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Annual Report 2015 “To Move from the Old to What Is About to Come, Is the Only Tradition Worth Keeping.”

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Annual Report 2015 “To Move from the Old to What Is About to Come, Is the Only Tradition Worth Keeping.” Annual report 2015 “ To move from the old to what is about to come, is the only tradition worth keeping.” This motto originates from a letter written by Marcus Wallenberg (1899-1982) to his brother Jacob Wallenberg (1892-1980), commenting on a sale of the family’s railroad business and investing in aviation. This is a guiding principle that still applies to how Investor works today. CONTENTS Investor 100 years .................................... II Patricia Industries .................................. 18 Notes for the Parent Company ............86 Investor in brief ......................................VI Investor’s employees ............................. 23 Auditor’s Report ....................................94 Portfolio overview .................................VII Sustainable business.............................. 24 Five-Year Summary ................................ 95 Highlights 2015 ........................................ 1 The Investor share ................................. 26 Definitions ..............................................96 Letter from the Chairman ....................... 2 Corporate Governance Report ............. 28 Shareholder information ...................... 97 Letter from the CEO ................................ 4 Management Group.............................. 37 Financial development ............................ 6 Board of Directors ................................. 38 The Annual Report for Investor AB (publ.) 556013-8298 consists of the Administration Objective and operating priorities ........ 8 Proposed Disposition of Earnings ........40 Report on pages 6-7, 11, 23-40 and the Active ownership ..................................... 9 List of contents of Financials ................ 41 financial statements on pages 41-93. Our Investments .................................... 11 Statements for the Group ..................... 42 The Annual Report is published in Swedish and Listed Core Investments ........................ 12 Notes for the Group ..............................46 English. EQT .......................................................... 17 Statements for the Parent Company ... 82 Production: Investor and Addira. Photos: Mattias Bardå, Jeppe Wikström, Lennart Hansson/Atlas Copco, Ingemar Eriksson/Scania Archive, SFEHF and photos from Investor’s holdings. Print: Åtta.45 Tryckeri AB, Sweden, 2016. Paper: Profimatt, 250 g/100 g. Investor in brief Investor, founded by the Wallenberg family a hundred years ago, is a leading owner of high-quality, international companies. We have a long-term investment perspective and support our companies in their efforts to create sustainable value. Through board participation, industrial experience, our network and financial strength, we strive to make our companies best-in-class. Patricia Industries Vision With our industrial experience, broad Business areas As18% a long-term owner, we actively network and financial strength, we strive Our investments are managed within supportEQT the building and development to make and keep our companies best-in- Listed Core Investments, EQT and Patricia Noterade of best-in-class companies. class. We always look at the opportuni- Industries. Through substantial owner- Kärn- 5% ties andinvesteringar challenges facing each individual ship and board representation, we engage Business concept company. Mdr kr to develop our companies, both within Investor owns significant stakes in high- Our78% cash flow allows350 us to financially Listed Core Investments and Patricia quality companies. Through the Boards support strategic initiatives300 in our compa- Industries. We define value creation of Directors, we work for continuous nies, capture investment250 opportunities plans and benchmark our companies to improvement of the performance of the and provide our shareholders200 with a support them in maintaining or achieving companies. steadily rising dividend.150 best-in-class positions in their respective industries. 