DOCSLIB.ORG

Annual Report 2014 Welcome to Investor

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2014 Welcome to Investor Annual report 2014 Welcome to Investor Investor AB, founded by the Wallenberg family Calendar of events 2015 a hundred years ago, is the leading owner of high- • Interim Management Statement, January-March: April 21 quality international companies. Through board • Annual General Meeting: May 12 participation, our industrial experience, network • Interim Report, January-June: July 16 and financial strength, we strive to make our • Interim Management Statement, January-September: October 23 companies best-in-class. • Year-End Report: January 28, 2016 Information material Financial information about Investor can be accessed and ordered (information by sms, e-mail or printed annual report) CONTENTS on our website: www.investorab.com, or by calling Portfolio overview ........................................................................ 1 +46 8 614 2131. Investor in brief ............................................................................ 2 Printed annual reports are distributed to shareholders that Financial development .................................................................. 4 have requested it. All new shareholders will receive a letter Letter from the Chairman ............................................................. 6 asking how they would like to receive information. President’s comments ................................................................... 8 Active ownership ........................................................................ 10 Investor relations Our Investments ..........................................................................12 Magnus Dalhammar: +46 8 614 2130 The Investor share ...................................................................... 22 [email protected] Sustainable business ................................................................... 24 Our employees ........................................................................... 26 IR Group: +46 8 614 2131 Corporate Governance Report .................................................... 27 www.investorab.com Board of Directors ...................................................................... 36 Management Group ................................................................... 38 Annual General Meeting Proposed Disposition of Earnings ............................................... 39 Investor AB invites shareholders to participate in the Annual List of contents of Financials ....................................................... 40 General Meeting on Tuesday, May 12, 2015, at 3:00 p.m. at the Statements for the Group ............................................................41 City Conference Centre, Barnhusgatan 12-14, in Stockholm. Notes for the Group ................................................................... 45 Shareholders who would like to attend the Annual General Statements for the Parent Company ........................................... 81 Meeting must be recorded in the register of shareholders Notes for the Parent Company ................................................... 85 maintained by Euroclear Sweden AB on Wednesday, May 6, Auditor’s Report ......................................................................... 93 2015, and must notify the Company of their intention to attend Ten-Year Summary ..................................................................... 94 the Meeting no later than Wednesday, May 6, 2015. Definitions .................................................................................. 95 History ........................................................................................ 