Interim report January March 2009

May 6, 2009 Page 1/16 Interim report January March 2009 January 1 March 31, 2009 Group revenues amounted to SEK 311 M (283). This represents an increase of 9.8% compared with the same period in 2008. The increase is due to acquired operations. Operating loss in the Group amounted to SEK 33 M (30). Loss after net financial items amounted to SEK 35 M (-32). Loss for the period was SEK 18 M (-26). Earnings per share amounted to SEK -0.09 (-0.15) before and after dilution. The ICA Group s revenues increased by 5.9%. Operating profit amounted to SEK 266 M (259). Significant events after the end of the period Cervera acquired DUKA s Swedish stores and NK Glas, Porslin & Kök that conducts operations at NK in Stockholm and Gothenburg. On April 28, 2009, Hakon Invest announced a cash offer to all shareholders in Hemtex as a result of Hakon Invest increasing its shareholding on April 24 to 34.6% of the shares and voting rights in Hemtex and therefore being obliged to make a mandatory offer. The offer is SEK 23 cash per share together with an add-on premium of SEK 4 cash per share to be payable if Hakon Invest reaches a shareholding exceeding 50% of the shares and votes in Hemtex. Key figures January - March Full-year SEK M 2009 2008 2008 Group Revenues 311 283 1,184 Operating profit/loss -33 30 612 Profit/loss after financial items -35-32 163 Profit/loss for the period -18-26 170 Earnings per common share, SEK -0.09-0.15 1.17 Earnings per C share, SEK -0.09-0.15 1.17 Equity/assets ratio, % 93.4 94.6 94.9 Return on capital employed, % 1.8 8.2 1.8 Return on equity, % 2.0 8.4 1.9 Parent Company Profit/loss for the period -9-73 -57 Hakon Invest, which is listed on NASDAQ OMX Stockholm, conducts active and long-term investment operations in retail-oriented companies in the Nordic and Baltic regions. Hakon Invest owns 40% of ICA AB, one of the Nordic region s leading food retail companies. Hakon Invest also has holdings in Forma Publishing Group, Kjell & Company, Hemma, Cervera, inkclub and Hemtex. Further information about Hakon Invest is available at www.hakoninvest.se Hakon Invest AB (publ) Svetsarvägen 12 P.O Box 1508 SE-171 29 Solna Phone +46 8 55 33 99 00 Fax +46 8 55 33 99 33 Corp. Id no. 556048 2837 www.hakoninvest.se

