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“Long-Term Industrial Developer of Listed Nordic Companies”

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“Long-Term Industrial Developer of Listed Nordic Companies” “Long-term industrial developer of listed Nordic companies” Full year 2010 Industrivärden, February 9, 2011 Pres_KV410 Nr 1 – Long-term industrial developer of listed Nordic companies Ericsson Volvo SSAB Sandvik Skanska SCA Pres_KV410 Nr 2 Strong base for value creation Our competitive advantages Our portfolio Holding Market value, Portfolio Share of SEK bn share, % votes, % Long-term Sandvik 18.2 25 11.7 active ownership Handelsbanken 14.0 20 10.6 Volvo 10.7 15 10.7 Blue-chip portfolio SCA 7.5 11 29.5 SSAB 6.3 9 22.5 Ericsson 5.8 8 13.8 Skanska 4.3 6 27.8 Indutrade 3.4 5 36.8 Höganäs 0.9 1 8.1 Leveraged Extensive influence structural capital Total AUM 71,1 100 As per December 31, 2010 Our rating Standard & Poors: A/stable/A–1 A strong, competitive long-term track record with limited risk Pres_KV410 Nr 3 Focused strategy Strong value potential and long-term perspective Portfolio Conditions Sectors: Sector generalist Scope: Concentrated portfolio – focus Business models: Geographically scalable Individual investments Market value: Large and midcap Cash generation: Good ability companies Ownership Major owner with board Type: Listed stocks representation Geography: Nordic companies Evaluation horizon: 5-8 years Business cycle: Expansion or management phase Requirement: Strong potential for value Exit: Appropriate exit once target creation value has been achieved Pres_KV410 Nr 4 Long-term value creation Development of net asset value SEK/share 200 187 181 180 160 +12% annually during 149 140 the last 20 years period 120 (incl. reinvested dividends) 100 80 60 40 32 58 52 20 23 0 1989-12-31 1990-12-31 1991-12-31 1992-12-31 1993-12-31 1994-12-31 1995-12-31 1996-12-31 1997-12-31 1998-12-31 1999-12-31 2000-12-31 2001-12-31 2002-12-31 2003-12-31 2004-12-31 2005-12-31 2006-12-31 2007-12-31 2008-12-31 2009-12-31 2010-12-31 Pres_KV410 Nr 5 2010 in brief . Net asset value SEK 57.7 bn, or SEK 149/share increase of SEK 14.9 bn, or 37%* for the year . Total return of 40% for the A-shares and 48% for the C-shares the return index was 27% . Net share purchases for a total of 2.5 bn, with accumulated growth in value of 41% . Additional purchases of shares in Volvo for 1.8 bn at an average price of SEK 78/share . The holding in Munters was sold for SEK 0.8 bn, representing a total return of 50% . Proposed dividend of SEK 4.00 (3.00) per share *Including reinvested dividends. Pres_KV410 Nr 6 Sharp increase in net asset value SEK 58 bn as per December 31, 2010 Sandvik + SEK 6.2 bn Volvo + SEK 4.7 bn +15 bn Indutrade + SEK 1.4 bn +37%* Other + SEK 2.7 bn SEK 43 bn as per December 31, 2009 *Incl. reinvested dividends. Pres_KV410 Nr 7 Net asset value SEK billion SEK per share Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 2010 2009 2008 2010 2009 2008 Equities portfolio 71.1 53.5 34.7 184 139 90 Net debt -13.4 -10.8 -10.8 -35 -28 -28 Net asset value 57.7 42.8 23.9 149 111 62 Debt-equity ratio 19% 20% 31% Net asset value after full conv. 144 Debt-equity ratio after full conv. 13% Pres_KV410 Nr 8 Active ownership in brief Focus on value enhancement drivers: strategy, development and positioning Board participation/ Company, competitors and industry owner Analyst presentations cooperation Megatrends Nominating In-depth committee analysis Company visits participation Value creation Ownership Database monitoring agenda incl. action plan AGM Direct dialog participation with company management Pres_KV410 Nr 9 Active ownership in practice Handelsbanken SSAB . New market-oriented organization. Consistently applied business model. Cost-cutting program has had faster impact than . Organic growth in home markets in the Nordic countries planned. and the UK. Acquisition