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 INTERIM REPORT 1 JANUARY-31 MARCH 2011
Financial results for the first quarter Kinnevik’s net asset value 2006-2011 t 5IFOFUBTTFUWBMVFJODSFBTFEEVSJOHUIFmSTURVBS Pro forma adjusted for the acquisition of Emesco during Q3 2009. Figures in SEK m. UFSUP4&, N DPNQBSFEUP4&, N 60000 BUUIFFOEPG%FDFNCFS%VSJOHUIFMBTU 50000 NPOUIT UIFOFUBTTFUWBMVFIBTJODSFBTFECZ t ,PSTOÊTPQFSBUJOHQSPmUJODSFBTFECZUP4&, 40000 N BOEUIFPQFSBUJOHNBSHJOXBT 30000 t 5IF(SPVQTUPUBMSFWFOVFBNPVOUFEUP4&, 20000 N Q1 11 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 /FUSFTVMUBGUFSUBY JODMVEJOHDIBOHFTJOGBJSWBMVF PGmOBODJBMBTTFUT BNPVOUFEUPBQSPmUPG4&, N DPSSFTQPOEJOHUPBQSPmUQFSTIBSFPG 4&, Market value - Major Listed Holdings Figures in SEK m. 60000 51 469 51 445 48 427
40000
20000
0 31 March 31 Dec 31 March 2010 2010 2011 w5IFmOBODJBMNBSLFUTIBWFCFFOJOnVFODFECZUIFHMPCBMVOSFTUEVSJOHUIFRVBSUFSCVUUIF WBMVFPG,JOOFWJLTBTTFUTIBTJODSFBTFEBOEUIF,JOOFWJLTIBSFJODSFBTFECZTFWFOQFSDFOU EVSJOHUIFQFSJPE8FDPOUJOVFUPTFFHPPEQSPmUHSPXUIXJUIJO,PSTOÊTBOEJOPVSUFMFDPN BOENFEJBBTTFUT%VSJOHUIFRVBSUFSXFIBWFDPOUJOVFEUPJOWFTUJOPOMJOFBOENJDSPmOBO DJOH UXPTUSPOHHMPCBMUSFOETwTBZT.JB#SVOFMM-JWGPST 1SFTJEFOUBOE$IJFG&YFDVUJWF0Gm DFSPG,JOOFWJL ,JOOFWJLXBTGPVOEFEJOBOEUIVTFNCPEJFTNPSF Events during the first quarter UIBOTFWFOUZZFBSTPGFOUSFQSFOFVSTIJQVOEFSUIFTBNF t*OUIFmSTURVBSUFS ,JOOFWJLJOWFTUFE4&,NNBJOMZ HSPVQPGQSJODJQBMPXOFST,JOOFWJLTIPMEJOHTPGHSPXUI XJUIJO0OMJOF PVUPGXIJDI4&,NJOUIF&VSPQFBO DPNQBOJFTBSFGPDVTFEBSPVOETFWFODPNQSFIFOTJWF POMJOFDPNQBOZ3PDLFU*OUFSOFUBOEJUTQPSUGPMJPDPN CVTJOFTTTFDUPST 1BQFS1BDLBHJOH 5FMFDPN4FSWJDFT QBOJFT BOE4&,NJO$%0/5IJTNFBOTUIBUTMJHIUMZ .FEJB 0OMJOF .JDSPmOBODJOH "HSJDVMUVSFBOE3FOFXBCMF MFTTUIBOPOFGPVSUIPGUIFNBOEBUFPG4&,CMOTFUCZ FOFSHZ,JOOFWJLIBTBMPOHIJTUPSZPGJOWFTUJOHJOFNFS UIF#PBSEGPSJOWFTUNFOUTXJUIJO0OMJOF .JDSPmOBODJOH HJOHNBSLFUTXIJDIIBTSFTVMUFEJOBDPOTJEFSBCMFFYQP "HSJDVMUVSFBOE3FOFXBCMFFOFSHZJO IBTCFFO TVSFUPDPOTVNFSTFDUPSTJOUIFTFNBSLFUT,JOOFWJLQMBZT VUJMJTFEEVSJOHUIFmSTURVBSUFS BOBDUJWFSPMFPOUIF#PBSETPGJUTIPMEJOHT t,JOOFWJLT#PBSEPG%JSFDUPSTBOEUIF#PBSETPG.JM MJDPN 5FMFBOE.5(IBWFQSPQPTFEUPUIF"OOVBM Total return (FOFSBM.FFUJOHTJO.BZUIBUEJWJEFOETCFBQQSPWFE The Kinnevik share’s average annual total return BDDPSEJOHUPUIFGPMMPXJOH Past 30 years 1) 20% Kinnevik’s part of dividends proposed Past 5 years 9% to be paid from listed holdings Full year 2010 31% Millicom USD 1.80/share 426 1)
1) Based on the assumption that shareholders have retained their Tele2 SEK 6+21/share 3 658 allotment of shares in Tele2, MTG, Metro, Transcom and CDON. MTG SEK 7.50/share 101 Total expected dividends to be recei- New reporting structure from 2011 ved from listed holdings 4 185 'SPN ,JOOFWJLIBTDIBOHFEJUTSFQPSUJOHTUSVDUVSF Of which ordinary dividends 1 340 Proposed dividend to Kinnevik’s BOEHSPVQBMMIPMEJOHTJOUPUIFGPMMPXJOHCVTJOFTTTFDUPST shareholders SEK 4.50/share 1 247 1BQFS1BDLBHJOH 5FMFDPN4FSWJDFT .FEJB 0OMJOF 1) Based on an exchange ratio of 6.25 SEK/USD. .JDSPmOBODJOH "HSJDVMUVSFBOE3FOFXBCMF&OFSHZ5IFBD 5IFQSPQPTFEEJWJEFOETXJMMSFTVMUJOBEJWJEFOEQBZ DPVOUJOHTFHNFOUTDPOTJTUPG1BQFS1BDLBHJOH ,PSTOÊT NFOUUP,JOOFWJLTTIBSFIPMEFSTDPSSFTQPOEJOHUPBQ 0UIFSPQFSBUJOHTVCTJEJBSJFT GPSNFSQBSUPG/FX7FOUVSFT QSPYJNBUFMZPGUIFFYQFDUFEPSEJOBSZEJWJEFOETGSPN BOE1BSFOU$PNQBOZPUIFST .JMMJDPN 5FMFBOE.5(
Kinnevik’s proportional part of revenue and operating result in its holdings
Change compared to Reported Proportional part of Jan-March 2010 Jan-March 2011 (SEK m) Equity interest revenue EBIT revenue EBIT revenue EBIT Korsnäs 100.0% 2 135 264 2 135 264 -1% 33% Millicom 35.7% 7 007 2 013 2 502 719 13% 20% Tele2 30.5% 9 573 1 560 2 920 476 0% 1% Transcom 22.3% 1 278 22 285 5 -2% -42% MTG 20.4% 3 125 684 638 140 2% 42% Metro 46.6% 490 -4 228 -2 16% N/A CDON 22.6% 572 20 129 5 22% -47% Black Earth Farming 1) 24.9% 128 -123 32 -31 -33% N/A Other unlisted holdings 972 -39 236 -2 83% N/A Total sum of Kinnevik’s proportional part of revenue and operating result 9 104 1 573 5% 16% 1) Reported with one quarter’s delay
5IFUBCMFBCPWFJTBDPNQJMBUJPOPGUIFIPMEJOHTSFWFOVFTBOEPQFSBUJOHSFTVMUSFQPSUFEGPSUIFm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
Financial overview
Financial overview OFUEFCUBU.BSDI 4&, NSFMBUFEUPFYUFSOBM OFUEFCUXJUIJO,PSTOÊTPSXJUITIBSFTJO,PSTOÊTBTDPM Consolidated earnings MBUFSBM 5IF(SPVQTSFWFOVFBNPVOUFEUP4&, NEVSJOHUIF -FWFSBHFXJUIJO,PSTOÊTBOEMJTUFEIPMEJOHTIBTEFWFMP RVBSUFS DPNQBSFEXJUI4&, NJOUIFQSFDFEJOHZFBS QFEBDDPSEJOHUPUIFDIBSUTCFMPX 5IF(SPVQTPQFSBUJOHQSPmUJODSFBTFEUP4&,N 5IFJODSFBTFJTNBJOMZBUUSJCVUBCMFUP,PSTOÊT Listed holdings 5IFDIBOHFJOGBJSWBMVFPGmOBODJBMBTTFUTBNPVOUFEUP Debt SEK m (grey bar) and Asset Value SEK m (red bar) OFHBUJWF4&,N PGXIJDIBMPTTPG4&,N Line shows Debt as percentage of Asset Value QSPmUPG XBTSFMBUFEUPMJTUFEIPMEJOHTBOEBMPTTPG 60000 14% 4&,N QSPmUPG UPVOMJTUFEmOBODJBMBTTFUT 50000 12% 10% /FUQSPmUBNPVOUFEUP4&,N DPSSFTQPO 40000 EJOHUP4&, QFSTIBSF 8% 30000 6% 20000 The Group’s cash flow and investments 4%
5IF(SPVQTDBTInPXGSPNPQFSBUJPOTFYDMVEJOH 10000 2% DIBOHFJOXPSLJOHDBQJUBMBNPVOUFEUP4&,N 0 0% EVSJOHUIFRVBSUFS8PSLJOHDBQJUBMJODSFBTFECZ4&,N
