NET ASSET VALUE
- The net asset value increased to SEK 175 per share compared to SEK 162 per share at the beginning of the year. The increase corresponds to 8.0 percent compared to SIXRX which increased by 10.3 percent. The net asset value on 2 May amounted to SEK 177 per share. (1)
INDUSTRIAL OPERATIONS
- Orders received in the industrial operations contracted to SEK 1,685 (1,774) m, which is a decrease in comparable units of 9 percent adjusted for exchange effects.
- Net sales in the industrial operations amounted to SEK 1,620 (1,708) m, which is a decrease in comparable units of 7 percent adjusted for exchange effects.
- Operating result before restructuring costs amounted to SEK 131 (147) m, which corresponds to an operating margin of 8.1 (8.6) percent in continuing operations.
- Three acquisitions were made during the quarter. Latour Industries subsidiary REAC acquired MBL/ABU in Poland. Swegon acquired Coolmation Group in England and Hultafors Group acquired Nordtec, which is Snickers Workwears franchise in Italy. The acquisitions have a annual net sales of some SEK 150 m.
GROUP
- Group result after net financial items amounted to SEK 328 (266) m.
- Group result after tax amounted to SEK 294 (231) m, or SEK 1.85 (1.45) per share.
- Net debt amounted to SEK 1,818 m at the end of March and was equal to 6.1 percent of the market value of the companys entire assets.
INVESTMENT PORTFOLIO
- During the quarter the investment portfolios value increased by 10.0 percent while the comparable index (SIXRX) increased by 10.3 percent.
EVENTS AFTER THE REPORT PERIOD
- Swegon acquires Walter Meier (Klima Deutschland) - further details are found on page 3.
(1)The calculation of the net asset value on 2 May 2013 was based on the value of the investment portfolio 1:00 p.m. on 30 April and the wholly owned industrial operations was calculated with the same values as on 31 Mars.
Göteborg, 2 May 2013
INVESTMENT AB LATOUR
Jan Svensson
President and CEO