of IPSCO’s North American steel mills . Strong financial and market position in a turbulent and coming capacity investments in environment. North America strengthen position as leading player and enable continued global expansion. Ericsson . Strong position ahead of operators’ investments in Sandvik next generation of telecom systems (LTE) . Favourable growth in Services segment. Consolidation of completed acquisitions. Acquisition of Nortel’s U.S. mobile systems business, . Restructuring program designed to adapt together with central customer contracts, makes costs and production capacity to market Ericsson a leader also in North America. situation. SCA Skanska . Efficient construction operation generates good . Focus on profitable growth with strong brands cash flows. in hygiene segment. Proven model for value-creating project . Efficiency improvement measures in packaging development. operations. Strategic focus on environmentally adapted, . Extensive restructuring in product portfolio. energy-efficient solutions. Höganäs Indutrade . Continued company acquisitions. Strong focus on collaboration with . Decentralized business model. customers in new product development. Establishment in new geographic . Acquisition of U.S. powders business. markets. Strong measures reduce working capital. Strong position in energy segment. Pres_KV410 Nr 10 Our portfolio of blue-chip companies 18.2 14.0 10.7 7.5 Through a niche focus and strong position A decentralized branch operation with Through innovative, custom-tailored product in R&D, the company has built up a world- local customer responsibility has resulted development and high quality, the company has The leading European manufacturer of leading position in materials technology with in high level of customer satisfaction and a world-leading position in commercial transport personal care products, with rapidly growing products primarily in the manufacturing and enables good profitability solutions niche products, as well as packaging solutions mining industries 25% 20% 15% 11% 6.3 5.8 4.3 3.4 Uniqe, comprehensive know-how in World-leading position in the niche segment The market’s largest and most profitable By combining sales of industrial consumables construction combined with process focus of quenched steels and advanced, high- supplier of mobile telecom systems, with a with strong organic growth and a well- has resulted in a leading construction strength sheet creates solid base for growth leading position in telecom development developed model for acquisition-based company with value-creating project and high profitability growth, the company has been able to show development impressive profitability 9% 8% 6% 5% 0.9 Market value SEK bn Market leader in the growing niche of metal powders, used primarily for component Portfolio value: SEK 71.1 bn manufacture in the auto industry Portfolio 1% As per December 31, 2010 share, % Pres_KV410 Nr 11 Strong financial position Interest bearing net debt (SEK bn) Net debt-equity ratio 15,0 35% SEK 13.4 bn 13,0 30% 11,0 19% 25% 9,0 20% 7,0 15% 5,0 Dec 31 Dec 31 Dec 31 SEK bn 2010 2009 2008 10% 3,0 Listed stocks 71 54 35 Net debt -13 -11 -11 1,0 5% Net debt eq. ratio 19% 20% 31% Net debt eq. ratio a. full conversion 13% - - -1,0 0% S&P rating: A/stable/A–1 Pres_KV410 Nr 12 Industrivärden online Reuters code INDUa.ST Bloomberg code INDUA SS www.industrivarden.net [email protected] +46-8-666 64 00 +46-8-661 46 28 Box 5403, SE-114 84 Stockholm, Sweden Pres_KV410 Nr 13 Ownership structure Percentage of Shareholder, Dec. ’2010 capital, % votes, % Handelsbanken sphere* 26 36 SCA sphere* 13 17 L E Lundbergföretagen 12 17 Swedbank Robur Funds 6 1 Other shareholders 43 29 Total 100 100 Of which, foreign owners ~10 ~10 Number of shareholders: Approx. 50,000 *Primarily held by associated pension funds and foundations Pres_KV410 Nr 14.
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