EFDSFBTFPG 2007 Q22007 Q32007 Q42008 Q12008 Q22008 Q32008 Q42009 Q12009 Q22009 Q32009 Q42010 Q12010 Q22010 Q32010 Q42011 Q1 *OWFTUNFOUTJOUBOHJCMFBOEJOUBOHJCMFmYFEBTTFUT BNPVOUFEUP4&,N EVSJOHUIFQFSJPE PGXIJDI Korsnäs 14% 4&,N XJUIJO,PSTOÊT 12% Net Debt SEK m (grey bar) and EBITDA SEK m (red bar) *OWFTUNFOUTJOTFDVSJUJFTEVSJOHUIFQFSJPEBSFTIPXO 10% Line shows Net Debt in relation to EBITDA (right axis) JOUIFUBCMFTCFMPX 8% 8000 10 x 9 6%x Amount 7000 8 x 1 Jan-31 Mar 2011 Financial instrument (SEK m) 6000 4% 5000 7 2%x 6 x 4000 0% Subsidiaries 5 5 x 3000 5 4 x 2000 Other securities 3 x 1000 2 x Online 0 1 x CDON shares 48 Rocket Internet with portfolio shares 351 2007 Q22007 Q32007 Q42008 Q12008 Q22008 Q32008 Q42009 Q12009 Q22009 Q32009 Q42010 Q12010 Q22010 Q32010 Q42011 Q1 companies Other Online investments 24 Microfinancing 7 "MMMPBOTIBWFmYFEJOUFSFTUUFSNTPGOPMPOHFSUIBO 10 x 430 UISFFNPOUIT5IFMPBOTDBSSZBOJOUFSFTUSBUFBDDPSEJOHUP9 x 8 x 4UJCPSPSTJNJMBSCBTFSBUFXJUIBOBWFSBHFNBSHJOPG 1 Jan-31 Mar 2010 7 x 6 x Paper & Packaging "U.BSDI UIFBWFSBHFSFNBJOJOHEVSBUJPOGPSBMM DSFEJUGBDJMJUJFTBNPVOUFEUPZFBST 5 x Bomhus Energi shares 33 4 x Online 0GUIF(SPVQTJOUFSFTUFYQFOTFTBOEPUIFSmOBODJBM 3 x Rocket Internet with portfolio DPTUTPG4&,N JOUFSFTUFYQFOTFTBNPVOUFEUP4&,2 x shares/warrants 364 companies N 5IJTNFBOTUIBUUIFBWFSBHFJOUFSFTUSBUFGPSUIF1 x Avito capital contribution 5 RVBSUFSXBT DBMDVMBUFEBTJOUFSFTUFYQFOTFJO Agriculture SFMBUJPOUPBWFSBHFJOUFSFTUCFBSJOHMJBCJMJUJFT Black Earth Farming shares 63 5IF(SPVQTCPSSPXJOHJTQSJNBSJMZBSSBOHFEJO4&, 465 0OBOBOOVBMCBTJT UIFOFUnPXJOGPSFJHODVSSFODJFT FYDMVEJOHEJWJEFOETSFDFJWFE JTBOFUJOnPXPGBCPVU4&, The Group’s liqudity and financing N DPNQSJTFENBJOMZPG,PSTOÊTTBMFTJO&63 5IF(SPVQTBWBJMBCMFMJRVJEJUZ JODMVEJOHTIPSUUFSNJOWFTU NFOUTBOEBWBJMBCMFDSFEJUGBDJMJUJFT UPUBMMFE4&, NBU .BSDIBOE4&, NBU%FDFNCFS 5IF(SPVQTJOUFSFTUCFBSJOHOFUEFCUBNPVOUFEUP4&, NBOE4&, NPOUIFTBNFEBUFT0GUIFUPUBM
Book and fair value of assets
Equity Voting Book value Fair value Fair value Total interest interest 2011 2011 2010 return Mkr (%) (%) 31 Mar 31 Mar 31 Dec 2011 Paper & packaging Korsnäs Industrial and Forestry 100 100 6 882 10 018 1) 9 774 1) Bergvik Skog 2) 5 5 569 569 556 Interest bearing net debt relating to Korsnäs -5 402 -5 402 -5 575 Total Paper & packaging 2 050 5 185 4 755 Telecom & services Millicom 35.7 35.7 22 834 22 834 24 309 -6% Tele2 30.5 47.7 19 755 19 755 18 915 4% Transcom 22.3 44.5 307 307 333 -8% Total Telecom and services 42 896 42 896 43 557 Media MTG 20.4 48.6 6 479 6 479 6 009 8% Metro shares 46.6 42.4 283 283 285 -1% Metro warrants 3) 388 388 374 4% Metro subordinated debentures 234 278 268 Total Media 7 384 7 428 6 936 Online Rocket Internet with portfolio companies 1 732 1 732 1 407 Avito (directly and through Vosvik) 56 274 274 274 CDON 22.6 22.6 513 513 420 10% Other Online investments 107 107 95 Total Online 2 626 2 626 2 196 Microfinancing Bayport 37 4) 37 307 307 332 Other Microfinancing investments 22 22 16 Total Microfinancing 329 329 348 Agriculture Black Earth Farming 24.9 24.9 886 886 824 8% Rolnyvik 100 100 206 250 250 RawAgro 21 21 21 Total Agriculture 1 113 1 157 1 095 Renewable energy Latgran 75 75 132 257 259 Vireo 11 11 8 Total renewable energy 143 268 267 Interest bearing net debt against listed holdings -2 187 -2 187 -1 706 Other assets and liabilities 44 44 65 Total equity/net asset value 54 398 57 746 57 513 Net asset value per share 208.35 207.51 Closing price, class B share 147.00 137.00 7%
1) Consensus among analysts covering Kinnevik. 2) Corresponding to 5% of the company’s equity. 3) Warrants in Metro are valued at fair value and included in change in fair value of listed holdings. 4) After warrants have been utilised.
Kinnevik’s holdings
Paper & Packaging ,PSTOÊTPQFSBUJOHQSPmUJODSFBTFEUP4&,NGPS UIFmSTURVBSUFSPGUIFZFBS VQGSPN4&,NJOUIF QSFDFEJOHmSTURVBSUFS5IFQSPmUJODSFBTFXBTBUUSJCVUBCMF Korsnäs UPIJHIFSQSPEVDUJPOWPMVNFT XJUIBOJNQSPWFEQSPEVDU ,PSTOÊT BXIPMMZPXOFETVCTJEJBSZPG,JOOFWJL JTUIF NJY IJHIFSTBMFTQSJDFTJOMPDBMDVSSFODJFTBOEMPXFS TFDPOEMBSHFTUQSPEVDFSJOUIFXPSMEPGMJRVJEQBDLBHJOH FOFSHZDPTUTQSJNBSJMZEVFUPFOFSHZJOWFTUNFOUTJOUIF CPBSE UIFUIJSEMBSHFTUXIFOJUDPNFTUPXIJUFUPQLSBGU (ÊWMFQMBOU5IFTFQPTJUJWFFGGFDUTXFSFPGGTFUCZBTUSPOH MJOFST 85- BOEPOFPGUIFMBSHFTUQSPEVDFSTPGDBSUPO FYDIBOHFSBUFBOEDPTUJODSFBTFTGPSXPPEBOEDIFNJDBMT CPBSE5IFDPNQBOZIBTUXPGVMMZJOUFHSBUFENJMMTJO(ÊWMF 5IFFYQMBOBUPSZJUFNTBSFQSFTFOUFEJOUIFUBCMFCFMPX BOE'SÚWJBOEQSPEVDFT$5.1QVMQGPSJOUFSOBMVTFJO 3PDLIBNNBS8JUIJUTWBTUFYQFSJFODF TPMJEDPNQFUFODF Explanation items in changes in EBIT (SEK m) Jan-Mar BOEBEWBODFEUFDIOPMPHZ ,PSTOÊTOVSUVSFTJUTBNCJUJPOUP EBIT 2010 199 DPOTUBOUMZEFWFMPQBOEJNQSPWFJUTQSPEVDUTBOETFSWJ Delivery and production volumes and changed DFTUPCSJOHCFOFmUUPJUTDVTUPNFST,PSTOÊT'PSFTUSZJT product mix 33 SFTQPOTJCMFGPSQVSDIBTFTPGXPPEBOEmCFSGPS,PSTOÊT*O Sales prices including currency effects 31 EVTUSJBMBOEBMTPDPOEVDUTFYUFSOBMTBMFT QSJNBSJMZPGTBXO Cost changes for energy 68 UJNCFS,PSTOÊTBMTPPXOTPGUIFTIBSFTJO#FSHWJL4LPH Cost changes for pulpwood and external pulp -51 "# Cost changes for chemicals -15 Change in fixed costs -5 Jan-Mar Full year Other 4 Key data (SEK m) 2011 2010 2010 EBIT 2011 264 Korsnäs Industrial Revenue 1 874 1 911 