NET ASSET VALUE AND THE
- The net asset value rose to
SEK 172 per share, compared withSEK 159 per share at the start of the year. This is an increase of 10.8 per cent, adjusted for dividends. By comparison, the Stockholm Stock Exchange's Total Return Index (SIXRX) increased by 4.6 per cent. The net asset value wasSEK 173 per share at 6 November.1 -
The total return on the
Latour share was -0.5 per cent during the period measured against the SIXRX, which rose 4.6 per cent.
INDUSTRIAL OPERATIONS
The third quarter
- The industrial operations' order intake rose 5 per cent to
SEK 5,565 m (5,281 m). Adjusted for currency effects, this represents a decrease of 8 per cent for comparable entities. -
The industrial operations' net sales rose 9 per cent to
SEK 6,109 m (5,629 m). Adjusted for currency effects, this represents a decrease of 2 per cent for comparable entities. -
The industrial operations' operating profit increased by 20 per cent to
SEK 942 m (784 m), which equates to an operating margin of 15.4 (13.9) per cent. - On 13 July, Latour Future Solutions invested in the Swedish company Quandify through a private placement of newly issued shares and became a minority shareholder in the company with a holding of approximately 22 per cent.
INDUSTRIAL OPERATIONS
January - September
- During the first quarter, Swegon completed the acquisition of the British company
Dalair . -
The industrial operations' order intake rose 3 per cent to
SEK 18,014 m (17,418 m). Adjusted for currency effects, this represents a decrease of 8 per cent for comparable entities. -
The industrial operations' net sales rose 18 per cent to
SEK 19,087 m (16,209 m). Adjusted for currency effects, this represents an increase of 6 per cent for comparable entities. -
Operating profit rose 30 per cent to
SEK 2,951 m (2,265 m), equating to an operating margin of 15.4 (14.0) per cent.
THE GROUP
- Consolidated net sales totalled
SEK 19,087 m (16,209 m), and profit after financial items wasSEK 5,076 m (3,270 m). -
Net impairment losses and impairment loss reversals of shares in associated companies amounting to
SEK 45 m (-1,465 m) were recognised in the income statement in the period. Write-down of goodwill wasSEK 115 (0) m in the period. -
Consolidated profit after tax was
SEK 4,491 m (2,753 m), which equates to a share price ofSEK 7.01 (4.30). -
The Group reported net debt of
SEK 13,115 m (11,175 m). Net debt, excluding lease liabilities recognised under IFRS 16, wasSEK 11,697 m (9,933 m) and is equivalent to 10 (10) per cent of the market value of total assets.
INVESTMENT PORTFOLIO
- During the 9-month period, the value of the investment portfolio increased by 1.3 per cent when adjusted for dividends. The benchmark index (SIXRX) rose 4.6 per cent.
-
In the first quarter,
Latour participated in the issue of new shares byAlimak Group , pro rata to its holding, purchasing 16,016,809 shares in the company forSEK 747 m. Also in the first quarter,Latour participated in the issue of preference shares byCTEK , pro rata to its holding, purchasing 6,112,324 shares in the company forSEK 107 m.
EVENTS AFTER THE REPORTING PERIOD
- There were no material events subsequent to the end of the reporting period.
1 The calculation of the net asset value on 6 November was based on the value of the investment portfolio at
Comments from the CEO
"The third quarter continued with positive development for
In the third quarter, the total order intake was up 5 per cent, although down 8 per cent when adjusted for acquisitions and currency effects. The total value of invoiced sales was up 9 per cent, but down 2 per cent when adjusted for acquisitions and currency effects. Operating profit grew strongly, up 20 per cent to
The results are strong for the industrial operations. We are keeping a close watch on developments in the market and our operations are prepared to make adjustments as needed. Our operations are maintaining good control of costs. On the whole, supply chain disruption issues have been resolved and we are managing with lower stocks to provide our customers with a high level of service and good delivery capacity. This has provided a significant boost to our cash flow during the year.
Our strong financial position and profitable operations allow us to continue investing in the future of our businesses. Notwithstanding the short-term economic challenges, we remain committed to making continuous investments in our facilities, product development, sustainability initiatives and digitalisation. It is of utmost importance for us to keep our operations at the forefront of the industry to ensure we remain sustainable and profitable for years to come. Our long-term investment horizon creates stability and assurance for our companies, which is key to remaining competitive, increasing market shares and, equally important, attracting and retaining talent in our operations.
We have slowed our pace of acquisition activity so far this year after an intensive year in 2022. We are continuously engaging in analysis and discussions, and have a good pipeline to keep us busy. In the first quarter, we completed an acquisition through Swegon, which acquired the British company
Most of the stock market increase that we saw in the first six months of the year has since fallen off again. However, our main task is to focus on the underlying development of our operations. The majority of our listed holdings have now submitted third-quarter reports and several report a good profit development but, similar with our wholly-owned operations, a mixed picture regarding order intake. Since the beginning of the year,
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
Webcast
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If you wish to participate via webcast, please use the link: https://ir.financialhearings.com/latour-q3-2023
Teleconference
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