 | 5,255 | 7,130 | |
| Atlas Antibodies | 93 | 0 | 1,850 | 1,931 | 2,263 | 2,299 | |
| Total subsidiaries | 21 | 193,719 | 165,828 | 70,139 | 68,514 | ||
| Tre Skandinavien | 40/40 | 1 | 7,394 | 6,796 | 2,569 | 2,493 | |
| Financial Investments | 0 | 1,880 | 1,651 | 1,880 | 1,651 | ||
| Total Patricia Industries excl. cash | 22 | 202,994 | 174,275 | 74,588 | 72,657 | ||
| Total Patricia Industries incl. cash | 214,025 | 183,574 | 85,620 | 81,956 | |||
| Investments in EQT | |||||||
| EQT AB | 174,288,016 | 14.0/14.0 | 6 | 58,840 | 49,480 | 58,840 | 49,480 |
| Fund investments | 4 | 33,722 | 32,608 | 33,722 | 32,608 | ||
| Total Investments in EQT | 10 | 92,562 | 82,088 | 92,562 | 82,088 | ||
| Other Assets and Liabilities2) | 0 | 2,296 | -385 | 2,296 | -385 | ||
| Total Assets excl. cash Patricia Industries | 100 | 922,809 | 832,323 | 794,404 | 730,706 | ||
| Gross debt* | -40,081 | -38,789 | -40,081 | -38,789 | |||
| Gross cash* | 32,381 | 24,851 | 32,381 | 24,851 | |||
| Of which Patricia Industries | 11,031 | 9,299 | 11,031 | 9,299 | |||
| Net debt | -7,700 | -13,938 | -7,700 | -13,938 | |||
| Net Asset Value | 915,109 | 818,386 | 786,703 | 716,768 | |||
| Net Asset Value per share | 299 | 267 | 257 | 234 |
1) Including receivables related to Management Participation Program foundations. For Mölnlycke, the receivable corresponds to less than 1 percentage point of the total exposure (1), for Permobil to approximately 2 percentage points (2) and for Piab to approximately 3 percentage points (3).
2) Including SEK 2,407m in pending dividends as per 3/31, 2024.
Overview
For balance sheet items, figures in parentheses refer to year-end 2023 figures. For income statement and cash flow items, they refer to the same period last year.
Net asset value
During the first quarter of 2024, adjusted net asset value increased from SEK 818.4bn to SEK 915.1bn. The change in adjusted net asset value was 12 percent (7).
Reported net asset value increased from SEK 716.8bn to SEK 786.7bn. The change in reported net asset value was 10 percent (6).
Net debt and cash flow
Net debt totaled SEK 7,700m on March 31, 2024 (13,938), corresponding to leverage of 0.8 percent (1.7).
Our target leverage range is 0-10 percent (net debt/total adjusted assets) over a business cycle. While leverage can fluctuate above and below the target level, it should not exceed 20 percent for a longer period of time.
Gross cash amounted to SEK 32,381m (24,851) and gross debt to SEK 40,081m as of March 31, 2024 (38,789). The average maturity of Investor AB's debt portfolio was 10.6 years on March 31, 2024 (10.8).
Investor's net debt SEK m Q1 2024 Q1 2023 Opening net debt -13,938 -10,263 Listed Companies Dividends 6,917 3,852 Investments, net of proceeds -12 -14 Management cost -44 -39 Total 6,861 3,799 Patricia Industries Proceeds 2,544 458 Investments -763 -234 Management cost -89 -77 Other1) 40 48 Total 1,732 195 Investments in EQT Proceeds (divestitures, fee surplus and carry) 222 1,121 Drawdowns (investments and management fees) -1,224 -1,868 Management cost -3 -3 Total -1,005 -749 Investor groupwide Management cost -42 -35 Other2) -1,309 -454 Closing net debt -7,700 -7,508
1) Incl. currency related effects and net interest paid. 2) Incl. currency related effects, revaluation of debt and net interest paid.
Management cost
Investor's management cost amounted to SEK 178m during the first quarter 2024 (154).
As of March 31, 2024, rolling 12-month management cost amounted to 0.08 percent of the adjusted net asset value (0.09).
The Investor share
The price of the Investor A-share and B-share was SEK 266.20 and SEK 268.65 respectively on March 31, 2024, compared to SEK 231.50 and SEK 233.50 on December 31, 2023.
The total shareholder return (Class B-share) amounted to 15 percent during the first quarter 2024 (9).
The SIXRX return index was 8 percent during the first quarter 2024 (9).
Investor's market capitalization, excluding repurchased shares, was SEK 819,914m as of March 31, 2024 (712,694).
0 5 10 15 20 25 30 35 1 year 5 years 10 years 20 years Percent Investor B SIXRX
Average annual total return
Listed Companies
Listed Companies include ABB, AstraZeneca, Atlas Copco, Electrolux, Electrolux Professional, Epiroc, Ericsson, Husqvarna, Nasdaq, Saab, SEB, Sobi and Wärtsilä. These are multinational companies with strong market positions and proven track records.
Highlights during the quarter
- Most companies contributed to the performance, with Saab generating a very strong return.
- AstraZeneca presented positive clinical data and announced strategic acquisitions.
Performance
Total return (excluding management costs) amounted to 10 percent during the first quarter 2024 (8).
The SIXRX return index was 8 percent during the first quarter 2024 (9).
Contribution to net asset value (adjusted and reported) amounted to SEK 57,880m during the first quarter 2024 (35,560).
| Contribution to net asset value | |||||||
|---|---|---|---|---|---|---|---|
| SEK m | Q1 2024 | Q1 2023 | |||||
| Changes in value | 48,600 | 31,387 | |||||
| Dividends | 9,324 | 4,212 | |||||
| Management cost | -44 | -39 | |||||
| Total | 57,880 | 35,560 |
Contribution to net asset value and total return
| Q1 2024 | |||||
|---|---|---|---|---|---|
| Value, SEK m |
Contribution, SEK m |
Total return (%)1)1) |
|||
| Atlas Copco | 149,799 | 6,399 | 4.5 | ||
| ABB | 131,369 | 16,035 | 12.2 | ||
| AstraZeneca | 74,931 | 6,301 | 9.2 | ||
| SEB | 66,019 | 7,940 | 12.5 | ||
| Epiroc | 41,596 | 36 | 0.1 | ||
| Nasdaq | 39,107 | 5,263 | 15.5 | ||
| Saab | 38,858 | 13,996 | 56.3 | ||
| Sobi | 32,877 | 148 | 0.5 | ||
| Wärtsilä | 17,064 | 2,046 | 13.5 | ||
| Ericsson | 15,475 | -1,384 | -8.2 | ||
| Husqvarna | 8,898 | 873 | 10.9 | ||
| Electrolux | 4,855 | -625 | -11.4 | ||
| Electrolux Professional |
4,110 | 896 | 27.9 | ||
| Total | 624,957 | 57,925 | 9.8 |
1) Calculated as the sum of share price changes with reinvested dividends, including add-on investments and/or divestments.
Dividends received
Dividends from listed companies totaled SEK 9,324m during the first quarter 2024 (4,212), of which SEK 2,407m was pending over the end of the quarter and is reported in Other Assets and Liabilities (360).
Investments and divestments
First quarter
No investments or divestments were made during the first quarter 2024.
Listed Companies, value distribution, March 31, 2024
Patricia Industries
Patricia Industries develops wholly-owned companies in the Nordics and in North America. Holdings include Advanced Instruments, Atlas Antibodies, BraunAbility, Laborie, Mölnlycke, Permobil, Piab, Sarnova, Vectura, Tre Skandinavien and Financial Investments.
Highlights during the quarter
- Total return amounted to 18 percent, driven by multiple expansion, earnings growth and positive currency impact.
- Laborie grew 21 percent in constant currency, with OptilumeTM Urethral strictures contributing significantly.
Operating performance
During the first quarter 2024, sales growth for the major subsidiaries was 7 percent (22). Organic growth was 7 percent in constant currency (11). EBITA amounted to SEK 2,985m (2,725), an increase of 10 percent (35). Adjusting for items affecting comparability, EBITA grew by 10 percent (35).
As of March 31, 2024, on a rolling 12-month basis, the companies' (subsidiaries and 40 percent of Tre Skandinavien) combined sales and EBITDA amounted to SEK 63.6bn (56.9) and SEK 15.6bn (13.0) respectively. During the first quarter 2024, sales and EBITDA amounted to SEK 15.8bn (14.8), and SEK 3.9bn (3.5) respectively.
Patricia Industries, adjusted values, March 31, 2024
Reported EBITDA (subsidiaries & 40% of Tre Skandinavien)
Major subsidiaries, performance
Q1 2024
| Org. growth, | |||||||
|---|---|---|---|---|---|---|---|
| SEK m | Sales | constant currency |
EBITDA | EBITDA (%) | EBITA1) | EBITA (%) | Operating cash flow |
| Mölnlycke | 5,623 | 5 | 1,654 | 29.4 | 1,420 | 25.3 | 987 |
| Laborie | 1,057 | 21 | 298 | 28.2 | 282 | 26.7 | 128 |
| Sarnova | 2,694 | 6 | 406 | 15.1 | 353 | 13.1 | 201 |
| Permobil | 1,483 | 10 | 324 | 21.8 | 273 | 18.4 | 147 |
| Advanced Instruments | 376 | 7 | 151 | 40.3 | 144 | 38.2 | 156 |
| Piab | 787 | -3 | 210 | 26.7 | 176 | 22.4 | 91 |
| BraunAbility | 2,763 | 6 | 363 | 13.2 | 313 | 11.3 | -70 |
| Vectura | 65 | 74 | 32 | 48.9 | 1 | 1.7 | -533 |
| Atlas Antibodies | 79 | -30 | 31 | 40.0 | 23 | 29.8 | 30 |
| Total | 14,926 | 3,470 | 23.2 | 2,985 | 20.0 | 1,136 | |
| Reported growth y/y, % | 7 | 10 | 10 | ||||
| Organic growth, y/y, % | 7 |
1) EBITA is defined as operating profit before acquisition-related amortizations.
Value development
Contribution to adjusted net asset value amounted to SEK 30,388m during the first quarter 2024 (17,867).
Contribution to adjusted net asset value
| SEK m | Q1 2024 | Q1 2023 |
|---|---|---|
| Changes in value | 30,500 | 17,943 |
| Management cost | -89 | -77 |
| Other | -24 | 1 |
| Total | 30,388 | 17,867 |
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 18 percent (17 percent including cash) during the first quarter 2024 (13). The return during the first quarter was positively impacted by multiple expansion, earnings growth and currency.
For more information on valuation, see page 30.
Investments and divestments
During the first quarter 2024, investments amounted to SEK 763m (234), mainly relating to the SEK 580m investment in Vectura.
Divestments amounted to SEK 31m during the first quarter 2024 (65).
Distributions received
During the first quarter 2024, distributions to Patricia Industries amounted to SEK 2,514m (393), mainly related to distribution from Vectura.
