interim report january-june, 2011 · interim report january-june, 2011 börje ekholm, president and...
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Interim Report
January-June, 2011 Börje Ekholm, President and CEO
C1 - Public
Sharpening of focus
> Business reorganized into business areas
Core Investments and Financial Investments
> Investor Growth Capital now stand-alone entity with a defined
capital commitment from Investor
> Cost reductions on track to reduce annual expenses by SEK 140
m., with full effect year-end 2012
– ~1/3 of Investors employees affected
C1 - Public
Update
2
Net Asset Value
C1 - Public
1989-Q2 2011
0
20
40
60
80
100
120
140
160
180
200SEK bn.
176
89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 Q2-11
H1 2011 +SEK 6.4 bn. +6%*)
Q2 2011 +SEK 6.2 bn. +6%*)
3 *) Including dividend added back
Highlights Core Investments
C1 - Public 4
Listed
> Investment in Sobi´s new
rights issue
> Add-on investment in
Husqvarna
Subsidiaries
> Aleris acquired healthcare
provider Proxima and Danish
private hospital Hamlet – Investor provides equity financing
of SEK 1 bn.
Highlights Financial Investments
C1 - Public 5
EQT
> EQT value increase of 32% in constant currencies H1 (13% in Q2)
> Investor commits a maximum of EUR 450 m. to EQT VI
Investor Growth Capital
> Value change +3 % in constant currencies H1(-3% in Q2)
> IGC stand-alone entity as of July 1, 2011
Partner-owned
> Divestment of CaridianBCT finalized
– Gambro Holding contributing to net asset value by SEK 4.6 *) bn. in Q2
> Gambro Holding debt taken down from SEK 23.6 bn. to SEK 7.8 bn.
*) Including impact through EQT IV ownership
Financial highlights
> Net Asset Value SEK 175.8 bn.
(169.4)
> Net income SEK 10.1 bn. (8.3)
> Leverage 7.0% (6.3)
> TSR Investor B-share 4.2%
> SIXRX Index -0.7%
C1 - Public 6
80
85
90
95
100
105
110
115
Index Total shareholder return in 2011
Investor B TSR SIXRX
0
2
4
6
8
10
12
14
16
18
20
H1 2011 1 year 5 years 10 years 20 years
% Annual average TSR
Net Asset Value
C1 - Public 7
June 30, 2011 vs. December 31, 2010
June 30, 2011 December 31, 2010
SEK/share SEK m. SEK/share SEK m.
Core Investments 203 154 310 200 151 302
Financial Investments 47 35 386 39 30 162
Other assets & liabilities -1 -649 -1 -606
Total assets 249 189 047 238 180 858
Net debt -18 -13 250 -15 -11 472
Net asset value 231 175 797 223 169 386
Core Investments
C1 - Public 8
Investment
Market value
June 30, 2011, SEK m.
Contribution to NAV
in H1, SEK m.
Atlas Copco 34 003 1 181
ABB 27 045 2 657
SEB 23 575 -1 320
AstraZeneca 16 173 836
Ericsson 14 764 2 737
Electrolux 6 627 -1 420
Saab 4 743 826
Husqvarna 3 876 -1 145
Nasdaq OMX 2 873 -29
Sobi 2 690 -1 054
Subsidaries
Mölnlycke Health Care 13 482 57
Aleris 3 245 11
Grand Hôtel 1 214 123
Costs -73
Total 154 310 3 387
Contribution to NAV
Financial Investments
C1 - Public 9
Investment
Market value
June 30, 2011, SEK m.
Contribution to
NAV in H1, SEK m.
EQT 14 753 3 533
Investor Growth Capital 8 694 -192
Partner-owned investments
Gambro Holding 5 445 3 705
Lindorff 4 066 213
3 Scandinavia 903 183
Other partner-owned investments 124 -1
Active Portfolio Management 60 -16
Other 1 341 93
Costs -149
Total 35 386 7 369
Contribution to NAV
Investor Group Leverage
SEK m. June 30, 2011 Dec 31, 2010
Gross cash 14 719 12 123
Gross debt (incl. pensions) -27 969 -23 595
Net debt -13 250 -11 472
Total assets 189 047 180 858
Leverage 7.0% 6.3%
Current rating
S&P AA-
Moody’s A1
10
-15
-10
-5
0
5
10
15
20
25
30% Development of Net Debt
Leverage target range Leverage Maximum leverage
> EUR 500 m. Eurobond issued to
extend maturity profile
> SEK 10 bn. revolving credit
facility refinanced and extended
C1 - Public
Platform for cash flow generation
C1 - Public
Core Investments - Listed Dividends/redemptions
SEK 4 bn. in dividends
SEK 1 bn. in redemption (2011)
Core Investments -
Subsidiaries Cash flow*)
>SEK 1 bn. in 2010
Financial Investments Distribution
EQT SEK 0.9 bn.**)
IGC SEK 0.7 bn.**)
Total yield/cash from assets
Cost of investing activities
Investment and distribution capacity
-
=
*) Controlled cash flows for unlisted investments (e.g. distributions, dividends, redemptions)
**) Average yearly cash flow calculated over the past 6 year period 11
C1 - Public 12
Q & A
C1 - Public 13