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Investment AB Kinnevik Investment AB Kinnevik Skeppsbron 18 (Publ) Reg no 556047-9742 P.O. Box 2094 Phone +46 8 562 000 00 SE-103 13 Stockholm Sweden Fax +46 8 20 37 74 www.kinnevik.se YEAR-END RELEASE 2010 Financial results for the fourth quarter Kinnevik’s net asset value 2006-2010 t 5IFNBSLFUWBMVFPGUIF(SPVQTTFDVSJUJFTJO Pro forma adjusted for the acquisition of Emesco during Q3 2009. Figures in SEK m. .BKPS-JTUFE)PMEJOHTBNPVOUFEUP4&, N 60000 PO%FDFNCFS BEFDSFBTFPG4&,1)NDPS- 50000 SFTQPOEJOHUPTJODF4FQUFNCFS t 5IFJODSFBTFJOGBJSWBMVFPOIPMEJOHTXJUIJO/FX 40000 7FOUVSFTBNPVOUFEUP4&,N OFHBUJWF 30000 PGXIJDI4&,N OFHBUJWF XBTSFMBUFEUP #MBDL&BSUI'BSNJOHBOEUIFSFNBJOJOH4&,N 20000 OFHBUJWF XBTNBJOMZSFMBUFEUPIPMEJOHTXJUIJO POMJOF Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 t ,PSTOÊTPQFSBUJOHQSPmUBNPVOUFEUPN BOEUIFPQFSBUJOHNBSHJOXBT t 5IF(SPVQTUPUBMSFWFOVFBNPVOUFEUP4&, Market value - Major Listed Holdings N Figures in SEK m. 60000 t /FUSFTVMUBGUFSUBY JODMVEJOHDIBOHFTJOGBJSWBMVF 12 202 2 685 50 645 PGmOBODJBMBTTFUT BNPVOUFEUPBQSPmUPG4&, 41 128 N DPSSFTQPOEJOHUPBQSPmUQFSTIBSF 40000 PG4&, Financial results for 2010 20000 t 5IFNBSLFUWBMVFPGUIF(SPVQTTFDVSJUJFTJO 0 .BKPS-JTUFE)PMEJOHTJODSFBTFECZ4&, 1)N MLH Change in Whereof MLH DPSSFTQPOEJOHUP 31 Dec value MLH cash 31 Dec 2009 dividends 2010 t ,PSTOÊTPQFSBUJOHQSPmUJODSFBTFEXJUIUP4&, N BOEUIFPQFSBUJOHNBSHJOXBT JODMVEJOHSFDFJWFEDPOnJDUDPNQFOTBUJPO t 5IF(SPVQTUPUBMSFWFOVFJODSFBTFEUP4&, N t /FUSFTVMUBGUFSUBY JODMVEJOHDIBOHFTJOGBJSWBMVF PGmOBODJBMBTTFUT BNPVOUFEUPBQSPmUPG4&, N DPSSFTQPOEJOHUPBQSPmUQFS TIBSFPG4&, t 5IF#PBSEQSPQPTFTUIBUUIF"OOVBM(FOFSBM.FF- UJOHEFDJEFPOBDBTIEJWJEFOEPG4&, QFSTIBSF t 5IF#PBSEIBTSFWJTFE,JOOFWJLTmOBODJBMUBSHFUT XIJDIBSFQSFTFOUFEPOQBHF 1)*ODMVEJOHEJWJEFOETSFDFJWFE WorldReginfo - 97103b96-486a-4e52-9fa6-416c73a5a735 w*T IS A PLEASUREUPCFBCMFUPQSFTFOUBTUSPOHZFBSGPS,JOOFWJL0VSOFUBTTFUWBMVFJODSFBTFECZ4&,CJMMJPOBT UIFNBSLFUDBQJUBMJ[BUJPOPGPVSIPMEJOHTJODSFBTFEEVSJOHUIFZFBS5IF,JOOFWJLTIBSFJODSFBTFECZJODMVEJOHEJWJEFOE *OUIFGPVSUIRVBSUFS,JOOFWJLSFDFJWFETIBSFTJO$%0/BOEUIFWBMVFPGPVSVOMJTUFEIPMEJOHTJODSFBTFE NBJOMZXJUIJOPO- MJOF%FTQJUFQSPEVDUJPOEJTUVSCBODFTJOUIFGPVSUIRVBSUFS ,PSTOÊTIBEPOFPGUIFIJHIFTUPQFSBUJOHSFTVMUTFWFSJO 