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NET ASSET VALUEnet asset value– increased by 19.1 percent in 2102The Group’s net asset value on 31 December 2012amounted to SEK 162 (142) per share. This is an increase of19.1 percent, adjusted for paid dividends. This can be comparedwith the development on the Nasdaq OMX Stockholm(SIXRX) which increased by 16.6 percent in 2012.As previously described, Latour consists in part of whollyowned industrial operations and in part an investment portfolio.The market value of the listed holdings is simple tocalculate since there is a stipulated market price available. Todetermine the value of the wholly owned industrial operationsis more complicated. This is because the market value,the price potential buyers are willing to pay, is not as welldefined. A description of the method that Latour uses tocalculate the value can be found to the right.two of the largest holdings wholly ownedLatour's three largest holdings, based on net asset value, areAssa Abloy, Swegon, Latour Industries, Securitas and Sweco.It is worth noting that two of the five largest holdings arewholly owned. All in all the wholly owned industrial operationscorrespond to 35 percent of the total consolidated netasset value if using the value derived through the calculationmethod. nhultafOrs grOup 6 %,read more page 22.Other hOldings 2 %,read more page 49.latOur industries 9 %,read more page 26.assa ablOy 33 %,read more page 40.specma grOup 3 %,read more page 30.swegOn 18 %,read more page 34.SEK25,7billiontOmra 6 %,read more page 48.swecO 8 %,read more page 47.securitas 9 %,read more page 46.nObia 2 %,read more page 45.fagerhult 4 %,read more page 41.hms netwOrks 1 %,read more page 42.lOOmis 3 %,read more page 43.nederman 2 %,read more page 44.investment portfolio holdings. Total: 69 %This diagram shows each holding´s share of Latour´s total net asset value.In addition to the assets presented above the net loan debt is –6 %.wholly owned holdings. Total: 35 %Other holdings. Total: 2 %18 LATOUR ANNUAL REPORT 2012
NET ASSET VALUENET asset value 31 december 2012EBIT-multiple orValuationNet EV/sales-multiple Valuation SEK m 2) Valuation SEK/share 3)SEK m sales 1) EBIT 1) Interval Interval average IntervalHultafors Group 1,197 127 10 – 13 1,266 – 1,646 1,456 8 – 10Latour Industries 1,650 172 11 – 15 1,898 – 2,588 2,242 12 – 16Specma Group 1,215 21 0.5 – 0.6 607 – 729 668 4 – 5Swegon 2,785 337 12 – 15 4,045 – 5,056 4,551 25 – 326,847 657 7,816 –10,019 8,917 49 – 63Listed shares (see allocation page 39) 17,710 111Unlisted partnered holdingsAcademic Work 4) , 20.06 % 336 2Diamorph 5) , 21.87 % 122 1Oxeon 6) , 31.08 % 32 0Other assetsCurrent trading portfolio 85 1Other holdings 16 0Dilution effect of option program –6 0Other assets 52 0Net debt –1,538 –9Calculated value 25,726 162(24,625–26,828) (155–169)1) Rolling 12 month operating result, current company structure.2) EBIT and EV/SALES recalculated taking into consideration the share price 2012-12-31 forcomparable companies in each business area.3) Calculated on the number of outstanding shares.4) Valuation in accordance with statement from independent valuer.5) Valued according to last transaction.6) Valued according to Latours last market price.Net asset discount relative to market priceKr per aktie150,0130,0110,090,070,050,0Q1 2008Q1 2009Net asset discountMarket priceQ1 2010Q1 2011SubstansrabattQ1 2012BörskursRefers to the net asset discount on the last day of trading of every quarter.The net asset discount shows some seasonal variations.30,0%25,0%20,0%15,0%10,0%5,0%SubstansrabattTHE METHODSTEP BY STEP IDENTIFICATION OF LISTED COMPARABLE OBJECTSFirst listed companies operating in the same industries asLatour’s wholly owned industrial operations are identified. Atthe end of 2012 there were 23 listed companies that wereestimated to meet the criteria and which were thereforeincluded in the calculation of Latour’s net asset value. CALCULATION OF EBIT-MULTIPLESWhen all comparable objects have been identified a reviewis made of the companies’ EBIT-multiples. An EBIT-multipleis based on the company’s EV (Enterprise Value). The EV iscalculated by taking the market value and increasing it bythe company’s net debt (see Definitions, page 88). The EV isthen divided by the operating result (EBIT). A company thathas a share