Year-end Report President and CEO Claes-Göran Sylvén

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1 Year-end Report 2005 President and CEO Claes-Göran Sylvén

2 Vision With the ownership in ICA AB as a base, Hakon Invest shall be one of the leading companies in the Nordic region that invests in the retail area. We shall be the natural partner for retail companies that want to develop.

3 Affärsinriktning Texts in notes Aktiv och inflytelserik ägare i ICA AB Hakon Invest AB Långsiktiga investeringar huvudsakligen i olistade handelsföretag i Norden 40% ICA AB 100% Portföljbolag Forma PG Genom aktivt ägarskap bidra till tillväxt och lönsamhet i innehavsbolagen. Framtida investeringar Framtida investeringar Vi Viskapar förutsättningar för för entreprenörskap, tillväxt och och lönsamhet inom inom handel 2

4 Hakon Invest 2005 Consolidated profit after tax rose 48% in 2005 to SEK 856 M (579) Earnings per share totaled SEK 5.32 (3.60) ICA s profit after tax in 2005 was SEK 1,523 M (1,515) Forma s profit after tax in 2005 was SEK 52 M (43) Dividend: SEK 4.50 per common share

5 Significant events 2005 New Group organization Establishment of investment organization Listing on Stockholm Stock Exchange O-List Positive reception on the market

6 ICA AB 2005

7 ICA - significant events 2005 New organization ICA invested for future growth ICA increases market shares in Sweden Process of change in Norway Baltic operations in JV-company with Kesko

8 ICA AB - sales ICA AB s net sales in 2005 amounted to SEK 71,663 M (73,334), a decline of 2.3%. In comparable units, adjusted for divestment of the Danish operations and that ICA Baltic is no longer consolidated, net sales rose by 3.8%. In the fourth quarter, net sales for comparable units increased by 4.1% to SEK 19,281 M.

9 ICA AB - earnings Operating profit in 2005 amounted to SEK 1,958 M (1,977), down 1.0%. Profit after tax was SEK 1,523 M (1,515). Operating profit in the fourth quarter was SEK 617 M (356), an increase of 73.3 %.

10 ICA operating profit per segment SEK M Q Q Q Q ICA Sverige ,607 1,774 ICA Norge ICA Baltic ICA Danmark ICA Meny ICA Banken ICA AB TOTAL ,958 1,977

11 ICA - operating margin Q4 and 2005 Unit ICA AB ICA Sverige ICA Norge Q Källa: Hakon Invest

12 ICA AB operating margin % unit th quarter Full year Källa: Hakon Invest

13 Operating margin % ICA Sverige och ICA Norge Enhet 5 Enhet ,5 4,5 4th Quarter 3,4 Full Year 3, ,5 4th Quarter 0,0 2,8 Full Year 2, ICA Sverige ICA Norge Källa: Hakon Invest

14 Forma Publishing Group

15 Forma 2005 Forma invested for continued expansion. Revenues in 2005 unchanged at SEK 596 M (596) Operating profit in 2005 amounted to SEK 54 M (59). Profit after tax in 2005 was Forma s best to date, SEK 52 M (43)

16 Year-end Report 2005 CFO Göran Hesseborn

17 Year-end Report 2005 Key figures SEK M Q Q Q Q Revenues Cost of goods sold Gross profit Other operating income Selling and administrative expenses Share in earnings of JV Operating profit Net financial items Profit after financial items Income tax Profit for the period Earnings per share

18 Hakon Invest Financial position No long-term liabilities Equity/assets ratio of 95% (95.7) Cash, cash equivalents and short-term investments amounted to SEK 3,046 M (2,729) Net financial items improved to SEK 372 M (109)

19 Hakon Invest - Cash-flow statement Group (SEK M) Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash flow for the period Cash and cash equivalents, Jan Exchange difference in cash and cash equivalents 1 Cash and cash equivalents, Dec

20 Hakon Invest - return % Unit Return on capital employed Return on equity Källa: Hakon Invest

21 Hakon Invest - dividend Parent Company profit after tax: SEK 441 M Proposed dividend per common share, SEK 4.50 Total of SEK 355 M is proposed for distribution to the holders of common shares Corresponds to 80% of Parent Company net profit

22 Share price performance Introduction price: SEK 77 Market price, Dec. 31, 2005: SEK Källa: di.se

23 Ownership after listing Shareholders No. of shares % capital and votes ICA-handlarnas Förbund - Solna 108,385, Nordea fonder 1 506, SEB fonder 769, Samuelsson, Tomas 753, Jönsson, Leif incl. companies 683, Roburs fonder 512, Ottosson, David 453, Håkan Olofssons Förvaltning 425, Persson, Sverker 400, Sylvén, Claes-Göran incl. companies 377, Ten larest shareholders, total: 114,265, Other shareholders 46,651, Total 160,917, Total number of shareholders: 13,075 Källa: VPC

24 The year ahead Hakon Invest shall continue to be an active owner in ICA AB and Forma to create growth and profitability New investments have high priority and with large inflow of objects we are looking forward to ICA AB continues high rate of establishment of large stores in Sweden and Norway. Forma broadens product offering through organic growth and acquisitions.

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