7 148 Market EBIT 254 188 879 5IFNBSLFUTJUVBUJPOXBTTUBCMFEVSJOHUIFmSTURVBSUFS Operating margin 13.6% 9.8% 12.3% XJUIEFNBOEUIBUMFWFMFEPVUBUBIJHIQPTJUJPOGPSUIF Korsnäs Forestry TFBTPO'PMMPXJOHQSPEVDUJPOQSPCMFNTEVSJOHUIFGPVSUI Revenue 261 248 1 030 RVBSUFS ,PSTOÊTJOWFOUPSZMFWFMTXFSFMPXBUUIFCFHJO EBIT 10 11 47 OJOHPGUIFZFBS XIJDINFBOUUIBUEFMJWFSJFTGPSUIFmSTU Korsnäs Group RVBSUFSPGUIFZFBSXFSFOFHBUJWFMZJNQBDUFECZBTIPSUBHF Revenue 2 135 2 159 8 178 PGNBUFSJBMUPEFMJWFS%FMJWFSJFTPGMJRVJEQBDLJOHCPBSE EBIT 264 199 926 JODSFBTFETPNFXIBU XIJMFEFMJWFSZWPMVNFTJOPUIFS Operating margin 12.4% 9.2% 11.3% QSPEVDUBSFBTXFSFTMJHIUMZMPXFS DPNQBSFEXJUIUIFmSTU Return on operational capital 13.2% 10.3% 11.9% RVBSUFSPG5IFSBOHFJOFBDIQSPEVDUBSFBDPOUJOVFE Cash flow data UPCFEFWFMPQFEUPXBSETQSJPSJUJ[FEQSPEVDUTXJUIIJHI EBITDA 415 347 1 528 Change in working capital -59 125 113 NBSHJOTQVSTVBOUUPUIFDPNQBOZTMPOHUFSNTUSBUFHZ1SJDF Cash flow from operations 279 300 1 314 JODSFBTFTXFSFJNQMFNFOUFEGSPN+BOVBSZ JOBD Investments in tangible fixed assets -97 -129 -604 DPSEBODFXJUIBHSFFNFOUTXJUINBKPSMJRVJEQBDLJOHCPBSE DVTUPNFSTBOEQSJDFJODSFBTFTXFSFBMTPJNQMFNFOUFEJO Production, thousand tons 278 261 1 019 PUIFSQSPEVDUBSFBTEVSJOHUIFmSTURVBSUFS Deliveries, thousand tons 259 269 1 021 Production %VSJOHUIFmSTURVBSUFSPG QSPEVDUJPODPOUJOVFEBT Korsnäs Industrial’s sales TDIFEVMFE4 XJUIPVUBOZNBKPSPQFSBUJOHQSPCMFNT5IFmSTU volume divided per product Jan-Mar 2011 RVBSUFS3 PGXBTOFHBUJWFMZJNQBDUFECZBQSPEVDUJPO Numbers in brackets refer to Jan-March 2010. MPTTPGBQQSPYJNBUFMZ UPOTPGQBQFSBOEDBSUPOCPBSE QSPEVDUT2 EVFUPVOTDIFEVMFEPQFSBUJPOBMEJTSVQUJPOTJOUIF Liquid Packaging Board 70% (64%) SFDPWFSZ1 CPJMFSTJOCPUI(ÊWMFBOE'SÚWJ WTL 13% (16%) "TBSFTVMUPGFOFSHZJOWFTUNFOUTJO(ÊWMF FOFSHZDPTUT Cartonboard 11% (13%) ESPQQFETJHOJmDBOUMZ DPNQBSFEXJUIUIFDPSSFTQPOEJOH Sack and kraft paper 6% (6%) QFSJPEJO5IFOFXFWBQPSBUJPOGBDJMJUZJO(ÊWMF XIJDIXBTCSPVHIUJOUPQSPEVDUJPOJO.BZ IBTEF DSFBTFEPJMDPOTVNQUJPOXFMMJOMJOFXJUIUIFBOUJDJQBUFE TBWJOHTPG DVCJDNFUFSTQFSZFBS 'PMMPXJOHUIFJODSFBTFJOQSJDFGPSQVMQXPPEPO +BOVBSZCZ4&,NGVC EFQFOEJOHPOUIFSBOHF BOEDBUDINFOUBSFB UIFQSJDFSFNBJOFEVODIBOHFEEVSJOH UIFRVBSUFS5IFQSJDFJODSFBTFJOQVMQXPPEXJMMIBWFBOF
Kinnevik’s holdings
HBUJWFJNQBDUPO,PSTOÊTPQFSBUJOHJODPNFCZBQQSPYJNB Telecom & services UFMZUISFFUPTJYNPOUITEFMBZ'PMMPXJOHUIFQSJDFJODSFBTF ,JOOFWJLIBTTUSPOHNBSLFUQPTJUJPOTJONPCJMFUFMFQIPOZ JO+BOVBSZ QVMQXPPEQSJDFTBSFTMJHIUMZVOEFSUIFMFWFM JO4DBOEJOBWJB UIF#BMUJDT 3VTTJB -BUJO"NFSJDBBOE4VC UIBUQSFWBJMFEQSJPSUPUIFmOBODJBMDSJTJTJO 4BIBSBO"GSJDBUIPVHIJUTIPMEJOHJO.JMMJDPNBOE5FMF*O Distribution of operating costs Jan-Mar 2011 UPUBM ,JOOFWJLTUFMFDPNBTTFUTDPWFSBUPUBMQPQVMBUJPOPG NJMMJPOQFPQMFBOEIBWFNJMMJPOTVCTDSJCFSTJO Excluding depreciation, Korsnäs Industrial. Numbers in brackets DPVOUSJFT5 refer to Jan-Mar 2010. 4
Millicom3 Pulpwood and external pulp .JMMJDPNPGGFSTBGGPSEBCMFBOEFBTJMZBDDFTTJCMFNPCJMF 2 37% (31%) UFMFQIPOZTFSWJDFTJODPVOUSJFTJO-BUJO"NFSJDBBOE Labour 19% (20%) "GSJDB1 Jan-March Full year Chemicals 18% (17%) Key data (USD m) 2011 2010 2010 Other variable and fixed costs Revenue 1 081 954 3 920 14% (16%) EBITDA 509 451 1 841 Energy 12% (16%) Operating profit, EBIT 311 259 1 042 Net profit 230 156 5921) Number of mobile subscribers (million) 39.8 35.1 38.6
1) Investments and maintenance stoppages Excluding one-off items
5IFQSPKFDUQFSUBJOJOHUPBOFXCJPFOFSHZGBDJMJUZJO,PST B Share Traded volume (Thousands) OÊTJOEVTUSJBMBSFBJTQSPHSFTTJOHXJUI(ÊWMF&OFSHJ"#T OMX Stockholm PI 800 KPJOUMZPXOFEDPNQBOZ #PNIVT&OFSHJ"#5IFBJNPGUIF 700 CJPFOFSHZGBDJMJUZJTUPBTTVSFEFMJWFSZPGFOWJSPONFOUBMMZ 600 GSJFOEMZFMFDUSJDJUZBOETUFBNUP,PSTOÊTQMBOUJO(ÊWMF 500 GSPN BTXFMMBTEJTUSJDUIFBUJOHUP(ÊWMF&OFSHJT 400
DVTUPNFST5IFXPSLJTDPOUJOVJOHBTTDIFEVMFEBOEBMM 300 NBJODPNQPOFOUTIBWFCFFOQSPDVSFEXJUIJOUIFQSPKFDUT CVEHFUGSBNFXPSL'PS,PSTOÊT UIFJOWFTUNFOUJOPG 14 000 200 12 000 UIFTIBSFTBOEEFCFOUVSFMPBOTJO#PNIVTXJMMBNPVOUUP 10 000 8 000 BQQSPYJNBUFMZ4&,N PGXIJDI4&,NXBTQBJE 6 000 4 000 EVSJOH/PQBZNFOUIBTCFFONBEFEVSJOHUIFmSTU 2 000 100 RVBSUFSPG*OBEEJUJPOUPUIFJOWFTUNFOUJO#PNIVT 2006 2007 2008 2009 2010 2011 &OFSHJ ,PSTOÊTXJMMNBLFGVSUIFSFOFSHZJOWFTUNFOUTPG © NASDAQ OMX BCPVU4&,NJOUIFFYJTUJOHQMBOUGPSEFMJWFSZPGXBTUF IFBUUP(ÊWMF&OFSHJ"# PGXIJDI4&,NXBTQBJE .JMMJDPNTQFSGPSNBODFJOUIFmSTURVBSUFSDPOmSNTJUTWB EVSJOHBOE4&,NEVSJOHUIFmSTURVBSUFSPG MVFDSFBUJPOTUSBUFHZBOEJUTFGGFDUJWFJNQMFNFOUBUJPOJOJUT %VSJOHUIFGPVSUIRVBSUFSPG BEFDJTJPOXBTNBEF NBSLFUT-PDBMDVSSFODZSFWFOVFTJODSFBTFECZZFBS UPJOTUBMMBUIJSETIFFUNBDIJOFJO'SÚWJGPSBQQSPYJNBUFMZ POZFBS XIJDIJTUIFIJHIFTURVBSUFSMZUPQMJOFHSPXUISBUF 4&,N$PNNJTTJPOJOHJTTDIFEVMFEGPS0DUPCFS .JMMJDPNIBTSFQPSUFETJODF4BMFTJO-BUJO"NFSJDBBT .BJOUFOBODFTIVUEPXOTBUUIFQMBOUTJO(ÊWMFBOE'SÚ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mplemented and planned SFTVMUT maintenance stoppages 2011 2010 *O"GSJDB .JMMJDPNTSFWFOVFTHSFXCZBOEDPO Korsnäs Gävle Q2: 2 days Q4: 9 days Q4: 9 days UJOVFEUPCFJNQBDUFECZUIFNBSLFUQSJDFSFEVDUJPOT JOUSPEVDFEJOUIFTFDPOEIBMGPG5IFSFIBTCFFOOP Korsnäs Frövi Q2: 8 days Q2: 11 days GVSUIFSTJHOJmDBOUQSJDJOHBDUJWJUZJOUIFmSTURVBSUFSPG 'PSUIF(SPVQBTBXIPMF .JMMJDPNJTDPOmEFOUPG
Kinnevik’s holdings