5IFUFMFDPNBOENFEJBDPNQBOJFTDPOUJOVFUPHSPXGBTUBOEXJUIIJHIQSPmUBCJMJUZ5FMFTIPXFEBOJODSFBTFCZ DPSSFTQPOEJOHUPNJMMJPO PGUIFOVNCFSPGTVCTDSJCFSTJO3VTTJB.JMMJDPNSFQPSUFE&#*5%"NBSHJOTPG.5(IBT HBJOFENBSLFUTIBSFTBOEJTHSPXJOHTBMFTCZPOUIFGSFF57NBSLFUJO4DBOEJOBWJB5IFQPTJUJWFEFWFMPQNFOUBOEUIF TUSPOHmOBODJBMQPTJUJPOTJOPVSDPNQBOJFTJTSFnFDUFEJOUIFQSPQPTFEEJWJEFOETXIJDI XIFOQBTTFEBUUIF"OOVBM(FOFSBM .FFUJOHT XJMMNFBOUIBU,JOOFWJLSFDFJWFTJOUPUBM4&,CJMMJPOJOEJWJEFOETGSPN.JMMJDPN 5FMFBOE.5( %VSJOHUIFZFBSXFIBWFJOWFTUFE4&,CJMMJPOJO/FX7FOUVSFT NBJOMZXJUIJOPOMJOFBOENJDSPmOBODJOH JOPSEFSUP TFDVSFMPOHUFSNHSPXUIJOUIF,JOOFWJLQPSUGPMJP,JOOFWJLBMTPCFDBNFUIFMBSHFTUPXOFSJO$%0/GPMMPXJOHUIFEJTUSJCV- UJPOPGUIFDPNQBOZGSPN.5(*O XFFYQFDUUPJODSFBTFPVSJOWFTUNFOUTUPBSPVOE4&,CJMMJPOXJUIJO/FX7FOUVSFT XIFSFXFTFFTUSPOHHSPXUIUSFOET ,JOOFWJLIBTBTUSPOHCBMBODFTIFFU8FIBWFBSFMBUJWFMZIJHIHFBSJOHBHBJOTU,PSTOÊTJOPSEFSUPNBYJNJ[FUIFSFUVSOGPS ,JOOFWJL5IFMJTUFEQPSUGPMJPIBTBMPXHFBSJOHJOPSEFSUPHJWFVTnFYJCJMJUZUPBDUPOOFXJOWFTUNFOUPQQPSUVOJUJFTCPUIJO OFXBOEDVSSFOUIPMEJOHT"GUFSBWFSZTUSPOHZFBS UIF#PBSEPG%JSFDUPSTQSPQPTFTBOJODSFBTFEEJWJEFOEGSPN4&,UP4&, 5IF,JOOFWJLTIBSFIBTZJFMEFEBOBOOVBMSFUVSOPGQFSZFBSJOUIFQBTUZFBSTBOEXJUIPVSIPMEJOHTXJUIJOGBTU HSPXJOHDPNNVOJDBUJPOTFSWJDFTBOEJOUFSFTUJOHHSPXUINBSLFUTUIFSFBSFHPPEQSPTQFDUTUPDPOUJOVFUPDSFBUFMPOHUFSN HSPXUIw .JB#SVOFMM-JWGPST 1SFTJEFOUBOE$&0 ,JOOFWJLXBTGPVOEFEJOBOEUIVTFNCPEJFTNPSF Events during the fourth quarter UIBOTFWFOUZZFBSTPGFOUSFQSFOFVSTIJQVOEFSUIFTBNF *O%FDFNCFS .5(EJTUSJCVUFEBMMJUTTIBSFTJOUIFTVCTJ- HSPVQPGQSJODJQBMPXOFST,JOOFWJLTIPMEJOHTPGHSPXUI EJBSZ$%0/UPJUTTIBSFIPMEFST XIFSFCZ,JOOFWJLSFDFJ- DPNQBOJFTBSFGPDVTFEBSPVOEUISFFDPNQSFIFOTJWFCV- WFETIBSFTXJUIBNBSLFUWBMVFPG4&,N CBTFEPO TJOFTTBSFBT.BKPS6OMJTUFE)PMEJOHTXIJDIJODMVEFTUIF UIFBWFSBHFQSJDFEVSJOHUIFUISFFmSTUUSBEJOHEBZT 5IF DBSUPOCPBSEBOEQBQFSDPNQBOZ,PSTOÊTJODMVEJOHTIBSFT BNPVOUJTSFDPHOJ[FEBTEJWJEFOETSFDFJWFEJO,JOOFWJLT JO#FSHWJL4LPH .BKPS-JTUFE)PMEJOHTXIJDIJODMVEFT JODPNFTUBUFNFOUGPSUIFGPVSUIRVBSUFS"GUFSUIFEJTUSJ- .JMMJDPN*OUFSOBUJPOBM$FMMVMBS4" w.JMMJDPNw 5FMF"# CVUJPO ,JOOFWJLPXOTPGUIFDBQJUBMBOEWPUFTJO i5FMFw .PEFSO5JNFT(SPVQ.5("# w.5(w $%0/ $%0/ (SPVQ"# w$%0/w 5SBOTDPN8PSME8JEF4" i5SBOT- 8JUIJO/FX7FOUVSFT ,JOOFWJLNBEFUIFGPMMPXJOH DPNw BOE.FUSP*OUFSOBUJPOBM4" i.FUSPw BOE/FX7FO- JOWFTUNFOUTEVSJOHUIFRVBSUFS