Investor - Home - January September 2014 · 2019. 6. 25. · > Q3 sales growth +9 percent > Grand...
Transcript of Investor - Home - January September 2014 · 2019. 6. 25. · > Q3 sales growth +9 percent > Grand...
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January – September 2014CEO Börje Ekholm
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Third quarter highlights
> Net Asset Value increased by SEK 14.3 bn., or 6 percent
– Total shareholder return +2 percent, SIXRX flat
> Investor clear lead shareholder in Wärtsilä
> Mölnlycke Health Care distributes EUR 130 m.
> Divestiture of Lindorff completed
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Core Investments
Listed
> Acquired shares in Wärtsilä
> Electrolux announced acquisition of GE Appliances.
Investor supports deal and rights issue to finance it
Subsidiaries
> Healthy growth and margins in Mölnlycke Health Care.
Balance sheet strength allows for investments
> Good sales growth and EBITDA improvement in Aleris
> Strong performance in Permobil
Third quarter highlights
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Financial Investments
> EQT distributed SEK 0.2 bn. in net cash flow,
2 percent value increase in constant currency
> IGC distributed SEK 0.3 bn. to Investor, 1 percent
value decrease in constant currency. European
holdings acquired by Investor
> Divestiture of Lindorff completed
> Strong service revenue growth and margins in
3 Scandinavia. Net debt reduction of SEK 432 m.
Third quarter highlights
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Cash flow platform
> Portfolio with strong cash flow
generation capacity
> Subsidiaries now starting to
contribute to cash flow
> Reinvesting in NPV positive
projects builds a stronger Investor
> Cash flow after investments will
allow a steadily rising dividend
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Our priorities
Attractive total
return to our
shareholders
Build the Net Asset Value
Operate efficiently
Pay a steadily rising dividend
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Financials January – September 2014
CFO Susanne Ekblom
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Financial highlights
> Net Asset Value SEK 246.8 bn. (215.4)
> Leverage 8.8% (9.7%)
> Main activities during the quarter
– Increased ownership in Wärtsilä from 8.8% to 16.8%
– Divestiture of Lindorff completed
– Proceeds from Mölnlycke of EUR 130 m.
> TSR Investor B-share 1,8%*
> SIXRX Index -0,3%*
*) For the third quarter 2014
January – September 2014
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Net Asset Value1994 – Q3 2014
SEK bn.
246.8
Q3 2014, SEK 14.3 bn.Contribution Jan-Sep SEK 31.4 bn
9
0
50
100
150
200
250
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
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Net Asset Value
(SEK m.) Sep 30, 2014 Dec 31, 2013
Core Investments 236 030 204 705
Financial Investments 32 222 32 256
Other assets & liabilities 2 350 1 560
Total assets 270 602 238 521
Net debt -23 801 -23 104
Net asset value 246 801 215 417
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September 30, 2014 vs. December 31, 2013
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Contribution to Net Asset ValueQ3 2014 vs. 2013
11
(SEK m.) Q3 2014 YTD 2014 YTD 2013
Core Investments 10 127 30 521 25 942
Financial Investments 4 438 8 453 6 442
Business Areas
Group-wide -265 -1 501 -891
Dividend - -6 089 -5 331
Contribution to NAV 14 300 31 384 26 162
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Core Investments
12
Net Asset Value September 30, 2014SEK bn.
Invested
Q3 2014
SEK bn. Divested
Q3 2014
SEK bn.
Wärtsilä 5.9
Invested 5.9 Divested 0
SEK 236 bn.
• of which Subsidiaries SEK 30.9 bn.
• 87% of total assets
1.3
3.8
3.9
4.9
5.8
6.0
8.3
9.1
10.7
15.5
21.9
26.0
31.4
42.6
43.9
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-556
-434
8
30
81
309
980
1 162
1 337
1 340
1 383
2 766
7 040
7 109
8 084
Core InvestmentsContribution to Net Asset Value, January-September, 2014
13
SEK m.
SEK 30.5 bn.
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0%
6%
12%
18%
24%
30%
36%
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
Net sales (rolling 4Q) EBITDA margin (rolling 4Q)
EBITDA marginNet sales EUR m. EBITDA marginNet sales EUR m.
