- As of this interim report, Invik has adopted the equity accounting method for associate companies.
- Net turnover amounted to SEK 843.1 (742.6) million for the first nine months of the year.
- Consolidated income after financial items amounted to SEK 279.7 (-99.8) million for the first nine months of the year, including capital gains of SEK 48.3 (25.4) million on the sale of shares.
- Net income amounted to SEK 164.7 (-168.7) million for the first nine months of the year.
- Earnings per share amounted to SEK 21.22 (-21.74) for the first nine months of the year.
- Modern Finance Group reported income after financial items of SEK 89.6 (8.6) million for the first nine months of the year.
- The market value of the long-term securities portfolio increased during the first nine months of the year by SEK 2,444 million to SEK 6,640 million.
- The Parent Company's external loans amounted to SEK 1,460.8 million at the end of the period, which is a reduction during the first nine months of SEK 275.5 million.
Anders Fällman, president and CEO of Invik & Co. AB, commented: "This is the third consecutive quarter that the Modern Finance Group has noted substantially improved results. Our financial goal for the full year was for MFG's profit to cover Invik's interest and administration costs. With MFG's profit of SEK 90 million for the first three quarters, this goal has already been achieved. We are now concentrating on further developing MFG's various businesses."
"All four of MFG's business areas show dramatically improved results. Fischer Partners, for instance, has
continued to capture market share, and in September it was the fourth largest brokerage house on Stockholmsbörsen. Moderna Försäkringar is continuing to grow with healthy profitability. The expansion of the group life insurance business, where we have won 6,000 new customers so far this year, is particularly encouraging."
"The positive trend in equity prices in general and the perfomance of our portfolio companies in particular resulted in an increase of almost SEK 900 million in the value of our securities portfolio during the third quarter", he continues.
Stockholm, 23 October 2003
President and Chief Executive Officer
The preliminary publication date for the year-end release for 2003 is 12 February 2004.
This interim report has not been subject to specific examination by the company's auditors.
FOR FURTHER INFORMATION, PLEASE VISIT WWW.INVIK.SE OR CONTACT:
Anders Fällman, President and CEO tel +46 (0) 8 562 000 20
Henrik Persson, Investor & Press Relations tel +44 (0) 7747 822 406