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Annual Report 2011 ”Seventyfive Years of Entrepreneurial Tradition Under the Same Group of Principal Owners” Contents

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Annual Report 2011 ”Seventyfive Years of Entrepreneurial Tradition Under the Same Group of Principal Owners” Contents Annual Report 2011 ”Seventyfive years of entrepreneurial tradition under the same group of principal owners” Contents Five-year Summary 3 Chief Executive’s review 4 The Kinnevik share 6 Book and fair value of assets 8 Proportional part of revenue and result 9 Historical background 10 Corporate Responsibility 12 Kinnevik’s strategic focus 16 Paper & Packaging - Korsnäs 18 Telecom & Services 22 Media 24 Online 26 Microfinancing 28 Agriculture 29 Renewable energy 29 Annual and Consolidated Accounts for 2011 Board of Directors’ Report 30 Financial Statements and Notes for the Group 39 Financial Statements and Notes for the Parent Company 65 Audit Report 73 Board of Directors 74 Senior Executives and other key employees 75 Definitions of financial key ratios 76 Annual general meeting 77 Five-year Summary (SEK m) 2011 2010 2009 2008 2007 Key Ratios Operating margin, % 9.4 10.3 10.0 5.2 11.5 Capital employed 66 898 62 111 50 462 33 067 59 778 Return on capital employed, % 10.8 24.8 40.1 -54.5 32.0 Return on shareholders' equity, % 11.5 28.3 50.2 -69.8 38.2 Equity/assets ratio, % 85 84 78 66 80 Net debt 6 539 7 123 8 233 8 906 9 205 Debt/equity ratio, multiple 0.12 0.14 0.21 0.41 0.19 Net debt against Korsnäs 5 212 5 575 6 419 5 845 6 534 Net debt against listed holdings 1 605 1 706 2 001 3 066 2 753 Available liquidity 5 465 4 923 3 942 2 031 2 481 Risk capital ratio, % 86.8 85.7 80.4 69.0 82.2 Fair value Paper & Packaging 4 992 4 755 3 813 2 181 5 125 Fair value Telecom & Services 44 406 43 557 35 735 22 251 45 130 Fair value Media 5 000 6 936 5 589 1 834 5 715 Fair value Online 7 800 2 196 207 195 125 Fair value Microfinancing 446 348 137 120 97 Fair value Agriculture 677 1 095 878 720 1 458 Fair value Renewable energy 303 267 189 198 143 Total assets 70 068 64 833 53 240 35 871 62 818 Estimated net asset value 61 839 57 513 44 829 24 325 54 941 Net asset value growth 8% 28% 84% -56% 40% Net asset value per share, SEK 223 208 162 93 208 Closing price, class B share, SEK 134 137 107 63 147 Market capitalization 37 087 37 971 29 656 16 410 38 739 Summary of Income Statement Revenue 8 789 8 593 8 397 7 719 7 673 Operating profit 826 889 842 398 885 Change in fair value of financial assets including divi- dends received 6 122 13 004 15 853 -25 726 15 850 Result after net financial items 6 688 13 737 16 516 -25 872 16 266 Result for the year 6 555 13 622 16 373 -25 762 16 179 Earnings per share 23.64 49.08 61.66 -97.94 61.29 Summary of Cash Flow Statement Cash flow from operations 781 1 310 1 698 524 878 Investments in tangible and intangible assets -797 -717 -653 -441 -353 Investments in financial assets -2 892 -1 563 -535 -193 -530 Cash flow from investing activities 1 298 716 -475 1 261 695 Cash flow from financing activities -2 047 -2 113 -1 495 -1 382 -1 581 Cash flow for the year 32 -87 -272 403 -8 For definitions of financial key ratios, refer to page 76. 3 Chief Executive’s review In 2011 Kinnevik celebrated its 75th anniversary. It was in 1936 that three friends - Robert von Horn, Wilhelm Klings- por and Hugo Stenbeck - formed a company with the aim of investing in and managing shares. They called the company Aktiebolaget Kinnevik. 75 years later I am proud to be the CEO of Kinnevik where the fundamental strategy of active ownership to create value remains intact, and where we have managed to evolve with time, building a group of companies in modern industries and claim new frontiers in emerging markets. The founding families remain owners today, and our history provides us with a strong sense of responsibility to make sure that Kinnevik will stand the test of time also going forward. Growth in Kinnevik is supported by rapidly changing consumer and business behavior, both in the developed world and in emerging markets. As consumers go online, this drives sales, not only in the rapidly growing online part of our portfolio, but also in the telecom and media companies. With our strong positions within mobile and media in Scan- dinavia as well as in Latin America, Eastern Europe, Russia and Africa, I am convinced that we are in the right segments on the right markets at the right time. In 2011, when the ma- croeconomic climate was characterized by the eurocrisis in Europe and weak growth in the US, Kinnevik’s sales growth on a see-through basis was 8% and earnings increased by 7% demonstrating the strength