Mölnlycke Health Care - Subsidiary
> Q3 sales growth +7 percent in constant
currency
> Strong EBITDA margin
> Growth and margins picked up in Wound
Care
> Strong quarter for Surgical
> Cash flow remained strong, EUR 130 m.
capital distribution to Investor
14
SEK m.
Invested up to Dec. 31 2013 15 954
Accumulated effect on value up to 2014 4 730
Invested/Divested in 2014 1 121
Capital distribution -1 198
Effect on value in 2014 1 339
Closing balance 21 946
2014 2013
EUR m. Q3 YTD Q3 YTD
Net Sales 304 888 284 853
EBITDA 94 248 87 247
EBITDA % 31 28 31 29
Operating
Cash Flow67 184 75 171
Increase(-)/
decrease (+) in
net debt
-84 -2 536 561
EUR m. 9/30 2014 12/31 2013
Net debt 730 728
Net Sales
EBITDA margin
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0%
2%
4%
6%
8%
10%
12%
14%
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
Net sales (rolling 4Q) EBITDA margin (rolling 4Q)
Net sales SEK m.
Aleris – Subsidiary
> Q3 organic sales growth 7 percent in
constant currency
> Strong EBITDA growth, partially affected by
positive one-offs
> In Sweden, improvement work continued
> Operations in Norway remained stable
> Improved performance in Denmark
15
SEK m.
Invested up to Dec. 31, 2013 5 427
Accumulated effect on value up to 2014 -1 597
Effect on value in 2014 25
Closing balance 3 855
Net Sales
EBITDA margin
EBITDA margin
2014 2013
SEK m. Q3 YTD Q3 YTD
Net Sales 1 793 5 528 1 645 5 168
EBITDA 117 295 79 269
EBITDA % 7 5 5 5
Operating
Cash Flow12 100 -25 49
Increase(-)/
decrease (+) in
net debt
-33 -12 13 191
SEK m. 9/30 2014 12/31 2013
Net debt 1 003 991
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Permobil – Subsidiary
> Q3 organic sales growth +7 percent in
constant currency
> Continued strength in North America, some
acceleration in Europe
> Strong EBITDA improvement driven by
operating leverage
> Net debt increase due to currency
translation effects
> Important product launches made during
the quarter
16
SEK m.
Invested up to Dec. 31, 2013 3 700
Accumulated effect on value up to 2014 59
Effect on value in 2014 81
Closing balance 3 840
2014 2013
SEK m. Q3 YTD Q3 YTD
Net Sales 563 1 546 450 1 270
EBITDA 138 304 68 178
EBITDA % 25 21 15 14
Operating
Cash Flow58 136 74 84
Increase(-)/
decrease (+) in
net debt
-55 -359 130 121
SEK m. 9/30 2014 12/31 2013
Net debt 1 476 1 117
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Grand Hôtel and Vectura - Subsidiary
Grand Hôtel
> Q3 organic sales growth +13 percent
> Sharp EBITDA improvement
> Strong performance in all areas
Vectura
> Q3 sales growth +9 percent
> Grand Hôtel, Näckström Fastigheter the
main drivers
> EBITDA margin flat
> Market value of properties SEK 2.7 bn. as
of September 30, 2014
17
SEK m. – Grand Hôtel and Vectura
Investor’s ownership (capital), % 100
Reported value, Investor’s share, SEK m. 1 288
Net debt, SEK m. 1 122
2014 2013
SEK m. Q3 YTD Q3 YTD
Net Sales 148 386 131 317
EBITDA 16 17 3 -12
EBITDA % 11 4 2 -4
Net Sales 35 96 32 86
EBITDA 23 58 21 48
EBITDA % 66 60 66 56
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Financial Investments
4.0
3.0
11.7
13.5
18
Net Asset Value September 30, 2014
SEK 32 bn.
12% of total assets
Other
investments
Invested
Q3 2014
SEK bn. Proceeds
Q3 2014
SEK bn.
EQT
Other
1.2
0.6
EQT
IGC
Lindorff
Other
1.3
0.4
6.8
0.1
Invested 1.8 Proceeds 8.6
SEK bn.
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EQT
Q3 2014
SEK m.
YTD 2014
SEK m.
YTD 2013
SEK m.