100 50 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Substansvärde, inklusive Substansvärde återlagd utdelning SHARE OF TOTAL ASSETS NET ASSET VALUE SEK bn. Patricia Industries 350 18% 300 250 EQT Listed Core 200 5% Investments 150 78% 100 50 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Net asset value, including Net asset value dividends added back Mdr kr 350 300 250 10.00 91200 236.3 Proposed dividend/share, SEK Number of employees150 Market cap., SEK bn. 100 50 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Substansvärde med Substansvärde återlagd utdelning 2016 marks the 100-year anniversary for Investor AB. Since Investor was founded by the Wallenberg family in 1916, we have been an active and long-term owner of high-quality companies and persistently worked to make them best-in-class. The Investor story actually begins with André Oscar Wallenberg Gradual development who founded Stockholms Enskilda Bank, Sweden’s first private The global recession struck Sweden with full force in 1920 bank, in 1856. During the 1870’s, when Sweden was hit by a and Investor felt the aftermath of this economic slope. This recession, the bank became the owner of several industrial was a painful period for Investor and the Board discussed companies, customers to the bank, by converting debt into a possible restructuring of the company as well as selling equity, in order to protect its capital. Investor was established several of the major holdings. There was no reconstruc- in October 1916 when new Swedish legislation restricted the tion, but the dividend was suspended for seven years. banks’ ability to own shares in other companies. The holding The deterioration of the business climate reinforced the in Atlas Diesel, today’s Atlas Copco, among others, was Wallenberg tradition of prioritizing financial flexibility. transferred to Investor. Today, a 100 years later, it is still an The economy eventually recovered and Investor’s position important holding in Investor’s portfolio. gradually improved. 1916 1924 1937 Investor is founded by Stockholms Enskilda The pharmaceutical com- Svenska Aeroplan AB bank (SEB). Holdings in Atlas Diesel (Atlas pany Astra is bought for is formed (SAAB). Copco) and Scania, among other companies. SEK 1 (AstraZeneca). 1919 1925 1940 Investor is listed on the Investor becomes a large The New York office 1916 Stockholm Stock Exchange. owner of Asea (ABB). is established. By the end of World War II, Investor was a The formation of Patricia well-consolidated company. Investor, whose Investor’s first stockholdings, During 1982, Marcus Wallenberg had been organization was closely integrated with 12/31 1917 (SEK m.) concerned about Atlas Copco’s almost halved the bank, appointed its first CEO, Frans G SKF 18.6 profit and low share price, and offered Volvo Liljenroth, in 1949. A few years earlier, 1946, Ostasiatiska Kompaniet 8.0 the opportunity to buy a 25 percent stake in the Jacob Wallenberg (1892-1980) became the Atlas Diesel (now Atlas Copco) 6.0 company. After Marcus’ death in 1982, Volvo Chairman of the Investor Board. Halmstad-Nässjö Järnvägs AB 4.7 acquired large stakes in Atlas Copco, but also, to Up until the early 1980’s, Investor contin- (now HNJ intressenter) Peter Wallenberg’s surprise, in Stora Kopparberg. Papyrus 2.8 ued to work closely with the bank. Later, This had not been part of the agreement. Järnvägsaktiebolaget Stockholm- 2.8 Investor gradually developed into an own Saltsjön Peter Wallenberg and CEO Claes Dahlbäck entity with independent operations, develop- Kopparberg-Hofors 2.2 decided to buy Volvo’s stakes back in Atlas ing its own global network of people and (now part of Billerud and STORA) Copco and Stora Kopparberg, and AB Patricia companies. Stora Kopparbergs Bergslag 1.8 was formed to handle these transactions. These Separator (now Alfa-Laval) 0.5 acquisitions were financed through shareholders Göta kanalbolag 0.5 Eventful 80’s subscribing to convertible bonds for a total value Scania-Vabis 0.4 Towards the end of the 1970’s, Investor’s CEO Yngeredsfors (name change 0.3 of SEK 3 bn., the largest ever capital raising at Carl de Geer passed away and speculation ran to Papyrus in 1963) that time in Sweden. high about whom would be appointed his Other companies 1) 18.4 successor. Claes Dahlbäck, 30 years old, was 67.0 Saab-Scania appointed new CEO of Investor, a position he 1) Including Emissionsutskottet, In the 1990’s, Sweden was hit by new recession. Göteborgs Ris & Valskvarn, Kol & Koks, would hold for more than 20 years. At the Svenska Diamantbergborrning and For years, discussions about the integration of same time, Marcus Wallenberg (1899-1982) Svensk-Dansk-Ryska Telefon. long-term holdings in an operating company had was elected Chairman of the Board, succeed- taken place and in the beginning of the 1990’s, ing his brother Jacob. Marcus’ son Peter Investor and its sister company Providentia took Wallenberg (1926-2015) was elected Vice of this, Investor could take a more active role Saab-Scania private. Shortly afterwards, Investor Chairman. in the development and expansion of its and Providentia merged. The recession was felt In 1982, Peter Wallenberg was elected portfolio. by Investor’s holdings, but with the previously Chairman of the Board and in the following During the 1980’s, the stock market rallied. implemented structural changes and cost years, Investor’s organization expanded from On the Stockholm Stock Exchange, the index savings, and with the help from the devaluation six employees to approximately 100. A num- rose by approximately 1,200
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