Investor Ab Class A · OMXSTO:INVE_A

Investor Ab Class A — FY2011 Earnings Presentation

26 slides from Investor Ab Class A's earnings presentation, 2012

  1. Slide 1: Year-End Report 2011

    Year-End Report 2011 CEO Börje Ekholm C1 - Public

  2. Slide 2: Summary 2011

    Summary 2011 > Strategy revisited and internal restructuring implemented > Cost reductions on track > Holdings overall well positioned with solid financials > Investments of SEK 6.1 bn. made in Core Investments > Net asset value change, with dividends added back was -6 percent, compared to SIXRX -14

  3. Slide 3: Core Investments

    Core Investments Key events Listed > Add-on acquisitions of SEK 5.1 bn., of which SEK 2.1 bn. in the fourth quarter > Dividends and redemptions of SEK 5 bn. received Subsidiaries > Mölnlycke reached sales milestone of EUR 1 bn. with continued strong cash-flow generation > Additional tender wins for

  4. Slide 4: Financial Investments

    Financial Investments Key events > Commitment of EUR 300 m. to EQT VI and SEK 1.0 bn. in cash flow received > IGC money multiple of 2.2x on 2011 exits – SEK 0.7 bn. in dividends to Investor during H2 > Continued profitable growth in 3 Scandinavia and value increase due to activated tax loss carry fo

  5. Slide 5: Platform for cash flow generation

    Platform for cash flow generation Core Investments Core Investments Financial Investments Listed Subsidiaries Distribution from Dividends/redemptions Cash flow IGC and EQT Total yield/cash from assets - Cost of investing activities Exit proceeds from partner-owned companies Dividend and investment c

  6. Slide 6: C1 - Public

    C1 - Public

  7. Slide 7: Financials January - December 2011

    Financials January - December 2011 CFO Susanne Ekblom C1 - Public

  8. Slide 8: Financial highlights

    Financial highlights January-December 2011 > Net Asset Value SEK 156.1 bn. (169.4) – NAV with dividend added back -5.6% > Net income SEK -9.3 bn. > Leverage 9.8% > TSR Investor B-share -7.7% > SIXRX Index -13.5% C1 - Public

  9. Slide 9: Net Asset Value 1989-2011

    Net Asset Value 1989-2011 YTD 2011 Q4 2011 SEK bn. SEK -9.5 bn. SEK 12.1 bn. 200 -6%*) 8%*) 180 160 156 140 120 100 80 60 40 20 0 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 *) With dividend added back C1 - Public

  10. Slide 10: Net Asset Value

    Net Asset Value December 31, 2011 vs. December 31, 2010 December 31, 2011 December 31, 2010 SEK/share SEK m. SEK/share SEK m. Core Investments 179 136 002 200 151 425 Financial Investments 49 37 623 39 30 036 Other assets & liabilities -1 -645 -1 -603 Total assets 227 172 980 238 180 858 Net debt -2

  11. Slide 11: Transactions

    Transactions Invested amounts and recieved divestment proceeds 2011 Q4 SEK 10 921 m. SEK 3 013 m. Core Listed 5 096 Core Listed 2 075 Core Subs 1 019 Fin. Investm 938 Fin. Investm 4 806 Invested Fin. Investm 376 Core Listed 1 049 Proceeds* Fin. Investm 5 931 SEK 376 m. SEK 6 980 m. *) Includes dives

  12. Slide 12: Income Statement

    Income Statement 2011 vs. 2010 Q4 2011 YTD 2011 Q4 2010 YTD 2010 SEK m. SEK m. SEK m. SEK m. Core Investments 11 248 -17 754 15 198 29 608 Financial Investments 1 548 9 974 2 243 2 284 Total 12 796 -7 780 17 441 31 892 Other -511 -1 508 51 - 1 281 Net Income 12 285 -9 288 17 492 30 611 C1 - Public