96 Shareholders can give their notice of participation by: • registering on Investor AB’s website, www.investorab.com or • calling +46 8 611 2910, weekdays, between 9:00 a.m. and 5:00 p.m. CET or • writing to Investor AB, Annual General Meeting, SE-103 32 Stockholm The Annual Report for Investor AB (publ.) 556013-8298 consists of the Administration Report on pages 4-5, 12-13, 22-39 and the financial Notice convening the Annual General Meeting and proxy forms statements on pages 40-92. are available on Investor’s website, www.investorab.com. The Annual Report is published in Swedish and English. DIVIdend The Board and President propose a dividend to the shareholders of SEK 9.00 per share for fiscal year 2014. Friday, May 15, 2015, Production: Investor and Addira. has been proposed as the record date. If the proposal is Photography: Mattias Bardå and photos from Investor’s holdings. approved by the Annual General Meeting, the dividend is Print: Åtta.45 Tryckeri AB, Sweden, 2015. Paper: Profimatt, 250 g/100 g. expected to be distributed by Euroclear Sweden AB on NORDIC ECOLABEL 341 001 Wednesday, May 20, 2015. B INVESTOR 2014 Portfolio overview Structure as of December 31, 2014 Core Investments, listed Core Investments, subsidiaries Share of Share of total assets Business Key figures, 2014 total assets Business Key figures, 2014 Total operating income, A financial services group with SEK m. 46,936 A provider of single-use Net Sales, EUR m. 1,213 the main focus on the Nordic Operating profit 23,348 surgical and wound care prod- EBITDA 349 countries, Germany and the Value of holding, SEK m. 45,407 ucts for customers, healthcare Value of holding, SEK m. 22,952 16% Baltics Share of capital/votes, % 20.8/20.8 8% professionals and patients Share of capital/votes, % 99/99 A provider of compressors, vacuum and air treatment Net Sales, SEK m. 93,721 Net Sales, SEK m. 7,527 systems, construction and EBIT 17,015 A private provider of health- EBITDA 355 mining equipment, power Value of holding, SEK m. 44,972 care and care services in Value of holding, SEK m. 3,762 16% tools and assembly systems Share of capital/votes, % 16.8/22.3 1% Scandinavia Share of capital/votes, % 100/100 Net Sales, USD m. 39,830 Net Sales, SEK m. 2,053 A provider of power and EBIT 4,178 A provider of advanced pow- EBITDA 426 automation technologies to Value of holding, SEK m. 33,192 ered and manual wheelchairs Value of holding, SEK m. 3,737 12% utility and industry customers Share of capital/votes, % 8.6/8.6 1% for severely disabled users Share of capital/votes, % 94/90 Scandinavia’s leading five-star Net Sales SEK m. 541 Net Sales, USD m. 26,095 hotel Grand Hôtel and Lydmar EBITDA 30 An innovation-driven, EBIT 6,937 Hotel integrated biopharmaceutical Value of holding, SEK m. 28,270 10% company Share of capital/votes, % 4.1/4.1 Manages Investor’s real estate, Net Sales SEK m. 130 including the Grand Hôtel and EBITDA 73 Aleris-related properties Net Sales, SEK m. 227,983 Value of holding, SEK m. 1,471 EBIT 16,807 1% Share of capital/votes, % 100/100 A provider of communications Value of holding, SEK m. 15,807 5% technology and services Share of capital/votes, % 5.3/21.5 Net Sales, EUR m. 4,779 A provider of complete life- EBIT 569 Financial Investments cycle power solutions for the Value of holding, SEK m. 11,776 Share of 4% marine and energy markets Share of capital/votes, % 16.9/16.9 total assets Business Key figures, 2014 Net Sales, SEK m. 112,143 A private equity group with Net distribution to A provider of household EBIT 4,780 portfolio companies in Investor, SEK m. 2,465 appliances and appliances for Value of holding, SEK m. 10,952 Northern and Eastern Europe, Value of holding, SEK m. 13,522 4% professional use Share of capital/votes, % 15.5/30.0 5% Asia and the U.S. Share of funds, % 6-64 A specialty healthcare com- Net Sales, SEK m. 2,607 Net distribution to pany developing and deliver- EBITA (excl. EO) 306.7 Manages expansion stage Investor, SEK m. 883 ing innovative therapies and Value of holding, SEK m. 8,532 venture capital investments in Value of holding, SEK m. 12,081 3% services to treat rare diseases Share of capital/votes, % 39.7/39.8 4% the U.S. and China Share of capital/votes, % 100/100 A provider of trading, Net Sales, USD m. 1,895 Net Sales, SEK m. 10,387 exchange technology, infor- EBIT 754 A provider of mobile voice and EBITDA 2,662 mation and public company Value of holding, SEK m. 7,266 broadband services in Sweden Value of holding, SEK m. 6,123 3% services across six continents Share of capital/votes, % 11.6/11.6 2% and Denmark Share of capital/votes, % 40/40 In addition, there is a number of smaller holdings within Financial Investments. In total, the Net Sales, SEK m. 23,527 reported value of Other Investments within Financial Investments amounted to SEK 3,780 m. A provider of products, ser- EBIT 1,659 as of December 31, 2014, representing 1 percent of our total assets. vices and solutions for military Value of holding, SEK m. 6,624 2% defense and civil security Share