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Continuing execution on strategy

  • 23 Aug 16

In H1 16, the consolidated net loss amounted to SEK-6,288m compared to a net profit of SEK25,542m for the same period in 2015. A high amount of unrealised changes in value characterised this result as in every year, but this time the changes were negative (SEK-12,857m). Except for this item, the net result was SEK6,566m for the group share (-2% yoy), including SEK5,560m for dividends received (SEK6,266m in 2015), almost all from the listed holdings. The negative value changes were related to the Listed Core investments of Investor’s portfolio. The contribution to the NAV was negative from Skandinaviska Enskilda Bank, Sobi, AstraZeneca, Ericsson and Wärtsilä. Concerning the sub-holding Patricia Industries, the contribution to Investor’s NAV was in contrast positive for all the subsidiaries, the highest performance coming from Mölnlycke Health Care. During the half year, Investor acquired further shares in two listed holdings for a total of SEK0.4bn: Atlas Copco: 750,000 shares for SEK125m (+0.1% of the share capital, raising its stake to 16.9%); Wärtsilä: 700,000 shares for SEK247m (+0.5% raising its stake to 17.5%). In its interim reports, Investor now only communicates on the parent company’s net debt – even if the financial accounts allow consolidated net debt to be calculated. Investor’s management considers the reorganisation of the group made last year (see our Latest dated 11/08/2015) leads to a separation of the debt financing of the subsidiaries within Patricia Industries from Investor’s net debt. Investor’s net debt increased slightly from SEK15,892m at the end of 2015 to SEK17,430m at 30/06/2016, but this debt seems to be usually higher at the end of the half year. It corresponds to a leverage ratio (net debt/total assets) of 6.3% after respectively 6.7% in H1 15 and 5.5% at the end of 2015. For its part, Patricia Industries continued to divest financial investments to release capital for a total amount of SEK1,375m, while several subsidiaries made complementary acquisitions for SEK310m. Patricia Industries also made an internal transfer of SEK1,259m to Investor. All the subsidiaries performed well, recording sustained organic growth, with particular mention of Mölnlycke Health Care. Investor’s investments in the private equity group EQT contributed positively to the NAV during H1 16. Investor’s total outstanding commitments to EQT funds increased by c.SEK3bn to SEK11.6bn, boosted by the successful closure of two new funds: EQT Mid Market Credit and EQT Ventures.

Start of the functioning of the new organisational structure

  • 12 Aug 15

In H1 15, consolidated net profit increased to SEK25.5bn compared to SEK23.7bn for the same period in 2014, characterised by a high amount of unrealised change in value (SEK18.8m), as in every year. Except for this item, the net result was SEK6.7m for the group share (-13%), including SEK6.3bn for dividends received (-7%), almost all from the listed holdings. The parent company‘s net debt amounted to SEK19,975m, corresponding to a leverage ratio (net debt/total assets) of 6.7% after respectively 9.5% at 30/06/2014 and 7.3% at the end of 2014. The reported leverage has been reduced by both the increase in NAV and the reorganisation of the group. In Q2 15, Investor’s new structure was implemented, with investments within “Listed core investments”, the private equity firm EQT and Patricia Industries. As a consequence of the reorganisation with the constitution of Patricia Industries, cash previously held by Investor Growth Capital (IGC) is now included in Investor’s gross cash. During the first half-year, Investor acquired a further 19.2m shares in ABB for a total of SEK3.5bn, leading it to own 9.5% of the capital and votes in the company. Within Patricia Industries from Q2 15 onwards, Mölnlycke Health Care continued to grow with stable profitability and launched two initiatives in the US wound care market. Aleris reported growth and significantly improved profitability. In Permobil, the ramp-up of new products improved growth. The activities of Grand Hôtel progressed favourably with an increase in the EBITDA margin and the activities and operating results improved for the provider of mobile voice and broadland services: 3 Scandinavia (40% held).