NBJOUBJOJOHUPQMJOFHSPXUIPGBSPVOEJOMPDBMDVS Transcom SFODZJO 5SBOTDPNJTBDUJWFXJUIJOPVUTPVSDJOHPG$VTUPNFS3FMB .JMMJDPNIBTBOOPVODFEJUTJOUFOUJPOUPDPOTPMJEBUF UJPOTIJQ.BOBHFNFOU $3. BOE$SFEJU.BOBHFNFOU4FS UIFMJTUJOHPGJUTTIBSFTPOUPBTJOHMFFYDIBOHF /"4%"2 WJDFT5PEBZUIFDPNQBOZJTFNQMPZJOHNPSFUIBO 0.94UPDLIPMN JOPSEFSUPTJNQMJGZJUTMJTUJOHPCMJHBUJPOT QFPQMFEFMJWFSJOHTFSWJDFTGSPNDPVOUSJFT 5IFUSBOTJUJPOPGUIFQSJNBSZMJTUJOHBOEUIF64EFSFHJTU SBUJPO XIJDI.JMMJDPNJOUFOETUPJNQMFNFOUBTTPPOBTJU Jan-March Full year JTFMJHJCMFUPEPTP XJMMFMJNJOBUFTPNFPGUIFTJHOJmDBOU Key data (EUR m) 2011 2010 2010 EFNBOETQMBDFEPOUIFDPNQBOZSFMBUFEUPBEVBMMJTUJOH Revenue 144.1 147.0 589.1 Operating profit, EBIT 2.5 4.3 -6.5 Net profit 1.9 3.1 -8.0
Tele2 B Share Traded volume (Thousands) 5FMFPGGFSTQSPEVDUTBOETFSWJDFTXJUIJOmYFEBOENPCJMF OMX Stockholm PI UFMFQIPOZ CSPBECBOE DPNQVUFSOFUXPSLTBOEDBCMF57 100 XJUIBHFPHSBQIJDBMGPDVTPO3VTTJB &BTUFSO&VSPQFBOE 80
UIF/PSEJDT 60
Jan-March Full year 40 Key data (SEK m) 2011 2010 2010 Revenue 9 573 9 527 40 164 10 000 EBITDA 2 457 2 358 10 284 8 000
Operating profit, EBIT 1 659 1 546 7 088 20 6 000
Net profit 1 213 1 268 6 928 4 000 Number of subscribers (million) 31.2 27.7 30.9 2 000 12 2006 2007 2008 2009 2010 2011 © NASDAQ OMX B Share Traded volume (Thousands) OMX Stockholm PI 160 5SBOTDPNSFQPSUFESFWFOVFPG&63NJOUIFmSTU 140 RVBSUFS5IF(SPVQTHSPTTNBSHJOXBT EPXOGSPN
120 MBTUZFBS5IFNBSHJOFSPTJPOJTBDPOTFRVFODFPG BEEJUJPOBMTVQQPSUDPTUTJODVSSFEJOUIF/PSUISFHJPOBOE 100 JO*UBMZJOUIFmSTURVBSUFS/FUJODPNFXBT&63NDPN
80 QBSFEUP&63NMBTUZFBS5SBOTDPNSFNBJOTGPDVTFE
140 000 BOEJTNBLJOHQSPHSFTTPOUIFFYFDVUJPOPGUSBOTGPSNJOH 120 000 UIFCVTJOFTTXJUIUISFFNBJOQSJPSJUJFTGPSHSPXUI 60 100 000 80 000 BEESFTTJOHOPOQFSGPSNJOHVOJUT QPSUGPMJPBOEUFDIOPMPHZ 60 000 40 000 USBOTGPSNBUJPO 20 000 40 2006 2007 2008 2009 2010 2011 © NASDAQ OMX
5IFmSTUUISFFNPOUITPGIBWFDPOUJOVFEUPTIPX TUSPOHSFWFOVFHSPXUIJO5FMFTNBJONBSLFUT%VSJOHUIF RVBSUFS 5FMFGPDVTFEPOFYFDVUJOHBHBJOTUJUTTFUQFSGPS NBODFUBSHFUT *O2 5FMF3VTTJBBEEFE DVTUPNFSTJOBOJODSFBTJOHMZDPNQFUJUJWFNBSLFU&#*5%" BNPVOUFEUP4&,N FRVJWBMFOUUPBO&#*5%" NBSHJOPG .PCJMFSFWFOVFJO4XFEFOHSFXCZ BTDVTUPNFS EFNBOEGPSTNBSUQIPOFTBOEEBUBTFSWJDFTDPOUJOVFEUP JODSFBTFEVSJOHUIFRVBSUFS.PCJMFDVTUPNFSJOUBLFJO/PS XBZXBTHPPE BNPVOUJOHUP %VSJOHUIFRVBSUFS 5FMFJO,B[BLITUBOQSFQBSFEGPS DPNNFSDJBMMBVODIUISPVHIJOUFOTJmFEFGGPSUTGPSJNQSP WJOHOFUXPSLRVBMJUZBOEEJTUSJCVUJPODBQBCJMJUJFT
Kinnevik’s holdings
Media Metro ,JOOFWJLTNFEJBDPNQBOJFTIBWFPQFSBUJPOTJOBUPUBMPG .FUSPJTUIFXPSMETMBSHFTUJOUFSOBUJPOBMEBJMZOFXTQBQFS NBSLFUTBOEBDPNCJOFESFBDIPGNJMMJPOEBJMZ57 .FUSPJTQVCMJTIFEJOPWFSNBKPSDJUJFTJODPVOUSJFT WJFXFSTJO.5(BOENJMMJPOEBJMZSFBEFSTJO.FUSP BDSPTT&VSPQF /PSUI4PVUI"NFSJDBBOE"TJB.FUSPBUU SBDUTBOBVEJFODFPGBMNPTUNJMMJPOEBJMZSFBEFST
Modern Times Group MTG Jan-Dec Full year .5(JTBOJOUFSOBUJPOBMNFEJBDPNQBOZXJUIUIFTFDPOE Key data (EUR m) 2010 2010 20101) MBSHFTUHFPHSBQIJDTQSFBEJOSBEJPBOE57PQFSBUJPOTJO Revenue 55.2 47.7 206.5 &VSPQF.5(TGSFFBOEQBZ57DIBOOFMTSFBDINPSFUIBO Operating profit, EBIT -0.4 -3.7 5.5 NJMMJPOQFPQMFJODPVOUSJFT Net result -3.4 -5.8 4.0 1) Excluding one-off items Jan-March Full year Key data (SEK m) 2011 2010 2010 B Share Traded volume (Thousands) Revenue 3 125 3 054 13 101 OMX Stockholm PI 20 Operating profit, EBIT 684 483 2 355 15 Net profit 490 275 1 750 10 B Share Traded volume (Thousands) OMX Stockholm PI 600 5
500
400 80 000
60 000 300 40 000
20 000
200 20 000 0.5 2006 2007 2008 2009 2010 2011 15 000 © NASDAQ OMX
10 000 5 000 .FUSPSFQPSUFEBOPQFSBUJOHMPTTPG&63NJOUIFTFB 100 2006 2007 2008 2009 2010 2011 TPOBMMZXFBLmSTURVBSUFS BOJNQSPWFNFOUPG&63N © NASDAQ OMX ZFBSPOZFBS&#*5JNQSPWFNFOUTJO4XFEFOBOE%FONBSL DPOUSJCVUFECZ&63NFBDI .5(TTBMFTBOEPQFSBUJOHQSPmUTBSFBUSFDPSEMFWFMTJO 4USPOHTBMFTHSPXUIDPOUJOVFEJO$IJMF VQ 3VTTJB UIFmSTURVBSUFSGPMMPXJOHTBMFTHSPXUIBUDPOTUBOUFY VQ .FYJDPVQBOE$BOBEBVQ*O'SBODF UIF DIBOHFSBUFTBOEBJODSFBTFJOPQFSBUJOHJODPNFFYDMV POHPJOHDJSDVMBUJPOBOEQSJDFXBSJOUIFGSFFOFXTQBQFS EJOHBTTPDJBUFT"MMPGUIFCVTJOFTTTFHNFOUTEFMJWFSFETBMFT JTBGGFDUJOHTBMFTOFHBUJWFMZBOETBMFTXFSFEPXOCZ HSPXUIBUDPOTUBOUFYDIBOHFSBUFTBOEUIFHSPVQPQFSBUJOH .FUSPJT IPXFWFS NBJOUBJOJOHJUTQPTJUJPOBTUIFTFDPOE NBSHJOJODSFBTFEUPFYDMVEJOHBTTPDJBUFT NPTUSFBEOFXTQBQFSJO'SBODF 5IF4DBOEJOBWJBO57BEWFSUJTJOHNBSLFUTIBWFDPO .FUSPMBVODIFEOFXFEJUJPOTJO(VBUFNBMBBOE3JPEF UJOVFEUIFJSTUSPOHEFWFMPQNFOUXJUIQSJDFJODSFBTFTJO +BOFJSPBOE$BNQJOBTJO#SB[JMEVSJOHUIFRVBSUFS FBDIDPVOUSZ5IFSFDPWFSZJOBEWFSUJTJOHTQFOEJOHJOUIF FNFSHJOHNBSLFUTJTMBHHJOHBOE XJUIUIFFYDFQUJPOPGUIF #BMUJDT BSFUVSOUPTVTUBJOFENBSLFUHSPXUIJTZFUUPCF TFFO CVU.5(JTUBLJOHNBSLFUTIBSFJOBMNPTUBMMPGJUT PQFSBUJOHUFSSJUPSJFT *OUIFmSTURVBSUFS .5(MBVODIFEBOFXGSFF57 DIBOOFMJOUIF$[FDI3FQVCMJD JOUSPEVDFETFWFSBMOFX )%DIBOOFMTBOEQSPEVDFEUIFmSTUMJWF%CSPBEDBTUPG BTQPSUTFWFOUJO4DBOEJOBWJB MBVODIFEOFXQBZ57 DIBOOFMTJO"GSJDB BOEGVMMZJOUSPEVDFEJUT7JBQMBZPOMJOF POEFNBOEWJEFPTUSFBNJOHTFSWJDFUIBUJTBWBJMBCMFUPBOZ XFCDPOOFDUFEEFWJDFJO4DBOEJOBWJB
Kinnevik’s holdings