of our market positions. Millicom and Tele2 are key beneficiaries of the data explosion as consumers increasingly use their mobile phones to access online services. Tele2’s mobile customers are rapid- ly shifting to smartphones, increasing their data consumption and using mobile services. In Sweden, an increasing number of customers access the 4G net which was launched at the end of 2010. “cloud phone” for the least affluent customers. It enables Mobile companies all over the world recognize the need the consumer to have a fixed telephone number accessible to develop value-added services, and our emerging market from anyone’s Tigo phone. Another newly developed service operator Millicom is in the forefront of pushing this deve- is Tigo search in DRC, which is a phone service providing lopment. The company has a dedicated team in each market information on demand in areas where access to information focusing on innovation. New services are developed in a is scarce. structured process from identifying a need in the market Kinnevik invested around SEK 3 billion in 2011, mainly to developing and marketing a solution and a new service. in online and this segment now stands for around 12% of the Examples of new services include Tigo Mimi, which is a total net asset value. We are creating value through our new 4 CHIEF EXECUTIVE’S REVIEW investments, and I think it is important that we have the per- a restructuring process in the past years, and the company severance to continue to invest in order to secure the long has divested and left unprofitable markets and expanded term growth in Kinnevik. In 2012, we have guided for conti- into emerging markets in Latin America and Russia. As the nued investments in new ventures of around SEK 5 billion. company’s largest owner, we have supported this transition. Online services are growing strongly and we are sear- In the beginning of 2012, Kinnevik made a public offer for ching for various types of investments that will benefit from the outstanding shares, warrants and debentures in households spending a growing proportion of their time the company. We want to continue the strategic transfor- and budget online. The main focus is consumer oriented mation of Metro both in terms of geographies and product services, with relatively proven business concepts. Expansion enhancement. in consumer related Internet services is capital intensive and Korsnäs, our packaging company, continued to show a competition in the market is tough, but at the same time, stable development in 2011. Sales of its largest product line, the growth potential is significant. As an example, CDON liquid packaging board, continued to grow, supported by showed an organic growth of 37% in 2011, a year when retail increasing demand mainly in emerging markets. With sales sales in Sweden only increased by 0.7%. of SEK 8.3 billion, Korsnäs has one of the highest operating Our online investments include large companies such margins among peers in Scandinavia, amounting to 11% as Zalando, a leading European shoe and fashion site with in 2011. operations in seven European markets including Germany, Kinnevik took another important step in the area of France, the Netherlands, Italy, the UK, Switzerland and Aus- corporate responsibility in 2011 and formally joined the UN tria. In Russia, Kinnevik is the largest owner of Avito, a site Global Compact. The guiding principles within human rights, for classifieds. Kinnevik is one of the founders of the com- labor standards, environment and anti-corruption have direc- pany, and it has been exciting to see how it has developed ted Kinnevik in its corporate responsibility efforts since these successfully to become the largest Russian site in its kind. In were initiated and I am proud that we are now a formal November 2011, Groupon was listed on NASDAQ. Kinnevik signatory and contributor to UN Global Compact. All of the received Groupon shares when “MyCityDeal”, a company Kinnevik companies are working hard to continue to develop founded by Rocket Internet, was acquired by Groupon. At their businesses in a sustainable way, and they are making the end of 2011, the value of Kinnevik’s directly owned sha- good progress. For example, Tele2 continued the roll-out and res in Groupon was 1.2 billion SEK, a fantastic development follow up of a supplier code of conduct continued, including from our initial investment of around SEK 20 m. field visits to some of the largest suppliers. Our packaging With consumers changing their way of consuming media, company, Korsnäs is working actively to reduce its climate our media assets have to evolve with their customers.
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