DOW JONES NEWSWIRES
Swedish investment company Investor AB (INVE-B.SK) Tuesday said
net asset value per share as of June 30 rose 3.6% to SEK231 from
the previous quarter, boosted by the sale of CaridianBCT, a
subsequent positive revaluation of its Gambro Holding by SEK4.6
billion as well as several successful exits by part-owned private
equity firm EQT.
MAIN FACTS:
-An average of five analysts forecast a NAV per share of SEK226,
according to a Dow Jones Newswires poll.
-The NAV per share represents a 37% discount to its share value
on June 30.
-EQT funds contributed SEK2.0 billion to net asset value, driven
by several successful exits.
-In 2Q, Investor bought SEK99 million net worth of shares in
Swedish garden tools manufacturer Husqvarna AB (HUSQ-B.SK) and
invested SEK258 million in the rights issue of Swedish Orphan
Biovitrium AB (SOBI.SK).
-Core investments contributed SEK3.39 billion to NAV while
financial investments contributed SEK7.37 billion.
-The company upgraded valuations for all unlisted subsidiaries
-- Molnlycke Health Care, Aleris and Grand Hotel -- as well as for
its partner-owned investments, including Gambro Holding, Lindorff
and 3 Scandinavia.
-CEO Borje Ekholm said he sees the potential for SEK60 million
in synergies from Aleris' recent two add-on acquisitions in Sweden
and Denmark.
-Ekholm also said the company doesn't control the exit horizon
for its partner-owned investments and that these may be sold or
become core investments.
-He said the company increased its liquidity by raising a
12-year EUR500 million bond in early May and by refinancing SEK10
billion revolving credit facility in early July.
-He said it is prudent to plan for recurring bursts of
uncertainty but that investing for the long-term will be
rewarding.
-The total return on the Investor share in the first six months
was 4%.
-Net profit rose to SEK9.73 billion in 2Q from SEK787 million in
the 2Q 2010, as the value of its holdings increased more in the
year-earlier period.
-The company said its restructuring and cost cutting programs
are proceeding as planned.
-Shares closed at SEK138.80 on Monday.
-By Anna Molin, Dow Jones Newswires; +46 8 545 131 03;
anna.molin@dowjones.com
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