Patricia Industries, net cash
| SEK m | Q1 2024 | Q1 2023 | |
|---|---|---|---|
| Beginning of period | 9,299 | 11,823 | |
| Net cash flow | 1,781 | 224 | |
| Internal transfer to Investor | - | - | |
| Other1) | -49 | -29 | |
| End of period | 11,031 | 12,017 | |
1) Includes currency-related effects, net interest and management cost.
| Patricia Industries – valuation overview | ||||
|---|---|---|---|---|
| Estimated market values, SEK m, 3/31, 2024 |
Change Q1 2024 vs. Q4 2023 SEK m |
Major drivers | Comments | |
| Subsidiaries | ||||
| Mölnlycke | 93,303 | 15,614 | Multiples, earnings and currency impacted positively |
Applied EV/reported LTM EBITDA 17.3x |
| Laborie | 23,712 | 3,143 | Earnings, multiples and currency impacted positively |
Applied EV/adjusted LTM EBITDA 19.2x |
| Sarnova | 19,348 | 4,013 | Multiples, earnings and currency impacted positively |
Applied EV/adjusted LTM EBITDA 16.1x |
| Permobil | 17,535 | 2,987 | Multiples and earnings impacted positively |
Applied EV/reported LTM EBITDA 15.0x |
| Advanced Instruments | 12,682 | 2,843 | Multiples, earnings and currency impacted positively |
Applied EV/adjusted LTM EBITDA 21.7x. |
| Piab | 10,903 | 360 | Multiples impacted positively | Applied EV/adjusted LTM EBITDA 16.2x |
| BraunAbility | 9,798 | 1,247 | Multiples, currency and earnings impacted positively |
Applied EV/adjusted LTM EBITDA 11.0x |
| Vectura | 4,588 | -2,235 | SEK 1.9bn net distribution to Patricia Industries |
Estimated market value of the property portfolio less debt and cost |
| Atlas Antibodies | 1,850 | -81 | Earnings impacted negatively, mitigated by higher multiples |
Applied EV/adjusted LTM EBITDA 17.8x |
| Partner-owned investments |
||||
| Tre Skandinavien | 7,394 | 598 | Earnings and multiples impacted positively |
Applied EV/reported LTM EBITDA 6.3x |
| Financial Investments | 1,880 | 229 | Multiple or third-party valuation, share price | |
| Total | 202,994 | |||
| Total incl. cash | 214,025 |
A world-leading medtech company that specializes in sustainable solutions for wound care and surgical procedures. Read more at www.molnlycke.com
Activities during the quarter
Group
- Organic sales growth amounted to 5 percent in constant currency, mainly driven by Wound Care and ORS, while Gloves declined.
- The EBITDA margin increased compared to last year, supported by volume growth and lower raw materials costs, partly offset by increased logistics costs related to the Red Sea conflict. The EBITA margin was negatively affected by one-off costs related to the relocation of Gloves production in Malaysia.
Wound Care
- Organic sales growth amounted to 6 percent in constant currency, with growth across all geographies.
- After the end of the quarter, Mölnlycke signed an agreement to acquire P.G.F. Industry Solutions GmbH, an Austrian manufacturer of the Granudacyn® wound moisturizing solutions sold under the Mölnlycke brand.
Operating Room Solutions
• Organic sales growth amounted to 4 percent in constant currency, driven by volume growth, mix and price, however negatively impacted by supply chain delays to the Middle East markets, as a consequence of the Red Sea conflict. The Trays category remains the main driver.
Gloves
- Organic sales growth amounted to -5 percent in constant currency, mainly due to supply chain delays as a consequence from the Red Sea conflict. Sales in the US market were essentially flat.
- To improve efficiency and further reduce the environmental footprint, Mölnlycke announced the closure of one plant in Malaysia, consolidating production to the existing, more sustainable facilities.
- Mölnlycke was awarded a 4-year Biogel contract in Sweden, where sustainability was a key differentiator.
Antiseptics
• Organic sales growth amounted to 27 percent in constant currency, supported by a stable supply situation.
Mölnlycke, sales and margin development
| Key figures, Mölnlycke | |
|---|---|
| ------------------------ | -- |
| Income statement items, EUR m |
Q1 2024 | Q1 2023 | Last 12 months |
|---|---|---|---|
| Sales | 499 | 479 | 1,943 |
| EBITDA | 147 | 136 | 556 |
| EBITA | 126 | 120 | 486 |
| Sales growth, % | 4 | 13 | |
| Organic growth, constant currency, % |
5 | 13 | |
| EBITDA, % | 29.4 | 28.3 | 28.6 |
| EBITA, % | 25.3 | 25.0 | 25.0 |
| Cash flow items, EUR m | Q1 2024 | Q1 2023 | |
| EBITDA | 147 | 136 | |
| Lease payments | -6 | -6 | |
| Change in working capital | -45 | -64 | |
| Capital expenditures | -8 | -12 | |
| Operating cash flow | 87 | 54 | |
| Acquisitions/divestments | - | - | |
| Shareholder | - | - | |
| contribution/distribution | |||
| Other1) | -54 | -16 | |
| Increase(-)/decrease(+) in net debt |
33 | 38 | |
| Key ratios | |||
| Working capital/sales, % | 20 | ||
| Capital expenditures/sales, % | 2 | ||
| Balance sheet items, EUR m | 3/31 2024 | 12/31 2023 | |
| Net debt | 1,477 | 1,510 | |
| 3/31 2024 | 3/31 2023 | ||
| Number of employees | 8,680 | 8,870 |
1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities.
Mölnlycke, distribution of sales and organic sales growth
| Share of sales, (%) Last 12 months |
Organic growth, constant currency, (%) Q1 2024 |
|
|---|---|---|
| Wound Care | 59 | 6 |
| Operating Room Solutions |
26 | 4 |
| Gloves | 12 | -5 |
| Antiseptics | 3 | 27 |
| Total | 100 | 5 |
Mölnlycke, distribution of sales by geography
| Share of sales, (%) 2023 |
|
|---|---|
| Europe, Middle East, Africa | 58 |
| Americas | 33 |
| Asia Pacific | 10 |
| Total | 100 |
A provider of diagnostic and therapeutic products within Gastroenterology, Urology & Urogynecology, and Obstetrics, Gynecology & Neonatal. Read more at www.laborie.com
Activities during the quarter
- Organic sales growth amounted to 21 percent in constant currency. All product areas grew in the quarter, with the OptilumeTM urethral strictures product contributing significantly to the strong sales growth.
- Despite significant investments in the launch of OptilumeTM for the treatment of benign prostatic hyperplasia (BPH) and increased research and development activity, the EBITA margin held up well, supported by the successful launch of the high gross margin product OptilumeTM urethral strictures.
- In March, Laborie completed a strategic equity investment of USD 3m in I-O Urology, a medical technology company commercializing the CarePath digital uroflowmetry device.
Key figures, Laborie
| Income statement items, USD m |
Q1 2024 | Q1 2023 | Last 12 months |
|---|---|---|---|
| Sales | 102 | 84 | 376 |
| EBITDA | 29 | 25 | 109 |
| EBITA | 27 | 23 | 101 |
| Sales growth, % | 21 | 7 | |
| Organic growth, | 21 | 8 | |
| constant currency, % | |||
| EBITDA, % | 28.2 | 29.3 | 29.1 |
| EBITA, % | 26.7 | 27.5 | 26.9 |
| Cash flow items, USD m | Q1 2024 | Q1 2023 | |
| EBITDA | 29 | 25 | |
| Lease payments | -1 | -1 | |
| Change in working capital | -13 | 1 | |
| Capital expenditures | -3 | -2 | |
| Operating cash flow | 12 | 23 | |
| Acquisitions/divestments | -3 | -3 | |
| Shareholder | - | - | |
| contribution/distribution | |||
| Other1) | -5 | -9 | |
| Increase(-)/decrease(+) in net debt |
5 | 10 | |
| Key ratios | |||
| Working capital/sales, % | 19 | ||
| Capital expenditures/sales, % | 4 | ||
| Balance sheet items, USD m | 3/31 2024 | 12/31 2023 | |
| Net debt | 431 | 435 | |
| 3/31 2024 | 3/31 2023 | ||
| Number of employees | 1,005 | 890 |
1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities.
A US provider of specialty healthcare and safety products, services and software for the US emergency medical services (EMS), acute care and cardiac response markets. Read more at www.sarnova.com
Activities during the quarter
- Organic sales grew by 6 percent in constant currency. The Cardiac Response, Emergency Preparedness, and Emergency Medical Services Revenue Cycle Management business units all delivered strong growth in the quarter.
- The EBITA margin improved driven by strong operating performance, partly offset by investments in the commercial organization, digital platform enhancement, and warehouse optimization.
Key figures, Sarnova
| Income statement items, USD m |
Q1 2024 | Q1 2023 | Last 12 months |
|---|---|---|---|
| Sales | 259 | 244 | 1,004 |
| EBITDA | 39 | 34 | 163 |
| EBITA | 34 | 29 | 142 |
| Sales growth, % | 6 | 10 | |
| Organic growth, constant currency, % |
6 | 10 | |
| EBITDA, % | 15.1 | 13.7 | 16.2 |
| EBITA, % | 13.1 | 11.8 | 14.1 |
| Cash flow items, USD m | Q1 2024 | Q1 2023 | |
| EBITDA | 39 | 34 | |
| Lease payments | -1 | -1 | |
| Change in working capital | -16 | 13 | |
| Capital expenditures | -2 | -4 | |
| Operating cash flow | 19 | 42 | |
| Acquisitions/divestments | -7 | - | |
| Shareholder | - | - | |
| contribution/distribution | |||
| Other1) | -1 | -12 | |
| Increase(-)/decrease(+) in net debt |
12 | 30 | |
| Key ratios | |||
| Working capital/sales, % | 15 | ||
| Capital expenditures/sales, % | 1 | ||
| Balance sheet items, USD m | 3/31 2024 | 12/31 2023 | |
| Net debt | 462 | 474 | |
| 3/31 2024 | 3/31 2023 | ||
| Number of employees | 1,440 | 1,425 |
A provider of advanced mobility and seating rehab solutions, including powered and manual wheelchairs, pressure-relieving cushions and powerassist devices. Read more at www.permobil.com
Activities during the quarter
- Organic sales growth amounted to 10 percent in constant currency, driven by Americas and EMEA.
- The EBITA margin increased due to operating leverage.
- Operating cash conversion was negatively impacted by increased working capital, partly related to the situation in the Red Sea, and investments in automation.
Key figures, Permobil
| Income statement items, SEK m |
Q1 2024 | Q1 2023 | Last 12 months |
|---|---|---|---|
| Sales | 1,483 | 1,313 | 6,170 |
| EBITDA | 324 | 236 | 1,409 |
| EBITA | 273 | 185 | 1,193 |
| Sales growth, % Organic growth, |
13 | 18 | |
| constant currency, % | 10 | 9 | |
| EBITDA, % | 21.8 | 18.0 | 22.8 |
| EBITA, % | 18.4 | 14.1 | 19.3 |
| Cash flow items, SEK m | Q1 2024 | Q1 2023 | |
| EBITDA | 324 | 236 | |
| Lease payments | -20 | -20 | |
| Change in working capital | -64 | 30 | |
| Capital expenditures | -92 | -69 | |
| Operating cash flow | 147 | 178 | |
| Acquisitions/divestments | -1 | - | |
| Shareholder | - | -400 | |
| contribution/distribution | |||
| Other1) | -279 | -58 | |
| Increase(-)/decrease(+) in net | |||
| debt | -133 | -280 | |
| Key ratios | |||
| Working capital/sales, % | 23 | ||
| Capital expenditures/sales, % | 5 | ||
| Balance sheet items, SEK m | 3/31 2024 | 12/31 2023 | |
| Net debt | 3,340 | 3,206 | |
| 3/31 2024 | 3/31 2023 | ||
| Number of employees | 1,935 | 1,805 | |
| 1) Includes effects of exchange rate changes, interest, tax and change in lease |
liabilities.
A global provider of scientific and analytical solutions for the biopharma, clinical and food & beverage industries. Read more at www.aicompanies.com
Activities during the quarter
- Organic sales growth amounted to 7 percent in constant currency, driven by strong growth across consumables and services, as well as the Artel and Solentim instrument portfolios.
- The EBITA margin increased, mainly driven by operating leverage and efficiency improvements, partly offset by investments in R&D and commercial expansion in Europe.
