Interim Report January - September 2013

NET ASSET VALUE

• The net asset value amounted to SEK 191 per share compared to SEK 162 per share at the beginning of the year. This is equivalent to an 21.7 percent increase adjusted for dividends compared to the dividend adjusted comparable index (SIXRX) which increased by 20.5 percent. The net asset value on 5 November was SEK 200 per share.1)

INDUSTRIAL OPERATIONS

Third quarter
*Orders received in the industrial operations increased to SEK 1,657 (1,444) m, an organic growth of comparable units of 4 percent adjusted for exchange effects.
*Net sales in the industrial operations amounted to SEK 1,715 (1,547) m, an organic growth of comparable units of 1 percent adjusted for exchange effects.
*Operating result before structural costs amounted to SEK 207 (175) m, an increase of 18 percent, which is the equivalent of an operating margin of 12.0 (11.3) percent, in continuing operations.2)
*Swegon acquired RCS AG in Switzerland with 14 employees and around SEK 40 m in annual net sales. LSAB acquired Teroteknisk Service AS in Norway with 6 employees and around SEK 7 m in annual net sales. See page 3 in the quarterly report for further details.

January to September
*Orders received in the industrial operations increased to SEK 5,231 (5,097) m, an organic growth of comparable units of –3 percent adjusted for exchange effects.
*Net sales in the industrial operations amounted to SEK 5,100 (5,016) m, an organic growth of comparable units of –4 percent adjusted for exchange effects.
*Operating result before structural costs amounted to SEK 507 (493) m, an increase of 3 percent, which is the equivalent of an operating margin of 9.9 (9.8) percent, in continuing operations.2)

GROUP

• Group result after net financial items amounted to SEK 1,242 (1,072) m.
• Group result after tax amounted to SEK 1,103 (962) m, or SEK 6.92 (6.03) per share.
• Net debt amounted to SEK 1,917 m at the end of September, compared to SEK 1,568 m at the beginning of the year, and was equal to 5.9 of the market value of the company’s entire assets.

INVESTMENT PORTFOLIO

• During the first nine months the investment portfolio’s value increased by 26.1 percent adjusted for dividends while the comparable index (SIXRX) increased by 20.5 percent.

EVENTS AFTER THE REPORT PERIOD

• Specma acquired Kiruna Hydraulik with 25 employees and around SEK 36 m in annual net sales. See page 3 in the quarterly report for further details.

1)The net asset value on 5 November 2013 was based on the value of the investment portfolio at 1 p.m. on 5 November and the same values as on 30 September were used for the wholly owned industrial operations.
2)Divestitures in 2012 excluded.

Göteborg, 6 November 2013
INVESTMENT AB LATOUR
Jan Svensson
President and CEO