NAV beginning
of period13 287 11 615 10 984
Contribution to
NAV356 3 013 1 145
Draw downs 1 161 2 002 1 308
Proceeds to
Investor-1 314 -3 140 -3 132
NAV end of
period13 490 13 490 10 305
Change in Net Asset Value September 30, 2014
MV Asset SEK m. % of total assets
Total 13 490 5
19
> 2 percent value increase in
constant currency in Q3
2014
> Investor's total outstanding
commitment SEK 4.4 bn.
(6.3)
> Investor received SEK
153 m. net from EQT funds
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Investor Growth Capital
Q3 2014
SEK m.
YTD 2014
SEK m.
YTD 2013
SEK m.
NAV beginning
of period11 328 10 793 10 727
Contribution to
NAV706 1 708 1 005
Distribution to
Investor-337 -804 -630
NAV end of
period11 697 11 697 11 102
Change in Net Asset Value September 30, 2014
MV Asset SEK m. % of total assets
Total 11 697 4
Of which net cash 4 369
20
> -1 percent value change in
constant currency in Q3
2014
> U.S. and Asia, and
represented 66 and 34
percent of the total value,
excluding net cash
> Top 5 holdings represented
47 percent of the portfolio
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3 Scandinavia – Partner-owned
> Q3 service revenue growth +16 percent
> Increased EBITDA margin
> 65,000 new subscribers
> Strong cash flow continues
21
SEK m.
Invested/Divested up to Dec. 31, 2013* 6 206
Accumulated effect on value up to 2014 -3 563
Effect on value in 2014 360
Closing balance 3 003
* In addition Investor AB, has provided loan guarantees to 3 totaling SEK 3.7 bn.
plus interest per September 30, 2014
Note: Income statement and balance sheet items are reported with one month’s delay.
2014 2013
SEK m. Q3 YTD Q3 YTD
Net Sales 2 541 7 492 2 228 6 889
Service revenue 1 489 4 237 1 285 3 661
EBITDA 675 1 989 568 1 539
EBITDA % 27 27 25 22
SEK m. Q3 2014 Q4 2013
Net debt 8 557 9 676
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Platform to generate cash flow
22
Exit proceeds
from
partner-owned
investments
Core Investments
Cash flow from investments
ListedDividends/received
Distribution from EQT, IGC and partner-owned investments
Financial Investments
SubsidiariesCash flow
Total costs
Capacity for investments and distribution to shareholders
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AlerisA complete chain of healthcare
and care in Scandinavia
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Aleris - an innovative long-term
quality provider
• 8,500 employees
• Turnover around SEK 7 bn in 2013
• 350 units in Sweden, Norway
and Denmark
• Covering 70% of the population
in Scandinavia
Healthcare
Care
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A complete chain of healthcare and care
AO:Todo synka serien ok fargmassigt/skapa riktiga rundningar pa modellen etc. Illustrationsoriginal pa denna.
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Primary Care Specialist Care Diagnostics Care for Youth Care for Adults Senior Care
Healthcare Care
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Primary Care with the patient in focus
• Broad range of services in
general medicine
• Primary gateway to the
healthcare system
• Close cooperation with
specialist care
• Focus on high quality
and good availability
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Innovative Specialist Care with high quality
• Elective treatment and surgery
within a wide range of specialties
• In and outpatient care
• Focus on major cities in
Scandinavia
• Top ranking in quality
• Strong potential for growth
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Strong in Diagnostics with ability to grow
• Experienced strong growth within
following areas:
• Best-in-class service and quality with
modern equipment
• Diagnostics enables us to deliver
the integrated healthcare chain
– Radiology
– Laboratory
– Physiology
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Care for Youth gives opportunities for
the next generation
• Broad range of services:
• Leading market position
• Unique concepts and
high quality treatments
• Strong platform to support
expansion
– Family home placements
– Open care treatment
– Transit homes
– Homes for lonely refugee children
– “Aleris homes”
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Care for Adults supports the most vulnerable
in society
• Homes and institutions with
services and treatments in:
• Unique concepts result in
increased client life quality
• Growth potential, e.g. from
increased municipality
responsibility
– Psychiatry
– Addictions
– Mental disability
– Transition from imprisonment
– Mental support for immigrants
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Senior Care meets future demands
• High quality care for a growing
elderly population:
• New concepts to market
• Strong growth potential from e.g.
