Ja raporttia ulkona. Täytyy ajan kanssa pureskella tätä.
Highlights during the fourth quarter
Adjusted net asset value (NAV) amounted to SEK 673,250m (SEK 220 per share) on December 31, 2022, an increase of SEK 46,958m, or 7 percent, including dividend added back, during the quarter. Total shareholder return amounted to 16 percent, compared to 11 percent for the SIXRX return index. For 2022, adjusted net asset value growth amounted to -10 percent and total shareholder return to -15 percent, compared to -23 percent for SIXRX.
Listed Companies generated a total return of 12 percent.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to -4 percent
(-4 percent including cash), negatively impacted by multiple contraction and currency effects.
Within Patricia Industries, sales growth for the major subsidiaries amounted to 32 percent, of which 11 percent organically in constant currency. Adjusted EBITA grew by 34 percent.
Mölnlycke reported organic sales growth of 9 percent in constant currency. The EBITA margin declined by 3 percentage points, negatively impacted by a reorganization of the structure of Customer Care and production disturbances in the US Wound Care manufacturing plant. Mölnlycke distributed EUR 300m to Patricia Industries.
The value change of Investments in EQT was 2 percent. Net cash flow to Investor amounted to SEK 1,426m.
Leverage was 1.5 percent as of December 31, 2022 (1.9 percent as of December 31, 2021). Gross cash amounted to SEK 28,533m and the average maturity of Investor AB’s debt portfolio was 11.8 years on December 31, 2022.
The Board of Directors proposes a dividend per share of SEK 4.40 (4.00) to be paid in two installments, SEK 3.30 in May, 2023 and SEK 1.10 in November, 2023.
Eipä näytä raportissa olevan mitään kovin kummallista. NAV oli vuoden lopussa 220 SEK / osake, eli alennus on tämän hetken 202 SEKin kurssilla jokseenkin matalalla tasolla. Osinkoa tosiaan 4,4 SEK lappua päälle tulossa, eli ei ihan kuutta prosenttia eikä edes viittä.
Patricia Industriesin puolella suurimmat tytäryhtiöt näyttivät kaikki kasvaneen tai pysyneen viime vuoden tasoilla EBITAssa mitattuna, mikä on varsin positiivinen lopputulos. Listatuissa firmoissa tuli ABB:n spinoff Accelleronia salkkuun neljännellä kvartaalilla, mutta muuten ei muutoksia. Hauska nähdä, että listattujen salkku on tasapainossa: vaikka useampi yhtiö otti 30+ prosenttia pataan pörssikurssissa, niin kyllä joukkoon mahtui myös SAABia ja AstraZenecaa, jotka kehittyivät loistavasti vuoden mittaan.
Investorin varainhoitoarmadan pitkäjänteisyydestä kertoo kaiken oleellisen se, että volatiilina vuonna kuten 2022 tehtiin tasan yksi peliliike listayhtiöiden kanssa, eli Atlas Copcon lisäys syksyllä. Vi går framåt, sakta men säkert…
Adjusted net asset value (NAV) amounted to SEK 723,621m (SEK 236 per share) on March 31, 2023, an increase of SEK 50,371m, or 7 percent, during the quarter. Total shareholder return amounted to 9 percent, compared to 9 percent for the SIXRX return index.
Listed Companies generated a total return of 8 percent.
Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to 13 percent(12 percent including cash), driven by earnings growth and multiple expansion.
Within Patricia Industries, sales growth for the major subsidiaries amounted to 22 percent, of which 11 percent organically in constant currency. Reported and adjusted EBITA both grew by 35 percent.
Mölnlycke reported organic sales growth of 13 percent in constant currency. The EBITA margin increased by 6 percentage points sequentially and by 2 percentage points compared to last year.
The value change of Investments in EQT was -4 percent. Net cash flow to Investor amounted to SEK -749m.
Leverage was 1.0 percent as of March 31, 2023 (1.5 percent as of December 31, 2022). Gross cash amounted to SEK 31,720m and the average maturity of Investor AB’s debt portfolio was 11.6 years on March 31, 2023.
Key to any deal would be getting the support from the billionaire Wallenberg family’s Investor AB, the biggest shareholder in Electrolux. There was speculation in February about Midea’s potential interest.
The Annual General Meeting of Investor 2023 authorized the company’s Board to resolve on the purchase of the company’s own shares. The shares may be purchased in order to, among other things, secure the obligations and hedge the costs related to Investor’s long-term variable remuneration program for employees within Investor and to the synthetic shares issued as part of the Board remuneration. Investor’s Board has now decided to utilize the authorization for these purposes.
The purchase of own shares may take place on Nasdaq Stockholm prior to June 15, 2023 at a price within the price interval registered from time to time. Investor currently owns 5,347,838 class B shares and the maximum number of shares that may be purchased amounts to 900,000 class B shares.