Key figures, Advanced Instruments
| Income statement items, USD m |
Q1 2024 | Q1 2023 | Last 12 months |
|---|---|---|---|
| Sales | 36 | 34 | 152 |
| EBITDA | 15 | 12 | 65 |
| EBITA | 14 | 11 | 62 |
| Sales growth, % | 7 | 8 | |
| Organic growth, constant currency, % |
7 | -9 | |
| EBITDA, % | 40.3 | 36.0 | 42.7 |
| EBITA, % | 38.2 | 34.0 | 40.7 |
| Cash flow items, USD m | Q1 2024 | Q1 2023 | |
| EBITDA | 15 | 12 | |
| Lease payments | 0 | 0 | |
| Change in working capital | 1 | -5 | |
| Capital expenditures | -1 | 0 | |
| Operating cash flow | 15 | 7 | |
| Acquisitions/divestments | - | -31 | |
| Shareholder | - | - | |
| contribution/distribution | |||
| Other1) | -7 | -7 | |
| Increase(-)/decrease(+) in net debt |
8 | -31 | |
| Key ratios | |||
| Working capital/sales, % | 15 | ||
| Capital expenditures/sales, % | 1 | ||
| Balance sheet items, USD m | 3/31 2024 | 12/31 2023 | |
| Net debt | 205 | 213 | |
| 3/31 2024 | 3/31 2023 | ||
| Number of employees | 315 | 355 |
A provider of gripping and moving solutions for end-users and machine manufacturers to improve energy efficiency, productivity and work environment. Read more at www.piab.com
Activities during the quarter
- Organic sales declined by 3 percent in constant currency. Vacuum Automation and Vacuum Conveying were stable, while Lifting Automation declined. Regionally, EMEA and Americas contributed to the decrease.
- The EBITA margin decreased from last year, primarily driven by investments in R&D and the commercial organization, partly offset by a higher gross margin.
- The suction cup range BXP, developed specifically for picking and lifting objects with uneven or porous surfaces, was expanded.
Key figures, Piab
| Income statement items, SEK m |
Q1 2024 | Q1 2023 | Last 12 months |
|---|---|---|---|
| Sales | 787 | 720 | 3,150 |
| EBITDA | 210 | 205 | 853 |
| EBITA | 176 | 181 | 725 |
| Sales growth, % | 9 | 31 | |
| Organic growth, | |||
| constant currency, % | -3 | 12 | |
| EBITDA, % | 26.7 | 28.5 | 27.1 |
| EBITA, % | 22.4 | 25.1 | 23.0 |
| Cash flow items, SEK m | Q1 2024 | Q1 2023 | |
| EBITDA | 210 | 205 | |
| Lease payments | -15 | -12 | |
| Change in working capital | -72 | -59 | |
| Capital expenditures | -33 | -20 | |
| Operating cash flow | 91 | 114 | |
| Acquisitions/divestments | - | -773 | |
| Shareholder | - | 222 | |
| contribution/distribution | |||
| Other1) | -260 | -86 | |
| Increase(-)/decrease(+) in net | |||
| debt | -169 | -522 | |
| Key ratios | |||
| Working capital/sales, % | 17 | ||
| Capital expenditures/sales, % | 3 | ||
| Balance sheet items, SEK m | 3/31 2024 | 12/31 2023 | |
| Net debt | 2,818 | 2,649 | |
| 3/31 2024 | 3/31 2023 | ||
| Number of employees | 1,210 | 1,160 | |
1) Includes effects of exchange rate changes, interest, tax and change in lease liabilities.
A provider of mobility transportation solutions, including wheelchair accessible vehicles, lifts and seating, storage and securement products. Read more at www.braunability.com
Activities during the quarter
- Organic sales growth amounted to 6 percent in constant currency despite a strong prior year quarter, driven by strong demand in consumer WAVs (Wheelchair Accessible Vehicles), lifts and Q'Straint products.
- The EBITA margin remained unchanged. Favorable product mix and ongoing operational and cost saving initiatives were mitigated by increased raw materials costs and wages.
- Scott Nelson, previously President of the North America Manufacturing division, was appointed CEO of BraunAbility, effective April 1, 2024.
Key figures, BraunAbility
| Income statement items, | Last 12 | ||
|---|---|---|---|
| USD m | Q1 2024 | Q1 2023 | months |
| Sales | 266 | 250 | 1,105 |
| EBITDA | 35 | 33 | 130 |
| EBITA | 30 | 28 | 109 |
| Sales growth, % | 6 | 12 | |
| Organic growth, constant currency, % |
6 | 11 | |
| EBITDA, % | 13.2 | 13.1 | 11.7 |
| EBITA, % | 11.3 | 11.1 | 9.9 |
| Cash flow items, USD m | Q1 2024 | Q1 2023 | |
| EBITDA | 35 | 33 | |
| Lease payments | -2 | -2 | |
| Change in working capital | -35 | -26 | |
| Capital expenditures | -5 | -4 | |
| Operating cash flow | -7 | 0 | |
| Acquisitions/divestments | - | - | |
| Shareholder | - | - | |
| contribution/distribution | |||
| Other1) | -6 | -6 | |
| Increase(-)/decrease(+) in net debt |
-13 | -6 | |
| Key ratios | |||
| Working capital/sales, % | 8 | ||
| Capital expenditures/sales, % | 2 | ||
| Balance sheet items, USD m | 3/31 2024 | 12/31 2023 | |
| Net debt | 259 | 246 | |
| 3/31 2024 | 3/31 2023 | ||
| Number of employees | 2,000 | 1,990 |
A developer and manager of innovation clusters and commercial properties. Read more at www.vectura.se
Activities during the quarter
- Vectura's divestment of the majority of its Community Service portfolio to Altura (managed by NREP), signed in 2023, was completed. Upon closing, Vectura, as planned, Vectura repaid SEK 2.5bn of the SEK 3.5bn capital contribution made by Patricia Industries during 2023. The remaining part will be repaid during 2025.
- Total sales growth amounted to –23 percent explained by the Community Services divestment. Underlying growth for properties that remain in Vectura's portfolio was 74 percent, driven by rental income from the first tenants in Forskaren (Hagastaden) and Bromma Sjukhus as well as rent increases due to annual indexation.
- The EBITDA margin decreased by 17 percentage points affected by the Community Services divestment. Short term, until ongoing projects generate higher rental income, the divestment will negatively impact the margin.
- A rental agreement was signed with Volvo Cars for a 22,500 m2 new office building in Torslanda, Gothenburg. This is the first step in developing a collaborative innovation cluster focusing on sustainable mobility. In addition, a rental agreement was signed with CCRM related to GoCo Health Innovation City in Gothenburg.
- Patricia Industries contributed SEK 580m in equity capital to fund projects, as well as the ongoing development of Saab's new R&D-focused office building in Lund.
Key figures, Vectura
| Q1 2024 | Q1 2023 | Last 12 months |
|---|---|---|
| 65 | 84 | 317 |
| 32 | 55 | 204 |
| 48.9 | 65.9 | 64.2 |
| 1 | 23 | 49 |
| 1.7 | 27.7 | 15.5 |
| 3/31 2024 | 12/31 2023 | |
| 1,690 | 3,387 | |
| 3/31 2024 | 12/31 2023 | |
| 7,196 | 10,998 | |
| 3/31 2024 | 3/31 2023 | |
| 45 | 50 | |
1) EBITA adjusted for depreciation of surplus values related to properties.
A provider of advanced reagents for basic and clinical biomedical research. Read more at www.atlasantibodies.com
Activities during the quarter
- Organic sales declined by 30 percent in constant currency, driven by the evitria business which continued to be impacted by low, but stable, demand from smaller biotech customers.
- The EBITA margin declined as a result of lower sales, partly mitigated by cost reduction initiatives.
- Business area Atlas Antibodies introduced MolBoolean™, a kit based on a new technology for studying protein-to-protein interactions directly in cells and tissues, with application areas including drug discovery and disease research.
Key figures, Atlas Antibodies
| Income statement items, | Last 12 | ||
|---|---|---|---|
| SEK m | Q1 2024 | Q1 2023 | months |
| Sales | 79 | 110 | 339 |
| EBITDA | 31 | 53 | 126 |
| EBITA | 23 | 46 | 92 |
| Sales growth, % | -29 | 16 | |
| Organic growth, | -30 | 7 | |
| constant currency, % | |||
| EBITDA, % | 40.0 | 48.4 | 37.0 |
| EBITA, % | 29.8 | 41.7 | 27.0 |
| Cash flow items, SEK m | Q1 2024 | Q1 2023 | |
| EBITDA | 31 | 53 | |
| Lease payments | -3 | -4 | |
| Change in working capital | 3 | -16 | |
| Capital expenditures | -2 | -5 | |
| Operating cash flow | 30 | 28 | |
| Acquisitions/divestments | - | - | |
| Shareholder | - | - | |
| contribution/distribution | |||
| Other1) | -12 | -59 | |
| Increase(-)/decrease(+) in net | 17 | -30 | |
| debt | |||
| Key ratios | |||
| Working capital/sales, % | 66 | ||
| Capital expenditures/sales, % | 24 | ||
| Balance sheet items, SEK m | 3/31 2024 | 12/31 2023 | |
| Net debt | 356 | 373 | |
| 3/31 2024 | 3/31 2023 | ||
| Number of employees | 105 | 120 |
A provider of mobile voice and broadband services in Sweden and Denmark. Read more at www.tre.se.
Activities during the quarter
- The subscription base increased by 45,000, of which 26,000 in Sweden and 19,000 in Denmark.
- Service revenue increased by 6 percent and EBITDA increased by 17 percent, driven by operating leverage and lower energy expenses.
- Tre Sweden topped Karriärföretagen's list of most attractive working places for young women in tech.
Key figures, Tre Skandinavien
| Last 12 | |||
|---|---|---|---|
| Income statement items | Q1 2024 | Q1 2023 | months |
| Sales, SEK m | 3,037 | 3,021 | 12,560 |
| Sweden, SEK m | 1,992 | 1,911 | 8,171 |
| Denmark, DKK m | 691 | 744 | 2,845 |
| Service revenue, SEK m1) | 2,083 | 1,961 | 8,342 |
| Sweden, SEK m | 1,316 | 1,244 | 5,244 |
| Denmark, DKK m | 506 | 481 | 2,008 |
| EBITDA, SEK m | 1,016 | 868 | 4,125 |
| Sweden, SEK m | 737 | 666 | 3,134 |
| Denmark, DKK m | 184 | 136 | 636 |
| EBITDA, % | 33.4 | 28.7 | 32.8 |
| Sweden | 37.0 34.8 |
38.4 | |
| Denmark | 26.6 | 18.3 | 22.4 |
| Key ratios | |||
| Capital expenditures/sales, % | 26 | ||
| Balance sheet items, SEK m | 3/31 2024 | 12/31 2023 | |
| Net debt | 7,344 | 7,456 | |
| 3/31 2024 | 3/31 2023 | ||
| Number of employees | 1,830 | 1,800 | |
| Other key figures | 3/31 2024 | 3/31 2023 | |
| Subscriptions | 4,234,000 | 4,040,000 | |
| Sweden | 2,624,000 | 2,487,000 | |
| Denmark | 1,610,000 | 1,553,000 |
1) Mobile service revenue excluding interconnect revenue.
Investments in EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Investor was one of the founders of EQT in 1994 and has committed capital to the vast majority of its funds. Read more at www.eqtgroup.com
Highlights during the quarter
• The reported value change of Investments in EQT was 12 percent. Net cash flow to Investor amounted to SEK -1,005m.
Performance
Contribution to net asset value (adjusted and reported) amounted to SEK 9,468m during the first quarter 2024 (-2,545).
The reported value change of Investor's investments in EQT was 12 percent during the first quarter 2024, of which 10 percent in constant currency.
