2022 Interogo Holding Annual Report published

The lingering impacts of the Covid pandemic on supply chain and the continued war in Ukraine slowed down growth and added additional upward pressure on prices, above all for food and energy. Global market instability dominated the year and central banks recalibrated their monetary policies to fight inflation at a speed and magnitude unseen in decades.

“When the pandemic was receding, we started 2022 with optimistic expectations as economies and societies also were recovering. This was without foreseeing the Ukraine invasion by Russia. While we were hoping for a quick ending of the conflict, we nevertheless expected the future to remain uncertain and 2022 turned to be a challenging year. Despite these headwinds, our co-workers have continued to work hard to strengthen our investment organisation and platform”, says Henrik Jonsson, CEO, Interogo Holding AG.

During the year, Interogo Holding further developed the investment platform with a continuous focus on sustainability. Amongst other initiatives, Interogo Holding established objectives for each group ESG priority (Climate, Inclusion and Business Ethics), enabling follow-up and action. 2022 also marked the expansion of Nalka Invest, historically focusing on the Nordics, by adding the DACH region (Germany, Austria and Switzerland) to its investment scope, establishing a new office and team in Munich.

In the unsettled markets of 2022, Interogo Holding continued to deploy capital according to its long-term plan, with a disciplined and careful investment approach. In total, Interogo Holding invested EUR 1.6bn over 2022, about EUR 0.4bn less than in 2021.

International, our global private equity team, managed to steadily commit capital to trusted partners but witnessed a decrease in the volume of capital deployed by their underlying fund investments, reaching EUR 540m (EUR 680m in 2021). Despite the weaker M&A environment, Nalka Invest, our team for direct private equity investments in the Nordic and DACH regions, increased focus on add-on investments, securing in total 18 add-on investments and one new platform investment. Nalka Invest and its portfolio made acquisitions for a total of EUR 370m (EUR 305m in 2021).

In a depressed M&A and IPO market, our long-term equity team continued to patiently build up the portfolio of long-term, sustainable holdings. The team successfully lead the first pre-IPO financing round of ABB E-Mobility, a global leader in electric vehicle charging solutions, along with securing investments in listed Siegfried, a worldwide leading CDMO, and Össur, a leader in non-invasive orthopaedics solutions. In total, the Long-Term Equity strategy deployed EUR 295m over the year (EUR 315m in 2021).

The infrastructure investment market remained very competitive throughout the year, especially in the segments targeted by our infrastructure team: renewable energy and inflation-hedged cashflow-generating assets. In this heated market, we remained rigorous and did not compromise on valuations, adding no new investment in 2022.

In the context of highly inflated construction prices, Vastint deferred the start of several new developments until market conditions become more favourable. Increased focus was instead put on the acquisition of land and yielding-properties. In total, Vastint invested EUR 465m (EUR 370m in 2021). Office letting activities strongly rebounded in the second part of the year, after a standstill of almost two years. On the residential side, the portfolio benefitted from market tailwind, with increased rental values and low vacancy rates. Total rental income reached EUR 125m, 22% above 2021. With 95% of its developed properties holding high grade sustainability certifications, Vastint is strongly positioned to meet the increasing demand for sustainable properties. 

In this generally difficult context, divestments in financial assets and investments contracted from EUR 1.5bn in 2021 to EUR 0.6bn in 2022, generating EUR 310m of realized investment income, substantially below the exceptionally high level of 2021 (EUR 667m).

Gross profit progressed by 44% to reach EUR 860m, mainly driven by Nalka Invest’s portfolio add-ons and growth of the existing portfolio companies.

Inter IKEA Holding B.V. faced challenges as ongoing supply chain disruptions, increased raw materials and transport costs negatively affected the business. Inter IKEA distributed a dividend of EUR 850m, compared with EUR 1bn in 2021.

Interogo Holding AG’s net profit of the year reached EUR 700m, down from the high level of 2021 (EUR 1’469m).

“Despite very uncertain and quickly changing conditions, our portfolio continued to show resilience in 2022 and should be well positioned to continue to withstand future headwinds. We are very thankful to all our co-workers, as this would not be possible without their commitment and continuous hard work”, adds Henrik Jonsson.

Key figures consolidated (under Swiss GAAP FER) 1 Jan. - 31 Dec. 

AUM per investment strategy as of December 31*

The full Interogo Holding AG Annual Report 2022 is available here.

*AUM values per investment strategy are estimated FMV (for information purposes and not audited). For liquid assets under management, our owner, Interogo Foundation, is the main investor in the fund (2021: EUR 8,925 m and 2020: EUR 7,050m)

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