Online Microfinancing $POTVNFSSFMBUFEPOMJOFTFSWJDFTBSFHSPXJOHTUSPOHMZBOE 4JNJMBSUPUIFNBOOFSJOXIJDIUFMFDPNEFWFMPQFETUSPO ,JOOFWJLJTTFBSDIJOHGPSWBSJPVTUZQFTPGJOWFTUNFOUTUIBU HMZJOFNFSHJOHNBSLFUTUISPVHIJOOPWBUJWFQSPEVDUTBOE XJMMCFOFmUGSPNIPVTFIPMETTQFOEJOHBHSPXJOHQSPQPS EJTUSJCVUJPOOFUXPSLT ,JOOFWJLJTTFBSDIJOHGPSJOWFTUNFOU UJPOPGUIFJSUJNFBOECVEHFUPOMJOF5IFNBJOGPDVTJT PQQPSUVOJUJFTJOUIFNJDSPmOBODJOHTFDUPS DPOTVNFSPSJFOUFETFSWJDFT XJUISFMBUJWFMZQSPWFOCVTJOFTT #BZQPSU BDPNQBOZPGGFSJOHNJDSPDSFEJUTBOEmOBODJBM DPODFQUT&YQBOTJPOJODPOTVNFSSFMBUFE*OUFSOFUTFSWJDFT TFSWJDFTJO(IBOB 6HBOEB ;BNCJB 5BO[BOJBBOE#PUTXB JTDBQJUBMJOUFOTJWFBOEDPNQFUJUJPOJOUIFNBSLFUJTUPVHI OB JT,JOOFWJLTMBSHFTUJOWFTUNFOUJOUIFNJDSPmOBODJOH CVUBUUIFTBNFUJNF UIFHSPXUIQPUFOUJBMJTTJHOJmDBOU TFDUPS(IBOBBOE;BNCJBBSFUIFMBSHFTUNBSLFUT XIJMF BMTPUIFPUIFSDPVOUSJFTBSFEJTQMBZJOHSBQJEHSPXUI*O CDON UIFmSTURVBSUFSPG #BZQPSUFYQBOEFEJUTPQFSBUJPOT $%0/HSPVQJTBMFBEJOHFDPNNFSDFDPNQBOZXJUITPNF PVUPGUIF"GSJDBODPOUJOFOUUISPVHIUIFBDRVJTJUJPOPGB PGUIFNPTUXFMMLOPXOBOEBQQSFDJBUFECSBOETJOUIF NBKPSJUZTUBLFJOUIF$PMPNCJBOQBZSPMMEFEVDUJPODPNQBOZ /PSEJDBSFB 'J.4" Jan-March Full year #BZQPSUXBTGPVOEFEJOBOEIBTHSPXOXJUI Key data (SEK m) 2011 2010 2010 QSPmUBCJMJUZJOUPBMFBEJOH"GSJDBONJDSPDSFEJUDPNQBOZ Revenue 572 470 2 210 5IFDPNQBOZIBTBCPVU DVTUPNFSTBOEUIFQSPEVDU Operating profit/loss, EBIT 20 38 135 QPSUGPMJPJTDPOUJOVPVTMZFYQBOEJOH QSJNBSJMZXJUIMPBOT Net profit 13 25 90 XJUIMPOHFSEVSBUJPO-PBOTBSFVTFEQSJNBSJMZGPSmOBODJOH $%0/HSPVQSFWFOVFTXFSFVQZFBSPOZFBSJOUIF MBSHFSOPOSFDVSSFOUFYQFOTFT TVDIBTTDIPPMGFFT JOWFTU mSTURVBSUFS BOEHSPTTQSPmUTXFSFVQXJUIBHSPTT NFOUJOGBSNJOHPSGPSTUBSUJOHTNBMMFSDPNQBOJFT NBSHJOPG EFTQJUFUIFBDDFMFSBUJOHNJHSBUJPOBXBZ .JDSPWFTU**JTBGVOEGPDVTJOHPOFRVJUZJOWFTUNFOUTJO GSPNNFEJBQSPEVDUTUPXBSETIJHIFSHSPXUIQSPEVDUDBUF NJDSPmOBODJOHDPNQBOJFTJOFNFSHJOHNBSLFUT5IFGVOE HPSJFTTVDIBTDPOTVNFSFMFDUSPOJDT XIJDIHSFXUPCFDPNF IBTDVSSFOUMZGPVSJOWFTUNFOUT PGXIJDIUXPJO*OEJB POF UIFTFDPOEMBSHFTUQSPEVDUHSPVQXJUIJOUIF&OUFSUBJONFOU JO1BSBHVBZBOEPOFJO1FSV TFHNFOU $%0/DPOUJOVFEUPFYQBOEUIFCVTJOFTTJOMJOFXJUI JUTTUSBUFHZJOUIFmSTURVBSUFSCZBDRVJSJOHGVSOJUVSFBOE JOUFSJPSEFTJHOSFUBJMFS36.TF SPMMJOHPVU/FMMZDPNJO (FSNBOZXJUINBSLFUUFTUTJOUIF/FUIFSMBOETBOE"VTUSJB MBVODIJOH(ZNHSPTTJTUFOJO%FONBSLBT#PEZTUPSFEL BOE CSPBEFOJOHUIFBTTPSUNFOUTPGBMMPOMJOFTUPSFT 5IFZFBSPOZFBSEFWFMPQNFOUJOTBMFTBOEQSPmUBCJMJUZ BMTPSFnFDUFEUIFMBVODIPG)FQQPDPNJO4XFEFOJO4FQ UFNCFS UIFBDRVJTJUJPOPG-FLNFSDPNBUUIFFOEPG UIFmSTURVBSUFSPGMBTUZFBS BOEUIFQBO/PSEJDFYUFOTJPO PGCPUICSBOET
Online – non-listed holdings ,JOOFWJLTMBSHFTUOPOMJTUFEJOWFTUNFOUTXJUIJOPOMJOF DPNQSJTFJOWFTUNFOUTJO3PDLFU*OUFSOFUBOEJUTQPSUGPMJP DPNQBOJFT BTXFMMBT"WJUP 3PDLFU*OUFSOFUPXOTBQPSUGPMJPPGWBSJPVTFDPNNFSDF DPNQBOJFTBOEPUIFSDPOTVNFSPSJFOUFEPOMJOFDPNQB OJFT JODMVEJOHUIFTIPFBOEGBTIJPOSFUBJMFS;BMBOEP UIF HSPVQEJTDPVOUDPNQBOZ(SPVQPO UIFNBUDINBLJOHTJUF F%BSMJOHBOEUIFQSJDFDPNQBSJTPOTJUF3 "WJUPSVJTUIFMFBEJOHPOMJOFTFSWJDFGPSDMBTTJmFE BEWFSUJTJOHJO3VTTJBXJUINPSFUIBONJMMJPOOFXDMBT TJmFETFWFSZNPOUIBOEPWFSNJMMJPOVOJRVFNPOUIMZ WJTJUPST(SPXUIJTTUSPOHBOEUIFDPNQBOZIBTEVSJOHUIF mSTURVBSUFSDPOUJOVFEUPJOWFTUUPTUSFOHUIFOJUTMFBEJOH QPTJUJPO3FWFOVFTQSJNBSJMZEFSJWFGSPNBEWFSUJTJOHTBMFT POUIFXFCTJUF *OUIFmSTURVBSUFSPG ,JOOFWJLTJOWFTUNFOUTXJUI JOPOMJOFUPUBMMFE4&,N JODMVEJOH4&,NJO$%0/
Kinnevik’s holdings
Agriculture UBMBSFBPG IFDUBSFT"MTPJO1PMBOE UIFIBSWFTUZJFME JOXBTMPXFSUIBOQSFWJPVTZFBSTEVFUPVOGBWPSBCMF ,JOOFWJLTJOWFTUNFOUTJOBHSJDVMUVSFDPNQSJTFPG XFBUIFSDPOEJUJPOT*OUFSNTPGSFTVMUT UIFMPXFSZJFMEXBT TIBSFTJO#MBDL&BSUI'BSNJOH UIFXIPMMZPXOFEDPNQBOZ PGGTFUCZQSJDFJODSFBTFTGPSHSBJO"TJOQSFWJPVTZFBST B 3PMOZWJLJO1PMBOEBOEPGUIFBHSJDVMUVSBMDPNQBOZ MBSHFQPSUJPOPGUIFZFBSTIBSWFTUXBTTUPSFEBOEXJMMCF 3BX"HSPJOUIF6LSBJOF TPMEEVSJOHUIFmSTUIBMGPG $VSSFOUGPDVTJOBHSJDVMUVSFJTUPDPOUJOVFFYQBOTJPOJO 3BX"HSPDPOUSPMTBCPVU IFDUBSFTPGMFBTFEGBSN MFTTEFWFMPQFEBSFBT XIFSFMBSHFSBDSFBHFDBOCFBDRVJSFE MBOEJO6LSBJOF BUSFMBUJWFMZMPXQSJDFTBOEEFWFMPQFEUPBDIJFWFIJHIFS QSPEVDUJWJUZ Renewable energy Black Earth Farming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oMBSHFTDBMF Key data (USD m) Jan-Dec Jan-Dec XPPEQFMMFUTQSPEVDUJPO BOEMPDBMFOFSHZQSPEVDUJPOCB Revenue 46.9 78.6 TFEPOCJPHBTBOECJPNBTT$FOUSBMBOE&BTUFSO&VSPQFJT Operating profit/loss, EBIT -31.2 -38.1 Net profit -42.5 -44.3 UIFNBJOHFPHSBQIJDBMGPDVTXIFSFPQFSBUJPOTBSFDPOEVD UFEJOUIFUXPDPNQBOJFT-BUHSBOBOE7JSFP&OFSHZ B Share Traded volume (Thousands) OMX Stockholm PI 80 Latgran Jan-Mar Full year 70 SEK m 2011 2010 2010 60 Revenue 97 97 299 50 EBIT 14 20 54
40 Deliveries, thousand tons 88 74 237 Production, thousand tons 61 59 239 30 -BUHSBODPOEVDUTQSPEVDUJPOPGQFMMFUTGSPNGPSFTUSBX 40 000 20 NBUFSJBMTBUUIFDPNQBOZTUXPQSPEVDUJPOGBDJMJUJFTJO-BU 30 000 WJB"MMQSPEVDUJPOJTFYQPSUFEUPTFWFSBMNBKPSJOEVTUSJBM 20 000 DVTUPNFSTJO4DBOEJOBWJBBOEUIFSFTUPG/PSUIFSO&VSPQF 10 000 %FNBOEGPSQFMMFUTSFNBJOFEGBWPSBCMFEVSJOHUIFRVBS 10 2007 2009 2010 2011 UFS*ODSFBTFEDPTUTGPSSBXNBUFSJBM JODPNCJOBUJPOXJUI © NASDAQ OMX VOGBWPVSBCMFDVSSFODZNPWFNFOUT SFTVMUFEJOBEFDSFBTF #MBDL&BSUI'BSNJOHIBT IFDUBSFTPGMBOEVOEFS JOPQFSBUJOHNBSHJOEPXOUPDPNQBSFEUPGPSUIF JUTDPOUSPM PGXIJDIJTGVMMZPXOFE XJUIPWFS mSTURVBSUFSPG IFDUBSFTJOQSPEVDUJPOJO"TBSFTVMUPGUIFTFWFSF 5IFQSPKFDUUPDPOTUSVDUBUIJSEQFMMFUTQMBOUJO4PVUI ESPVHIUJO IBSWFTUFEWPMVNFTXFSF,UPOOFT FBTU-BUWJBGPSBQQSPYJNBUFMZ&63NJTQSPHSFTTJOH MFTTUIBOUIFZFBSCFGPSF5IFFYUSFNFXFBUIFSIBEBOFHB BDDPSEJOHUPQMBO5IFQMBOUXJMMIBWFBQMBOOFEBOOVBM UJWFFGGFDUPOUIFSFTVMUGPSUIFZFBS4BMFTSFWFOVFGPSUIF QSPEVDUJPOPGBQQSPYJNBUFMZ UPOTGSPNJUTDPNNJT GVMMZFBSBNPVOUFEUP64%NXIJDISFQSFTFOUTB TJPOJOHEVSJOHUIFTFDPOEIBMGPG