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Annual Report 2013 2013 Highlights

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Annual Report 2013 2013 Highlights Annual Report 2013 2013 highlights Significant events during the year Steady improvement in the holdings Acquisition of Aibel, HENT and Nebula, merger of SF Bio and Finnkino and add-on investment in Jøtul Stofa divested – IRR 54% Contex divested – IRR -16% Preference share issue carried out Results Data per share 1) SEKm 2013 2012 2011 2010 2009 SEK per share 2013 2012 2011 2010 2009 Profit/share of profits 602 -29 546 1,419 1,295 Earnings after tax 2) 2.13 1.90 1.63 7.09 2.66 Exit gains 895 978 525 1,320 Equity 3) 38 39 43 47.50 48 Revaluations and Dividend 2) 3.00 4) 3.00 5.50 5.25 4.75 impairment -308 -375 -312 140 Dividend yield, % 5.2 4) 4.8 6.8 4.2 5.1 Profit from holdings 1,189 574 759 2,879 1,295 Total return, % -2 -17 -32 40 47 Central income and Market price 58.15 62.50 80.75 124.50 92.50 expenses -106 193 101 -11 80 Market price/equity, % 153 160 188 262 193 Profit before tax 1,083 767 860 2,868 1,375 1) Applicable historical figures are recalculated taking into account the split in 2011. Equity 13,778 12,353 13,658 15,091 15,302 Refers to B share unless otherwise stated. 2) Per ordinary share. 3) Equity attributable to owners of the parent with deduction for total Preference capital divided by the number of outstanding ordinary shares at the end of the period. 4) Proposed dividend. Earnings and dividend Total return SEK % 8 150 120 6 90 4 60 30 2 0 0 -30 2009 2010 2011 2012 2013 1) 2009 2010 2011 2012 2013 Earnings after tax/share Dividend/share 1) Proposed dividend. Ratos B (Total return) SIX Return Index Source: SIX and Ratos. Holdings in brief 18 holdings with total Finland 2 holdings sales of SEK billion 42 Norway 5 holdings Sweden 10 holdings operating profit SEK2.8 billion and Denmark employees 21,000 1 holding Our holdings IndUStriaLS AH Industries DIAB HENT HL Display Mobile Climate Control Danish supplier of metal Global company that A leading Norwegian International supplier of Offers complete climate components, modules, manu factures, develops construction company products and solutions for comfort systems mainly systems and services to and sells core materials that focuses on new in-store communication for buses, off-road and the wind energy, cement for composite structures construction of public and and store merchandising. defence vehicles. and mineral industries. including blades for wind commercial properties. turbines. Sales SEK 1,018m Sales SEK 864m Sales SEK 4,213m Sales SEK 1,596m Sales SEK 978m Operating Operating Operating Operating Operating profit/loss SEK -39m profit/loss SEK -50m profit SEK 120m profit SEK 128m profit SEK 97m Ratos’s holding 69% Ratos’s holding 96% Ratos’s holding 73% Ratos’s holding 99% Ratos’s holding 100% Investment year 2007 Investment year 2001 Investment year 2013 Investment year 2001/2010 Investment year 2007 www.ah-industries.dk www.diabgroup.com www.hent.no www.hl-display.com www.mcc-hvac.com OIL & GAS Consumer SErvices Aibel GS-Hydro KVD Nordic Cinema Group Leading Norwegian sup- Global supplier of non- Sweden’s largest second- The Nordic region’s larg- plier of maintenance and welded piping solutions to, hand car broker via the est cinema group with 66 modification services as among others, the marine marketplace kvd.se, which wholly owned cinemas well as new construction and offshore industries. has approximately 200,000 with 444 screens in Sweden, projects within offshore on unique visitors per week. Finland, Norway and the the Norwegian continental Baltic countries. shelf. Sales SEK 14,029m Sales SEK 1,237m Sales SEK 297m Sales SEK 2,425m Operating Operating Operating Operating profit SEK 839m profit SEK 83m profit SEK 44m profit SEK 305m Ratos’s holding 32% Ratos’s holding 100% Ratos’s holding 100% Ratos’s holding 58% Investment year 2013 Investment year 2001 Investment year 2010 Investment year 2011/2013 www.aibel.com www.gshydro.com www.kvd.se www.finnkino.fi www.kvdauctions.com www.sf.se Sector-neutral investments in the Nordic region Sector breakdown by consolidated book value Ratos invests in medium-sized to large companies in the Nordic region. Companies can be in all sectors. Consumer Services 7% Industrials 29% The biggest sector in terms of consolidated book value is industrials followed by consumer goods and services. Business Services 16% Consumer An overview of Ratos’s holdings is presented below and Goods 24% a detailed description of each holding is provided on pages Cash and 32–67 Life Science 2% cash equivalents Oil & Gas 12% and net assets 10% Consumer Goods SB Seating Arcus-Gruppen Hafa Bathroom Group Inwido Jøtul Develops and produces One of the Nordic region’s With the Hafa and Develops, manufactures One of Europe’s largest ergonomic office chairs leading suppliers