Net cash flow to Investor amounted to SEK -1,005m during the first quarter.
Investments in EQT AB
The value change of Investor's holding in EQT AB amounted to SEK 9,359m, corresponding to a total shareholder return of 19 percent during the first quarter.
Investments in EQT funds
Investor reports the value change on its EQT fund investments with a one-quarter lag. Consequently, the information related to Investor's investments in EQT funds in this report is presented as of December 31, 2023.
The reported value change of Investor's investments in EQT funds amounted to 0 percent during the first quarter, of which -3 percent in constant currency.
Investor's total outstanding commitments to EQT funds amounted to SEK 19.5bn as of March 31, 2024 (20.5).
Change in adjusted net asset value, EQT
| SEK m | Q1 2024 | Q1 2023 |
|---|---|---|
| Net asset value, beginning of period | 82,088 | 70,050 |
| Contribution to net asset value | 9,468 | -2,545 |
| Drawdowns (investments, management fees and management |
||
| cost) | 1,227 | 1,871 |
| Proceeds to Investor (divestitures, | ||
| fee surplus, carry and dividend) | -222 | -1,121 |
| Net asset value, end of period | 92,562 | 68,254 |
Investor's investments in EQT, March 31, 20241)
| Investor | ||||
|---|---|---|---|---|
| Fund size EUR m |
Share (%) | Outstanding commitment SEK m |
Reported value SEK m |
|
| Real Assets funds | ||||
| EQT Infrastructure III | 4,041 | 5 | 78 | 892 |
| EQT Infrastructure IV | 9,100 | 3 | 386 | 3,872 |
| EQT Infrastructure V | 15,700 | 3 | 1,068 | 5,335 |
| Other Real Assets funds2) | - | - | 590 | 407 |
| Private Capital funds | ||||
| EQT VII | 6,817 | 5 | 251 | 2,820 |
| EQT VIII | 10,750 | 5 | 394 | 8,042 |
| EQT IX | 15,600 | 3 | 428 | 5,995 |
| EQT X | 21,700 | 3 | 6,328 | 976 |
| Other private capital funds3) | - | - | 1,530 | 4,598 |
| Funds not closed4) | - | - | 7,727 | 213 |
| Credit funds5) | - | - | 676 | 571 |
| Total fund investments | 19,457 | 33,722 | ||
| EQT AB | 14.0/14.06) | 58,840 | ||
| Total investments in EQT | 92,562 | |||
| 1) Investor's investments in EQT funds are reported with a one-quarter lag. |
2) EQT Infrastructure, EQT Infrastructure II, EQT Real Estate I, EQT Real Estate II. 3) EQT VI, EQT MM, EQT MM US, EQT MM Asia, EQT MM EU, EQT Ventures, EQT
Ventures II, EQT Ventures III, EQT Growth, EQT Future. 4) EQT Infrastructure VI. Outstanding commitment is maximum and dependent on final fund size.
5) Divested by EQT AB to Bridgepoint, October 2020.
6) Capital and votes respectively.
Investor's investments in EQT, key figures overview
| SEK m | Q1 2024 |
FY 2023 |
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
FY 2022 |
Q4 2022 |
Q3 2022 |
Q2 2022 |
Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Reported value | 92,562 | 82,088 | 82,088 | 71,962 | 69,992 | 68,254 | 70,050 | 70,050 | 70,260 | 69,647 | 99,078 |
| Reported value change, % |
12 | 17 | 16 | 1 | 3 | -4 | -35 | 2 | 2 | -26 | -15 |
| Value change, constant currency, % |
10 | 17 | 17 | 2 | 1 | -4 | -37 | 1 | 1 | -27 | -15 |
| Drawdowns from Investor |
1,227 | 4,777 | 371 | 2,097 | 439 | 1,871 | 4,000 | 832 | 428 | 847 | 1,893 |
| Proceeds to Investor | 222 | 4,599 | 1,534 | 969 | 975 | 1,121 | 10,220 | 2,257 | 1,355 | 4,660 | 1,947 |
| Net cash flow to Investor | -1,005 | -178 | 1,163 | -1,127 | 536 | -749 | 6,220 | 1,426 | 927 | 3,813 | 54 |
Investor Group
Net debt
Net debt totaled SEK 7,700m on March 31, 2024 (13,938). Debt financing of the Patricia Industries' subsidiaries is arranged without guarantees from Investor and hence not included in Investor's net debt. Investor guarantees SEK 2.4bn of the associated company Tre Skandinavien's refinanced external debt, but this guaranteed loan is not included in Investor's net debt. The same applies for pending dividends from investments and approved but not yet paid dividend to shareholders.
Net debt, March 31, 2024
| SEK m | Consolidated balance sheet |
Deductions related to Patricia Industries |
Investor's net debt |
|---|---|---|---|
| Other financial | |||
| investments | 3,224 | -267 | 2,957 |
| Cash, bank and short | |||
| term investments | 36,945 | -7,521 | 29,424 |
| Receivables included | |||
| in net debt | 1,120 | -376 | 745 |
| Interest bearing debt | -87,724 | 47,004 | -40,720 |
| Provision for pensions | -815 | 710 | -105 |
| Total | -47,250 | 39,550 | -7,700 |
Investor's gross cash amounted to SEK 32,381m as of March 31, 2024 (24,851). The short-term investments are invested conservatively, taking into account the riskadjusted return profile. Investor's gross debt, excluding pension liabilities, amounted to SEK 39,975m as of March 31, 2024 (38,685).
The average maturity of Investor AB's debt portfolio was 10.6 years on March 31, 2024 (10.8), excluding the debt of the Patricia Industries subsidiaries.
Investor is rated AA- (Stable Outlook) by S&P Global and Aa3 (Stable Outlook) by Moody's.
Net financial items, Q1 2024
| SEK m | Group - Net financial items |
Deductions related to Patricia Industries |
Investor's net financial items |
|---|---|---|---|
| Interest income | 211 | -44 | 167 |
| Interest expenses | -858 | 676 | -181 |
| Results from revaluation of loans, swaps and short |
|||
| term investments | -26 | 38 | 12 |
| Foreign exchange result | -1,495 | 396 | -1,099 |
| Other | -180 | 101 | -79 |
| Total | -2,348 | 1,167 | -1,181 |
Share capital
Investor's share capital amounted to SEK 4,795m on March 31, 2024 (4,795).
| Share structure | |||||||
|---|---|---|---|---|---|---|---|
| Class of share |
Number of shares Number of votes | % of capital |
% of votes |
||||
| A 1 vote | 1,246,763,376 | 1,246,763,376 | 40.6 | 87.2 | |||
| B 1/10 vote | 1,821,936,744 | 182,193,674 | 59.4 | 12.8 | |||
| Total | 3,068,700,120 | 1,428,957,050 | 100.0 | 100.0 |
Investor's share capital consists of 3,068,700,120 shares with a quota of SEK 1.5625 per share.
On March 31, 2024, Investor owned a total of 5,350,409 of its own shares (5,799,815).
Other
Annual General Meeting
Investor AB's Annual General Meeting, will be held on May 7, 2024, at 3:00 p.m. at China Teatern, Berzelii Park 9, Stockholm, Sweden. Registration commences at 1.30 p.m. The AGM will be broadcasted live on www.investorab.com.
Notification of participation in the Annual General Meeting can be given until April 30, 2024 through https://anmalan.vpc.se/euroclearproxy, or by calling +46 8 402 9052. Additional information about Investor's Annual General Meeting is available on Investor's website. Investor's Annual Report in Swedish is available at the company's head office and website.
Dividend proposal
The Board of Directors proposes a dividend to the shareholders of SEK 4.80 per share for fiscal year 2023 (4.40). The dividend is proposed to be paid out in two installments, SEK 3.60 with record date May 10, 2024, and SEK 1.20 with record date November 11, 2024. Should the Annual General Meeting decide in favor of the proposal, payment of the dividend is expected to be made on May 15, 2024 and on November 14, 2024. The dividend proposed is based on the stated dividend policy to pay a steadily rising dividend, supported by cash flow from our three business areas: Listed Companies, Patricia Industries and Investments in EQT.
Pledged assets and contingent liabilities
Total pledged assets amount to SEK 31.6bn (31.8), of which SEK 28.2bn (26.7) refers to pledged assets in the subsidiaries BraunAbility, Laborie, Advanced Instruments and Sarnova, related to outstanding loans corresponding
to SEK 2.1bn (2.0), SEK 4.4bn (4.1), SEK 1.9bn (1.9) and SEK 5.3bn (5.2).
Total contingent liabilities amount to SEK 2.7bn and refers to warranties within the wholly-owned subsidiaries (2.3).
Risks with regards to Russia's invasion of Ukraine
All Group companies have taken measures related to Russia's invasion of Ukraine such as following sanctions, to protect and support employees, and several have wound down their Russian activities. The direct exposure to Russia and Ukraine is very small for Investor and its subsidiaries and the direct financial impact from the war is negligible. However, the indirect impact due to fluctuations in the financial markets, higher prices on raw materials, inflation and central bank policies, can be substantial, but it is not possible to quantify these effects for the coming year. In 2023, Investor's net sales (related to the subsidiaries within Patricia Industries) to Russia amounted to SEK 0m and to Ukraine amounted to less than SEK 50m, corresponding to 0.08 percent of net sales for the Group. The Group has no production plants or other assets in the countries concerned. No impairment has been made related to Russia's invasion of Ukraine.
Basis of preparation for the Interim Management Statement
This Interim Management Statement has in all material aspects been prepared in accordance with NASDAQ Stockholm's guidelines for preparing interim management statements. The accounting policies that have been applied for the consolidated income statement and consolidated balance sheet, are in agreement with the accounting policies used in the preparation of the company's most recent annual report.
Alternative performance measures
Investor applies the ESMA Guidelines on Alternative performance measures (APMs). An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. For Investor's consolidated accounts, this framework typically means IFRS.
Definitions of all APMs used are found in the Annual Report 2023 and on www.investorab.com/investorsmedia/investor-in-figures/definitions.
Reconciliations to the financial statements for the APMs that are not directly identifiable from the financial statements and considered significant to specify, are disclosed on pages 26-27. Reconciliations of APMs for individual subsidiaries or business areas are not disclosed, since the purpose of these are to give deeper financial information without being directly linked to the financial information for the Group, that is presented according to the applicable financial reporting framework.
Roundings
Due to rounding, numbers presented throughout this Interim Management Statement may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Financial calendar
| May 7, 2024 | Annual General Meeting |
|---|---|
| Jul. 17, 2024 | Interim Report January-June 2024 |
| Oct. 17, 2024 | Interim Management Statement January-September 2024 |
| Jan. 23, 2025 | Year-End Report 2024 |
Stockholm, April 18, 2024
Johan Forssell President and CEO
For more information
Helena Saxon Chief Financial Officer +46 8 614 2000 [email protected]
Jacob Lund Chief Communications & Sustainability Officer +46 72 560 2157 [email protected]
Magnus Dalhammar Head of Investor Relations +46 73 524 2130 [email protected]
Address
Investor AB (publ) (CIN 556013-8298) SE-103 32 Stockholm, Sweden Visiting address: Hamngatan 15 Phone: +46 8 614 2000 www.investorab.com
Ticker codes
INVEB SS in Bloomberg INVEb.ST in Reuters INVE B in NASDAQ OMX
Information about Investor is also available on LinkedIn.
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 08:15 CET on April 18, 2024.