EFDMJOFDPNQBSFEUPMBSHFMZEVFUPTJHOJmDBOUMZ *O+VOF 7JSFP&OFSHZDPNNFODFEPQFSBUJPOT MPXFSIBSWFTUWPMVNF5IFPQFSBUJOHMPTTFYDMVEJOHOPO BJNFEBUCVJMEJOH PXOJOHBOEPQFSBUJOHGBDJMJUJFTUIBUQSP SFDVSSJOHFYQFOTFXBT64%N EVDFFOFSHZGSPNSFOFXBCMFTPVSDFT*OJUJBMMZ UIFDPNQBOZ 'PDVTJOXJMMCFUPJODSFBTFZJFMETBOEDPOUJOVF JTGPDVTJOHQSJNBSJMZPOQSPKFDUTUPSFDPWFSFOFSHZGSPN UPJNQSPWFUIFFGmDJFODZPGUIFPQFSBUJPOT5IFNBOBHF MBOEmMMHBT BOEPUIFSGPSNTPGXBTUFCBTFECJPHBT(FP NFOUUFBNIBTCFFOTUSFOHUIFOFEBOEUIFPVUMPPLGPSHSBJO HSBQIJDGPDVTJT1PMBOEBOEBEKBDFOUDPVOUSJFT%VSJOHUIF QSJDFTJTQPTJUJWFXIJDITIPVMEDPOUSJCVUFUPBOJNQSPWFE GPVSUIRVBSUFS DPOUSBDUTXFSFTJHOFEGPSUIFSFDPWFSZPG PQFSBUJWFBOEmOBODJBMQFSGPSNBODFJO CJPHBTXJUIBOVNCFSPGMBOEmMMTJO1PMBOE*O 7JSFP XJMMCFJOWFTUJOHJOUIFTFGBDJMJUJFTBOEDPNNFODJOHUIF Agriculture – non-listed holdings TBMFPGFOFSHZ BTXFMMBTFYQBOEJOHBDUJWJUJFTJO1PMBOEBOE ,JOOFWJLTXIPMMZPXOFE1PMJTIBHSJDVMUVSBMDPNQBOZ 3PM PUIFSDPSFHFPHSBQIJFTJOUIFSFHJPO OZWJL PQFSBUFTUIF#BSDJBOZBOE1PEMBXLJGBSNT XJUIBUP
Parent Company and other Financial reports 5IFBENJOJTUSBUJPODPTUTXJUIJOUIF1BSFOU$PNQBOZ 3FQPSUJOHEBUFTGPS BOEUIF(SPVQTPUIFSDPNQBOJFTBNPVOUFEUPBOFU +VMZ *OUFSJN3FQPSU+BOVBSZ+VOF FYQFOTFPG4&,N FYQFOTFPG BGUFSJOWPJDJOHGPS 0DUPCFS *OUFSJN3FQPSU+BOVBSZ4FQUFNCFS TFSWJDFTQFSGPSNFE 4UPDLIPMN "QSJM Risk Management 5IF(SPVQTmOBODJOHBOENBOBHFNFOUPGmOBODJBMSJTLT .JB#SVOFMM-JWGPST JTDFOUSBMJ[FEXJUIJO,JOOFWJLTmOBODFGVODUJPOBOEJT 1SFTJEFOUBOE$IJFG&YFDVUJWF0GmDFS DPOEVDUFEPOUIFCBTJTPGBmOBODFQPMJDZFTUBCMJTIFECZ UIF#PBSEPG%JSFDUPST5IF(SPVQTPQFSBUJPOBMSJTLTBSF 5IJT*OUFSJN3FQPSUIBTOPUCFFOTVCKFDUUPTQFDJmDSFWJFX QSJNBSJMZFWBMVBUFEBOENBOBHFEXJUIJOUIFQBSUJDVMBSCV CZUIF$PNQBOZTBVEJUPST TJOFTTBSFBBOEUIFOSFQPSUFEUPUIF,JOOFWJL#PBSE 5IF(SPVQIBTFTUBCMJTIFEBNPEFMGPSSJTLNBOBHF ,JOOFWJLEJTDMPTFTUIFJOGPSNBUJPOJOUIJTZFBSFOESFMFBTF NFOU UIFBJNTPGXIJDIBSFUPJEFOUJGZ DPOUSPMBOESFEVDF QVSTVBOUUPUIF4XFEJTI4FDVSJUJFT&YDIBOHFBOE$MFBSJOH SJTLT5IFJEFOUJmFESJTLTBOEIPXUIFZBSFNBOBHFEBSF 0QFSBUJPOT"DUBOEPSUIF4XFEJTI'JOBODJBM*OTUSVNFOUT SFQPSUFEUPUIF,JOOFWJL#PBSEPOBRVBSUFSMZCBTJT 5SBEJOH"DU5IFJOGPSNBUJPOXBTTVCNJUUFEGPSQVCMJDBUJPO ,JOOFWJLTXIPMMZPXOFETVCTJEJBSZ,PSTOÊTBDDPVOUT BU$&5PO"QSJM GPSNPTUPGUIFPQFSBUJPOBMSJTLTBOEUIFZBSFNBJOMZSFMB For further information, please visit UFEUPNBSLFUEFWFMPQNFOU DVTUPNFSTBOETVQQMJFSTBOE www.kinnevik.se or contact: UIFSJTLGPSBNBKPSBDDJEFOUJOUIFQSPEVDUJPOQMBOUT .JB#SVOFMM-JWGPST 1SFTJEFOUBOE$IJFG&YFDVUJWF0GmDFS ,JOOFWJLJTFYQPTFEUPmOBODJBMSJTLTNBJOMZJOSFTQFDU UFM PGDIBOHFTJOUIFWBMVFPGUIFTUPDLQPSUGPMJP DIBOHFTJO 5PSVO-JU[ÏO *OGPSNBUJPOBOE*OWFTUPS3FMBUJPOT NBSLFUJOUFSFTUSBUFT FYDIBOHFSBUFSJTLTBOEMJRVJEJUZBOE UFM NPCJMF SFmOBODJOHSJTLT 5IF(SPVQJTBMTPFYQPTFEUPQPMJUJDBMSJTLTTJODFUIF DPNQBOJFT,JOOFWJLIBTJOWFTUFEJOIBWFBTVCTUBOUJBMQBSU Kinnevik was founded in 1936 and thus embodies more PGUIFJSPQFSBUJPOTJOFNFSHJOHNBSLFUTTVDIBT-BUJO"NF than seventy years of entrepreneurship under the same SJDB 4VC4BIBSBO"GSJDBBOE3VTTJB group of principal owners. Kinnevik’s objective is to 'PSBNPSFEFUBJMFEEFTDSJQUJPOPGUIF$PNQBOZTSJTLT increase shareholder value, primarily through net asset BOESJTLNBOBHFNFOU SFGFSUPUIF#PBSEPG%JSFDUPSTSF QPSUBOE/PUFPGUIF"OOVBM3FQPSU value growth. The company’s holdings of growth compa- nies are focused around seven comprehensive business Accounting principles sectors; Paper & Packaging, Telecom & Services, Media, 5IFDPOTPMJEBUFEmOBODJBMTUBUFNFOUTBSFQSFQBSFEJO Online, Microfinancing, Agriculture and Renewable BDDPSEBODFXJUIUIF*OUFSOBUJPOBM'JOBODJBM3FQPSUJOH energy. 4UBOEBSET *'34 BTBEPQUFECZUIF&65IJTSFQPSUXBT Kinnevik has a long history of investing in emerging QSFQBSFEJOBDDPSEBODFXJUIUIF"OOVBM"DDPVOUT"DUBOE markets which has resulted in a considerable exposure *"4 *OUFSJN'JOBODJBM3FQPSUJOH to consumer sectors in these markets. Kinnevik plays an 5IFBDDPVOUJOHQSJODJQMFTBQQMJFEJOUIJTSFQPSUBSFUIF active role on the Boards of its holdings. TBNFBTUIPTFEFTDSJCFEJOUIF"OOVBM3FQPSU The Kinnevik class A and class B shares are listed on 4UBSUJOHGSPNUIJTSFQPSU UIFBDDPVOUJOHTFHNFOUTDPO NASDAQ OMX Stockholm’s list for Large Cap companies TJTUPG1BQFS1BDLBHJOH ,PSTOÊT 0UIFSPQFSBUJOHTVCTJ within the financial and real estate sector. The ticker co- EJBSJFT GPSNFSQBSUPG/FX7FOUVSFT BOE1BSFOU$PNQBOZ des are KINV A and KINV B. BOEPUIFS5IFDIBOHFJTGVSUIFSEFTDSJCFEJO/PUFPO QBHF
Kinnevik Annual General Meeting 2011 5IF"OOVBM(FOFSBM.FFUJOHXJMMCFIFMEPO.POEBZ .BZBUBNBUUIF)PUFM3JWBM .BSJBUPSHFUJO 4UPDLIPMN 'VSUIFSEFUBJMTPOIPXBOEXIFOUPSFHJTUFSBSFQVCMJT IFEPO,JOOFWJLTXFCTJUF XXXLJOOFWJLTF 5IF#PBSEIBTQSPQPTFEUIBUUIF"OOVBM(FOFSBM.FFU JOHEFDJEFPOBDBTIEJWJEFOEPG4&, QFSTIBSF
CONDENSED CONSOLIDATED INCOME STATEMENT (SEK m) 2011 2010 1 Jan- 1 Jan- 2010 Note 31 March 31 March Full year Revenue 2 282 2 283 8 593 Cost of goods sold and services -1 915 -1 960 -7 315 Gross profit/loss 367 323 1 278 Selling, administration, research and development costs -129 -124 -538 Other operating income 25 59 326 Other operating expenses -2 -54 -177 Operating profit/loss 261 204 889 Dividends received 2 - - 3 105 Change in fair value of financial assets 2 -101 6 671 9 899 Interest income and other financial income 19 17 60 Interest expenses and other financial expenses -84 -47 -216 Profit/loss after financial items 95 6 845 13 737 Taxes -46 -11 -115 Net profit/loss for the period 49 6 834 13 622 Of which attributable to: Equity holders of the Parent Company 47 6 823 13 602 Non-controlling interest 2 11 20
