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Investor's Annual Report 2020

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Investor's Annual Report 2020 Annual Report 2020 Contents Investor at a Glance 1 2020 in Brief 2 Listed Companies Welcome to Investor 3 Letter from our Chair 4 Letter from our CEO 5 Business Model 6 Targets and Outcome 8 Financial Development 10 Engaged Ownership 12 Sustainability 14 People at the Centre 16 Listed Companies 18 Patricia Industries 24 Investments in EQT 36 Investor as an Investment Case 37 The Investor Share 38 Patricia Industries Risk and Uncertainty Factors 40 Corporate Governance Report 42 Board of Directors 48 Management Group 50 Disposition of Earnings 53 List of contents of Financials 55 Smart solutions for the automated world™ Statements for the Group 56 Notes for the Group 60 Statements for the Parent Company 101 Financial Investments Notes for the Parent Company 105 Auditor’s Report 113 Sustainability Notes 116 Auditor’s Sustainability Report 122 Five-year Summary 123 Investments in EQT Alternative Performance Measures and Definitions 124 Shareholder Information 125 EQT EQUITY EQT INFRASTRUCTURE The Annual Report for Investor AB (publ) 556013-8298 consists of the Administration Report EQT MID MARKET EQT REAL ESTATE on pages 6-17, 40-53, 116-121 and the Financial EQT AB EQT VENTURES EQT CREDIT Statements on pages 56-115. The Annual Report is published in Swedish and English. Sustainability information can be found on pages 6-9, 14-17, 26-34, 40-41 and 116-122. Production: Investor and Addira Photo: iStock.com/Remus Kotsell. Niklas Nyman, Unsplash, Pixabay, and Investor’s portfolio companies. Print: Åtta.45 Tryckeri AB, Sweden, 2021 NORDIC ECOLABEL 3041 0001 B INVESTOR 2020 Investor at a Glance Share of total Performance Engaged adjusted assets1) 2020 ownership Substantial minority owner with 8% a long-term buy-to-build strategy 367SEK bn Total return Board representation: Significant representation from Investor AB, Chair role important 3.4 in our governance model SEK bn 65% Net invested 19% Wholly-owned subsidiaries Total return and partner-owned companies with a long-term buy-to-build 142SEK bn strategy, financial investments 9.5 in which our investment horizon SEK bn Net invested has not yet been defined Boards comprise of independent 6% directors and directors from 25% Adjusted profit Patricia Industries growth, subsidiaries Largest owner of EQT AB 55% (18.1 percent of the capital), Value change 3-30 percent capital commit- 57SEK bn ment in selected active funds 0.2 Board representation: At least SEK bn one representative in EQT AB Net cash flow 10% to Investor 1) Including estimated market values of the wholly-owned and partner-owned investments within Patricia Industries. INVESTOR 2020 Investor at a Glance 1 19% 2020 total shareholder return in brief (2019: 40) • 2020 was dominated by the covid-19 pandemic. Our companies were quick to adapt by taking action to safeguard employees, support customers, lower costs and secure liquidity. SEK 546bn adjusted net asset value (2019: 485) • Within Listed Companies, we invested SEK 3.4bn in ABB, Ericsson and Electrolux Professional, which became our 13th listed company. • Patricia Industries’ major subsidiaries grew overall sales and profit, despite the pandemic. SEK 713per share adjusted net asset value (2019: 634) • Patricia Industries acquired A dvanced Instruments, the global leader in osmolality testing, for USD 780m (enterprise value). Several add-on acquisitions were made. Total net investments amounted to SEK 9.5bn. • Several companies made strategic acquisitions, for 4.1% example Ericsson, Atlas Copco, AstraZeneca, Laborie leverage (2019: 2.8) and Sarnova. • The reported value increase on our investments in EQT amounted to 55 percent. Net cash flow to Investor was SEK 0.2bn. SEK per share 14 • Investor raised a 15-year EUR 600m bond, further proposed dividend (2019: SEK 9 paid out) increasing our financial flexibility. • We continued to drive our sustainability agenda, launching focus areas and targets to further future-proof our companies. CDP B score • The Board of Directors proposes a dividend of Climate rating (2019: B-) SEK 14 per share for fiscal year 2020 and a 4:1 split of the Investor share. 2 2020 in brief INVESTOR 2020 Welcome to Investor 50/50% women/men in the company and in the Extended Management Group Investor, founded by the Wallenberg family in 1916, is an owner of high-quality, global companies. We have a long-term investment 94 perspective. Through board participation, our employees industrial experience, network and financial strength, we support our companies to outper- form competition and reach their full potential. We are an engaged long-term owner We drive the initiatives that we believe will create the most value for each individual company. Ultimately this creates value for our shareholders and for society at large. 