of capital/votes, % 30.0/39.5 A provider of outdoor power Net Sales, SEK m. 32,838 products, cutting equipment EBIT (excl. EO) 2,358 and diamond tools as well as Value of holding, SEK m. 5,598 2% consumer watering products Share of capital/votes, % 16.8/31.2 INVESTOR 2014 PORTFOLIO OVERVIEW 1 Investor in brief Vision • Operate efficiently We maintain strict cost discipline to maximize operating cash As a long-term owner, we actively support the building and flow. development of best-in-class companies. Business concept 2014: Management costs were SEK 368 m. (359), correspond- ing to 0.14 percent of our net asset value (0.17). Investor owns significant interests in high-quality companies. Through the Boards of Directors, we actively work for continu- ous improvement of the performance of the companies. Management cost With our industrial experience, broad network and financial strength, we strive
Load more

Recommended publications
  • Bulletin from Investor AB's Annual General Meeting 2021
    Press release Stockholm, May 5, 2021 Bulletin from Investor AB’s Annual General Meeting 2021 The Annual General Meeting of Investor AB (the “Meeting”) on May 5, 2021, has due to covid-19 been carried out through advance voting pursuant to temporary legislation. A pre-recorded Investor Dialog, as well as a live conference call where shareholders have been able to ask questions to Investors’ Chair Jacob Wallenberg and the CEO Johan Forssell, is published on Investor’s website www.investorab.com. The resolutions passed at the Meeting included the following. Approval of the income statement and the balance sheet The Meeting approved the income statement and the balance sheet for the parent company, as well as of the consolidated income statement and the consolidated balance sheet for the fiscal year 2020. Dividend The Meeting resolved, in accordance with the proposal of the Board, on a dividend to the shareholders of SEK 14.00 per share to be paid in two installments. At the first installment SEK 10.00 per share is paid with the record date Friday, May 7, 2021. At the second installment SEK 4.00 per share is paid (or SEK 1.00 per share after implementation of the share split 4:1 approved by the Meeting, see below) with the record date Monday, November 8, 2021. The dividend is expected to be paid on Wednesday, May 12, 2021, and on Thursday, November 11, 2021. 1(3) Remuneration Report The Meeting approved the Remuneration Report presented by the Board of Directors. Board of Directors The Meeting discharged the members of the Board and the President from liability for the fiscal year 2020.
    [Show full text]
  • Map of Funding Sources for EU XR Technologies
    This project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement N° 825545. XR4ALL (Grant Agreement 825545) “eXtended Reality for All” Coordination and Support Action D5.1: Map of funding sources for XR technologies Issued by: LucidWeb Issue date: 30/08/2019 Due date: 31/08/2019 Work Package Leader: Europe Unlimited Start date of project: 01 December 2018 Duration: 30 months Document History Version Date Changes 0.1 05/08/2019 First draft 0.2 26/08/2019 First version submitted for partners review 1.0 30/08/2019 Final version incorporating partners input Dissemination Level PU Public Restricted to other programme participants (including the EC PP Services) Restricted to a group specified by the consortium (including the EC RE Services) CO Confidential, only for members of the consortium (including the EC) This project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement N° 825545. Main authors Name Organisation Leen Segers, Diana del Olmo LCWB Quality reviewers Name Organisation Youssef Sabbah, Tanja Baltus EUN Jacques Verly, Alain Gallez I3D LEGAL NOTICE The information and views set out in this report are those of the authors and do not necessarily reflect the official opinion of the European Union. Neither the European Union institutions and bodies nor any person acting on their behalf may be held responsible for the use which may be made of the information contained therein. © XR4ALL Consortium, 2019 Reproduction is authorised provided the source is acknowledged. D5.1 Map of funding sources for XR technologies - 30/08/2019 Page 1 Table of Contents INTRODUCTION ................................................................................................................
