"At the end of 2023, our adjusted net asset value reached an all-time-high, passing the SEK 800bn mark. During the year, adjusted net asset value growth and total shareholder return were 24 and 26 percent respectively, while the SIXRX return index gained 19 percent. This was the thirteenth straight year of Investor outperforming the stock market. In today's complex environment, our focus remains on future-proofing our companies through strategic initiatives, while never compromising on efficiency."
Johan Forssell
President & CEO of Investor
Highlights during the fourth quarter
- Adjusted net asset value (NAV) amounted to SEK 818,386m (SEK 267 per share) on December 31, 2023, an increase of SEK 58,067m, or 8 percent, during the quarter. Total shareholder return amounted to 12 percent, compared to 14 percent for the SIXRX return index. For 2023, adjusted net asset value growth amounted to 24 percent and total shareholder return to 26 percent, compared to 19 percent for SIXRX.
- Listed Companies generated a total return of 9 percent during the fourth quarter. For 2023, the total return amounted to 25 percent.
- Based on estimated market values, the total return for Patricia Industries, excluding cash, amounted to -1 percent
(-1 percent including cash) during the fourth quarter. Strong earnings growth and high cash flow generation contributed positively, but were offset by negative currency impact and multiple contraction. The full-year total return amounted to 24 percent (22 percent including cash). - Within Patricia Industries, sales growth for the major subsidiaries amounted to 11 percent, of which 8 percent organically in constant currency. Reported EBITA grew 21 percent and adjusted EBITA grew 22 percent. Cash conversion for the major subsidiaries amounted to 105 percent.
- Mölnlycke reported organic sales growth of 9 percent in constant currency, with the largest business area Wound Care also growing 9 percent. The profit margin improved significantly compared to last year, which was impacted by production disturbances and reorganization costs. Mölnlycke distributed EUR 300m to Patricia Industries.
- The value change of Investments in EQT was 16 percent. Net cash flow to Investor amounted to SEK 1,163m. For the full year 2023, the value change amounted to 17 percent and the net cash flow to Investor was SEK -178m.
- Leverage was 1.7 percent as of December 31, 2023 (1.5 percent as of December 31, 2022). Gross cash amounted to SEK 24,851m and the average maturity of Investor AB's debt portfolio was 10.8 years on December 31, 2023.
- The Board of Directors proposes a dividend per share of SEK 4.80 (4.40) to be paid in two installments, SEK 3.60 in May, 2024, and SEK 1.20 in November, 2024.
For further information:
Jacob Lund, Chief Communications & Sustainability Officer,
Phone +46 725 60 21 57
jacob.lund@investorab.com
Magnus Dalhammar, Head of Investor Relations,
Phone +46 73 524 2130
magnus.dalhammar@investorab.com
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 8:15 CET on January 19 2024.
Our press releases can be accessed at www.investorab.com
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.