President s comments The year got off to a weak start for large sections of the retail sector which led to falling volumes. The gloomy picture painted by forecasters means that consumers continue to keep a tight hold on their wallets. This, combined with stricter granting of credits by the banks, has had a negative impact on both capital and consumer goods. The first quarter is also seasonally the weakest quarter in the year for several of our portfolio companies. Action programs under way within ICA, Cervera and Forma were charged against earnings. Taken overall, this means that Hakon Invest reports lower operating earnings for the first quarter compared with last year. The ICA Group reports a strong trend in Sweden at the start of the year. Sales volumes rose as a result of successful price campaigns which, combined with lower logistics costs and reduced shrinkage, contributed to an improvement in earnings. To save costs, ICA will cut back some 100 positions in Sweden during the current quarter. At the same time, ICA s Norwegian operations continue to show a considerable deficit, mainly due to intense price competition and ICA Norway s takeover last year of an additional number of unprofitable franchise stores. The ongoing action program in Norway is proceeding according to plan. Cost-cutting measures mean that the number of employee positions will be reduced by approximately 200 during 2009. These measures are expected to have an effect towards the end of the year and taken together will result in an improvement in ICA Norway s operating earnings for the full year 2009 compared with the previous year. The significantly worsened economic situation in the Baltic countries had a negative impact on sales in Rimi Baltic s stores during the quarter. To adjust operations to the prevailing business climate, the number of full-time positions in the stores was reduced by approximately 1,600 during the first quarter and the number of salaried employees was cut by about 70. The general salary level will also be adjusted downwards. Rimi Baltic s market position in the three countries remains strong and market share in the region increased during the quarter. This was mainly due to a number of price and sales activities as well as a favorable reception for the approximately 80 Supernetto stores that have been modernized. I am pleased to note that three of our other portfolio companies report improved earnings compared with the previous year. Hemma is in a segment where the weak economy has a marked negative impact on sales, while the company s management has taken strong action and reduced costs which achieved an improvement in earnings compared with the previous year. Kjell & Company and inkclub both continue to show good sales increases and improved earnings. At the end of April we passed the limit for mandatory offers when we acquired a block of shares corresponding to 8.2% of the votes in the home textiles chain Hemtex. As a consequence, Hakon Invest announced a mandatory cash offer for the remaining shares in Hemtex, worth SEK 23 per share as well as an add-on premium of SEK 4 per share which will be payable if we obtain more than 50% of the shares and votes. We regard this offer as competitive against the background of the share price trend in recent months and in view of the gradual decline in sales and profitability shown by Hemtex. We would like to increase our holding in Hemtex, but regardless of the outcome of this offer we will remain as an active and long-term owner in Hemtex. Cervera has signed an agreement to acquire DUKA s Swedish stores and NK Glas, Porslin & Kök. As a result of this deal Cervera will strengthen its position considerably in the Swedish market. Overall, I would emphasize that Hakon Invest is very well equipped in the prevailing business climate and that we see several opportunities for us and our holdings to strengthen our market positions. Cervera s acquisition of DUKA s Swedish operations to be announced today is one such example. Another is Kjell & Company s continued expansion with new stores. Claes-Göran Sylvén President and CEO Interim report January March 2009 2

Significant events in January March 200 009 In January 2009 Hakon Invest acquired an additional 33% in the portfolio company Cervera. This increased the holding from 48% to 81% of the capital and votes in Cervera. Hakon Invest paid SEK 33 M in cash for the additional shares. As a result of the increased holding, Cervera has been reported as a subsidiary in the Hakon Invest Group since January 2009. Hakon Invest has undertaken to subscribe for shares corresponding to its share in Hemtex s current new issue, corresponding to 26.4% of the number of shares. In addition, Hakon Invest has made a commitment to guarantee the surplus portion for which other major owners have not undertaken to subscribe. The subscription period for the new issue runs through May 13, 2009. The total amount of the Hemtex new issue is SEK 164 M including costs. In January 2009, the Swedish Tax Agency decided not to grant ICA respite for the payment of SEK 742 M attributable to the County Administrative Court s decision in December 2008 not to approve interest deductions of SEK 1,795 M for the period 2001-2003. ICA has appealed against this decision but paid the amount in February 2009. Significant events after the end of the period Cervera acquires DUKA UKA s Swedish stores Cervera, which has been a subsidiary of the Hakon Invest Group since January 2009, is purchasing most of DUKA s Swedish stores as well as NK Glas, Porslin & Kök. The seller is CG Duka Retail AB. Following completion of this acquisition, Cervera will carry out a new issue. The proceeds from the new issue will be used, among other things, to build up stocks and convert the DUKA stores taken over and existing Cervera stores to Cervera s new store concept during autumn 2009. This transaction requires approval from the Swedish Competition Authority and is conditional on the property being transferred to Cervera no later than June 2009. Mandatory offer for Hemtex Hakon Invest acquired 2,394,000 shares in Hemtex on April 24, 2009, corresponding to 8.2% of the shares and votes in the company, at a price of SEK 23 per share. Hakon Invest s holding subsequently amounted to 10,149,138 shares, corresponding to 34.6% of the shares and votes in Hemtex. As a consequence, on April 28, 2009, Hakon Invest announced a cash offer in compliance with the rules on mandatory offers to the remaining shareholders in Hemtex. Hakon Invest is offering SEK 23 cash per share in Hemtex as well as an add-on premium of SEK 4 cash per share if the offering results in Hakon Invest reaching a shareholding exceeding 50% of the shares and voting rights. The offering of SEK 23 per share corresponds to an offer premium of 22.0% compared with the volume-weighted average share price during the 30 trading days prior to April 24, when Hakon Invest was obliged to make a mandatory offer. The offering of SEK 27, i.e. including the add-on premium, corresponds to an offer premium of 43.3% compared with the volumeweighted average share price during the 30 trading days prior to April 24, 2009. At the price of SEK 23 per share the offering 1 means that all the shares in Hemtex are valued at SEK 945 M while the value at the price of SEK 27 per share for all shares amounts to SEK 1,109 M. The offer document is scheduled for publication on Tuesday, May 26, 2009. The acceptance period is then expected to be May 28 June 22, 2009. 1 Including the additional shares following full subscription of the new issue the number of shares in Hemtex will amount in total to 41,072,360. Interim report January March 2009 3