24 We build sustainable major holdings best-in-class companies The ambition is for our companies to maintain or achieve best-in-class positions. We have a long tradition of being a responsible owner and company. We firmly believe ~500,000 that integrating sustainability in the business model employees in our companies is a prerequisite for creating long-term value. We create value for people and society by building strong and sustainable businesses INVESTOR 2020 Welcome to Investor 3 Letter from our Chair Dear fellow shareholders, Many companies have scrambled to aiming to be at the forefront, but clearly 2020 will be remembered as a very provide medical equipment. Others have need to continue to invest substantially to different year. It is not the first time that redesigned their offerings and ways of stay ahead. a pandemic has swept the world. What is working to help their customers. In that context, I would also like to unprecedented is that it has happened Considering these considerable reinforce my message from last year that at a time when our modern, highly de- achievements, I am at times confounded Europe lags behind in implementing 5G, veloped societies have started to believe by the lop-sided public view of the cor- a technology that is key to Europeans in their own infallibility. Covid-19 has re- porate sector, with an exaggerated focus and European companies to be competi- minded us of mankind’s vulnerabilities, on owners seeking government support tive vis-a-vis US and Chinese companies. despite our technological progress and in tough times. One can never highlight sophistication. This is a serious warning enough the importance of corporates in Increasing geopolitical risks for society to prepare for future crises. creating and maintaining jobs, generating Every year, I repeat that globalization and At the same time, luckily, people have taxes, and bringing forward new, innova- free trade are forces of good, creating proven resilient and resourceful. tive technologies. global prosperity. Sadly, we seem to be As long-term, engaged owners, For example, during 2020, the debate moving away from globalization and free Investor's role during 2020 has, as on companies' right to decide on their trade to a more bi-polarized world, which always, been to support our companies. own dividends in times of crisis and could have grave consequences for the I am impressed by how quickly they took government support was running high. economy long-term. As Sweden is depen- action to safeguard employees, custom- I am convinced that the dividend deci- dent on international trade, I participate in ers and liquidity, while continuing to make sion is entirely up to the owners of the many discussions on a Swedish, European strategic investments in R&D, new tech- individual company, based on its specific and international level to ensure that the nology, digitalization and sustainability. situation. I believe that the price society is voice of business is heard on the support paying for stopping dividends is very high. of free trade. The importance of corporates Dividends are important for the overall In fact I am impressed by, and proud economy for several reasons. Dividends Insights from an extraordinary year of, how the business community as a provide vital income for individuals, pen- The pandemic has reminded us all about whole, in Sweden and elsewhere, has sion funds, foundations and universities. our inability to foresee all crises. With that stepped up and contributed to mitigate Another aspect is the reallocation of cap- in mind, ensuring financial flexibility and the impact of the pandemic. Vaccines ital from well-capitalized companies to operational agility is critical for all compa- have been developed record-fast. others, often young and innovative, with nies. It has also shown how intertwined bigger capital needs. These aspects are the world is, and that we need more rather often left out in the public debate. than less collaboration. Accelerating trends A strong year for Investor One of our major challenges Despite the challenges, 2020 turned SEK 14 is also to accelerate innova- out well for Investor and our position is Proposed tion to fight climate change. strong, both strategically and financially. dividend per share As this threat is real and Given this, I am pleased that the Board of 2020 imminent, speed is crucial. Directors is able to propose a dividend of The corporate sector has an SEK 14 per share for fiscal 2020. Our goal important role in supporting to pay a steadily rising dividend is intact. the transition to a sustainable low- On behalf of the Board I would like to carbon economy. During 2020, Investor thank our CEO Johan Forssell and the launched ambitious sustainability focus entire team at Investor for delivering, once areas and targets to further future-proof more, strong results, particularly during an Investor and our companies. Climate exceptional year. change is a reality and it is in the interest Finally, I would like to thank you, dear of business to take its responsibilities as fellow shareholders for your continued well as understand that this is a unique support and trust in Investor.
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