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Annual Report 2016 Shareholder Information

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Annual Report 2016 Shareholder Information Annual report 2016 Shareholder information Calendar of events 2017 • Interim Management Statement, January-March: April 24 • Annual General Meeting: May 3 • Interim Report, January-June: July 19 • Interim Management Statement, January-September: October 27 • Year-End Report: February 1, 2018 Information material Financial information about Investor can be accessed and ordered (information by sms, e-mail or printed annual report) CONTENTS on our website: www.investorab.com, or by calling Investor in brief .........................................................1 +46 8 614 2131. Letter from the Chairman .........................................2 Printed annual reports are distributed to shareholders that Letter from the CEO ..................................................3 have requested it. All new shareholders will receive a letter asking how they would like to receive information. Financial development ..............................................4 Objective and operating priorities ..........................6 Investor relations Active ownership .......................................................7 Magnus Dalhammar: +46 8 614 2130 Sustainable business..................................................9 [email protected] Listed Core Investments .......................................... 12 IR Group: +46 8 614 2131 EQT ............................................................................ 16 www.investorab.com Patricia Industries .................................................... 17 Annual General Meeting Investor’s employees ............................................... 21 Investor AB invites shareholders to participate in the Annual The Investor share ...................................................22 General Meeting on Wednesday, May 3, 2017, at 3:00 p.m. at Corporate Governance Report ...............................24 the City Conference Centre, Barnhusgatan 12-14, in Stockholm. Board of Directors ...................................................30 Shareholders who would like to attend the Annual General Management Group................................................32 Meeting must be recorded in the register of shareholders main- tained by Euroclear Sweden AB on Wednesday, April 26, 2017, Proposed Disposition of Earnings ..........................33 and must notify the company of their intention to attend the List of contents of Financials ..................................34 Meeting no later than Wednesday, April 26, 2017. Statements for the Group .......................................34 Notes for the Group ................................................38 Shareholders can give their notice of participation by: Statements for the Parent Company .....................73 • registering on Investor AB’s website, www.investorab.com or Notes for the Parent Company ..............................77 • calling +46 8 611 2910, weekdays, between 9:00 a.m. and 5:00 p.m. CET or Auditor’s Report ......................................................84 • writing to Investor AB, Annual General Meeting, Five-Year Summary ..................................................87 SE-103 32 Stockholm Definitions ................................................................88 Our legacy ................................................................89 Notice convening the Annual General Meeting and proxy forms are available on Investor’s website, www.investorab.com. The Annual Report for Investor AB (publ.) 556013-8298 consists of the Administration Report on pages 4-5, 9-11, DIVIDEND 21-33 and the financial statements on pages 34-83. The Board of Directors proposes a dividend to the shareholders The Annual Report is published in Swedish and English. of SEK 11.00 per share for fiscal year 2016. Friday, May 5, 2017, has been proposed as the record date. If the proposal is approved by the Annual General Meeting, the dividend is expected to be distributed by Euroclear Sweden AB on Wednesday, May 10, 2017. Production: Investor and Addira. Photos: Mattias Bardå, Johan Lind and photos from Investor’s portfolio companies. Print: Åtta.45 Tryckeri AB, Sweden, 2017. Paper: Profimatt, 250 g/100 g. NORDIC ECOLABEL 3041 0001 Investor in brief Investor, founded by the Wallenberg family a hundred years ago, is a leading owner of high- quality, international companies. We have a long-term investment perspective and support our companies in their efforts to create sustainable value. Through board participation, industrial experience, our network and financial strength, we strive to make our companies best-in-class. Vision company. Our cash flow allows us to Highlights 2016 As a long-term owner, we actively sup- financially support strategic initiatives • Total Shareholder Return (TSR) port the building and development of in our companies, capture investment amounted to 13 percent. During the best-in-class companies. opportunities and provide our share- past 20 years, average annual TSR has holders with a steadily rising dividend. been 12 percent. Business concept • Within Listed Core Investments, Investor owns significant stakes in high- Objective and operating priorities SEK 1,011 m. was invested in Ericsson, quality companies. Through the boards We are committed to generating an SEK 353 m. in Wärtsilä and SEK 125 m. of directors, we work for continuous attractive long-term total return, exceed- in Atlas Copco. improvement of the performance of our ing the market cost of capital. Our long- • Investor continued to invest in EQT. companies. With our industrial experi- term return requirement is the risk free At year-end, Investor’s outstanding ence, broad network and financial interest rate plus an equity risk premium, commitment to EQT funds amounted strength, we strive to make and keep our in total 8-9 percent annually. to SEK 13.7 bn. companies best-in-class. Our operating priorities are to grow • Patricia Industries acquired a new We always look at the opportunities our net asset value, operate efficiently wholly-owned subsidiary, the and challenges facing each individual and pay a steadily rising dividend. Canadian-based medical technology company Laborie. • Investor celebrated 100 years of being an active and long-term owner of high-quality companies. Our business areas LISTED CORE INVESTMENTS 248 78% 14 5% 55 17% SEK bn. of total assets SEK bn. of total assets SEK bn. of total assets EQT AB EQT EQUITY EQT MID MARKET EQT INFRASTRUCTURE EQT CREDIT EQT VENTURES Financial Investments INVESTOR 2016 1 Letter from the Chairman Dear fellow Shareholders, In 2016, we celebrated our 100th anniversary and continued to execute on our strategy as an active owner of great companies. In these times of economic and political uncertainty, I believe that our model of long-term ownership, while being demanding in the short term, serves us well in both time dimensions. Being a supportive, yet demanding owner skilled workers behind. Technology of our companies is our most important change can, or should, never be mission. At times of revolutionary tech- restricted. It should rather be embraced, Another important task is to evaluate nology changes, such as digitalization and as it always propels mankind forward. efficient corporate structures. We always Artificial Intelligence, that have a dramatic Still, it often comes at a significant short- try to do what we believe is best for each impact on business models across indus- to medium-term socioeconomic cost. I individual company, and what would tries, it is imperative that our business deeply miss a more constructive and open work in one company might not work in model ensures that companies work debate on how technology, and demo- another. In ABB, we supported the deci- relentlessly to strengthen their competi- graphics, affect society. This is perhaps sion to retain the current structure, allow- tiveness and never compromise on inno- particularly important for small, export- ing the company to focus on its custom- vation. Ultimately, cost-efficiency is a pre- dependent economies such as Sweden. ers and execution of the strategy. In Atlas requisite, but innovation is what really I firmly believe that all of us in the Copco, we fully support the proposal enables companies to bring new products business community have a responsibility made early 2017 to split the group into and services to the market, satisfy their to engage in these questions, also in two focused, market-leading new com- customers, grow market share and take order to combat the increasing lack of panies, further enhancing future value a “leading” role in their respective indus- trust in political institutions, business, creation. tries. This is the only way we can remain experts, and facts. Stability and trust are During 2016, Investor continued to competitive. fundamental for enterprise. We need to execute on its strategy, investing in Listed raise the awareness that a well-function- Core Investments, allocating capital to EQT Free trade and migration – ing business climate is the fundament for and growing Patricia Industries. Net asset important drivers of growth innovation, growth and ultimately, job value growth and cash flow was strong. Coming from a small, export-dependent creation. Business is never a special inter- For 2016, the board proposes to increase country, I am concerned that the principle est, it is an integral part of any prosperous the dividend to SEK 11 per share (10). of free trade may be endangered by the society. Entering our 101st year of operation, political currents sweeping across the on
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