NET ASSET VALUE AND THE
- The net asset value increased to
SEK 198 per share, compared withSEK 159 per share at the start of the year. This is an increase of 27.5 per cent, adjusted for dividends. By comparison, theStockholm Stock Exchange's Total Return Index (SIXRX) increased by 19.2 per cent. The net asset value wasSEK 190 per share on 9 February.1 -
The total return on the
Latour share was 35.4 per cent during the period, compared to SIXRX which increased by 19.2 per cent. -
The Board of Directors proposes an increased dividend of
SEK 4.10 (3.70) per share.
INDUSTRIAL OPERATIONS
Fourth quarter
- The industrial operations' order intake increased by 11 per cent to
SEK 6,374 m (5,730 m). Adjusted for currency effects, this represents an increase of 6 per cent for comparable entities. -
The industrial operations' net sales increased by 1 per cent to
SEK 6,463 m (6,402 m). Adjusted for currency effects, this equates to a decrease of 4 per cent for comparable entities. -
The industrial operations' operating profit decreased by 8 per cent to
SEK 856 m (929 m), which equates to an operating margin of 13.2 (14.5) per cent.
Full year
- During the first quarter, Swegon completed the acquisition of the British company
Dalair . During the third quarter, Latour Future Solutions invested in the Swedish company Quandify and became a minority shareholder with approximately 22 per cent of the shares. -
The industrial operations' order intake increased by 5 per cent to
SEK 24,388 m (23,148 m), which represents a 5 per cent decrease for comparable entities adjusted for currency effects. -
The industrial operations' net sales increased by 13 per cent to
SEK 25,550 m (22,611 m). Adjusted for currency effects, this equates to growth of 3 per cent for comparable entities. -
The operating profit increased by 19 per cent to
SEK 3,807 m (3,194 m), which equates to an operating margin of 14.9 (14.1) per cent.
THE GROUP
- Consolidated net sales totalled
SEK 25,550 m (22,611 m), and profit after financial items wasSEK 6,645 m (4,833 m). -
In the period, net impairment losses and impairment loss reversals of shares in associated companies amounting to
SEK 639 m (-1,557 m) were recognised in the income statement. Impairment of goodwill wasSEK 115 (0) m in the period. -
Consolidated profit after tax was
SEK 5,901 m (4,168 m), which equates toSEK 9.22 (6.51) per share. -
The Group reported net debt of
SEK 11,433 m (12,532 m). Net debt, excluding lease liabilities recognised under IFRS 16, wasSEK 9,983 m (11,067 m) and is equivalent to 7 (10) per cent of the market value of total assets.
INVESTMENT PORTFOLIO
- During the year, the value of the investment portfolio increased by 23.9 per cent adjusted for dividends. The benchmark index (SIXRX) increased by 19.2 per cent.
-
During the first quarter,
Latour participated in the issue of new shares byAlimak Group , pro rata to its holding, purchasing 16,016,809 shares in the company forSEK 747 m. In the same quarter,Latour participated in the issue of preference shares byCTEK , pro rata to its holding ofSEK 107 m, purchasing 6,112,324 shares in the company. -
During the fourth quarter,
Latour increased its shareholding inCTEK from 31.6 to 33.0 per cent of the votes by acquiring 1,721,665 shares. -
In December,
HMS Networks announced that it had entered into an agreement to acquireRed Lion Controls .Latour is positive to the acquisition and has, as principal owner, undertaken to participate with its pro rata share in the new issue which is part of HMS Network's financing of the acquisition.
EVENTS AFTER THE REPORTING PERIOD
- In January, three acquisitions were completed in the industrial operations. Read more on page 4.
1 The calculation of the net asset value on 9 February was based on the value of the investment portfolio at
Comments from the CEO
"We can summarize another successful year for
During the fourth quarter, order intake has grown by a total of 11 per cent. Adjusted for acquisitions and currency effects, this corresponds to a 6 per cent increase. Net sales has grown by a total of 1 per cent. The comparative figures are challenging, as the corresponding quarter in the previous year was a record strong quarter, and adjusted for acquisitions and currency effects, the growth in net sales represents a decrease of 4 per cent. Operating profit, affected by the somewhat lower volumes, general cost inflation as well as currency effects, decreased by 8 per cent to
Our business areas have managed the challenges of a difficult environment well, and have adjusted their businesses to the prevailing circumstances, with good cost control. Our delivering capacity is good, and we have delivered on the large order book with which the year began. The order book has thereby decreased in line with the normalisation, amounting at the end of the year to
With profitable operations and
Following an intensive year in 2022, the pace of acquisitions intentionally have been kept low in 2023. During the first quarter, we completed one acquisition through Swegon, which acquired the British company
The stock market has had its ups and downs during the year, but the year ended on a high note. The net asset value in
As a result of the strong profit development in the industrial operations as well as in the listed holdings, the Board of Directors proposes an increased dividend of
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
Via the webcast you are able to ask written questions.
If you wish to participate via webcast, please use the link: https://ir.financialhearings.com/latour-q4-report-2023
Teleconference
You can ask questions verbally via the teleconference.
If you wish to participate via teleconference, please register on the link below.
After registration you will be provided phone numbers and a conference ID to access the conference.
https://conference.financialhearings.com/teleconference/?id=50047256
The information contained in this report constitutes information which
https://news.cision.com/investment-ab-latour/r/year-end-report-2023,c3926074
https://mb.cision.com/Main/487/3926074/2595305.pdf
(c) 2024 Cision. All rights reserved., source