Settlement is expected to commence on about June 29, 2009. Hemtex s ongoing new issue is expected to proceed unaffected by Hakon Invest s offer. ICA At the end of April, ICA carried out one of its biggest-ever price campaigns in the Swedish market. The campaign was financed jointly by ICA AB and the Swedish ICA retailers. Group Revenues and profit January 1 March 31, 2009 Consolidated revenues amounted to SEK 311 M (283), of which revenues from Forma comprised SEK194 M (207), from Hemma SEK 59 M (76) and from Cervera SEK 58 M (-). Operating loss in the Hakon Invest Group amounted to SEK 33 M (30). The decline was mainly due to a lower share of profits of ICA AB of SEK -30 M due to higher tax costs as well as restructuring costs in Forma of SEK -23 M. The increased holding in Cervera as of January 2009 also contributed to the fall in earnings. Hemma, InkClub and Kjell & Company reported a higher operating profit than in the same period last year. Net financial items amounted to SEK -2 M (-62), of which change in value of shares in Hemtex amounted to SEK 5 M and results from investment management to SEK -3 M. During January March the Six Portfolio Return Index fell 1.4%. Loss after net financial items amounted to SEK 35 M (-32). Positive income tax of SEK 17 M (6) was reported for the period. Loss for the period was SEK 18 M (-26). Earnings per share amounted to SEK -0.09 (-0.15). Interim report January March 2009 4

Development in the holdings Key figures January March 2009 Company ICA Forma Kjell & Co Hemma Cervera InkClub Revenues 2009 22,559 194 127 59 58 122 2008 21,299 207 96 76 70 108 Operating profit/loss 2009 266-45 6-3 -15 15 2008 259-18 0-6 -11 9 Cash flow from operating activities -364 6-6 -16-46 6 Cash flow from investing activities -373-4 -2 0-6 0 Assets 40,970 585 142 295 229 214 Equity 13,550 87 50 141 59 174 Interest-bearing net debt 3,183 1) 220 0 66 80-137 Participating interest, % 40% 2) 100% 50% 3) 89% 81% 50% 3) Hakon Invest s investment 200 102 151 120 431 Acquisition year 1999 2006 2006 2006 2007 1) Interest-bearing net debt for ICA is exclusive of ICA Bank. 2) Hakon Invest and Royal Ahold have joint control of ICA AB through an 3) Hakon Invest and the other major owners have joint control of the company through an agreement. agreement requiring unanimity for all decisions made by general meetings and the Board of Directors. ICA During the first quarter the ICA Group s revenues increased by 5.9% to SEK 22,559 M (21 299). At constant exchange rates, revenues increased by 2.9%. The ICA Group s operating profit amounted to SEK 266 M (259). Capital gains from property sales are included in earnings with SEK 15 M (34). ICA Norway s operating loss worsened to SEK 300 M (-216). The decline in earnings was mainly due to lower store margins due to greater price pressure in the market. A larger number of owned stores and higher costs in the stores, mainly attributable to the ongoing action program, also had a negative impact during the quarter. ICA Sweden s operating profit rose to SEK 378 M (297). Operating profit improved due to increased sales as well as lower costs for logistics and shrinkage. Among other things, efficiency was improved in the fully automated distribution center in Helsingborg. At the same time, higher costs of goods caused by the weaker Swedish krona, had a negative impact during the quarter. Rimi Baltic s operating loss was SEK 43 M (6). The less satisfactory operating result was due to lower sales as a result of falling consumption in the Baltic countries as well as higher fixed costs related to the company having more stores than in the same period last year. ICA Bank s operating profit rose to SEK 38 M (21) due to improved net interest. Interim report January March 2009 5

