NET ASSET VALUE AND THE
· The net asset value rose to
· The total return on the
INDUSTRIAL OPERATIONS
The third quarter
· The industrial operations' order intake rose 10 per cent to
· The industrial operations' net sales rose 11 per cent to
· The industrial operations' highest operating profit to date. Operating profit increased by 29 per cent to
January - September
· The industrial operations' order intake rose 9 per cent to
· The industrial operations' net sales rose 9 per cent to
· Operating profit increased by 9 per cent to
THE GROUP
· Consolidated net sales totalled
· Consolidated profit after tax was
· The Group reported net debt of
INVESTMENT PORTFOLIO
· The value of the investment portfolio increased by 9.0 per cent in the third quarter when adjusted for portfolio changes and dividends. The benchmark index (SIXRX) rose 8.2 per cent.
· In the third quarter, 1,000,000 shares in
· In the second quarter, 7.8 million shares in Tomra were sold for a consideration of
· The shareholding in
EVENTS AFTER THE REPORTING PERIOD
· On 2 November, Swegon acquired 100 per cent of the shares in the German company SLT Schanze Lufttechnik, which in 2019 generated net sales of
(1) The calculation of the net asset value on 4 November was based on the value of the investment portfolio at
Comments from the CEO
"Despite the ongoing pandemic, we can report a strong set of results for the wholly-owned industrial operations. This is very gratifying and confirms that we own sustainable and well-managed companies. During the summer months, the markets have opened up to varying degrees and demand has gradually increased. Sales in the industrial operations grew organically towards the end of the quarter. We can now state that we are in a second wave, and there is a high risk of new shutdowns and thus restrictions on the economy. What is more, we have probably not seen the long-term consequences of the pandemic with regard to changes in behaviour and investment decisions. It may bring threats as well as opportunities.
In the third quarter, order intake fell 2 per cent when adjusted for acquisitions and foreign exchange effects, and invoiced sales were slightly below last year's level. Operating profit increased by 29 per cent in the quarter to
Our business areas have introduced significant measures to help mitigate the impact of Covid-19 and have taken advantage of the available government support, where appropriate, although to a relatively little extent and far less than in the previous quarter. The operations have been gradually resuming normal activities, but the pandemic is far from over and the companies are ready to adjust and adapt again to new conditions if necessary. We have observed various trends and impacts during the period, depending on which market and segment one looks at. Generally, it can be said that, as in the previous quarter, the countries of northern
We stepped up our acquisition activities again during the quarter and are looking forward to what will hopefully be a busier fourth quarter in terms of transactions. Swegon's announcement that it had acquired SLT Schanze Lufttechnik in
We are also maintaining our relentless focus on positioning ourselves for the future by investing continuously in various aspects of product development, sales and marketing. Furthermore, we currently have a high rate of investment in our factories. We remain committed to our focus on sustainability and digitalisation which is key to underpinning future growth. During the quarter, we launched several different initiatives to support the companies' within these areas and also implemented additional central sustainability targets that apply to all of the wholly-owned holdings.
The stock market has had a strong development during the quarter and this is reflected in our investment portfolio. Since the beginning of the year, the investment portfolio has increased by 9.0 per cent when adjusted for portfolio changes and dividends, while the benchmark index (SIXRX) increased by 8.2 per cent. The underlying growth in earnings of the companies has also been good considering the pandemic. Several companies have been hit by a sharp fall in organic sales, but have demonstrated considerable resilience and are posting strong operating profits. The net asset value in
Johan Hjertonsson
President and CEO
For further information please contact:
Johan Hjertonsson, President and CEO, Tel. +46 702-29 77 93 or
Anders Mörck, CFO, Tel. +46 706-46 52 110
Conference call
President and CEO
To follow the meeting, please call +46 (0)8 505 583 55.
To follow the webcast please visit our webpage, www.latour.se, or use the link:
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https://news.cision.com/investment-ab-latour/r/interim-report-january---september-2020,c3231292
https://mb.cision.com/Main/487/3231292/1330543.pdf
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