UVSFTXIJDIJTBDUJWFJOmOEJOHOFXJOWFTUNFOUTJOTNBMM t &63NIBTCFFOJOWFTUFEJOUPUIF&VSPQFBOPOMJOF BOENJETJ[FEDPNQBOJFTXJUIBTJHOJmDBOUHSPXUIQPUFO- DPNQBOZ3PDLFU*OUFSOFUBOEJUTQPSUGPMJPDPNQBOJFT UJBM,JOOFWJLIBTBMPOHIJTUPSZPGJOWFTUJOHJOFNFSHJOH t ,JOOFWJLIBTJODSFBTFEJUTPXOFSTIJQJOUIF-BUWJBOQFM- NBSLFUTXIJDIIBTSFTVMUFEJOBDPOTJEFSBCMFFYQPTVSFUP MFUTDPNQBOZ-BUHSBOUPGSPNQSFWJPVTMZ5PUBM DPOTVNFSTFDUPSTJOUIFTFNBSLFUT,JOOFWJLQMBZTBOBDUJWF BNPVOUJOWFTUFEXBT&63N SPMFPOUIF#PBSETPGJUTIPMEJOHT Total return Events after the end of the reporting period t *O+BOVBSZ ,JOOFWJLJOWFTUFE&63NJOUP3PDLFU The Kinnevik share’s average annual total return *OUFSOFUBOEJUTQPSUGPMJPDPNQBOJFT Past 30 years 1) 20% t 5IF#PBSETPG%JSFDUPSTJO.JMMJDPN 5FMFBOE.5( Past 5 years 15% IBWFQSPQPTFEUPUIF"OOVBM(FOFSBM.FFUJOHTJO.BZ Full year 2010 31% UIBUEJWJEFOETCFBQQSPWFEBDDPSEJOHUPUIFGPMMPXJOH 1) Based on the assumption that shareholders have retained their Kinnevik’s part of dividends proposed to allotment of shares in Tele2, MTG, Metro, Transcom and CDON. be paid from Major Listed Holdings Millicom USD 1.80/share 443 1) Tele2 SEK 6+21/share 3 658 MTG SEK 7.50/share 101 Total expected dividends to be recei- ved from Major Listed Holdings 4 202 Of which ordinary dividends 1 357 Proposed dividend to Kinnevik’s shareholders SEK 4.50/share 1 247 1) Based on an exchange rate of 6.50 SEK/USD. WorldReginfo - 97103b96-486a-4e52-9fa6-416c73a5a735 Financial overview Revised financial targets for Kinnevik Financial overview 5IF#PBSEPG%JSFDUPSTIBTSFWJTFE,JOOFWJLTmOBODJBM UBSHFUTXJUISFHBSETUPHFBSJOHPGUIFQBSFOUDPNQBOZBOE Consolidated earnings during the fourth quarter JUTEJWJEFOEQPMJDZ5IFUBSHFUTXJUISFHBSETUPMFWFSBHFJO 5IF(SPVQTSFWFOVFBNPVOUFEUP4&, NEVSJOHUIF ,PSTOÊTBOESFUVSOUBSHFUTSFNBJOVODIBOHFE GPVSUIRVBSUFS DPNQBSFEXJUI4&, NJOUIFQSFDF- EJOHZFBS Dividend policy 5IF(SPVQTPQFSBUJOHQSPmUBNPVOUFEUP4&,N ,JOOFWJLTEJWJEFOEQPMJDZJTUPQBZPVUNPSFUIBOPG 5IFDIBOHFJOGBJSWBMVFPGmOBODJBMBTTFUT JODMVEJOH PSEJOBSZEJWJEFOETSFDFJWFEGSPNUIFMJTUFEIPMEJOHTEVSJOH SFDFJWFEEJWJEFOEDPOTJTUJOHPGTIBSFTJO$%0/ BNPVOUFE UIFTBNFZFBS,JOOFWJLTBNCJUJPOJTUPDPOUJOVFUPHFOF- UP4&,N PGXIJDIBMPTTPG4&,N QSPmU SBUFBQSPHSFTTJWFBOOVBMEJWJEFOEGPSJUTTIBSFIPMEFST PG XBTSFMBUFEUP.BKPS-JTUFE)PMEJOHTBOEBQSPmU 5IFBVUIPSJUZUPSFQVSDIBTF,JOOFWJLTPXOTIBSFTXJMM