ICA Real Estate s operating profit amounted to SEK 234 M (236). This result included capital gains from property sales of SEK 5 M (34). The improvement in operating profit excluding capital gains was due to higher rental revenue. ICA Group Functions reports an operating loss of SEK 41 M (-85). The operating result includes a capital gain of SEK 10 M (0) from the sale of properties. The comparative figure for the previous year includes a one-time bonus to employees of SEK -35 M. Forma During the first quarter Forma s revenues fell to SEK 194 M (207). The decrease is due to discontinued operations within Forma Books and lower advertising revenues within Forma Magazine. Operating loss worsened to SEK 45 M (-18).This included restructuring costs in Sweden and Finland relating to staff cutbacks of SEK -23 M (-7). The Kattis television program with Kattis Ahlström as presenter was launched during the first quarter. This venture was expanded with a magazine with the same name in April. Costs for the new concept were charged against operating profit for the first quarter. Kjell & Company During the first quarter Kjell & Company s revenues amounted to SEK 127 M (96), corresponding to a sales increase of 32%. Sales in comparable stores rose 12%. Hemma During the first quarter Hemma reported revenues of SEK 59 M (76). A lower number of stores and a weaker market for white goods were factors behind this decline. Operating loss amounted to SEK 3 M (-6). Cost savings and discontinuation of unprofitable stores meant that Hemma improved its earnings compared with the first quarter a year ago. Cervera During the first quarter Cervera s revenues amounted to SEK 58 M (70). The decrease in revenues is partly due to the weak business climate. Two new stores were opened in March; one in Entré 1 in Malmö and one in Häggvik outside Stockholm. Operating loss amounted to SEK 15 M (-11). Lower revenues and investments in new stores were charged against earnings In January 2009, Hakon Invest increased its holding in Cervera from 48% to 81%, through acquisition of existing shares. inkclub During the first quarter inkclub s revenues amounted to SEK 122 M (108), corresponding to a sales increase of almost 14%. The increase was mainly attributable to higher sales of ink products. Operating profit amounted to SEK 6 M (0). A higher gross margin due to a higher proportion of direct imports and lower costs in relation to sales contributed to the improved profitability. Operating profit rose to SEK 15 M (9), due to higher sales. During the quarter inkclub launched batteries as a new product category under the batteryclub.com brand. Interim report January March 2009 6

