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Annual Report 2019

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Annual Report 2019 Annual Report 2019 INVESTOR 2019 A Contents Investor at a glance Share of total adjusted Performance Board Valuation assets 2019 Ownership representation methodology Welcome to Investor 1 total return Significant Preferably two, Share price Letter from our Chair 2 Listed Companies minority owner with including the Chair Letter from our CEO 3 a long-term buy-to- 345 30% build strategy Business Model 4 SEK bn Targets and Outcome 6 invested in ABB Financial Development 8 Engaged Ownership 10 69% 4.3 SEK bn Sustainability 12 People at the Centre 14 Listed Companies 16 Patricia Industries 22 Investments in EQT 33 The Investor Share 34 Corporate Governance Report 36 Board of Directors 42 value change Wholly-owned Boards comprise Subsidiaries: Management Group 44 Patricia Industries subsidiaries and of independent acquisition method partner-owned directors and Partner-owned Disposition of Earnings 47 115 23% companies with directors investments: List of contents of Financials 49 SEK bn a long-term from Patricia equity method divestments buy-to-build Industries Financial Statements for the Group 50 Smart solutions for the automated world™ strategy, financial Investments: recent Notes for the Group 54 investments trans actions at cost, 23% 5.3 in which our multiples (unlisted), Statements for the Parent Company 95 SEK bn investment horizon share price (listed) Notes for the Parent Company 99 has not yet been profit growth, defined Estimated market Auditor’s Limited Assurance, subsidiaries Sustainability 107 values presented as supplementary Sustainability Notes 110 Financial Investments 18% information Auditor’s Sustainability Report 114 Five-year Summary 115 Alternative Performance Measures and Definitions 116 value change 18.1 percent At least one EQT AB: share price Shareholder Information 117 Investments in EQT (capital) of EQT AB, representative in Fund investments: 5-30 percent in EQT AB recent trans actions The Annual Report for Investor AB (publ) 37 103% active funds at cost, SEK bn 556013-8298 consists of the Administration Report on multiples (unlisted), pages 4-15, 36-47, 110-113 and the financial statements net cash flow to share price (listed) on pages 50-109. The Annual Report is published in Investor Swedish and English. Value of fund Sustainability information can be found on pages investments EQT AB EQT EQUITY 7, 12-15, 22-31, 58 and 110-114. Definitions of applied 7% 5.0 reported with a SEK bn sustainability KPIs can be found on Investor’s website. EQT MID MARKET EQT INFRASTRUCTURE one-quarter lag Production: Investor and Addira EQT REAL ESTATE EQT VENTURES Photo: Jeanette Hägglund, Johan Lind, Unsplash, Pixabay, and Investor’s portfolio companies. EQT CREDIT Print: Åtta.45 Tryckeri AB, Sweden, 2020 Paper: GaleriArt Matt, 250g/115g. NORDIC ECOLABEL 3041 0001 B INVESTOR 2019 Investor at a glance Share of total adjusted Performance Board Valuation assets 2019 Ownership representation methodology total return Significant Preferably two, Share price Listed Companies minority owner with including the Chair a long-term buy-to- 345 30% build strategy SEK bn invested in ABB 69% 4.3 SEK bn value change Wholly-owned Boards comprise Subsidiaries: Patricia Industries subsidiaries and of independent acquisition method partner-owned directors and Partner-owned 115 23% companies with directors investments: SEK bn a long-term from Patricia equity method divestments buy-to-build Industries Financial strategy, financial Investments: recent investments trans actions at cost, 23% 5.3 in which our multiples (unlisted), SEK bn investment horizon share price (listed) has not yet been profit growth, defined Estimated market subsidiaries values presented as supplementary 18% information value change 18.1 percent At least one EQT AB: share price Investments in EQT (capital) of EQT AB, representative in Fund investments: 5-30 percent in EQT AB recent trans actions 37 103% active funds at cost, SEK bn multiples (unlisted), net cash flow to share price (listed) Investor Value of fund investments 7% 5.0 reported with a SEK bn one-quarter lag INVESTOR 2019 C 2019 in brief • The total shareholder return amounted to 40 percent. The SIXRX return index gained 35 percent. Our adjusted net asset value grew by 33 percent. 40% total shareholder return (2018: 4%) • Within Listed Companies, we invested SEK 4.3bn in ABB. ABB, Saab and Epiroc appointed new CEOs. Electrolux announced its intention to spin off Professional as a separately listed company. • Patricia Industries’ major subsidiaries reported good sales and profit growth. Several companies SEK bn announced strategic acquisitions and new CEOs were 485 adjusted net asset value appointed in Piab and Vectura. Aleris was divested. (2018: 372) • EQT AB was successfully listed on Nasdaq Stockholm. The value of our investments in EQT increased by 103 percent and net cash flow to Investor amounted to SEK 5.0bn. • We continued to raise our sustainability ambitions, identifying three focus areas and long-term targets. 