A long-term industrial developer of listed companies
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1 A long-term industrial developer of listed companies Interim Report, January - March Industrivärden, May 5, 2008 AN_Pres_KV108 Nr 1
2 Company in brief Established: 1944 Stock: Market cap: Free float: 386 million shares, listed on SSEX Approx. USD 6.5 bn (SEK 39 bn) Approx. 40% of shares No. shareholders: 42,000 Average daily trading vol.: Approx. 280,000 shares Coverage: Carnegie, Frida Willmansson, Enskilda Securities, Andreas Joelsson, UBS Nordic, Olof Cederholm Handelsbanken Markets, Magnus Dalhammar Low administrative expenses, USD 10 M or less than 0.2% of AUM Holding company tax status: no tax on capital gains, dividends received/rendered are taxable/deductible Discount to NAV approx. 21% AN_Pres_KV108 Nr 2
3 Mission, goal and strategy Business mission Create shareholder value based on a professional investment operation and active ownership Our goal Generate high growth in net asset value over time Industrivärden s stock will deliver a high total return to shareholders Portfolio Scope: Individual investments Market value: Type: Concentrated portfolio Large and midcap companies Mainly listed Conditions Sectors: Business models: Ownership structure: Investment horizon: Sector generalist Geographically scalable Possibility to be major or largest owner 3-8 years Exit: Appropriate exit once target value has been created Geography: Requirement: Nordic companies Major potential for value creation AN_Pres_KV108 Nr 3
4 Portfolio of quality companies Concentrated portfolio provides focus Industry-leading companies provide favorable future opportunities Substantial ownership positions provide influence Long-term focus enables influence through active ownership Professional organization Proven value creation over many years Depth of knowledge about portfolio companies and their business environments Major experience in strategic company development Lean, effective organization provides speed and flexibility Extensive network a strength Returns from short-term transactions cover Industrivärden s costs First-rate methods and models Own-developed work methods, models and systems vouch for high quality Structured processes for evaluating existing and new investments Proven model for profitable value creation AN_Pres_KV108 Nr 4
5 First quarter 2008 in summary The stocks total return well above the return index SSAB is divesting IPSCOs tubes division improved debt situation Active ownership: Continued high activity in the portfolio holdings AN_Pres_KV108 Nr 5
6 The reporting period in summary Equities Portfolio April 30 March 31 Dec. 31 market value, SEK M 59,296 59,270 65,844 Transactions acquisitions, SEK M ,834 sales, SEK M ,124 net, SEK M ,710 April xx 2008 SEK per share March Dec Debt net debt, SEK M 10,173 10,843 10,951 change in net debt ,408 net debt equity ratio 17,2% 18.3% 16.6% Net asset value net asset value, SEK M 49,068 48,370 54,837 change in NAV* -7% -12% 3% total return index -6% -11% 3% Equities portfolio Net debt Net asset value Discount A-share Discount C-share Discount A/C % 25% 21% % 22% 18% % 26% 22% The stocks total return Class A-share -4% -8% 14% total return index -6% -11% 3% * Change in NAV per Industrivärden share, dividends reinvested. AN_Pres_KV108 Nr 6
7 Financial position 17.2% Net debt (SEK bn) Net debt equity ratio SEK 10.2 bn 12,0 10,0 8,0 6,0 4,0 2,0 0,0 31-mar jun sep-01 AN_Pres_KV108 Nr 7 31-dec mar jun sep dec mar jun sep dec mar jun sep dec mar jun sep dec mar jun sep dec sep dec mar apr-08 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0%