Hemtex Hemtex s net sales for the first nine months of the split financial year May 2008 April 2009 amounted to SEK 1,118 M (1,284), a decrease of 13% compared with the same period in the previous year. Operating profit for the nine-month period fell to SEK 28 M (174). Financial position At March 31, 2009, the Group s cash and cash equivalents and the current value of short-term investments amounted to SEK 1,479 M compared with SEK 1,495 M at December 31, 2008. At March 31 financial investments were allocated as follows: 16% equities, 51% fixed-income securities, 24% hedge funds and 9% cash and cash equivalents. The Hakon Invest Group s non-current financial liabilities amounted to SEK 32 M at the end of the period compared with SEK 39 M at December 31, 2008. The equity/assets ratio at the end of the period was 93.4% compared with 94.9% at December 31, 2008. Cash flow Cash flow from operating activities amounted to SEK -62 M (-33). Risks and uncertainties Hakon Invest works with a number of basic principles for managing risks in different parts of its operations. This is regulated and managed via a formal work plan for the President and the Board. All investments are inherently uncertain and ahead of each investment Hakon Invest carries out a careful evaluation designed to identify and if possible reduce the risks that may be associated with the investment. The most comprehensive risk within Hakon Invests is the financial development of the individual portfolio companies, where a worst case scenario is the loss of our entire investment in a company. The holding in ICA AB constitutes a significant part of the company s assets and is therefore of particular importance for an assessment of Hakon Invest. Via ICA, Hakon Invest also has significant exposure to the Nordic and Baltic food retail sector. A less favorable business climate or political decisions, such as raised taxes, are factors that could have a negative impact on ICA s sales and earnings. Hakon Invest s financial policy stipulates how financial risks are to be managed and limited. The policy also provides a framework for management of financial assets, which is conducted both internally and externally. More information about Hakon Invest s risk management is provided on pages 18 20 and 70 71of the 2008 Annual Report. No significant changes have occurred since the annual report was published. Cash flow from investing activities amounted to SEK -25 M (-27). Changes in short-term investments are included with SEK 6 M (247), while acquisition of shares in Cervera and investments and sales of non-current assets are included with SEK -31 M (-274). Cash and cash equivalents decreased to SEK 126 M at March 31, 2009, compared with SEK 172 M at December 31, 2008. Interim report January March 2009 7

Parent Company Revenues and profit January 1 March 31, 2009 The Parent Company s revenues amounted to SEK 0 M (0) during the period. Operating loss was SEK 12 M (-14). Loss after financial items amounted to SEK 9 M (-73). Net financial items amounted to SEK 3 M (-59), of which change in value of shares in Hemtex accounted for SEK 5 M and return on investments for SEK -2 M. Loss after net financial items amounted to SEK 9 M (-73). Income tax for the period was SEK 0 M (0). Loss for the period was SEK 9 M (-73). Financial position The Parent Company s cash and cash equivalents and the current value of short-term investments at March 31, 2009, amounted to SEK 1,443 M compared with SEK 1,465 M at December 31, 2008. The Parent Company has no non-current financial liabilities, SEK 0 M (0). The equity/assets ratio at the end of the period was 99.0% compared with 98.9% at December 31, 2008. Share information Share capital in Hakon Invest amounts to SEK 402,293,590 distributed among 160,917,436 shares, each with a quota value of SEK 2.50. Hakon Invest s earnings per share are calculated based on profit after tax and an average number of shares outstanding during the period January March of 160,692,136. At the end of the period the number of C shares amounted to 82,067,892 and the number of outstanding common shares was 78,624,244. Common shares and C shares carry the same voting rights. While common shares have an unlimited dividend entitlement, C shares do not carry entitlement to cash profit distribution, to the extent the Annual General Meeting decides on cash dividends. Such entitlement may include C shares in 2016 at the earliest. C shares carry entitlement to profit distribution through distribution in kind. Hakon Invest s holding of treasury shares amounts to 225,300 common shares, of which 128,200 shares were repurchased in March 2007 and 97,100 in March 2008. Related-party transactions No significant transactions between Hakon Invest and related parties took place during the period. Other information on At Hakon Invest s 2009 Annual General Meeting, held on Wednesday, April 22, all members of the Board were re-elected: Lars Otterbeck (Chairman), Anders Fredriksson, Cecilia Daun Wennborg, Jan- Olle Folkesson, Magnus Moberg, Jan Olofsson and Thomas Strindeborn. The Annual General Meeting adopted the proposed guidelines for remuneration to senior executives and decided on a performancebased incentive program for management. The Meeting also adopted the proposal on a performance-related incentive program for other employees. In accordance with the proposal, the Meeting resolved on repurchases and requisite transfers of treasury shares. The Annual General Meeting adopted the proposal for a dividend of SEK 5.00 per common share. The record date for dividends was Monday, April 27. Interim report January March 2009 8