Earnings per share before dilution, SEK 0.17 24.62 49.08 Earnings per share after dilution, SEK 0.17 24.62 49.05
Average number of shares before dilution 277 158 190 277 158 190 277 158 190 Average number of shares after dilution 277 364 583 277 223 190 277 286 286
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (SEK m) 2011 2010 1 Jan- 1 Jan- 2010 31 March 31 March Full year Net profit/loss for the period 49 6 834 13 622 Other comprehensive income for the period Translation differences -8 -15 -50 Cash flow hedging -55 -6 97 Actuarial profit/loss - - 6 Tax attributable to other comprehensive income 14 1 -27 Total other comprehensive income for the period -49 -20 26 Total comprehensive income for the period 0 6 814 13 648
Total comprehensive income for the period attributable to: Equity holders of the Parent Company -2 6 805 13 634 Non-controlling interest 2 9 14
12 (20) CONDENSED CONSOLIDATED CASH-FLOW STATEMENT (SEK m)
2011 2010 1 Jan- 1 Jan- 2010 31 March 31 March Full year
Operating profit 261 204 889 Adjustment for non-cash items 147 132 610 Taxes paid -59 -158 -301 Cash flow from operations before change in working capital 349 178 1 198
Change in working capital -8 146 112 Cash flow from operations 341 324 1 310
Acquisition of subsidiaries -5 - -85 Investments in tangible and biological fixed assets -115 -131 -688 Sales of tangible and biological fixed assets - - 7 Investments in intangible fixed assets - -7 -29 Investments in shares and other securities -430 -465 -1 478 Dividends received - 340 3 029 Changes in loan receivables 9 - -63 Interest received 6 9 23 Cash flow from investing activities -535 -254 716
Change in interest-bearing liabilities 333 -56 -1 079 Interest paid -84 -38 -203 Dividend paid - - -831 Cash flow from financing activities 249 -94 -2 113
Cash flow for the period 55 -24 -87
Exchange rate differences in liquid funds 0 0 0
Cash and short-term investments, opening balance 150 237 237
Cash and short-term investments, closing balance 205 213 150
.
13 (20) CONDENSED CONSOLIDATED BALANCE SHEET (SEK m) 2011 2010 2010 ASSETS Note 31 March 31 March 31 Dec Fixed assets Intangible assets 826 842 828 Tangible and biological fixed assets 6 339 6 333 6 385 Financial assets accounted to fair value through profit and loss 3 54 647 49 686 54 324 - whereof interest-bearing 179 115 188 Financial assets held to maturity 234 200 225 Investments in companies accounted for using the equity method 126 44 126 62 172 57 105 61 888 Current assets Inventories 1 701 1 587 1 663 Trade receivables 923 905 829 Tax receivables 0 0 12 Other current assets 177 192 291 Short-term investments 4 11 5 Cash and cash equivalents 201 202 145 3 006 2 897 2 945
TOTAL ASSETS 65 178 60 002 64 833
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity Equity attributable to equity holders of the Parent Company 54 398 48 443 54 398 Equity attributable to non-controlling interest 29 47 27 54 427 48 490 54 425 Long-term liabilities Interest-bearing loans 7 450 7 747 7 081 Provisions for pensions 540 584 542 Other provisions 15 34 26 Deferred tax liability 1 079 1 068 1 107 Other liabilities 4 4 4 9 088 9 437 8 760 Short-term liabilities Interest-bearing loans 27 392 63 Provisions 38 64 39 Trade payables 996 957 981 Income tax payable 14 77 24 Other payables 588 585 541 1 663 2 075 1 648
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 65 178 60 002 64 833
14 (20) CONDENSED REPORT OF CHANGES IN EQUITY FOR THE GROUP (SEK m) 2011 2010 1 Jan- 1 Jan- 2010 31 March 31 March Full year Equity, opening balance 54 425 41 675 41 675 Total comprehensive income for the period 0 6 814 13 648 Acquisition from non-controlling interest - - -71 Dividend paid - - -831 Effect of employee share saving programme 2 1 4 Equity, closing amount 54 427 48 490 54 425
Equity attributable to the shareholders of the 54 398 48 443 54 398 Parent Company
Equity attributable to non-controlling interest 29 47 27
2011 2010 2010 KEY RATIOS 31 March 31 March 31 Dec Debt/equity ratio 0.15 0.18 0.14
Equity ratio 84% 81% 84% Net debt 7 399 8 195 7 123
DEFINITIONS OF KEY RATIOS Debt/equity ratio Interest-bearing liabilities including interest-bearing provisions divided by shareholders’ equity. Equity ratio Shareholders’ equity including non-controlling interest as percentage of total assets. Net debt Interest-bearing liabilities including interest-bearing provisions less the sum of interest-bea- ring receivables, short-term investments and cash and bank. Operating margin Operating profit after depreciation divided by revenue. Operational capital employed Average of intangible and tangible fixed assets, investments in companies accounted for using the equity method, inventories and short-term non-interest bearing receivables less other provisions and short-term non interest bearing liabilities. Return on operational capital employed Operating profit after depreciation divided by average operational capital employed.
