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Investor: Interim Report January-June 2020

"While covid-19 has had a severe impact on people and the global economy, it has also given us insights to build upon. Furthermore, the pandemic has accelerated the already strong trends of digitalization, automation and integration of sustainability into business operations. We will support our companies in capturing these opportunities."
Johan Forssell, President & CEO of Investor
Highlights during the second quarter

  • Adjusted net asset value (NAV) amounted to SEK 490,950m (SEK 641 per share) on June 30, 2020, an increase of SEK 59,920m, or 14 percent, with dividend added back, during the quarter. Total shareholder return amounted to 9 percent during the quarter, compared to 17 percent for the SIXRX return index.
  • Listed Companies generated a total return of 19 percent. Investor purchased shares in ABB for SEK 0.5bn.
  • Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to -2 percent (-2 percent including cash). Earnings and currency impacted negatively, mitigated by multiple expansion.
  • Sales growth for the major subsidiaries amounted to -16 percent, of which -19 percent organic in constant currency. Reported EBITA declined by 25 percent. Including our 40 percent ownership in Three Scandinavia, EBITDA declined by 18 percent.
  • Mölnlycke reported organic sales growth of -7 percent in constant currency, with margins almost in line with last year. Sales growth is expected to be strong during the third quarter driven by new customer agreements within personal protective equipment.
  • The value of our EQT investments increased by 16 percent, driven by a total return of 42 percent in EQT AB. Net cash flow to Investor amounted to SEK -1.6bn.
  • Leverage (net debt/reported total assets) was 5.1 percent as of June 30, 2020 (2.8 as of December 31, 2019). Gross cash amounted to SEK 13,652m and the average maturity of Investor AB's debt portfolio was 10.6 years on June 30, 2020.
  • Investor's Annual General Meeting approved the Board's proposal of a SEK 9 per share dividend for fiscal 2019.

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