STOCKHOLM--Swedish investment company Investor AB (INVE-B.SK)
Tuesday booked a 2% fall in net asset value per share at the end of
second quarter compared with year end 2011 and said it expects
somewhat higher costs at the end of the year then previously
estimated.
MAIN FACTS:
-"During the quarter we have seen soft economic data around the
globe and, as normally following a financial crisis, we should
expect sub-par economic growth for an extended period [...] The
increased integration of the global economy results in a
synchronized slowdown," Chief Executive and President Borje Ekholm
said.
-Net asset value per share fell to SEK204 ($29.0) during the
second quarter ending June 30, from SEK220 at the end of the first
quarter.
-The company reported a net loss of SEK6.97 billion in the
second quarter compared with a net profit of SEK9.73 billion in the
same quarter last year.
-The company reported value increases since year-end in Swedish
listed companies such as SEB AB (SEB-A.SK), Atlas Copco AB
(ATCO-A.SK) and Electrolux AB (ELUX-B.SK), which offset value
declines in companies such as Saab AB (SAAB-B.SK) and Ericsson
(ERIC).
-The company expects to receive dividends of SEK4.9 billion from
listed companies in 2012, higher than previous estimates of SEK4.7
billion.
-Following additional investments in the quarter, the company
now owns 8.7% of Wartsila.
-It is pooling its shares with the lead owner Fiskars Oyj
(FIS1V.HE) in a joint company, and together they own 21.7% of
Wartsila.
-It increased its ownership in unlisted Molnlycke Health Care to
98% from 96%.
-The investments increased leverage to 13.4% from 10.2% as of
June 30.
-The company has cut its staff by a third and in the fourth
quarter expects to reach a sustainable annualized cost level of
SEK360 million to SEK380 million, which is slightly higher than the
target of close to SEK350 million at the end of 2012.
-Shares closed at SEK135.40 on Monday.
-Write to Jens Hansegard at jens.hansegard@dowjones.com
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