Interim report January-September 2017

Interim report January–September 2017

  • Net asset value was SEK 126.50 per share, compared to SEK 101.74 at the end of the previous year, which represents an increase of 24.3 per cent.
  • Bure’s net asset value was SEK 8,770M, compared to SEK 7,054M at year-end 2016.
  • Total return on the Bure share was 10.2 per cent, compared to the SIX Return Index that rose by 12.5 per cent.
  • Consolidated profit after tax amounted to SEK 1,864M (2,178). Earnings per share stood at SEK 26.88 (31.41).

Comments from the CEO

Bure’s net asset value per share increased 21.5 per cent in the third quarter. Significant increases in our largest portfolio companies – Mycronic, +45.6 per cent, and Vitrolife, +24,9 per cent – were once again the key drivers of this fantastic increase. In the same period, the SIX Return Index rose 1.5 per cent: an unremarkable quarterly increase, but month-to-month changes in the Index were of note. In July and August, the SIX RX fell 3.0 and 0.9 per cent respectively, before jumping 5.6 per cent in September. So far this year, Bure’s net asset value per share has increased 24.3 per cent.

Many portfolio companies delivered strong interim reports. Mycronic’s operating profit for the quarter was a shade down on the year, but over nine months operating profit was up 87 per cent. Add to that record order intake for both the company’s business units. Vitrolife achieved an historic milestone when revenue surpassed SEK 1 billion on a 12-month rolling basis. Following several years of negative revenue growth, it is extremely pleasing to see that Mercuri has now broken that trend. Mercuri’s revenue YTD has increased by some 5 per cent on the same period last year.

Two portfolio companies saw changes of the guards during the quarter. In July, Mikael Norin became Cavotec CEO; and in September, Erik Norberg took over as CEO at Lauritz. Leadership change in organisations with strong cultures is always conducted with a great deal of respect. My hope is that the new leadership teams will be welcomed by their respective organisations, and that they will succeed in further developing their businesses and take them to new heights. Finally, I would like to take this opportunity to extend our sincere thanks to the departing CEOs.

Bure Equity AB (publ)

For more information contact:

Henrik Blomquist, CEO
Tel. +46 (0)8-614 00 20

The information contained herein is subject to the disclosure requirements of Bure Equity AB (publ) under the Swedish Securities Market Act. The information was publicly communicated on 9 November 2017, 8:30 a.m. CET.

Q3 2017 (PDF)