    [Show full text]
  • Future Finance & Investment Chapter
    FUTURE FINANCE & INVESTMENT CHAPTER MEMBERS FUTURE FINANCE & INVESTMENT CHAPTER MEMBERS OF THE GRI GLOBAL COMMITTEE FUTURE FINANCE & INVESTMENT CHAIRPERSON VICE-CHAIR Audrey Klein Peter Plaut Head of Investor Relations (Funds) Executive Director Kennedy Wilson Wimmer Family Office Investor Relations (Funds) Investor - Family Office Kennedy Wilson is a global real estate operator. We focus Wimmer Family Office offers both bespoke investment portfolio on multifamily, office and industrial properties located in the solutions for family offices and high net worth individuals as Western U.S., U.K., Ireland and Spain. Headquartered in Beverly well as its core investment trend following strategy through the Wimmer Wealth Protection Fund. Hills, CA, and London, UK, Kennedy Wilson has 16 global offices. Audrey Klein is the Head of Fundraising for Kennedy Wilson Europe. Prior to Peter Plaut is an Executive Director at Wimmer Family Office focused on origination, this she held Head of Fundraising roles at several firms but is best known for researching and structuring private debt and equity transactions across a broad range starting the European business out of London for the Park Hill Real Estate of industries including specializing in real estate across the residential, office and hotel Group, a Division of Blackstone, which she ran for 9 yrs. Prior to joining Park and hospitality sectors. Minimum transaction size is $100mm to well over $1 billion. Hill, she ran her own business for 5 yrs marketing alternative asset funds Mr. Plaut is consistently recognized as a leader in the industry. Among his many across all asset classes including private equity, real estate and hedge funds achievements and awards, he was ranked as one of the Top 20 Rising Stars of Hedge to European investors comprised of pension funds, banks, family offices and Funds during the 2008 financial crisis –a recognition of his ability to manage through high net worth individuals.
    [Show full text]
  • TRS Contracted Investment Managers
    TRS INVESTMENT RELATIONSHIPS AS OF DECEMBER 2020 Global Public Equity (Global Income continued) Acadian Asset Management NXT Capital Management AQR Capital Management Oaktree Capital Management Arrowstreet Capital Pacific Investment Management Company Axiom International Investors Pemberton Capital Advisors Dimensional Fund Advisors PGIM Emerald Advisers Proterra Investment Partners Grandeur Peak Global Advisors Riverstone Credit Partners JP Morgan Asset Management Solar Capital Partners LSV Asset Management Taplin, Canida & Habacht/BMO Northern Trust Investments Taurus Funds Management RhumbLine Advisers TCW Asset Management Company Strategic Global Advisors TerraCotta T. Rowe Price Associates Varde Partners Wasatch Advisors Real Assets Transition Managers Barings Real Estate Advisers The Blackstone Group Citigroup Global Markets Brookfield Asset Management Loop Capital The Carlyle Group Macquarie Capital CB Richard Ellis Northern Trust Investments Dyal Capital Penserra Exeter Property Group Fortress Investment Group Global Income Gaw Capital Partners AllianceBernstein Heitman Real Estate Investment Management Apollo Global Management INVESCO Real Estate Beach Point Capital Management LaSalle Investment Management Blantyre Capital Ltd. Lion Industrial Trust Cerberus Capital Management Lone Star Dignari Capital Partners LPC Realty Advisors Dolan McEniry Capital Management Macquarie Group Limited DoubleLine Capital Madison International Realty Edelweiss Niam Franklin Advisers Oak Street Real Estate Capital Garcia Hamilton & Associates
    [Show full text]
  • Freedom to Move in a Personal, Sustainable and Safe Way
    VOLVO CAR GROUP ANNUAL REPORT 2020 Freedom to move in a personal, sustainable and safe way TABLE OF CONTENTS OVERVIEW 4 2020 Highlights 6 CEO Comment 8 Our Strenghts 10 The Volvo Car Group 12 Our Strategic Affiliates THE WORLD AROUND US 16 Consumer Trends 18 Technology Shift OUR STRATEGIC FRAMEWORK 22 Our Purpose 24 Strategic Framework HOW WE CREATE VALUE 28 Our Stakeholders 30 Our People and Culture 32 Product Creation 38 Industrial Operations 42 Commercial Operations MANAGEMENT REPORT 47 Board of Directors Report 52 Enterprise Risk Management 55 Corporate Governance Report FINANCIAL STATEMENTS 60 Contents Financial Report 61 Consolidated Financial Statements 67 Notes to the Consolidated Financial Statements 110 Parent Company Financial Statements 112 Notes to the Parent Company Financial Statements 118 Auditor’s Report 120 Board of Directors 122 Executive Management Team Freedom to move SUSTAINABILITY INFORMATION 124 Sustainability Management and Governance 129 Performance 2020 PERSONAL SUSTAINABLE SAFE 139 Sustainability Scorecard 144 GRI Index Cars used to be the symbol for personal freedom. Owning a car meant that you had the We commit to developing We commit to the highest We commit to pioneering 146 TCFD Index means to be independently mobile – that you owned not just a vehicle, but choice as and building the most per- standard of sustainability the safest, most intelligent 147 Auditor's Limited Assurance Report on sonal solutions in mobility: in mobility to protect technology solutions in Sustainability well. Nothing of that has changed, but the world we live in has. The earth, our cities and to make life less compli- the world we share.
