NET ASSET VALUE AND THE
- The net asset value rose to
SEK 193 per share, compared withSEK 159 per share at the start of the year. This is an increase of 24.3 per cent, adjusted for dividends. By comparison, theStockholm Stock Exchange's Total Return Index (SIXRX) increased by 11.3 per cent. The net asset value wasSEK 178 per share at 18 August.1 -
The total return on the
Latour share was 10.3 per cent during the period, compared to SIXRX which rose 11.3 per cent.
INDUSTRIAL OPERATIONS
The second quarter
- The industrial operations' order intake fell by 3 per cent to
SEK 6,129 m (6,297 m). Adjusted for foreign exchange effects, this represents a decrease of 13 per cent for comparable entities. -
The industrial operations' net sales rose by 19 per cent to
SEK 6,605 m (5,561 m). Adjusted for foreign exchange effects, this equates to growth of 7 per cent for comparable entities. -
The industrial operations' operating profit increased by 26 per cent to
SEK 1,020 m (812 m), which equates to an operating margin of 15.4 (14.6) per cent.
INDUSTRIAL OPERATIONS
January - June
- During the first quarter, Swegon completed the acquisition of the British company
Dalair . -
The industrial operations' order intake rose by 3 per cent to
SEK 12,449 m (12,137 m), which represents a 9 per cent decrease for comparable entities adjusted for foreign exchange effects. -
The industrial operations' net sales rose by 23 per cent to
SEK 12,977 m (10,580 m). Adjusted for foreign exchange effects, this equates to growth of 10 per cent for comparable entities. -
The operating profit rose by 36 per cent to
SEK 2,009 m (1,481 m), which equates to an operating margin of 15.5 (14.0) per cent.
THE GROUP
- Consolidated net sales totalled
SEK 12,977 m (10,580 m), and profit after financial items wasSEK 4,360 m (2,406 m). -
Impairments and reversals of impairments of stock market holdings during the period had a positive net impact of
SEK 777 m (-613 m). -
Consolidated profit after tax was
SEK 3,935 m (2,071 m), which equates toSEK 6.15 (3.23) per share. -
The Group reported net debt of
SEK 13,690 m (11,042 m). Net debt, excluding lease liabilities recognised under IFRS 16, wasSEK 12,738 m (9,814 m) and is equivalent to 9 (9) per cent of the market value of total assets.
INVESTMENT PORTFOLIO
- During the first six months, the value of the investment portfolio increased by 20.6 per cent adjusted for dividends. The benchmark index (SIXRX) rose by 11.3 per cent.
-
During the first quarter,
Latour participated in the issue of new shares byAlimak Group during the month of March, pro rata to its holding, purchasing 16,016,809 shares in the company forSEK 747 m. In the same month,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
- On 13 July, Latour Future Solutions invested in the Swedish company Quandify through a directed new issue of shares and became a minority shareholder with approximately 22 per cent of the shares.
1 The calculation of the net asset value on 18 August was based on the value of the investment portfolio at
Comments from the CEO
"
During the second quarter, order intake fell by a total of 3 per cent. Adjusted for acquisitions and foreign exchange effects, this corresponds to a decrease of 13 per cent. Net sales grew by 19 per cent, of which 7 per cent was on an organic basis. Operating profit is strong, increasing by 26 per cent to
It is difficult to deduce exactly how much of the decline in order intake that can be attributed to a weaker economy or to normalised buying behaviour on the part of customers. We are still fulfilling deliveries in respect of the substantial order book we had at the start of the year, which is reflected in the strong invoicing trend. The order backlog remains at a high level, however, at
The disruptions experienced in the supply of goods remain to some extent, but the situation has improved further and we are maintaining a high service level in relation to our customers, with good delivery capacity.
The good profitability combined with
After intensive acquisition activity in 2022, we have maintained a slower pace during the spring. Analysis work and discussions have been ongoing, however, and we are anticipating a somewhat more active autumn. During the first quarter, we completed an acquisition through Swegon, which acquired the British company
The stock market has developed positively during the first half 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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