Q3 2024 Investment AB Latour Earnings Call Transcript
Key Points
- Investment AB Latour (FRA:18LB) reported a strong total return of 18.2% for the year, outperforming the SIXRX index's 11.4%.
- The company achieved a 3% increase in order intake during the quarter, with a 2% organic growth, indicating resilience in a subdued market.
- Investment AB Latour (FRA:18LB) completed six acquisitions in 2024, adding approximately SEK2.4 billion in annual revenue, enhancing its portfolio.
- The operating margin for the quarter was a robust 14.9%, reflecting strong cost control and profitability despite economic challenges.
- The company maintains a healthy net debt level, corresponding to about 9% of the market value of its investments, allowing room for further acquisitions.
- Demand remains subdued in many markets, particularly affecting businesses with exposure to the construction and real estate sectors.
- The net sales for some divisions, such as Caljan and Innovalift, were below the previous year's levels due to lower order intake and weak market conditions.
- Currency effects negatively impacted net sales and profits for certain business areas, such as NORDH.
- The economic downturn has led to a slightly negative growth of -0.6% over the last 12 months, falling short of the company's growth target.
- The acquisition of Arkel in Turkey is delayed due to slow handling by authorities, impacting the expected timeline for integration.
Welcome to our Q3 report conference for this year 2024. Very welcome. I'm here together with the Anders Mörck our CFO. And if we go to the first slide, where we show our group structure, as you can see, the structure is completely unchanged compared to last time. We talked we had a good third quarter. Despite the changing business climate at the moment, water intake and excess are growing organically and profitability is at a healthy and strong level.
The general demand is fairly subdued in many markets that we operate on, but it varies between the regions and industries.
A weaker demand for businesses with exposure to the construction and real estate markets. But the picture is mixed as we will come back to later.
And if we go into the to yeah, the total return for the listed portfolio, right? Exactly. No change within the list portfolio. During the quarter.
Earlier this year, we increased our holding in SIXRX from 33.0% to 33.5% of the capital and votes. We also participated in HMS networks. New share
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