Key figures for Hakon Invest January - March Full-year 2009 2008 2008 Gross margin, % 32.1 36.1 35.7 Operating margin, % -10.5 10.6 51.7 Net margin, % -5.8-9.4 14.4 Return on equity, % 2.0 8.4 1.9 Return on capital employed, % 1.8 8.2 1.8 Equity/assets ratio, % 93.4 94.6 94.9 Share Earnings per common share, SEK -0.09-0.15 1.17 Earnings per C share, SEK -0.09-0.15 1.17 Share price at the end of the period, SEK 68.75 138.75 89.25 Dividend per share, SEK 5.00 Dividend, M 393 Dividend ratio, % n/a Equity per share, SEK 60.72 60.36 59.21 Cash flow per share, SEK -0.29-0.35-0.69 Number of common shares 78,624,244 78,624,244 78,624,244 Number of C shares 82,067,892 82,067,892 82,067,892 Number of shares at the end of the period 160,692,136 160,692,136 160,692,136 Average number of shares 1) 160,692,136 160,784,359 160,713,190 1) Before and after dilution Definitions Capital employed Balance sheet total less non-interest bearing liabilities and provisions. Cash flow per share Cash flow for the period divided by the average number of shares outstanding. Dividend payout ratio Dividend as a percentage of the Parent Company s profit for the period. Earnings per common share Profit for the period, excluding minority interests, divided by the average number of shares outstanding. Earnings per C share Same definition as in the case of earnings per common share, since common shares and C shares provide entitlement to equal participation in earnings and shareholders equity. The C share does not, however, give entitlement to a cash dividend, as opposed to the common share. Equity/assets ratio Equity including minority interests as a percentage of the balance sheet total. Equity per share Equity excluding minority interests divided by the total number of shares outstanding. Gross margin Gross profit as a percentage of revenues. Net margin Profit for the period as a percentage of revenues. Operating margin Operating profit as a percentage of revenues. Return on capital employed Profit after financial items plus financial expenses, calculated on a rolling 12- month period as a percentage of average capital employed during the same period. Return on equity Profit for the period, excluding minority interests, calculated on the basis of a rolling 12-month period as a percentage of average equity excluding minority interests during the same period. Interim report January March 2009 9

Financial statements Condensed consolidated statement of comprehensive income January - March Full-year SEK M Note 2009 2008 2008 Revenues 2 311 283 1 184 Cost of goods sold -211-181 -761 Gross profit 100 102 423 Other operating income 10 5 17 Selling expenses -116-92 -326 Administrative expenses -69-52 -206 Other operating expense 0 0 0 Share of profit of companies accounted for using the equity method 3 42 67 704 Operating profit/loss 2-33 30 612 Net financial items -2-62 -449 Profit/loss after net financial items 2-35 -32 163 Tax 17 6 7 Profit/loss for the period -18-26 170 Other comprehensive income Change in revaluation reserve, net after tax 263-64 13 Change in fair value reserve, net after tax 2 0 20 Change in hedge reserve, net after tax -8 0 0 Other comprehensive income for the period 257-64 33 Total comprehensive income 239-90 203 Profit for the period d attributable to Equity holders of the parent -15-24 187 Minority -3-2 -17 Total comprehensive income attributable to Equity holders of the parent 242-88 220 Minority -3-2 -17 Earnings per r share, before and after dilution (SEK) Common share -0.09-0.15 1.17 C-share -0.09-0.15 1.17 Interim report January March 2009 10