8 Industrivärden s dividend 6 7% 5 6% 4 4.4% 5% 3 4.0% 4% 3% Bonusutdelning dividend Ordinarie Ordinary utdelning dividend Direktavkastning SSEX dividend yield börsen Direktavkastning Dividend yield 2 2% 1 1% 0 0% Dividend: SEK/share Of which ordinary AN_Pres_KV108 Nr 8
9 Development of portfolio companies 1Q:2008 Op. income Δ, % Earn./share Δ, % PE-ratio Operating margin, % Δ, %pts Totalavk., % Mkr Kr (12 mths) 12 mths 98-08/yr Sandvik 08 3, , SHB 08 2, , SSAB 08 2, , SCA 08 2, , Ericsson 08 3, , Volvo 08 6, , Skanska(prel) 08 1, Indutrade Munters Höganäs Index AN_Pres_KV108 Nr 9
10 Active ownership strategic activities 07/08 Handelsbanken SPP sold for capital gain of approx. SEK 4 bn Greater focus on organic growth outside Sweden SSAB Acquisition of IPSCO forsek 50 bn increases capacity for niche products SEK 10 bn rights issue Ericsson Several acquisitions in Multimedia unit Sandvik Several strategic acquisitions SEK 3.6 bn share redemption SCA Skanska New business plan with focus on improved operating margins and significant increase in investments in development activities New financial targets set Johan Karlström new CEO in 2008 Indutrade Jan Johansson new CEO Concentration of packaging operations in Europe and Asia Strengthening of brand portfolio through acquisition of P&G s European tissue business Munters Addition of new product areas through company acquisitions SEK 494 M share redemption and 3:1 split Continuous acquisitions Foothold gained in the UK through two acquisitions AN_Pres_KV108 Nr 10
11 A portfolio of industry-leading companies Leading metal powder producer 1% or SEK 0.5 bn (2004) Leading player in complex construction projects 6% or SEK 3 bn (1987) World leader in moisture control 1% or SEK 0.7 bn (2002) Leading producer of heavy vehicles 7% or SEK 4 bn (1987) Leading high-tech company in materials technology 21% or SEK 13 bn (1997) Technology trading company active in northern Europe 4% or SEK 2 bn (1989) World s largest supplier of systems for mobile telecom 10% or SEK 6 bn (1944) Global consumer products and packaging company 12% or SEK 7 bn (1950) Successful universal bank with international growth based on a Nordic base 19% or SEK 11 bn (1963) World leading producer of specialty steel 19% or SEK 11 bn (1994) Portfolio share and value as per April 30, 2008 (Holding since). AN_Pres_KV108 Nr 11
12 Equities portfolio as per April 30, 2008 Value distribution % of portfolio % of capital % of votes Stock No. shares SEK M SEK/share value in company in company Sandvik 136,431,200 12, Handelsbanken A Handelsbanken B SSAB A SSAB B SCA A SCA B 68,285, ,900 56,265, ,794 48,600,000 22,200,000 11, , , Ericsson A Ericsson B 372,000,000 7,055,000 5, Volvo A 47,909,950 4, Skanska A Skanska B 15,010,000 17,314,800 3, Indutrade 14,757,800 2, Munters 10,950, Höganäs B 3,550, Hemtex 3,700, Total 59, AN_Pres_KV108 Nr 12
13 Good long-term growth in value The average annual excess return for last ten years was 2 %-points/year Total return index (Index) (c) SIX AB Industrivärden share Total Return Index (SIXRX) As per April 30, 2008 AN_Pres_KV108 Nr 13
14 Investment case comparable advantages Proven track record excess returns over a long period of time Cost-efficient organization less than 0.2% in management costs High quality portfolio of blue-chip companies Good financial resources and long-term perspective First-rate model for exercising value enhancement by active ownership Professional management team and organization Experienced directors nominated in our active holdings Valuable contact network with Nordic ties AN_Pres_KV108 Nr 14
15 Industrivärden online Reuters code Bloomberg code Datastream code INDUa.ST INDUA SS W :IU info@industrivarden.se Box 5403, SE Stockholm, Sweden Press release direct: / IR / Ask / Info... / Latest News / Subscribe AN_Pres_KV108 Nr 15
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