This Interim Management Statement and additional information is available on www.investorab.com
This Interim Management Statement has not been subject to review by the company's auditors
Consolidated income statement, in summary
| Dividends 9,327 4,214 Changes in value 58,043 28,360 Net sales 14,964 14,010 Cost of goods and services sold -7,849 -7,465 Sales and marketing cost -2,246 -2,095 Administrative, research and development and other operating -2,768 -2,603 cost Management cost -178 -154 Share of results of associates 54 27 Operating profit/loss 69,347 34,295 Net financial items -2,348 -1,184 Profit/loss before tax 66,999 33,112 Income taxes -43 -299 Profit/loss for the period 66,956 32,812 Attributable to: Owners of the Parent company 67,034 32,848 Non-controlling interest -78 -36 Profit/loss for the period 66,956 32,812 Basic earnings per share, SEK 21.88 10.72 |
SEK m | Q1 2024 | Q1 2023 |
|---|---|---|---|
| Diluted earnings per share, SEK 21.87 10.72 |
Consolidated statement of comprehensive income, in summary
| SEK m | Q1 2024 | Q1 2023 |
|---|---|---|
| Profit/loss for the period | 66,956 | 32,812 |
| Other comprehensive income for the period, including tax | ||
| Items that may be recycled to profit/loss for the period | ||
| Cash flow hedges | 1 | -2 |
| Hedging costs | -53 | 5 |
| Foreign currency translation adjustment | 2,922 | 392 |
| Share of other comprehensive income of associates | 28 | -4 |
| Total other comprehensive income for the period | 2,898 | 390 |
| Total comprehensive income for the period | 69,854 | 33,202 |
| Attributable to: | ||
| Owners of the Parent company | 69,926 | 33,250 |
| Non-controlling interest | -71 | -48 |
| Total comprehensive income for the period | 69,854 | 33,202 |
| Consolidated balance sheet, in summary | |||
|---|---|---|---|
| SEK m | 3/31 2024 | 12/31 2023 | 3/31 2023 |
| ASSETS | |||
| Goodwill | 67,676 | 64,782 | 64,111 |
| Other intangible assets | 34,018 | 33,233 | 33,546 |
| Property, plant and equipment | 13,915 | 13,371 | 16,669 |
| Shares and participations | 722,928 | 663,429 | 580,116 |
| Other financial investments | 3,224 | 3,328 | 9,158 |
| Long-term receivables included in net debt | 1,106 | 1,218 | 1,121 |
| Other long-term receivables | 3,674 | 3,722 | 2,898 |
| Total non-current assets | 846,541 | 783,083 | 707,620 |
| Inventories | 9,876 | 9,197 | 9,702 |
| Shares and participations in trading operation | 426 | 382 | 1,061 |
| Short-term receivables included in net debt | 15 | 0 | - |
| Other current receivables | 13,406 | 9,888 | 10,120 |
| Cash, bank and short-term investments | 36,945 | 31,465 | 30,213 |
| Assets held for sale | - | 4,434 | - |
| Total current assets | 60,667 | 55,367 | 51,096 |
| TOTAL ASSETS | 907,208 | 838,450 | 758,716 |
| EQUITY AND LIABILITIES | |||
| Equity | 787,375 | 717,431 | 638,922 |
| Long-term interest bearing liabilities | 80,104 | 84,533 | 85,323 |
| Provisions for pensions and similar obligations | 815 | 805 | 805 |
| Other long-term provisions and liabilities | 19,033 | 18,439 | 14,927 |
| Total non-current liabilities | 99,952 | 103,777 | 101,055 |
| Current interest bearing liabilities | 7,620 | 4,608 | 7,658 |
| Other short-term provisions and liabilities | 12,262 | 12,406 | 11,080 |
| Liabilities directly associated with assets held for sale | - | 228 | - |
| Total current liabilities | 19,882 | 17,242 | 18,738 |
| TOTAL EQUITY AND LIABILITIES | 907,208 | 838,450 | 758,716 |
| Consolidated statement of changes in equity, in summary |
| SEK m | Q1 2024 | 2023 | Q1 2023 |
|---|---|---|---|
| Opening balance 1/1 | 717,431 | 605,653 | 605,653 |
| Profit for the period | 66,956 | 126,817 | 32,812 |
| Other comprehensive income for the period | 2,898 | -1,544 | 390 |
| Total comprehensive income for the period | 69,854 | 125,273 | 33,202 |
| Dividend to shareholders | - | -13,478 | - |
| Changes in non-controlling interest | 38 | 107 | 40 |
| Effect of long-term share-based remuneration | 52 | 74 | 26 |
| Purchase of own shares | - | -199 | - |
| Closing balance | 787,375 | 717,431 | 638,922 |
| Attributable to: | |||
| Owners of the Parent company | 786,703 | 716,768 | 638,142 |
| Non-controlling interest | 671 | 663 | 780 |
| Total equity | 787,375 | 717,431 | 638,922 |
| Consolidated cash flow, in summary | ||
|---|---|---|
| SEK m | Q1 2024 | Q1 2023 |
| Operating activities | ||
| Dividends received | 6,920 | 3,854 |
| Cash receipts | 14,427 | 13,706 |
| Cash payments | -12,868 | -12,005 |
| Cash flows from operating activities before net interest and income tax | 8,479 | 5,555 |
| Interest received/paid | -494 | -689 |
| Income tax paid | -394 | -181 |
| Cash flows from operating activities | 7,591 | 4,685 |
| Investing activities | ||
| Acquisitions1) | -1,260 | -1,979 |
| Divestments2) | 252 | 1,286 |
| Increase in long-term receivables | -91 | -50 |
| Acquisitions of subsidiaries, net effect on cash flow | -140 | -1,040 |
| Increase in other financial investments3) | - | -2,470 |
| Decrease in other financial investments4) | 142 | 3,134 |
| Net change, short-term investments5) | 1,140 | 3,640 |
| Acquisitions of property, plant and equipment | -800 | -634 |
| Proceeds from sale of property, plant and equipment | 4,266 | 7 |
| Net cash used in investing activities | 3,508 | 1,894 |
| Financing activities | ||
| Borrowings | 738 | 1,866 |
| Repayment of borrowings | -5,605 | -958 |
| Repurchases of own shares | -2 | - |
| Net cash used in financing activities | -4,870 | 908 |
| Cash flows for the period | 6,230 | 7,487 |
| Cash and cash equivalents at the beginning of the year | 18,794 | 13,164 |
| Exchange difference in cash | 296 | 66 |
| Cash and cash equivalents at the end of the period | 25,320 | 20,716 |
1) Acquisitions include investments in listed and unlisted companies not defined as subsidiaries.
2) Divestments include sale of listed and unlisted companies not defined as subsidiaries.
3) Increase in other financial investments include acquisition of bonds with maturity later than 1 year.
4) Decrease in other financial investments include disposals of reclassification of bonds with maturity later than 1 year.
5) Net changes, short-term investments includes acquisitions and disposals of bonds and certificates with maturity within 1 year.
Performance by business area Q1 2024
| Listed | Patricia | Investments in | Investor | ||
|---|---|---|---|---|---|
| SEK m | Companies | Industries | EQT | Groupwide | Total |
| Dividends | 9,324 | - | - | 2 | 9,327 |
| Changes in value | 48,600 | 129 | 9,318 | -4 | 58,043 |
| Net sales | - | 14,964 | - | - | 14,964 |
| Cost of goods and services sold | - | -7,849 | - | - | -7,849 |
| Sales and marketing cost | - | -2,246 | - | - | -2,246 |
| Administrative, research and development and other operating cost | - | -2,756 | -1 | -11 | -2,768 |
| Management cost | -44 | -89 | -3 | -42 | -178 |
| Share of results of associates | - | 54 | - | - | 54 |
| Operating profit/loss | 57,880 | 2,208 | 9,314 | -55 | 69,347 |
| Net financial items | - | -1,167 | - | -1,181 | -2,348 |
| Income tax | - | -261 | - | 218 | -43 |
| Profit/loss for the period | 57,880 | 779 | 9,314 | -1,017 | 66,956 |
| Non-controlling interest | - | 78 | - | - | 78 |
| Net profit/loss for the period attributable to the Parent company | 57,880 | 857 | 9,314 | -1,017 | 67,034 |
| Other effects on equity | - | 2,743 | 155 | 4 | 2,902 |
| Contribution to net asset value | 57,880 | 3,600 | 9,468 | -1,013 | 69,935 |
| Net asset value by business area 3/31 2024 | |||||
| Carrying amount | 624,957 | 74,588 | 92,562 | 2,296 | 794,404 |
| Investors net debt/-cash | - | 11,031 | - | -18,731 | -7,700 |
| Total net asset value including net debt/-cash | 624,957 | 85,620 | 92,562 | -16,435 | 786,704 |
Performance by business area Q1 2023
| SEK m | Listed Companies |
Patricia Industries |
Investments in EQT |
Investor Groupwide |
Total |
|---|---|---|---|---|---|
| Dividends | 4,212 | - | - | 3 | 4,214 |
| Changes in value | 31,387 | -91 | -2,945 | 10 | 28,360 |
| Net sales | - | 14,010 | - | - | 14,010 |
| Cost of goods and services sold | - | -7,465 | - | - | -7,465 |
| Sales and marketing cost | - | -2,095 | - | - | -2,095 |
| Administrative, research and development and other operating cost | - | -2,592 | -1 | -10 | -2,603 |
| Management cost | -39 | -77 | -3 | -35 | -154 |
| Share of results of associates | - | 27 | - | - | 27 |
| Operating profit/loss | 35,560 | 1,718 | -2,949 | -33 | 34,295 |
| Net financial items | - | -684 | - | -500 | -1,184 |
| Income tax | - | -285 | - | -14 | -299 |
| Profit/loss for the period | 35,560 | 749 | -2,949 | -547 | 32,812 |
| Non-controlling interest | - | 36 | - | 0 | 36 |
| Net profit/loss for the period attributable to the Parent company | 35,560 | 785 | -2,949 | -547 | 32,848 |
| Other effects on equity | - | -13 | 404 | 38 | 429 |
| Contribution to net asset value | 35,560 | 772 | -2,545 | -510 | 33,277 |
| Net asset value by business area 3/31 2023 | |||||
| Carrying amount | 506,671 | 70,734 | 68,254 | -10 | 645,650 |
| Investors net debt/-cash | - | 12,017 | - | -19,525 | -7,508 |
| Total net asset value including net debt/-cash | 506,671 | 82,751 | 68,254 | -19,535 | 638,142 |
Financial instruments
The numbers below are based on the same accounting and valuation policies as used in the preparation of the company's most recent annual report. For information regarding financial instruments in level 2 and level 3, see Note 32, Financial instruments, in Investor's Annual report 2023.
Valuation techniques, level 3
| Fair value, SEK m | Range | ||||||
|---|---|---|---|---|---|---|---|
| Group | 3/31 2024 | 12/31 2023 | Valuation technique | Input | 3/31 2024 | 12/31 2023 | |
| Shares and participations | 36,119 | 34,744 | Last round of financing | n/a | n/a | n/a | |
| Comparable companies | EBITDA multiples | n/a | n/a | ||||
| Comparable companies | Sales multiples | 1.5 – 1.9 | 1.5 – 3.5 | ||||
| Comparable transactions | Sales multiples | 1.0 – 3.4 | 1.0 – 3.1 | ||||
| NAV | n/a | n/a | n/a | ||||
| Other financial investments | 172 | 132 | Discounted cash flow | Market interest rate | n/a | n/a | |
| Long-term and current receivables | 2,637 | 2,605 | Discounted cash flow | Market interest rate | n/a | n/a | |
| Long-term interest bearing liabilities | 28 | 23 | Discounted cash flow | Market interest rate | n/a | n/a | |
| Other provisions and liabilities | 11,280 | 10,745 | Comparable companies | EBITDA multiples | n/a | n/a |
All valuations in level 3 are based on assumptions and judgments that management considers to be reasonable based on the circumstances prevailing at the time. Changes in assumptions may result in adjustments to reported values and the actual outcome may differ from the estimates and judgments that were made. Shares and participations in level 3 are mainly fund investments within EQT. Unlisted holdings in funds are measured at Investor's share of the value that the fund manager reports for all unlisted fund holdings (Net Asset Value) and is normally updated when a new valuation is received. The value change on Investor's investments in EQT funds are reported with a one-quarter lag. Part of the unlisted portfolio is valued based on comparable companies, and the value is dependent on the level of the multiples. The multiple ranges provided in the note show the minimum and maximum value of the actual multiples applied in these valuations. A 10 percent change of the multiples would have an effect on this part of the unlisted portfolio of approximately SEK 115m (155). For the derivatives, a parallel shift of the interest rate curve by one percentage point would affect the value by approximately SEK 590m (600).