price of SEK 90 m, a net debt of SEK 10 m andan operating result of SEK 10 m per share will consequentlyhave an EBIT-multiple of 10. CONVERSION TO MULTIPLE SPANSWhen an EBIT-multiple has been calculated for each companythey are weighted group-wise, so that each businessarea receives its own multiple span. The reason a span isnecessary is because there are variations in the listed companies’valuations, which lead to different EBIT-multiples. Let ussay that there are two comparable objects for the Swegonbusiness area, where one has a multiple of 6 and the otherhas a multiple of 10. The EBIT-multiple used to calculate thevalue of the Swegon business area is in the span 6–10. COMBINING THE NET ASSET VALUE OF THEWHOLLY OWNED INDUSTRIAL OPERATIONSWhen the spans for the EBIT-multiples are established avaluation of each business area can be made. This is doneby first calculating a 12 month rolling operating result (EBIT)for each business area, based on the company’s structureat the end of the period of comparison. This figure is thenmultiplied by the EBIT-multiple. An example: Let us say thatthe Swegon business area shows a 12 month rolling operatingresult (EBIT) of SEK 100 m. If the EBIT-multiple 6–10 isthen applied on the result we will end up with a value of SEK0.6–1.0 billion. When these calculations have been made forall the business areas the result is combined for a total valueof the wholly owned industrial operations in one span. COMBINED WITH THE VALUE OF THE LISTEDHOLDINGSThe share price is first established for each individual holdingat the end of the period in order to arrive at a net asset valuefor the listed holdings. This is multiplied by the number ofshares owned in each listed company. These share prices leadto a net asset value for the listed holdings. This is then combinedwith the net asset value of the wholly owned operations,which has been calculated into a span in steps 1–4.This total, together with other assets and net debt, is the netasset value for Latour, also given as a span. nLATOUR ANNUAL REPORT 2012 19
Page 2: Latour’s holdings have good prere
Page 7: THE STRATEGY PROCESSLatour is inter
Page 10 and 11: ENVIRONMENTAL AND BUSINESS BENEFITS
Page 12 and 13: PERSONNELHR WORK WITH SPECIFIC GOAL
Page 14 and 15: TOTAL RETURNThe Latour share's tota
Page 16 and 17: SHAREL A T O U R A K T I E NThe Lat
Page 20 and 21: INDUSTRIAL OPERATIONSLATOUR’S WHO
Page 22 and 23: INDUSTRIAL OPERATIONSHULTAFORS GROU
Page 24 and 25: INDUSTRIAL OPERATIONSaimed at augme
Page 26 and 27: INDUSTRIAL OPERATIONSLATOUR INDUSTR
Page 28 and 29: INDUSTRIAL OPERATIONSLatour Industr
Page 30 and 31: INDUSTRIAL OPERATIONSSPECMA GROUPIm
Page 32 and 33: INDUSTRIAL OPERATIONS... Specma fol
Page 34 and 35: INDUSTRIAL OPERATIONSSWEGONImportan
Page 36 and 37: INDUSTRIAL OPERATIONSoperations in
Page 38 and 39: PORTFOLIO COMPANIESLatour’s portf
Page 40 and 41: PORTFOLIO COMPANIESASSA ABLOYAssa A
Page 42 and 43: PORTFOLIO COMPANIESHMS NETWORKSHMS
Page 45 and 46: PORTFOLIO COMPANIESNOBIANobia is Eu
Page 47 and 48: PORTFOLIO COMPANIESSwecoSweco is an
Page 49 and 50: PARTLY OWNED OPERATIONSAcademic Wor
Page 51 and 52: PARTLY OWNED OPERATIONSContinued in
Page 53 and 54: Information by quarterInformation b
Page 55 and 56: Board of directors’ reportBoard o
Page 57 and 58: oard of directors’ reportGuidelin
Page 59 and 60: Consolidated income statementConsol
Page 61 and 62: Consolidated balance sheetConsolida
Page 63 and 64: Change in consolidated equityChange
Page 65 and 66: Parent company balance sheetParent
Page 67 and 68: NOTES TO THE FINANCIAL STATEMENTSNo
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NOTES TO THE FINANCIAL STATEMENTSTr
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NOTES TO THE FINANCIAL STATEMENTSNo
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AUDITOR’S REPORTAuditor’s repor
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Corporate GovernanceLATOUR’S SHAR
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CORPORATE GOvERNANCELatour’s inve
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Group staff, Group management, Acco
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ADDRESSESLSAB Group ABSvinöhed 415
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Shareholder informationAnnual Gener
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