Condensed consolidated statement of financial position Mar, 31 Dec 31, SEK M Note 2009 2008 2008 ASSETS Non-current assets Goodwill 316 279 304 Other intangible assets 211 119 129 Interest in companies accounted for using the equity method 3 7,526 7,026 7,306 Other non-current assets 361 475 329 Total non-current assets 8,414 7,899 8,068 Current assets Short-term investments 1,353 1,695 1,323 Cash and cash equivalents 126 224 172 Other current assets 577 430 458 Total current assets 2,056 2,349 1,953 TOTAL ASSETS 2 10,470 10,248 10,021 021 EQUITY AND LIABILITIES Equity 9,778 9,696 9,515 Non-current liabilities 198 224 191 Current liabilities 494 328 315 TOTAL EQUITY AND LIABILITIES 10,470 10,248 10,021 021 Condensed nsed consolidated cash flow statement January - March Full-year SEK M 2009 2008 2008 Cash flow from operating activities -62-33 468 Cash flow from investing activities -25-27 -62 Cash flow from financing activities 41 3-517 Cash flow for the period -46-57 -111 Cash and cash equivalents at January 1 172 281 281 Exchange differences in cash and cash equivalents 0 0 2 Cash and cash equivalents at the end of the period 126 224 172 Interim report January March 2009 11

Condensed consolidated statement of changes in equity Changes in condensed consolidated equity March 31, 2009 Attributable SEK M equity holders of the parent Attributable to minority Total Opening equity January 1, 2009 9,515 0 9,515 Total comprehensive income 242-3 239 Acquisitions - 24 24 Closing equity 9,757 21 9,778 Changes in condensed consolidated equity March 31, 2008 Attributable SEK M equity holders of the parent Attributable to minority Total Opening equity January 1, 2008 9,795-9,795 Total comprehensive income -88-2 -90 Purchase of treasury shares -10 - -10 Payment for call options 1-1 Closing equity 9,698-2 9,696 Condensed Parent Company income statement January - March Full-year SEK M 2009 2008 2008 Revenues 0 0 0 Administrative expenses -12-14 -52 Operating loss -12-14 -52 Result from financial investments 3-59 1 Profit/loss after financial items -9-73 -51 Tax 0 0-6 Profit/loss for the period -9-73 -57 Interim report January March 2009 12

Condensed Parent company balance sheet Mar 31, Dec 31, SEK M 2009 2008 2008 ASSETS Non-current assets Interests in group companies 206 206 206 Interests in joint ventures 2,960 2,960 2,960 Other non-current assets 1,248 1,321 1,213 Total non-current assets 4,414 414 4,487 487 4,379 Current assets Short-term investments 1,352 1,695 1,323 Cash and cash equivalents 91 174 142 Other current assets 66 17 94 Total current assets 1,509 1,886 1,559 TOTAL ASSETS 5,923 6,373 5,938 EQUITY AND LIABILITIES Equity 5,863 6,311 5,872 Non-current liabilities 43 43 43 Current liabilities 17 19 23 TOTAL EQUITY AND LIABILITIES 5,923 6,373 5,938 Not ote 1 Accounting principles This interim report is prepared according to the rules for interim reporting in the Swedish Annual Accounts Act and IAS 34 Interim Financial Reporting. The accounting principles and calculation methods applied are the same as those used in the most recent annual accounts and consolidated financial statements. New accounting principles 2009 Revised IAS 1 Presentation of Financial Statements is applied with effect from January 1, 2009. These amendments have affected consolidated accounts retroactively from December 31, 2007. The amendments mean, among other things, that income and expenses previously recognized directly in equity are now recognized in the statement of comprehensive income as well as a new structure for consolidated changes in equity. New and revised IFRS as well as interpretations issued by IFRIC have not had any effect on the financial position or earnings of the Group or the Parent Company. In order to prepare financial reports in accordance with IFRS, management is required to make assessments and estimates and to make assumptions that affect the application of the accounting principles and the carrying amounts in the income statement and balance sheet. Estimates and assumptions are based on historical experience and are regularly reviewed. The results of these estimates and assumptions are then used to determine the recognized values of assets and liabilities. Fair value may deviate from these estimates. Interim report January March 2009 13