Financial assets and liabilities by level
The table below indicates how fair value is measured for the financial instruments recognized at fair value in the Balance sheet. The financial instruments are presented in three categories, depending on how the fair value is measured: Level 1: According to quoted prices in active markets for identical instruments
Level 2: According to directly or indirectly observable inputs that are not included in level 1
Level 3: According to inputs that are unobservable in the market
Financial instruments - fair value
| 3/31 2024 | 12/31 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Group | Total | Total | ||||||||
| SEK m | Level 1 | Level 2 | Level 3 | Other1) | carrying amount |
Level 1 | Level 2 | Level 3 | Other1) | carrying amount |
| Financial assets | ||||||||||
| Shares and participations | 680,544 | 3,326 | 36,119 | 2,939 | 722,928 | 623,390 | 2,492 | 34,744 | 2,803 | 663,429 |
| Other financial investments | 2,958 | - | 172 | 94 | 3,224 | 3,102 | - | 132 | 93 | 3,328 |
| Long-term receivables included in net debt |
- | 357 | 749 | - | 1,106 | - | 519 | 699 | - | 1,218 |
| Other long-term receivables | - | - | 1,875 | 1,800 | 3,674 | - | - | 1,905 | 1,817 | 3,722 |
| Shares and participations in trading operation |
426 | - | - | - | 426 | 382 | - | - | - | 382 |
| Short-term receivables included in net debt |
- | 15 | - | - | 15 | - | 0 | - | - | 0 |
| Other current receivables | 19 | 18 | 14 | 13,355 | 13,406 | - | 0 | - | 9,888 | 9,888 |
| Cash, bank and short-term investments |
29,271 | - | - | 7,674 | 36,945 | 21,571 | - | - | 9,894 | 31,465 |
| Total | 713,219 | 3,715 | 38,928 | 25,861 | 781,723 | 648,446 | 3,011 | 37,481 | 24,496 | 713,433 |
| Financial liabilities | ||||||||||
| Long-term interest bearing liabilities |
- | - | 28 | 80,076 | 80,1042) | - | 2 | 23 | 84,509 | 84,5332) |
| Other long-term provisions and liabilities |
- | - | 11,225 | 7,875 | 19,100 | - | - | 10,690 | 7,749 | 18,439 |
| Short-term interest bearing liabilities |
- | - | - | 7,620 | 7,6203) | - | 1 | - | 4,607 | 4,6083) |
| Other short-term provisions and liabilities |
184 | 52 | 55 | 11,971 | 12,262 | 197 | 82 | 55 | 12,072 | 12,406 |
| Total | 184 | 52 | 11,308 | 107,541 | 119,085 | 197 | 85 | 10,768 | 108,937 | 119,986 |
1) To enable reconciliation with balance sheet items, financial instruments not valued at fair value as well as other assets and liabilities that are included within balance sheet items have been included within Other.
2) The Group's loans are valued at amortized cost. Fair value on long-term loans amounts to SEK 74,666m (79,399).
3) The Group's loans are valued at amortized cost. Fair value on short-term loans amounts to SEK 7,504m (4,599).
Group 3/31 2024
| Long-term | Long-term | ||||||
|---|---|---|---|---|---|---|---|
| SEK m | Shares and participations |
Other financial investments |
receivables included in net debt |
Other current receivables |
interest bearing liabilities |
Other long-term provisions and liabilities |
Other current liabilities |
| Opening balance at the beginning of the year |
34,744 | 132 | 2,605 | - | 23 | 10,690 | 55 |
| Total gain or losses in profit or loss | |||||||
| statement | |||||||
| in line Changes in value | 405 | - | - | - | - | - | - |
| in line Net financial items | - | - | 60 | - | 5 | 37 | 0 |
| Reported in other comprehensive income | |||||||
| in line Cash flow hedges | - | - | -29 | ||||
| in line Foreign currency translation adjustment |
278 | 8 | 2 | - | 0 | 494 | 0 |
| Acquisitions | 931 | 31 | - | - | - | - | - |
| Divestments | -238 | - | - | - | - | - | - |
| Issues | - | - | - | - | - | 9 | - |
| Settlements | - | - | - | - | - | -6 | - |
| Reclassification | - | - | -14 | 14 | - | - | - |
| Carrying amount at end of the period | 36,119 | 172 | 2,623 | 14 | 28 | 11,225 | 55 |
| Total unrealized gains/losses for the period included in profit/loss for financial instruments held at the end of the period |
|||||||
| Changes in value | 9,631 | - | - | - | - | - | - |
| Net financial items | - | - | 60 | - | 4 | 25 | - |
Total 9,631 - 60 - 4 25 -
Group 12/31 2023
| Other | Long-term receivables |
Long-term interest |
Other long-term | Other | ||
|---|---|---|---|---|---|---|
| Shares and | financial | included in | bearing | provisions and | current | |
| SEK m | participations | investments | net debt | liabilities | liabilities | liabilities |
| Opening balance at the beginning of the year | 34,184 | 25 | 2,543 | 17 | 6,692 | 44 |
| Total gain or losses in profit or loss statement | ||||||
| in line Changes in value | 703 | -3 | 284 | - | -36 | - |
| in line Net financial items | - | - | -116 | 6 | 2,945 | 11 |
| Reported in other comprehensive income | ||||||
| in line Cash flow hedges | -99 | |||||
| in line Foreign currency translation adjustment | -123 | -7 | 0 | - | -355 | 0 |
| Acquisitions | 4,459 | 118 | 12 | - | 6 | - |
| Divestments | -4,435 | - | - | - | -143 | - |
| Issues | - | - | 1 | - | 1,653 | - |
| Settlements | - | - | -20 | - | -71 | - |
| Transfer out of Level 3 | -44 | - | - | - | - | - |
| Carrying amount at end of the period | 34,744 | 132 | 2,605 | 23 | 10,690 | 55 |
| Total unrealized gains/losses for the period included in profit/loss for financial instruments held at the end of the period |
||||||
| Changes in value | -4,766 | - | 284 | - | - | - |
Net financial items 0 - -116 -6 -1,045 -
| Total | -4,767 | - | 168 | -6 | -1,045 | - |
|---|---|---|---|---|---|---|
Revenue from contracts with customers
| Group 3/31 2024 | Field of operations | |||||||
|---|---|---|---|---|---|---|---|---|
| Healthcare | moving | |||||||
| SEK m | equipment | Life science | Real estate | solutions | Total | |||
| Geographical market | ||||||||
| Sweden | 260 | 37 | 59 | 39 | 395 | |||
| Scandinavia, excl. Sweden | 404 | 4 | - | 20 | 427 | |||
| Europe, excl. Scandinavia | 3,380 | 101 | - | 323 | 3,804 | |||
| U.S. | 8,312 | 293 | - | 204 | 8,810 | |||
| North America, excl. U.S. | 301 | 20 | - | 34 | 355 | |||
| South America | 94 | 2 | - | 27 | 124 | |||
| Africa | 125 | 1 | - | 5 | 131 | |||
| Australia | 280 | 4 | - | 2 | 287 | |||
| Asia, excl. China | 300 | 29 | - | 56 | 385 | |||
| China | 164 | 6 | - | 77 | 247 | |||
| Total | 13,620 | 498 | 59 | 787 | 14,964 | |||
| Category | ||||||||
| Sales of products | 13,088 | 380 | - | 776 | 14,244 | |||
| Sales of services | 514 | 118 | - | 11 | 644 | |||
| Revenues from leasing | 14 | - | 59 | - | 73 | |||
| Other income | 3 | 0 | 0 | - | 3 | |||
| Total | 13,620 | 498 | 59 | 787 | 14,964 | |||
| Sales channels | ||||||||
| Through distributors | 7,556 | 201 | - | 322 | 8,080 | |||
| Directly to customers | 6,063 | 297 | 59 | 465 | 6,884 | |||
| Total | 13,620 | 498 | 59 | 787 | 14,964 | |||
| Timing of revenue recognition | ||||||||
| Goods and services transferred | ||||||||
| at a point of time | 13,497 | 454 | - | 787 | 14,738 | |||
| Goods and services transferred | ||||||||
| over time | 123 | 44 | 59 | - | 226 | |||
| Total | 13,620 | 498 | 59 | 787 | 14,964 |
| Group 3/31 2023 | Field of operations | ||||
|---|---|---|---|---|---|
| SEK m | Healthcare equipment |
Life science | Real estate | Gripping and moving solutions |
Total |
| Geographical market | |||||
| Sweden | 244 | 33 | 79 | 28 | 384 |
| Scandinavia, excl. Sweden | 384 | 3 | - | 17 | 405 |
| Europe, excl. Scandinavia | 3,274 | 55 | - | 278 | 3,607 |
| U.S. | 7,785 | 226 | - | 198 | 8,209 |
| North America, excl. U.S. | 226 | 43 | - | 50 | 319 |
| South America | 98 | 2 | - | 25 | 125 |
| Africa | 97 | 1 | - | 3 | 101 |
| Australia | 261 | 4 | - | 3 | 268 |
| Asia, excl. China | 281 | 15 | - | 44 | 339 |
| China | 170 | 8 | - | 75 | 253 |
| Total | 12,821 | 390 | 79 | 720 | 14,010 |
| Category | |||||
| Sales of products | 12,288 | 296 | - | 705 | 13,289 |
| Sales of services | 515 | 94 | - | 15 | 624 |
| Revenues from leasing | 15 | - | 79 | - | 94 |
| Other income | 3 | - | 0 | - | 3 |
| Total | 12,821 | 390 | 79 | 720 | 14,010 |
| Sales channels | |||||
| Through distributors | 8,282 | 145 | - | 257 | 8,684 |
| Directly to customers | 4,539 | 245 | 79 | 463 | 5,326 |
| Total | 12,821 | 390 | 79 | 720 | 14,010 |
| Timing of revenue recognition | |||||
| Goods and services transferred | |||||
| at a point of time | 12,731 | 353 | - | 720 | 13,804 |
| Goods and services transferred | |||||
| over time | 90 | 37 | 79 | - | 206 |
| Total | 12,821 | 390 | 79 | 720 | 14,010 |
Reconciliations of significant Alternative performance measures
In the financial statements issued by Investor, Alternative performance measures (APMs) are disclosed, which complete measures that are defined or specified in the applicable financial reporting framework, such as revenue, profit or loss or earnings per share.
APMs are disclosed when they complement performance measures defined by IFRS. The basis for disclosed APMs are that they are used by management to evaluate the financial performance and thus believed to give analysts and other stakeholders valuable information.
Investor AB discloses the definitions of all APMs used on http://www.investorab.com/investors-media/investor-infigures/definitions and on pages 164-166 in the Annual Report 2023. Below reconciliations of significant APMs to the most directly reconcilable line item, subtotal or total presented in the financial statements of the corresponding period are disclosed.
