Investor (INVE) Q1 2017 earnings summary

Executive summary

• Reported NAV rose 10% in Jan–Mar 2017; total shareholder return was 11%, versus 6% for SIXRX.

• Wholly owned Patricia Industries subsidiaries delivered 3% organic sales growth; EQT value change was 5% in constant currency.

Financial highlights

• Reported asset value was SEK 345.1bn and NAV SEK 330.2bn; adjusted asset value was SEK 387.5bn and adjusted NAV SEK 372.5bn.

• Listed Core Investments generated 12% total shareholder return.

Segment performance

• Mölnlycke organic growth was 5% in constant currency; profitability was slightly lower amid reimbursement changes, higher raw-material prices and growth investments.

• Laborie grew 7% organically in constant currency with strong underlying profitability; Aleris grew 2% with profitability essentially flat.

• Permobil grew 5% organically in constant currency; profitability was slightly lower due to sales-force expansion and M3 launch costs.

• BraunAbility organic growth was -8% in constant currency, with lower profitability from volume declines and acquisition costs; Vectura grew 30% and Grand Group 13%, both with improved profitability.

• 3 Scandinavia service revenue grew 5%, with improved profitability.