Note 2 Segment reporting January - March Publishing operations White goods operations Home furnishings operations Other, incl. Eliminations Total SEK M 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 External revenues 194 207 59 76 58 - - - 311 283 Operating profit/loss -45-18 -3-6 -15-30 54-33 30 Profit/loss after financial items -48-20 -4-6 -17-34 -6-35 -32 Profit/loss for the period -35-15 -4-6 -12-33 -5-18 -26 Assets 585 582 295 339 229-9,361 9,327 10,470 10,248 Liabilities 497 459 167 202 171 - -143-109 692 552 Investments 4 4 0 0 6-21 270 31 274 Depreciation 3 3 1 1 2-0 0 6 4 * Home furnishings operations were added in the first quarter of 2009 and refer to the operations in Cervera. Note 3 Interests in companies accounted for using the equity method Book value Share of profit Mar 31, January - March M 2009 2008 2009 2008 ICA AB 6,969 6,386 38 71 Bra Förlag AB 7 6 0 0 Trade Press AS 10 10 0 0 Kjell & Co Elektronik AB 110 104 2 0 Cervera AB - 86 - -4 inkclub Development AB 430 434 2 0 7,526 7,026 42 67 Interim report January March 2009 14

Note 4 Acquisitions In January 2009 Hakon Invest acquired an additional 33% in the portfolio company Cervera. This increased the holding from 48% to 81% of the capital and votes in Cervera. Hakon Invest made a cash payment of SEK 33 M for the additional shares. As a result of the increased ownership stake, Cervera is reported as a subsidiary of the Hakon Invest Group with effect from January 2009. The surplus value is allocated to brands and goodwill. SEK M Carrying amount in acquired company Cervera AB Value according to purchase price allocation Brands 77 Other intangible assets 8 5 Property, plant and equipment 21 21 Financial assets 5 5 Inventories 131 131 Current receivables 36 36 Prepaid expenses and accrued income 22 22 Cash and cash equivalents 10 10 Deferred tax liabilities -20 Non-current liabilities -38-38 Current liabilities -127-127 Acquired identifiable net assets 68 122 Less minority -24 Change in interests in associates during the holding period 0 10 Goodwill 12 Purchase price for shares in subsidiary 118 Acquisition costs 2 Total acquisition cost 120 Acquisition cost for acquisitions during the period 33 Cash and cash equivalents in acquired subsidiary -10 Change in consolidated cash and cash equivalents at acquisitions for the period 23 * Reported in the company applying Hakon Invest s principles. Interim report January March 2009 15

The information in this interim report is such that Hakon Invest must disclose pursuant to the Swedish Securities Exchange and Clearing Operations Act and/or the Swedish Act on Trading in Financial Instruments. The information was submitted for publication at 08.00 CET on Wednesday, May 6, 2009. The interim report has not been reviewed by the company s auditors. Press and analyst meeting At 10.30 CET on Wednesday, May 6, 2009, Hakon Invest will hold a press and analyst meeting in Salén Konferens at Norrlandsgatan 15 in Stockholm. Notify attendance at ir@hakoninvest.se. The press and analyst meeting will be webcast and can be followed at www.hakoninveset.se. Financial calendar Stockholm, May 6, 2009. Claes-Göran Sylvén President and CEO For further information, please contact President and CEO Claes-Göran Sylvén +46 8 55 33 99 64 CFO Göran Blomberg +46 8 55 33 99 99 Interim report for January June 2009 will be presented on Wednesday, August 19. Interim report for January September 2009 will be presented on Wednesday, November 4 Capital market day Hakon Invest has decided to postpone until the autumn the capital market day, planned to be held at the end of May. ICA AB ICA s complete interim report can be accessed at www.ica.se. Head of IR Pernilla Grennfelt +46 8 55 33 99 55 Interim report January March 2009 16