    [Show full text]
  • Broken Confidences Sebastiaan Van Den Berg of Harbourvest Partners Are PE Players Losing Sleep Over Australia’S Super Fund Disclosure Rules? Page 7 Page 19
    Asia’s Private Equity News Source avcj.com February 25 2014 Volume 27 Number 07 EDITOR’S VIEWPOINT Bumper PE deal flow in 2013 flatters to deceive Page 3 NEWS Baring Asia, CalPERS, CDH, EQT, Fosun, GGV, Hopu, IDFC, IFC, INCJ, Kendall Court, Morningside, NSSF, Origo, Samena, Temasek Page 4 ANALYSIS Australia’s mid-market GPs wait patiently for a buyout rebound Page 16 INDUSTRY Q&A HESTA’s Andrew Major and QIC’s Marcus Simpson Page 11 Broken confidences Sebastiaan van den Berg of HarbourVest Partners Are PE players losing sleep over Australia’s super fund disclosure rules? Page 7 Page 19 FOCUS FOCUS Diversity in distress The collective spirit GPs adjust to evolving special situations Page 12 Crowdfunding gains traction down under Page 14 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM AUSTRALIA 2014 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Mirzaan Jamwal (852) 3411 4821 That was then, Winnie Liu (852) 3411 4907 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow Senior Research Manager this is now Helen Lee Research Manager Alfred Lam Research Associates Herbert Yum, Isas Chu, Jason Chong, Kaho Mak Circulation Manager FROM 2006 OR THEREABOUTS, AUSTRALIA pace during the second half of 2013. A total of Sally Yip Circulation Administrator suddenly became the destination in Asia for GPs nine PE-backed offerings raised record proceeds Prudence Lau focused on leveraged buyout deals.
    [Show full text]
  • The Genomic Ancestry of the Scandinavian Battle Axe Culture People and Their Relation to the Broader Corded Ware Horizon
    Malmström, H., Günther, T., Svensson, E. M., Juras, A., Fraser, M., Munters, A. R., Pospieszny, Ł., Tõrv, M., Lindström, J., Götherström, A., Storå, J., & Jakobsson, M. (2019). The genomic ancestry of the Scandinavian Battle Axe Culture people and their relation to the broader Corded Ware horizon. Proceedings of the Royal Society B: Biological Sciences, 286(1912), [20191528]. https://doi.org/10.1098/rspb.2019.1528 Publisher's PDF, also known as Version of record License (if available): CC BY Link to published version (if available): 10.1098/rspb.2019.1528 Link to publication record in Explore Bristol Research PDF-document This is the final published version of the article (version of record). It first appeared online via The Royal Society at https://doi.org/10.1098/rspb.2019.1528 . Please refer to any applicable terms of use of the publisher. University of Bristol - Explore Bristol Research General rights This document is made available in accordance with publisher policies. Please cite only the published version using the reference above. Full terms of use are available: http://www.bristol.ac.uk/red/research-policy/pure/user-guides/ebr-terms/ The genomic ancestry of the Scandinavian royalsocietypublishing.org/journal/rspb Battle Axe Culture people and their relation to the broader Corded Ware horizon Research Helena Malmström1,2,†, Torsten Günther1,†, Emma M. Svensson1, Anna Juras3, Cite this article: Malmström H et al. 2019 Magdalena Fraser1,4, Arielle R. Munters1, Łukasz Pospieszny5,6, Mari Tõrv7, The genomic ancestry of the Scandinavian 8 9 10 Battle Axe Culture people and their relation to Jonathan Lindström , Anders Götherström , Jan Storå the broader Corded Ware horizon.