Gross cash
Gross cash or Investor's cash and readily available placements are defined as the sum of cash and cash equivalents, short-term investments and interest-bearing current and long-term receivables. Deductions are made for items related to subsidiaries within Patricia Industries.
| Group 3/31 2024, SEK m |
Consolidated balance sheet |
Deductions related to Patricia Industries |
Investor's gross cash |
Group 12/31 2023, SEK m |
Consolidated balance sheet |
Deductions related to Patricia Industries |
Investor's gross cash |
|---|---|---|---|---|---|---|---|
| Other financial investments |
3,224 | -267 | 2,957 | Other financial investments |
3,328 | -226 | 3,101 |
| Cash, bank and short | Cash, bank and short | ||||||
| term investments | 36,945 | -7,521 | 29,424 | term investments | 31,465 | -9,716 | 21,749 |
| Gross cash | 40,169 | -7,788 | 32,381 | Gross cash | 34,793 | -9,942 | 24,851 |
Gross debt
Gross debt is defined as interest-bearing current and long-term liabilities, including pension liabilities, less derivatives with positive value related to the loans. Deductions are made for items related to subsidiaries within Patricia Industries.
| Group 3/31 2024, SEK m |
Consolidated balance sheet |
Deductions related to Patricia Industries |
Investor's gross debt |
Group 12/31 2023, SEK m |
Consolidated balance sheet |
Deductions related to Patricia Industries |
Investor's gross debt |
|---|---|---|---|---|---|---|---|
| Receivables included in net debt |
1,120 | -376 | 745 | Receivables included in net debt |
1,218 | -537 | 681 |
| Loans | -87,724 | 47,004 | -40,720 | Loans | -89,141 | 49,775 | -39,366 |
| Provision for pensions | -815 | 710 | -105 | Provision for pensions | -805 | 701 | -104 |
| Gross debt | -87,419 | 47,338 | -40,081 | Gross debt | -88,728 | 49,939 | -38,789 |
Net debt
Gross debt less gross cash at balance sheet date.
| Group 3/31 2024, SEK | ||
|---|---|---|
| Group 3/31 2024, SEK m |
Group 12/31 2023, SEK m |
||
|---|---|---|---|
| Investor's gross cash | -32,381 | Investor's gross cash | -24,851 |
| Investor's gross debt | 40,081 | Investor's gross debt | 38,789 |
| Investor's net debt | 7,700 | Investor's net debt | 13,938 |
Total assets
The net of all assets and liabilities not included in net debt. Total reported assets are based on reported values according to IFRS. Total adjusted assets are adjusted for estimated market values for Patricia Industries' major subsidiaries and partner-owned investments.
| Group 3/31 2024, SEK m |
Consolidated balance sheet |
Deductions related to non controlling interest |
Investor's net asset value |
Group 12/31 2023, SEK m |
Consolidated balance sheet |
Deductions related to non controlling interest |
Investor's net asset value |
|---|---|---|---|---|---|---|---|
| Equity Investor's net debt |
787,375 | -671 | 786,703 7,700 |
Equity Investor's net debt |
717,431 | -663 | 716,768 13,938 |
| Total reported assets | 794,404 | Total reported assets | 730,706 | ||||
| Adjustment for estimated market value Patricia Industries holdings |
128,405 | Adjustment for estimated market value Patricia Industries holdings |
101,617 | ||||
| Total adjusted assets | 922,809 | Total adjusted assets | 832,323 |
Net debt ratio (leverage)
Net debt ratio or leverage is defined as Net debt/Net cash as a percentage of total adjusted assets. The target leverage range is 0-10 percent (net debt to total adjusted assets) over a business cycle.
| Group 3/31 2024, SEK m | Net debt ratio | Group 12/31 2023, SEK m | Net debt ratio | ||
|---|---|---|---|---|---|
| Investor's net debt | 7,700 = | Investor's net debt | 13,938 = | ||
| Total adjusted assets | 922,809 | 0.8% | Total adjusted assets | 832,323 | 1.7% |
Reported net asset value
Reported net asset value is equal to Investor's net asset value and equity attributable to owners of the Parent company.
Adjusted net asset value
Net asset value based on estimated market values for Patricia Industries' major subsidiaries and partner-owned investments. The estimated market values are mainly based on valuation multiples, typically Enterprise value (EV)/Last 12 months' operating profit, for relevant listed peers and indices. More information about the assessment basis can be found in section Patricia Industries - valuation overview on page 8 and Patricia Industries, overview of estimated market values on page 30. In the table below there are a reconciliation between Reported net asset value and Adjusted net asset value. More details regarding the differences can be found in the table Net asset value overview on page 4.
| Group 3/31 2024, SEK m |
Group 12/31 2023, SEK m |
|||||
|---|---|---|---|---|---|---|
| Reported net asset value | 786,703 | Reported net asset value | 716,768 | |||
| Reported value for net assets Patricia Industries |
-74,588 | Reported value for net assets Patricia Industries |
-72,657 | |||
| Estimated market value Patricia Industries holdings |
202,994 | Estimated market value Patricia Industries holdings |
174,275 | |||
| Adjusted net asset value | 915,109 | Adjusted net asset value | 818,386 |
Reported net asset value, SEK per share
Equity attributable to shareholders of the Parent company in relation to the number of shares outstanding at the balance sheet date.
| Group 3/31 2024, SEK m | Net asset value, SEK per share |
Group 12/31 2023, SEK m | Net asset value, SEK per share |
||
|---|---|---|---|---|---|
| Investor's reported net asset value | 786,703 | Investor's reported net asset value | 716,768 | ||
| Number of shares, excluding own | = | 257 | Number of shares, excluding own | = | 234 |
| shares | 3,063,349,711 | shares | 3,062,900,305 |
Adjusted net asset value, SEK per share
Total assets, including estimated market values for Patricia Industries' major subsidiaries and partner-owned investments, less net debt in relation to the number of shares outstanding at the balance sheet date.
| Group 3/31 2024, SEK m | Net asset value, SEK per share |
Group 12/31 2023, SEK m | Net asset value, SEK per share |
||
|---|---|---|---|---|---|
| Investor's adjusted net asset value | 915,109 | Investor's adjusted net asset value | 818,386 | ||
| Number of shares, excluding own shares |
= 3,063,349,711 |
299 | Number of shares, excluding own shares |
= 3,062,900,305 |
267 |
Patricia Industries, key figures overview1)
| Q1 2024 |
FY 2023 |
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
FY 2022 |
Q4 2022 |
Q3 2022 |
Q2 2022 |
Q1 2022 |
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mölnlycke (EUR m) | |||||||||||
| Sales | 499 | 1,923 | 505 | 464 | 475 | 479 | 1,828 | 474 | 469 | 459 | 426 |
| Sales growth, % | 4 | 5 | 6 | -1 | 4 | 13 | 8 | 13 | 16 | 10 | -4 |
| Organic growth, constant currency, % |
5 | 8 | 9 | 4 | 6 | 13 | 4 | 9 | 9 | 5 | -7 |
| EBITDA | 147 | 545 | 140 | 135 | 135 | 136 | 476 | 105 | 134 | 125 | 112 |
| EBITDA, % | 29.4 | 28.3 | 27.7 | 29.0 | 28.4 | 28.3 | 26.1 | 22.2 | 28.6 | 27.2 | 26.4 |
| EBITA2) | 126 | 480 | 123 | 118 | 119 | 120 | 410 | 89 | 118 | 108 | 96 |
| EBITA, % | 25.3 | 25.0 | 24.4 | 25.5 | 25.0 | 25.0 | 22.4 | 18.7 | 25.1 | 23.6 | 22.6 |
| Operating cash flow | 87 | 457 | 180 | 111 | 112 | 54 | 298 | 78 | 119 | 73 | 28 |
| Net debt | 1,477 | 1,510 | 1,510 | 1,408 | 1,492 | 1,584 | 1,621 | 1,621 | 1,418 | 1,478 | 1,522 |
| Employees Laborie (USD m) |
8,680 | 8,425 | 8,425 | 8,570 | 8,705 | 8,870 | 8,775 | 8,775 | 8,800 | 8,625 | 8,340 |
| Sales | 102 | 359 | 96 | 89 | 89 | 84 | 339 | 89 | 85 | 87 | 79 |
| Sales growth, % | 21 | 6 | 9 | 5 | 2 | 7 | 8 | 6 | 15 | 9 | 4 |
| Organic growth, | 21 | 5 | 7 | 4 | 2 | 8 | 12 | 9 | 20 | 9 | 4 |
| constant currency, % | |||||||||||
| EBITDA EBITDA, % |
29 28.2 |
105 29.4 |
22 23.0 |
29 33.0 |
29 32.8 |
25 29.3 |
97 28.6 |
29 32.7 |
26 31.3 |
23 26.8 |
18 23.1 |
| EBITA2) | 27 | 97 | 19 | 28 | 28 | 23 | 90 | 27 | 25 | 22 | 17 |
| EBITA, % | 26.7 | 27.1 | 19.4 | 31.1 | 31.1 | 27.5 | 26.7 | 30.6 | 29.5 | 25.0 | 21.0 |
| Operating cash flow | 12 | 71 | 22 | 15 | 12 | 23 | 49 | 14 | 20 | 13 | 2 |
| Net debt | 431 | 435 | 435 | 439 | 439 | 444 | 454 | 454 | 461 | 475 | 455 |
| Employees | 1,005 | 985 | 985 | 930 | 905 | 890 | 895 | 895 | 910 | 885 | 805 |
| Sarnova (USD m) | |||||||||||
| Sales | 259 | 989 | 251 | 247 | 247 | 244 | 917 | 245 | 239 | 211 | 222 |
| Sales growth, % Organic growth, |
6 | 8 | 2 | 3 | 17 | 10 | 10 | 6 | 4 | 15 | 16 |
| constant currency, % | 6 | 8 | 2 | 3 | 17 | 10 | 2 | 6 | -5 | 6 | 3 |
| EBITDA | 39 | 157 | 40 | 44 | 40 | 34 | 135 | 41 | 36 | 28 | 30 |
| EBITDA, % | 15.1 | 15.9 | 15.9 | 17.7 | 16.2 | 13.7 | 14.8 | 16.8 | 14.9 | 13.4 | 13.7 |
| EBITA2) EBITA, % |
34 13.1 |
137 13.8 |
34 13.6 |
39 15.7 |
35 14.2 |
29 11.8 |
118 12.9 |
37 15.0 |
31 13.1 |
24 11.5 |
26 11.8 |
| Operating cash flow | 19 | 131 | 16 | 36 | 36 | 42 | 102 | 29 | 15 | 20 | 38 |
| Net debt | 462 | 474 | 474 | 479 | 480 | 496 | 526 | 526 | 541 | 538 | 538 |
| Employees | 1,440 | 1,430 | 1,430 | 1,420 | 1,405 | 1,425 | 1,435 | 1,435 | 1,355 | 1,360 | 1,375 |
| Permobil (SEK m) | |||||||||||
| Sales | 1,483 | 6,000 | 1,693 | 1,586 | 1,407 | 1,313 | 5,248 | 1,545 | 1,410 | 1,177 | 1,116 |
| Sales growth, % | 13 | 14 | 10 | 12 | 20 | 18 | 29 | 38 | 34 | 20 | 23 |
| Organic growth, constant currency, % |
10 | 9 | 6 | 8 | 13 | 9 | 9 | 17 | 12 | 0 | 6 |
| EBITDA | 324 | 1,322 | 404 | 401 | 281 | 236 | 1,071 | 389 | 317 | 187 | 177 |
| EBITDA, % | 21.8 | 22.0 | 23.8 | 25.3 | 20.0 | 18.0 | 20.4 | 25.1 | 22.5 | 15.9 | 15.9 |
| EBITA2) | 273 | 1,104 | 341 | 349 | 230 | 185 | 880 | 335 | 266 | 145 | 133 |
| EBITA, % | 18.4 | 18.4 | 20.1 | 22.0 | 16.3 | 14.1 | 16.8 | 21.7 | 18.9 | 12.3 | 12.0 |