2.8% leverage (2018: 6.1) • We raised a 20-year EUR 500m bond, further in- creasing our financial flexibility. • Cash flow generation was strong in all business areas, strengthening our balance sheet further. At year-end, leverage was 2.8 percent. • The Board of Directors proposes a dividend of SEK SEK 14 per share 14.00 per share, to be paid in two installments, an proposed dividend (2018: 13) increase of 8 percent from 2018. D INVESTOR 2019 Welcome to Investor Investor, founded by the Wallenberg family in 1916, is an owner of high-quality, 89 global companies. We have a long-term investment perspective. Through board employees participation, our industrial experience, network and financial strength, we support our companies to remain competitive over time. We are an engaged and long-term owner 50/50% We are an engaged long-term owner that actively supports the building and development of women/men in the best-in-class companies. Through substantial ownership and board participation, we drive the Extended Management Group initiatives that we believe will create the most value for each individual company. Ultimately this creates value for our shareholders and for society at large. We buy-to-build best-in-class companies Our investment philosophy is buy-to-build, and to develop our companies over time, as long 22 as we see further value creation potential. The ambition is for our companies to maintain or major holdings achieve best-in-class positions, i.e. outperform competition, and reach full potential. We focus on building sustainable businesses We have a long tradition of being a responsible owner and company. We firmly believe that >500,000 sustainability integrated in the business model is a prerequisite for creating long-term value. employees in our companies We create value for people and society by building strong and sustainable businesses Investment case Investor’s business model, The Investor share is a Our strong balance sheet Over the past ten years, building strong and competitive and liquid and cash flow allow us to the average annual total sustainable businesses investment opportunity, capture attractive investment shareholder return, has through engaged ownership, offering exposure to an opportunities and enable a amounted to 18 percent, has proven successful over attractive and well-diversified steadily rising dividend over compared to 12 percent for time and generated attractive portfolio of listed and time. Over the past ten years, the SIXRX return index. total shareholder returns. unlisted high-quality annual dividend growth has companies with management averaged 13 percent per year. costs of approximately 0.11 percent of adjusted net asset value. INVESTOR 2019 Welcome to Investor 1 Letter from our Chair Dear fellow shareholders, with this crisis, it is important not to lose zero tolerance for unethical behavior. In- As I write to you in March 2020, we are the longer-term perspective. After all, vestor and all our companies are acutely in the grip of the covid-19 outbreak, an the world has been in very dire straits aware of the need to develop better pro- extremely grave situation that will impact before and eventually emerged on the cesses and deploying more resources to us all indefinitely. As a result, all prog- other side, and we need to continue to address this fundamental issue. We need nosis for 2020 has become obsolete. focus on major topics and opportunities to learn from our mistakes and learn Our role at Investor during this severe that remain as important today as they from others. Rest assured that we will be crisis is to have a continuous dialog were before covid-19. relentless in these efforts. with our companies, gather information and ensure that we maintain a level of From multilateral to bilateral Creating value normality in our operations. We think of Over time, globalization has made the As a long-term, engaged owner, we en- all colleagues in our companies, and on world better for many. However, today courage our companies to invest in new how to minimize the economic effects we are moving from a multilateral world technologies and innovation, such as on their jobs and families that this virus to one of regional and bilateral trade 5G, AI, robotics and automation. In the outbreak has created, We will have to agreements. I am convinced that free next few years, this transformation will deal with the economic and societal con- trade is a force of good that cannot be clearly accelerate further. However, new sequences of this pandemic for a long entirely replaced by regional agree- technologies do carry some challenges time and my main concern is that the ments. The world needs to and risks. Cyber security for example, increased polarization of society that is collaborate to further is such a challenge where we need already happening will be reinforced by develop global rules of to increase awareness.
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