    [Show full text]
  • Megalithic Tombs in Western and Northern Neolithic Europe Were Linked to a Kindred Society
    Megalithic tombs in western and northern Neolithic Europe were linked to a kindred society Federico Sánchez-Quintoa,1, Helena Malmströma,b,1, Magdalena Frasera,c,1, Linus Girdland-Flinkd, Emma M. Svenssona, Luciana G. Simõesa, Robert Georgee,f, Nina Hollfeldera, Göran Burenhultc, Gordon Nobleg, Kate Brittong,h, Sahra Talamoh, Neil Curtisg, Hana Brzobohatai, Radka Sumberovai, Anders Götherströmj, Jan Storåf,2, and Mattias Jakobssona,b,2 aHuman Evolution, Department of Organismal Biology, Uppsala University, SE-752 36 Uppsala, Sweden; bCentre for Anthropological Research, Department of Anthropology and Development Studies, University of Johannesburg, 2006 Auckland Park, South Africa; cDepartment of Archaeology and Ancient History, Uppsala University–Campus Gotland, SE-621 67 Visby, Sweden; dResearch Centre in Evolutionary Anthropology and Paleoecology, School of Natural Sciences and Psychology, Liverpool John Moores University, L3 3AF Liverpool, United Kingdom; eDepartment of Surgery, Royal Prince Alfred Hospital, Sydney, NSW 2050, Australia; fOsteoarchaeological Research Laboratory, Department of Archaeology and Classical Studies, Stockholm University, SE-106 91 Stockholm, Sweden; gMuseums and Special Collections, Sir Duncan Rice Library, University of Aberdeen, AB24 3AA Aberdeen, Scotland; hDepartment of Human Evolution, Max Planck Institute for Evolutionary Anthropology, 04103 Leipzig, Germany; iDepartment of Prehistorical Archaeology, Institute of Archaeology of Czech Academy of Sciences, CZ-11801 Prague, Czech Republic; and jArchaeological
    [Show full text]
  • Trs Contracted Investment Managers As of February 2018
    TRS CONTRACTED INVESTMENT MANAGERS AS OF FEBRUARY 2018 Global Public Equity (Global Income continued) Acadian Asset Management Oaktree Capital Management, LLC Adrian Lee & Partners Pacific Investment Management Company, LLC AQR Capital Management Pemberton Capital Advisors Arrowstreet Capital PGIM, Inc. Axiom International Investors Riverstone BNP Paribas Solar Capital Partners LLC Channing Capital Management, LLC Taplin, Canida & Habacht Dimensional Fund Advisors LP Taurus Funds Management Emerald Advisers, Inc. TCW Asset Management Company JP Morgan Asset Management Westwood Management Corporation Levin Capital Strategies, LP LSV Asset Management Real Estate/Real Assets Mondrian Investment Partners Limited AQR Capital Management, LLC Northern Trust Investments, NA Barings Real Estate Advisers LLC RhumbLine Advisers Beacon Capital Partners Robeco Boston Partners BlackRock Strategic Global Advisors, LLC Blackstone Real Estate Advisors T. Rowe Price Associates, Inc. Bridgewater Associates, LP Wasatch Advisors Capri Capital Advisors, LLC CB Richard Ellis, Inc. Transition Managers Dyal Capital Fortress Investment Group Citigroup Global Markets, Inc. Gaw Capital Partners Loop Capital Heitman Real Estate Investment Management Macquarie Capital (USA) Inc. Hines Northern Trust Investments Inc. INVESCO Real Estate Penserra Transition Management LLC LaSalle Investment Management Lion Industrial Trust Global Income Lone Star Angelo, Gordon & Co. LPC Realty Advisors Apollo Global Management Madison International Realty Dolan McEniry Capital Management,
    [Show full text]
  • Annual Report 2008 Overview 2008
    Annual Report 2008 Overview 2008 INVESTMENTS INVESTMENT STRATEGY GOAL • Well established global companies. To generate a return • Significant minority ownership exceeding the market cost of for strategic influence. capital defined as the risk-free • Listed companies. interest rate plus a risk premi- • Long ownership horizon. um over a business cycle. Currently this corresponds to approximately 8 percent nvestments per year. I Core • Medium-size to large companies with To generate a return significantly international operations. exceeding market cost of capital • Preferably companies with potential for defined as the risk-free interest stable growth and high profitability. rate plus a risk premium over • Majority ownership or significant a business cycle, appropriately mino rity position for strategic influence. reflecting the holding’s liquidity nvestments • Listed and unlisted companies. I as well as its financial and • Long ownership horizon, longer than 5-10 years. operating risk profile. Currently, the return objective