How To Rate A Stock On The Index Of The Kronos Index

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1 Long-term industrial developer of listed Nordic companies Year-End 2009 Industrivärden, February 11, 2010 AN_Pres_KV409 Nr 1

2 Company in brief Established: 1944 Stock: Market cap: Free float: Rating: Listed on NASDAQ OMX Nordic, Stockholm Approx. EUR 3 bn (SEK 32 bn) Approx. 40% of shares S&P; A/stable/A-1 No. shareholders: 48,000 Average daily trading vol.: Approx. 210,000 Class A-shares 570,000 Class C-shares Coverage (selection): Handelsbanken Markets, Hans Mähler SEB Enskilda Securities, Petter Hjertstedt, Goldman Sachs, Markus Iwar UBS Nordic, Olof Cederholm Credit Suisse, Leo Vicars, Deutsche Bank, Hans Derninger, AN_Pres_KV409 Nr 2

3 Long-term industrial developer of listed Nordic companies Ericsson Volvo SSAB Sandvik Skanska SCA AN_Pres_KV409 Nr 3

4 Strong base for value creation Our competitive advantages Our portfolio Holding Market value, Portfolio Share of SEK bn share, % votes, % Blue-chip portfolio Leveraged influence Long-term active ownership Extensive structural capital Handelsbanken Sandvik SCA SSAB Ericsson Volvo Skanska Indutrade Höganäs Munters Total AUM As per February 9, 2010 Our rating Standard & Poors: A/stable/A 1 A strong, competitive long-term track record with limited risk AN_Pres_KV409 Nr 4

5 Focused strategy Strong value potential and long-term perspective Portfolio Scope: Individual investments Market value: Type: Concentrated portfolio focus Large and midcap companies Listed stocks Conditions Sectors: Business models: Cash generation: Ownership Sector generalist Geographically scalable Good ability Major owner with board representation Geography: Nordic companies Evaluation horizon: 5-8 years Business cycle: Exit: Expansion or management phase Appropriate exit once target value has been achieved Requirement: Strong potential for value creation AN_Pres_KV409 Nr 5

6 Long-term value creation Development of net asset value SEK/share % annually during the last 20 years period (incl. reinvested dividends) AN_Pres_KV409 Nr 6

7 2009 in brief Financial development Net asset value SEK 42.8 bn or SEK 111/share an increase of SEK 18.9 bn, or 87% for YTD Total return of 64% for the Class A shares 11%-pts better than the return index Proposed dividend SEK 3.00 (4.50) per share AN_Pres_KV409 Nr 7

8 Sharp increase in net asset value SEK 43 bn as per December 31, 2009 Sandvik Handelsbanken SSAB SCA Others +5 bn +5 bn +3 bn +2 bn +4 bn +19 bn +87%* SEK 24 bn as per December 31, 2008 *Incl. reinvested dividends. AN_Pres_KV409 Nr 8

9 Net asset value Feb SEK billion Dec Dec Feb SEK per share Dec Dec Equities portfolio Net debt Net asset value Debt-equity ratio 21% 20% 31% AN_Pres_KV409 Nr 9

10 Why invest in Industrivärden? The average annual excess return for last ten years was 2%-pt/year Total Return (Index) 234 (c) SIX AB Industrivärden Avkastningsindex As per February 9, AN_Pres_KV409 Nr 10

11 Active ownership in brief Focus on value enhancement drivers: strategy, development and positioning Board participation Analyst presentations Company, competitors and industry Megatrends Nominating committee participation Value creation Ownership agenda incl. action plan In-depth analysis Company visits Database monitoring AGM participation Direct dialog with company management AN_Pres_KV409 Nr 11

12 Active ownership in practice Handelsbanken Well proven work model stronger position in a tough market Greater focus on organic growth outside Sweden New Chairman of the Board installed SSAB Acquisition of IPSCO for SEK 50 bn increases capacity for niche products Divesture of IPSCO s tubular business Rapid cost adjustments Ericsson Establishment of STEricsson Acquisition of Nortel s mobile business Structural program aims at cutting overhead by SEK bn New CEO in charge Skanska Increased investment in infrastructure development Actions taken to strengthen competitiveness Adaptation of workforce Sandvik Several strategic acquisitions Structural actions taken in Materials Technology SCA Strengthening of brand portfolio through acquisition of P&G s European tissue business Divesture of British corrugated board business New organization with focus on growth in hygiene business Indutrade Continuous acquisitions Foothold gained in the UK Munters Addition of new product areas through company acquisitions Efficiency improvement program AN_Pres_KV409 Nr 12

13 Our portfolio of blue-chip companies A decentralized branch operation with local customer responsibility has resulted in high level of customer satisfaction and enables good profitability Through a niche focus and strong position in R&D, the company has built up a world-leading position in materials technology with products primarily in the manufacturing and mining industries The leading European manufacturer of personal care products, with rapidly growing niche products, as well as packaging solutions World-leading position in the niche segment of quenched steels and advanced, high-strength sheet creates solid base for growth and high profitability 23% 21% 13% 12% The market s largest and most profitable supplier of mobile telecom systems, with a leading position in telecom development Through innovative, custom-tailored product development and high quality, the company has a world-leading position in commercial transport solutions Uniqe, comprehensive know-how in construction combined with process focus has resulted in a leading construction company with value-creating project development By combining sales of industrial consumables with strong organic growth and a well-developed model for acquisition-based growth, the company has been able to show impressive profitability 10% 9% 6% 4% Strong global position in a business area with major growth potential organically as well as through further development of products, services and application areas Market leader in the growing niche of metal powders, used primarily for component manufacture in the auto industry 1% 1% As per February 9, 2010 Portfolio value: SEK 52.8 bn Market value SEK bn Portfolio share, % AN_Pres_KV409 Nr 13

14 Strong financial position Interest bearing net debt (SEK bn) Net debt-equity ratio 15,0 35% 13,0 30% SEK 10.9 bn 11,0 9,0 7,0 5,0 3,0 1,0-1,0 jun-01 sep-01 dec-01 mar-02 jun-02 sep-02 AN_Pres_KV409 Nr 14 dec-02 mar-03 jun-03 sep-03 dec-03 mar-04 jun-04 sep-04 dec-04 mar-05 jun-05 sep-05 dec-05 mar-06 jun-06 sep-06 dec-06 sep-07 dec-07 mar-08 jun-08 sep-08 dec-08 mar-09 jun-09 jul-09 sep-09 okt-09 dec-09 feb-10 25% 20% 15% 10% 5% 0% 21% Feb. 9 Dec 31 Dec. 31 SEK bn Listed stocks Net debt Net debt eq. ratio 21% 20% 31% S&P rating: A/stable/A 1

15 High dividend yield 6 9% 5 8% 7% 4 6% 3 3.4% 5% 4% Bonusutdelning dividend Ordinarie Ordinary utdelning dividend Direktavkastning SSEX dividend börsen yield Direktavkastning Dividend yield 2 3.0% 3% 1 2% 1% 0 0% Dividend: SEK/share Of which ordinary AN_Pres_KV409 Nr 15

16 Industrivärden online Reuters code Bloomberg code Datastream code INDUa.ST INDUA SS W :IU info@industrivarden.se Box 5403, SE Stockholm, Sweden AN_Pres_KV409 Nr 16

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