of wine Westerbergs brands a and sells windows and manufacturers of stoves with a Scandinavian design and spirits. The group’s leading Nordic company exterior doors in the and fireplaces. The com- for private and public sector best-known brands include within bathroom interiors. Nordic region and selected pany dates back to 1853 office environments. Aalborg and Lysholm Linie countries in northern and the products are sold Aquavit. Europe. worldwide. Sales SEK 1,112m Sales SEK 2,516m Sales SEK 238m Sales SEK 4,300m Sales SEK 930m Operating Operating Operating Operating Operating profit SEK 222m profit SEK 274m profit/loss SEK -13m profit SEK 299m profit/loss SEK -15m Ratos’s holding 85% Ratos’s holding 83% Ratos’s holding 100% Ratos’s holding 97% Ratos’s holding 93% Investment year 2007 Investment year 2005 Investment year 2001 Investment year 2004 Investment year 2006 www.sbseating.com www.arcus-gruppen.no www.hafabg.com www.inwido.com www.jotul.com Business SErvices LIFE SCIENCE Bisnode Euromaint Nebula Biolin Scientific A leading European sup- Independent maintenance Provider of cloud-based Offers advanced analytical plier of decision support company for the rail trans- IT capacity services, instruments for research, within business, market port sector in Sweden, IT managed services and development and diag- and credit information. Germany, the Netherlands connection services for nostics. and Latvia. small and medium-sized enterprises in Finland. The company has over 34,000 customers. Sales SEK 3,724m Sales SEK 2,416m Sales SEK 228m Sales SEK 233m Operating Operating Operating Operating profit SEK 328m profit SEK 25m profit SEK 87m profit SEK 23m Ratos’s holding 70% Ratos’s holding 100% Ratos’s holding 72% Ratos’s holding 100% Investment year 2005 Investment year 2007 Investment year 2013 Investment year 2010 www.bisnode.com www.euromaint.com www.nebula.fi www.biolinscientific.com Contents Review of operations CEO’s comments 2 2013 in 3 minutes 4 Vision, mission, targets and strategy 6 Ratos as owner 8 Stofa – IRR 54% 12 Ratos share data 13 Ratos 60 listed years 16 The people at Ratos 18 Corporate Responsibility 24 Holdings Holdings overview 30 AH Industries 32 Aibel 34 Ratos is an owner company. Our mission is to Arcus-Gruppen 36 Biolin Scientific 38 provide the highest possible return through the Bisnode 40 DIAB 42 professional, active and responsible exercise of Euromaint 44 our ownership role in a number of selected GS-Hydro 46 Hafa Bathroom Group 48 companies and investment situations. HENT 50 HL Display 52 Value creation with Ratos as owner Inwido 54 Ratos’s financial target is that each investment should Jøtul 56 KVD 58 generate an average annual return (IRR) of at least 20%. Mobile Climate Control 60 Since 1999 our IRR has amounted to 25% on the total of Nebula 62 36 exits we have completed. Most value creation occurs Nordic Cinema Group 64 through industrial development during the holding period. SB Seating 66 Read more about our vision, mission, targets and strategies on pages 6–7 Directors’ report Long tradition of active ownership Guide to Ratos’s accounts 70 Directors’ report 74 Ratos has a 148-year tradition of active ownership. The Corporate governance report 77 business has had an industrial focus from the outset through Chairman’s letter 77 its origins in the steel wholesaler Söderberg & Haak Board of Directors & CEO 86 which was founded in 1866. In the subsequent century Consolidated income statement 88 Consolidated statement of comprehensive income 88 operations were developed and operating subsidiaries Consolidated statement of financial position 89 were added, primarily within trading and engineering, as Consolidated statement of changes in equity 90 well as a portfolio of listed shares. Ratos was listed on the Consolidated statement of cash flows 91 stock exchange in 1954, at the time as a mixed investment Parent company income statement 92 Parent company statement of comprehensive income 92 company. Today Ratos is a private equity conglomerate Parent company balance sheet 93 which seeks to combine the best from the private equity Parent company statement of changes in equity 94 and the conglomerate sectors. Ratos is listed on Nasdaq Parent company cash flow statement 95 OMX Stockholm, Large Cap and in 2014 will have been Index to the notes 96 Notes to the financial statements 97 listed for 60 years. Audit report 140 Read more about our 60 listed years on pages 16–17 People are the key Additional information What is decisive for Ratos over time is how well we succeed Five-year summary, Group 142 as active owners. This craftsmanship is carried out by our Definitions 143 organisation. Achieving our goals requires ideas, access to Addresses 144 capital and people with the will, expertise and stamina to Shareholder information 145 implement ambitious plans.
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