exceeds 15 percent per year. perating O Investor INVESTOR GROWTH CAPITAL Average annualized return Growth Capital • Small and medium-size growth (IRR) of 20 percent or more companies in the U.S., on realized investments before Northern Europe and Asia. administrative expenses, over • Minority ownership. a business cycle. nvestments I • Mainly unlisted companies within healthcare and IT. • Ownership horizon 3-7 years. quity E EQT’s funds (PARTLY OWNED) • Buyout investments in Northern Europe, China and the U.S. • Majority ownership. • Ownership horizon 3-7 years. Private OVERVIEW – INVESTOR 2008 MAIN EVENTS SHARE OF TOTAL ASSETS • Holdings in OMX and Scania were divested with good returns. • Ownership positions were strengthened in Atlas Copco, SEB, Husqvarna and Electrolux.
    [Show full text]
  • Annual Report 2011 Investor in Brief
    Annual report 2011 Investor in brief Vision To be recognized as a premier investor, supporting the development of our portfolio companies to become best-in-class. CONTENTS Key figures .......................................................................... 2 Business concept Portfolio overview ................................................................ 4 Investor owns significant minority and majority interests Letter from the Chairman ..................................................... 6 in high quality companies. Through our participation on President’s comments ........................................................... 8 Value creation ................................................................... 10 the Boards of Directors, we work for continuous Business areas .................................................................... 12 improvement of the performance of the companies. Core Investments................................................................ 14 With our industrial experience, network and financial Financial Investments .......................................................... 21 strength we strive to make our companies best-in-class. Investor shares ................................................................... 24 Our cash flow allows us to support strategic initiatives in Employees, network and brand .......................................... 26 our companies, capture investment opportunities and Sustainable business ........................................................... 27 provide our shareholders
    [Show full text]
  • The Operating Impact of Management Ownership Evidence from Private Equity Buyouts in Sweden
    Stockholm School of Economics Department of Finance MSc thesis – Spring 2013 Supervisor: Assistant Professor Michael Halling The Operating Impact of Management Ownership Evidence from Private Equity Buyouts in Sweden Abstract Using a novel dataset comprising 161 private equity buyouts in Sweden between 2002 and 2008, this paper investigates the impact of management participation on operating performance in buyouts. The authors compare performance in private equity sponsored management buyouts (MBOs) with other buyouts and also investigate the effect of management ownership in buyout companies. The analysis is carried out using regression analysis over two event windows, the three years following the buyout year and the period from entry to exit. The authors find that a higher management equity stake has a positive effect on profitability in buyout companies, but has a negative impact on growth. Additionally, the study finds that MBOs tend to outperform other buyouts over the full holding period. Looking at employee growth, larger management ownership in buyout companies is found to have a significant positive effect on employment. Keywords: Private equity, management buyout, MBO, management incentives, operating performance Mikael Svanberg Christopher Wanzelius [email protected] [email protected] Acknowledgements We would like to thank our tutor, Assistant Professor Michael Halling, for valuable support and guidance during the process of writing this paper. We also acknowledge Professor Per Strömberg, who was kind enough to provide feedback on our chosen topic. Last but not least, we would like to thank our friends and family for their encouragement and patience during the past few months. 1 Table of Contents Table of Contents ...............................................................................................................
    [Show full text]