15 (20) NOTES TO THE GROUP’S FINANCIAL STATEMENTS (SEK m) Note 1 Condensed segment reporting Kinnevik is a diversified company whose business consists of managing a portfolio of investments and to conduct ope- rations through subsidiaries. The Kinnevik Group’s accounting is, starting from this report, distributed on the following three accounting segments: Paper & Packaging - Korsnäs (former Major Unlisted Holdings). Other operating subsidiaries - Latgran, Rolnyvik, Vireo Energy, Relevant Traffic, Guider Media and Duego Technologies (former subsidiaries within New Ventures). Parent Company & other - all other companies and financial assets (including change in fair value of financial assets earlier reported within Major Listed Holdings and New Ventures). This distribution coincides with management’s internal structure for controlling and monitoring the Group’s operations. The comparative figures have been recalculated.
Other Parent Paper & operating company & Total 1 Jan-31 Mar 2011 packaging subsidiaries other Eliminations Group Revenue 2 135 169 6 -28 2 282 Operating costs -1 741 -150 -24 28 -1 887 Depreciation -151 -6 0 -157 Other operating income and expenses 21 4 -2 23 Operating profit/loss 264 17 -20 0 261
Change in fair value of financial assets 13 -114 -101 Financial net -40 -1 -24 -65 Profit/loss after financial items 237 16 -158 0 95
Investments in subsidiaries and financial fixed assets 435 435 Investments in tangible fixed assets 97 18 115
Other Parent Paper & operating company & Total 1 Jan-31 Mar 2010 packaging subsidiaries other Eliminations Group Revenue 2 159 150 3 -29 2 283 Operating costs -1 812 -128 -19 29 -1 930 Depreciation -148 -5 -1 -154 Other operating income and expenses 0 4 1 5 Operating profit/loss 199 21 -16 0 204
Change in fair value of financial assets 14 6 657 6 671 Financial net -20 3 -13 -30 Profit/loss after financial items 193 24 6 628 0 6 845
Investments in financial fixed assets 33 432 465 Investments in intangible fixed assets 7 7 Investments in tangible fixed assets 129 2 131
16 (20) Other Parent Paper & operating company & 1 Jan-31 Dec 2010 packaging subsidiaries other Eliminations Total Group Revenue 8 178 508 25 -118 8 593 Operating costs -6 803 -459 -91 125 -7 228 Depreciation -602 -22 -1 -625 Other operating income and expenses 153 -17 20 -7 149 Operating profit/loss 926 10 -47 0 889
Dividend received 4 3 101 3 105 Change in fair value of financial assets 64 9 835 9 899 Financial net -116 -1 -39 -156 Profit/loss after financial items 878 9 12 850 0 13 737
Investments in subsidiaries and financial fixed assets 115 1 448 1 563 Investments in intangible fixed assets 29 29 Investments in tangible fixed assets 604 82 2 688 Impairment of goodwill -34 -34
17 (20) Note 2 Change in fair value of financial assets and dividends received
2011 2010 1 Jan- 1 Jan- 2010 31 March 31 March Full year Listed holdings Millicom -1 476 4 124 5 961 Tele2 840 1 396 4 776 Transcom -26 -113 -304 MTG 470 867 1 695 Metro shares -2 74 42 Metro warrants 14 186 28 CDON 45 - 4 Black Earth Farming 62 107 105 Total listed holdings -73 6 641 12 307
Unlisted holdings Paper & packaging 13 14 68 Online -16 0 636 Microfinancing -25 16 1 Agriculture 0 0 -8 Total unlisted holdings -28 30 697 Total -101 6 671 13 004
Note 3 Financial assets accounted at fair value through profit and loss
31 March 2011 Class Class 2011 2010 2010 A shares B shares 31 March 31 March 31 Dec Listed holdings Millicom 37 835 438 22 834 24 290 24 309 Tele2 18 507 492 116 988 645 19 755 16 327 18 915 Transcom 16 339 448 307 525 333 MTG 5 199 491 8 304 365 6 479 5 672 6 009 Metro shares 112 122 875 133 798 591 283 317 285 Metro warrants 388 531 374 CDON 15 003 856 513 - 420 Black Earth Farming 31 087 097 886 765 824 Total listed holdings 51 445 48 427 51 469
Unlisted holdings Paper & packaging 575 511 561 Online 2 057 524 1 708 Microfinancing 329 153 348 Agriculture 24 34 24 Parent Company & other 217 37 214 Total unlisted holdings 3 202 1 259 2 855 Total 54 647 49 686 54 324
18 (20) FINANCIAL KEY RATIOS MAJOR UNLISTED HOLDINGS (SEK m) 2011 2010 2010 2010 2010 2010 2009 2009 2009 2009 2009 2008 Q1 Full year Q 4 Q 3 Q 2 Q 1 Full year Q 4 Q 3 Q 2 Q 1 Full year1)
Revenue Korsnäs Industrial 1 874 7 148 1 751 1 766 1 720 1 911 7 098 1 757 1 730 1 823 1 788 6 608 Korsnäs Forestry 261 1 030 247 252 283 248 941 264 185 317 175 788 Total Korsnäs 2 135 8 178 1 998 2 018 2 003 2 159 8 039 2 021 1 915 2 140 1 963 7 396
Operating profit before depreciation (EBITDA) Korsnäs Industrial 404 1 476 257 502 383 334 1 430 381 464 318 267 1 090 Korsnäs Forestry 11 52 12 17 10 13 32 13 8 4 7 34 Total Korsnäs 415 1 528 269 519 393 347 1 462 394 472 322 274 1 124
Operating profit after de- preciation (EBIT) Korsnäs Industrial 254 879 105 352 234 188 826 231 315 165 115 472 Korsnäs Forestry 10 47 11 16 9 11 25 11 7 2 5 28 Total Korsnäs 264 926 116 368 243 199 851 242 322 167 120 500
Operating margin Korsnäs Industrial 13.6% 12.3% 6.0% 19.9% 13.6% 9.8% 11.6% 13.1% 18.2% 9.1% 6.4% 7.1% Korsnäs Forestry 3.8% 4.6% 4.5% 6.3% 3.2% 4.4% 2.7% 4.2% 3.8% 0.6% 2.9% 3.6% Korsnäs 12.4% 11.3% 5.8% 18.2% 12.1% 9.2% 10.6% 12.0% 16.8% 7.8% 6.1% 6.7%
Operational capital em- ployed Korsnäs Industrial 7 678 7 457 7 545 7 423 7 392 7 402 7 411 7 332 7 345 7 443 7 476 7 746 Korsnäs Forestry 306 352 337 343 369 353 438 389 449 449 471 429 Total Korsnäs 7 984 7 809 7 882 7 766 7 761 7 755 7 849 7 721 7 794 7 892 7 947 8 175
Return on operational capi- tal employed Korsnäs Industrial 13.2% 11.8% 5.6% 19.0% 12.7% 10.2% 11.1% 12.6% 17.2% 8.9% 6.2% 6.1% Korsnäs Forestry 13.1% 13.4% 13.1% 18.7% 9.8% 12.5% 5.7% 11.3% 6.2% 1.8% 4.2% 6.5% Korsnäs 13.2% 11.9% 5.9% 19.0% 12.5% 10.3% 10.8% 12.5% 16.5% 8.5% 6.0% 6.1%
Production, thousand tons 278 1 019 243 278 237 261 1 025 261 268 253 243 1 052 Deliveries, thousand tons 259 1 021 241 259 252 269 1 034 253 255 271 255 993
1) Excluding restructuring charges of SEK 71 m in Q4 2008.
19 (20) CONDENSED PARENT COMPANY INCOME STATEMENT (SEK m) 2011 2010 1 Jan- 1 Jan- 2010 31 March 31 March Full year Revenue 4 5 19 Administration costs -19 -18 -83 Other operating income 1 1 4 Operating loss -14 -12 -60
Dividends received - - 1 445 Result from financial assets - - 531 Net interest income/expense 80 92 405 Profit/loss after financial items 66 80 2 321
Taxes -17 7 -57 Net profit/loss for the period 49 87 2 264
CONDENSED PARENT COMPANY BALANCE SHEET (SEK m) 2011 2010 2010 31 March 31 March 31 Dec ASSETS Tangible fixed assets 2 2 2 Financial fixed assets 42 599 40 843 42 545 Short-term receivables 18 32 551 Cash and cash equivalents 1 0 1 TOTAL ASSETS 42 620 40 877 43 099
SHAREHOLDERS’ EQUITY AND LIABILITIES
Equity 37 022 35 827 36 972 Provisions 33 43 36 Long-term liabilities 5 465 4 580 5 216 Short-term liabilities 100 427 875 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 42 620 40 877 43 099
The Parent Company’s liquidity, including short-term investments and unutilized credit facilities, totalled SEK 3,712 m at 31 March 2011 and SEK 4,051 m at 31 December 2010. The Parent Company’s interest bearing external liabilities amoun- ted to SEK 2,877 m (2,551) on the same dates. Investments in tangible fixed assets amounted to SEK 0 m (0) during the period. As of 31 March 2011 the number of shares in Investment AB Kinnevik amounted to 277,583,190 shares of which 48,665,324 are class A shares with ten votes each, 228,492,866 are class B shares with one vote each and 425,000 are class C treasury shares with one vote each. The total number of votes in the Company amounted to 715,571,106 (715,146,106 excluding 425,000 class C treasury shares), which is unchanged since 31 December 2010. The Board has authorization to repurchase a maximum of 10% of all shares in the Company. The Board has not used the authorization during the first quarter 2011. There are no convertibles or warrants in issue.
20 (20)