PG4&,N MPTTPG UP/FX7FOUVSFT CFVUJMJTFEXIFOUIFBOUJDJQBUFEUPUBMSFUVSOUPTIBSFIPM- /FUQSPmUBNPVOUFEUP4&,N DPSSFTQPO- EFSTUISPVHITVDIBQSPHSBNJTEFFNFEUPCFNPSFBUUSBD- EJOHUP4&, QFSTIBSF UJWFUIBOPUIFSQPUFOUJBMJOWFTUNFOUT Consolidated earnings for 2010 Balance sheet 5IF(SPVQTUPUBMSFWFOVFEVSJOHUIFZFBSBNPVOUFEUP -FWFSBHFJO,JOOFWJLTIPVMECFVTFEBTBUPPMGPSNBYJNJ- 4&, N DPNQBSFEXJUI4&, NJOUIFQSFDFEJOH [JOHMPOHUFSNTIBSFIPMEFSSFUVSO5IFEJGGFSFOUUBSHFUTBSF ZFBS J ,PSTOÊT5PNBYJNJTFSFUVSOPOJOWFTUFEDBQJUBM UIF 5IF(SPVQTPQFSBUJOHQSPmUBNPVOUFEUP4&,N MFWFSBHFBHBJOTU,PSTOÊTTIBMMCFSFMBUJWFMZIJHI XIJDIJO 5IFJODSFBTFJTBUUSJCVUBCMFUPJODSFBTFEPQFSBUJOH UPEBZTNBSLFUFOWJSPONFOUNFBOTBMFWFSBHFPGBUMFBTUY QSPmUXJUIJO,PSTOÊT &#*5%" 5IFDIBOHFJOGBJSWBMVFPGmOBODJBMBTTFUTBOEEJWJ- JJ -JTUFETIBSFQPSUGPMJP5PIBWFmOBODJBMnFYJCJMJUZJOUIF EFOETSFDFJWFEBNPVOUFEUP4&, N PG QBSFOUDPNQBOZ UIFHPBMJTUPIBWFOPPSBMPXMFWFSBHF XIJDI4&, N XBTSFMBUFEUP.BKPS-JTUFE BHBJOTUUIFMJTUFETIBSFQPSUGPMJP )PMEJOHTBOE4&,N UP/FX7FOUVSFT%JWJEFOET SFDFJWFEBNPVOUFEUP4&, N PGXIJDIPSEJ- Return target OBSZEJWJEFOET4&, N 5IFUBSHFUJTUIBUUIFBWFSBHFZFBSMZJOUFSOBMSBUFPGSFUVSO /FUQSPmUBNPVOUFEUP4&, N DPS- *33 POBMMJOWFTUNFOUTJOUIFQPSUGPMJPTIPVMESFBDIBU SFTQPOEJOHUP4&, QFSTIBSF MFBTUHJWFOUIFDVSSFOUTUSVDUVSFPGUIFQPSUGPMJP The Group’s cash flow and investments Implications for 2011 5IF(SPVQTDBTIn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mYFEBTTFUT MJTUFETIBSFQPSUGPMJPJTFYQFDUFEUPCFJOUIFSBOHFPG4&, BNPVOUFEUP4&,N EVSJOHUIFQFSJPE PGXIJDI CMO-FWFSBHFBHBJOTU,PSTOÊTJTFYQFDUFEUPSFNBJO 4&,N XJUIJO,PSTOÊT BCPWFY&#*5%" 5IF#PBSEIBTTFUUIFNBOEBUFGPS/FX7FOUVSFTBU4&, NGPS XIJDIJTBOJODSFBTFPGGSPN4&, NJOWFTUFEJO 5PNBJOUBJOUIF#PBSETnFYJCJMJUZUPGVSUIFSPQUJNJTF UIFDBQJUBMTUSVDUVSFEVSJOHUIFZFBS UIF#PBSETFFLTUP SFOFXJUTNBOEBUFBUUIF"OOVBM(FOFSBM.FFUJOHUPSF- QVSDIBTFTIBSFT WorldReginfo - 97103b96-486a-4e52-9fa6-416c73a5a735 Financial overview *OWFTUNFOUTJOTFDVSJUJFTEVSJOHUIFQFSJPEBSFTIPXO -FWFSBHFXJUIJO.BKPS6OMJTUFE)PMEJOHTBOE.BKPS JOUIFUBCMFTCFMPX -JTUFE)PMEJOHTIBTEFWFMPQFEBDDPSEJOHUPUIFDIBSUT CFMPX Amount 1 Jan-31 Dec 2010 Financial instrument (SEK m) Subsidiaries Major Listed Holdings Latgran shares 71 Debt SEK m (grey bar) and Asset Value SEK m (red bar) Other 14
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