demographic trends
– Senior care homes (tender contracts)
– Senior care homes (own establishments)
– Home services
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A private provider in a publically funded market
10%
Aleris revenue SEK 7 bn
Sweden
Aleris revenue split
(Healthcare)
Public
Insurance
Private pay
Norway Denmark
41%
59%
32
Healthcare
Care
100% public funded
revenuesplit
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• 30 companies acquired,
more than tripling turnover
• Strong market position
and an attractive platform
for growth
Strong growth on the back of public
outsourcing and consolidation trends
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2,512
2005
1,754
2012
6,9756,732
2011
5,123
2010
4,120
2009
3,880
2013
2,801
2006 2008
3,310
2007
Denmark
Norway
Sweden
+19%CAGR
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Solid organic expansion
Healthcare
CareDenmark
Sweden
Norway
Healthcare and Norway as key drivers
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Profitability in local markets differ
indicating potential for improvement
Denmark
Sweden
Norway
EBITDA development
Group
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Group result Q3
Income statement
(SEK m)
2014 2013 Rolling 4
quarters
Q3 YTD Q3 YTD
Net Sales 1 793 5 528 1 645 5 168 7 335
Sales growth, % 9 7 5 4
Organic growth, %* 7 7 6 5
EBITDA 117 295 79 269 333
EBITDA, % 7 5 5 5 5
Operating Cash Flow 12 100 -25 49
Increase (-)/decrease (+)
in net debt-33 -12 13 191
9/30 2014 12/31 2013
Net debt 1 003 991
* Constant currency
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0x
1x
2x
3x
4x
5x
6x
7x
8x
Significant de-leverage creates
a stable platform for growth
20132012 2014
Net debt/EBITDA
Investor invested SEK
1.0 bn providing a
stable financial
platform for future
growth
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Investor is a long-term and committed owner
With a long-term owner like Investor we can make investments for the future
If our strategy succeeds, our generated profits will be returned to
the system via FAM and the Wallenberg Foundation – and thereby
promote scientific research and education for the benefit of Sweden
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Trends that will affect our business
Demography UrbanisationNew
Technology
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Scandinavia’s aging population
Population over the age of 80
Source: Nordiska rådet
Million
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Technology creates new opportunities
• Warning sensors
• Health sensors
• Online doctors
• Robots
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Healthcare spending to increase faster than GDP
SWEDEN DENMARKNORWAY
Source: The Boston Consulting Group
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Innovation and productivity improvements will
be key to combat challenges of rising costs…
7
INDIVIDUALIZED
CARE
QUALITY DEMANDS
FREEDOM OF CHOICE
LIFESTYLE & CHRONIC DISEASES
DEMOGRAPHIC DEVELOPMENT
…and private providers will play a vital role
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Our ambition – to offer excellent
healthcare and care…
…and to add value to
our shareholders
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Building Senior care for the future
• Building homes from the ground
and up – own financial basis
• Long term partner for
municipalities and individuals
• Three levels of services
• Tailor-made solutions for
individual needs and preferences
– Home Care services
– Senior apartments
– Senior Care homes
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Video doctor enables e-way into
the healthcare market
• Online e-consultation
• Live communication between
patient and doctor
• 24/7 availability 24/7
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Cancer diagnostic centre with the patient in focus
• Seamless patient flow for e.g.
breast cancer, prostate cancer,
malignant melanoma, lung
cancer etc
• Advanced PET/CT scanning
• Diagnosis the same day or as
soon as medically possible
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Logistics innovation
Elapsed time from start of anesthesia to start of surgery
2005: 23 minutes 3 sec
2010: 5 minutes 52 sec
Non-surgical time use in operating theatre
2005: 43 minutes 2 sec
2010: 15 minutes 19 sec
Minutes
Minutes
OBES SURG DOI 10.1007/s11695-011-0557-0 CLINICAL RESEARCH High-Volume Bariatric Surgery in a Single Center: Safety,
Quality, Cost-Efficacy and Teaching Aspects in 2,000 Consecutive Cases H. J. Jacobsen & A. Bergland & J. Raeder & H. G. Gislason
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Aleris R&D fund invests in the future
• Established in 2013
• Supports patient clinical research and development– Projects improving treatment, nursing and care
Competence centre for prostate cancer
NORWAY
Avoiding surgery for women with adenomyosis
SWEDEN
Shorter convalescenceafter knee surgery
DENMARK
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Our commitments for a sustainable future
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A complete chain of healthcare and care
Quality Innovation Long-term commitment
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Thank you!