| Operating cash flow Net debt |
147 3,340 |
1,049 3,206 |
399 3,206 |
271 3,758 |
201 3,735 |
178 3,610 |
435 3,330 |
252 3,330 |
182 3,752 |
13 3,568 |
-13 3,388 |
| Employees | 1,935 | 1,920 | 1,920 | 1,880 | 1,830 | 1,805 | 1,805 | 1,805 | 1,780 | 1,755 | 1,755 |
| Advanced Instruments (USD m) | |||||||||||
| Sales | 36 | 149 | 40 | 38 | 37 | 34 | 134 | 35 | 35 | 33 | 31 |
| Sales growth, % | 7 | 11 | 14 | 10 | 12 | 8 | 31 | 13 | 33 | 41 | 44 |
| Organic growth, constant currency, % |
7 | 4 | 14 | 10 | -1 | -9 | 7 | -5 | 3 | 16 | 20 |
| EBITDA | 15 | 62 | 18 | 16 | 16 | 12 | 45 | 11 | 12 | 8 | 14 |
| EBITDA, % | 40.3 | 41.7 | 44.9 | 42.6 | 42.7 | 36.0 | 33.6 | 32.1 | 35.9 | 22.7 | 44.3 |
| EBITA2) | 14 | 59 | 17 | 16 | 15 | 11 | 43 | 11 | 12 | 7 | 13 |
| EBITA, % | 38.2 | 39.8 | 42.8 | 40.8 | 40.7 | 34.0 | 32.1 | 30.6 | 34.3 | 21.3 | 42.8 |
| Operating cash flow | 15 | 60 | 20 | 17 | 16 | 7 | 35 | 7 | 16 | 8 | 5 |
| Net debt | 205 | 213 | 213 | 227 | 229 | 237 | 206 | 206 | 206 | 208 | 192 |
| Employees Piab (SEK m) |
315 | 315 | 315 | 325 | 325 | 355 | 370 | 370 | 370 | 350 | 225 |
| Sales | 787 | 3,083 | 810 | 765 | 789 | 720 | 2,450 | 661 | 620 | 619 | 551 |
| Sales growth, % | 9 | 26 | 22 | 23 | 27 | 31 | 41 | 40 | 42 | 47 | 36 |
| Organic growth, | -3 | 7 | 8 | 6 | 4 | 12 | 11 | 7 | 6 | 17 | 17 |
| constant currency, % | |||||||||||
| EBITDA EBITDA, % |
210 26.7 |
848 27.5 |
195 24.1 |
225 29.4 |
222 28.2 |
205 28.5 |
619 25.2 |
122 18.4 |
163 26.2 |
173 27.9 |
161 29.3 |
| EBITA2) | 176 | 729 | 161 | 194 | 193 | 181 | 530 | 97 | 139 | 152 | 142 |
| EBITA, % | 22.4 | 23.6 | 19.9 | 25.3 | 24.5 | 25.1 | 21.6 | 14.7 | 22.4 | 24.5 | 25.9 |
| Operating cash flow | 91 | 687 | 177 | 197 | 199 | 114 | 411 | 113 | 138 | 102 | 58 |
| Net debt | 2,818 | 2,649 | 2,649 | 2,945 | 3,097 | 2,952 | 2,431 | 2,431 | 2,591 | 2,423 | 1,986 |
| Employees | 1,210 | 1,220 | 1,220 | 1,210 INVESTOR Q1 2024 – 28 |
1,185 | 1,160 | 1,030 | 1,030 | 1,020 | 995 | 875 |
| 2024 2023 2023 2023 2023 2023 2022 2022 2022 2022 2022 BraunAbility (USD m) Sales 266 1,090 280 272 288 250 929 242 252 211 224 Sales growth, % 6 17 16 8 36 12 34 32 31 24 53 Organic growth, 6 17 16 8 36 11 28 25 28 19 43 constant currency, % EBITDA 35 127 27 30 37 33 86 24 23 17 22 EBITDA, % 13.2 11.7 9.7 11.1 12.9 13.1 9.3 9.9 9.3 8.1 9.8 EBITA2) 30 107 22 25 32 28 67 19 19 13 17 EBITA, % 11.3 9.8 7.8 9.3 11.1 11.1 7.2 7.7 7.5 5.9 7.7 Operating cash flow -7 83 29 30 24 0 46 14 19 3 9 Net debt 259 246 246 269 277 290 284 284 288 302 302 Employees 2,000 2,000 2,000 2,005 2,035 1,990 1,945 1,945 1,995 1,890 1,850 Vectura (SEK m) Sales 65 336 89 81 82 84 302 78 74 75 74 Sales growth, % -23 11 14 9 9 13 8 9 23 14 -8 EBITDA 32 227 76 55 41 55 178 42 45 47 44 EBITDA, % 48.9 67.6 85.6 67.9 49.5 65.9 58.9 53.9 60.4 62.0 59.6 EBITA adjusted2) 1 71 30 14 4 23 50 10 13 15 13 EBITA, % 1.7 21.2 33.8 17.4 4.7 27.7 16.7 12.5 17.0 20.1 17.3 Operating cash flow -533 -1,517 -469 -349 -347 -351 -614 -160 -76 -252 -126 Net debt 1,690 3,387 3,387 2,845 5,901 5,679 5,223 5,223 4,984 4,376 4,343 Real estate, 7,196 10,998 9,650 market value Employees 45 45 45 50 50 50 49 49 44 41 38 Atlas Antibodies (SEK m) Sales 79 371 82 70 108 110 398 98 100 104 95 Sales growth, % -29 -7 -16 -30 4 16 23 21 16 29 26 Organic growth, -30 -13 -18 -36 -6 7 14 9 7 21 20 constant currency, % EBITDA 31 148 31 20 43 53 187 42 52 48 45 EBITDA, % 40.0 39.8 37.3 28.7 40.0 48.4 47.0 42.8 52.3 45.7 47.4 EBITA2) 23 114 22 11 36 46 165 36 46 42 40 EBITA, % 29.8 30.8 26.2 15.9 32.9 41.7 41.4 37.0 46.4 40.4 41.9 Operating cash flow 30 40 -10 -14 36 28 94 17 45 18 14 Net debt 356 373 373 364 338 372 342 342 352 391 403 Employees 105 120 120 120 120 120 130 130 120 120 120 Tre Skandinavien Sales, SEK m 3,037 12,545 3,434 3,086 3,004 3,021 11,834 3,283 3,025 2,798 2,728 Sweden, SEK m 1,992 8,091 2,261 2,010 1,908 1,911 7,668 2,160 1,942 1,817 1,749 Denmark, DKK m 691 2,899 768 679 708 744 2,904 756 755 700 694 EBITDA, SEK m 1,016 3,977 1,026 1,094 989 868 3,729 973 948 917 891 Sweden, SEK m 737 3,062 910 771 716 666 2,732 706 695 675 656 Denmark, DKK m 184 588 72 204 177 136 694 180 176 172 167 EBITDA, % 33.4 31.7 29.9 35.5 32.9 28.7 31.5 29.7 31.3 32.8 32.7 Sweden 37.0 37.8 40.3 38.3 37.5 34.8 35.6 32.7 35.8 37.2 37.5 Denmark 26.6 20.3 9.4 30.0 24.9 18.3 23.9 23.8 23.3 24.6 24.0 Net debt, SEK m 7,344 7,456 7,456 7,210 7,491 7,323 7,294 7,294 6,969 6,731 6,406 Employees 1,830 1,800 1,800 1,775 1,790 1,800 1,790 1,790 1,765 1,715 1,735 1) For information regarding Alternative Performance Measures in the table, see page 17. Definitions can be found on Investor's website. |
Q1 | FY | Q4 | Q3 | Q2 | Q1 | FY | Q4 | Q3 | Q2 | Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|
2) EBITA is defined as operating profit before acquisition-related amortizations.
| Valuation methodology | |
|---|---|
| Listed Companies | Share price (bid) for the class of shares held by Investor, with the exception of Saab, Electrolux and Electrolux Professional for which the most actively traded share class is used. Ownership calculated in accordance with the disclosure of regulations of Sweden's Financial Instruments Trading Act (LHF). ABB, AstraZeneca, Nasdaq and Wärtsilä in accordance with Swiss, British, U.S. and Finnish regulations. Includes market value of derivatives related to investments if applicable. |
| Patricia Industries | |
| Subsidiaries | Reported value based on the acquisition method. As supplementary information, subsidiaries are also presented at estimated market values, mainly based on valuation multiples for relevant listed peers and indices. Other methodologies may also be used, for example relating to real estate assets. New investments valued at invested amount during the first 18 months following the acquisition. |
| Partner-owned investments | Reported value based on the equity method. As supplementary information, partner-owned investments are also presented at estimated market values, mainly based on valuation multiples for relevant listed peers and indices. |
| Financial Investments | Unlisted holdings at multiple or third-party valuation, listed shares at share price (bid). |
| Investments in EQT | Unlisted holdings at multiple or third-party valuation, listed shares at share price (bid). |
Patricia Industries, overview of estimated market values
| Supplementary information | In addition to reported values, which are in accordance with IFRS, Investor provides estimated market values for the wholly-owned subsidiaries and partner-owned investments within Patricia Industries in order to facilitate the evaluation of Investor's net asset value. This supplementary, non-GAAP information also increases the consistency between the valuation of Listed Companies and our major wholly-owned subsidiaries and partner-owned Tre Skandinavien. |
|---|---|
| Estimated market values | While the estimated market values might not necessarily reflect our view of the intrinsic values, they reflect how the stock market values similar companies. |
| Methodology | The estimated market values are mainly based on valuation multiples (median), typically Enterprise value (EV)/Last 12 months' operating profit, for relevant listed peers and indices. We define EV as quarterly volume weighted average share price (VWAP) plus closing date net debt. While we focus on EBITA when evaluating the performance of our companies, for valuation purposes, EBITDA multiples are more commonly available, and therefore often used. From the estimated EV, net debt is deducted, and the remaining equity value is multiplied with Patricia Industries' share of capital. |
| Adjustments | Operating profit is adjusted to reflect, for example, pro forma effects of completed add-on acquisitions and certain non-recurring items. An item is only viewed as non-recurring if it exceeds a certain amount set for each company, is unlikely to affect the company again, and does not result in any future benefit or cost. Acquisitions made less than 18 months ago are valued at cost. |
Investor in Brief
Investor AB, founded by the Wallenberg family in 1916, creates value for people and society by building strong and sustainable companies. Through substantial ownership and board participation, we drive initiatives that we believe create value and support our companies to remain or become best-in-class. Our portfolio is organized in three business areas: Listed Companies, Patricia Industries and Investments in EQT.
Our ultimate target
Our ultimate target is to generate an attractive total return. Our long-term return requirement is the risk free interest rate plus an equity risk premium, in total 8-9 percent annually.
Our strategic priorities
- Grow net asset value: We own high-quality companies and are an engaged owner, supporting our companies to achieve profitable growth. We strive to allocate our capital wisely.
- Pay a steadily rising dividend: Our goal is to pay a steadily rising dividend. Our dividend policy is supported by cash flow from all three business areas: Listed Companies, Patricia Industries and Investments in EQT.
- Deliver on our ESG targets: We firmly believe that sustainability integrated in the business model is a prerequisite for creating long-term value. Our three focus areas with specific targets are Business Ethics & Governance, Climate & Resource Efficiency and Diversity & Inclusion.
Our operating priorities
- Engaged ownership
- Ensure an attractive portfolio
- Operate efficiently
- Maintain financial flexibility
We create value for people and society by building strong and sustainable businesses
INVESTOR Q1 2024 – 31