  13. Slide 13: Core Investments

    Core Investments Market Value December 31, 2011 Invested 2011 SEK 1 614 m. SEK 3 062 m. SEK 1 208 m. SEK 3 216 m. SEK 6 115 m. SEK 3 342 m. ABB 1 539 Nasdaq OMX 1 499 SEK 4 638 m. SEK 30 365 m. Aleris 1 019 Electrolux 742 SEK 5 237 m. Ericsson 664 Sobi 258 Husqvarna 233 Atlas Copco 161 SEK 136 bn. S

  14. Slide 14: Listed Core Investments

    Listed Core Investments Income effect Income effect January-December, 2011 > SEK -17 889* m. in 2011 > SEK +11 127* m. in Q4 Income effect 2011, SEK m. Investor’s Total Return 2011, % 1 239 8 721 18 175 6 -579 -5 -2 093 -41 -2 130 -61 -2 596 -7 -2 739 -11 -3 274 -41 -6 613 -26 * Before management co

  15. Slide 15: Mölnlycke Health Care - Subsidiary

    Mölnlycke Health Care - Subsidiary YTD YTD Net sales EUR m. EBITDA margin Q4 Dec. Q4 Dec. 2011 2011 2010 2010 1 200 30% EUR m. EUR m. EUR m. EUR m. 1 000 24% Net Sales 267 1 014 246 949 800 18% EBITDA adj. 82 296 74 269 600 EBITDA adj. % 31 29 30 28 12% 400 EBITDA* 82 251 70 265 6% 200 EBITDA % 31 2

  16. Slide 16: Aleris – Subsidiary

    Aleris – Subsidiary YTD YTD Net sales SEK m. EBITDA margin Q4 Dec. Q4 Dec. 6 000 15% 2011 2011 2010 2010 SEK m. SEK m. SEK m. SEK m. 5 000 12% Net Sales 1 593 5 123 1 068 4 120 4 000 9% EBITDA 138 410 65 296 3 000 6% EBITDA % 9 8 6 7 2 000 3% 1 000 Q4 Q4 0 0% SEK m. 2011 2010 Net sales (rolling 4Q)

  17. Slide 17: Grand Hôtel - Subsidiary

    Grand Hôtel - Subsidiary Net sales SEK m. YTD YTD EBITDA margin Q4 Dec. Q4 Dec. 500 50% 2011 2011 2010 2010 SEK m. SEK m. SEK m. SEK m. 400 40% Net Sales 123 396 108 393 300 30% EBITDA 25 67 21 95 200 20% EBITDA % 20 17 19 24 100 10% 0 0% Q4 Q4 SEK m. 2011 2010 Net sales (rolling 4Q) EBITDA margin (

  18. Slide 18: Financial Investments

    Financial Investments Net Asset Value December 31, 2011 Other partner-owned investments 180 Other financial investments 2 071 2 190 2 395 1 955 415 126 4 337 13 214 SEK 38 bn. 21% of total assets 1 517 3 399 5 239 798 137 10 188 C1 - Public

  19. Slide 19: EQT

    EQT Change in Net Asset Value December 31, 2011 Oct-Dec 2011 Jan-Dec 2011 Jan-Dec 2010 Key events – Q4 2011 SEK m. SEK m. SEK m. NAV beginning > EQT VI closed with Investor 13 162 10 858 9 166 committing EUR 300 m. of period Contribution to NAV -153 3 360 1 179 > SEK 1 bn. in net cash flow to Invest

  20. Slide 20: Investor Growth Capital

    Investor Growth Capital Change in Net Asset Value December 31, 2011 Oct-Dec 2011 July-Dec 2011 Key events – Q4 2011 SEK m. SEK m. NAV beginning of > Investor received a 10 252 8 694 period distribution of SEK 229 m. from IGC Contribution to NAV 165 1 031 > 6 percent value increase in Capital Contrib

  21. Slide 21: Lindorff – Partner-owned

    Lindorff – Partner-owned YTD YTD Net sales EUR m. EBITdA margin Q4 Dec. Q4 Dec. 2011 2011 2010 2010 350 35% EUR m. EUR m. EUR m. EUR m. 300 30% Net Sales 81 337 76 309 250 25% EBITdA 21 96 16 89 200 20% 150 15% EBITdA % 26 28 21 29 100 10% 50 5% Q4 Q4 0 0% EUR m. 2011 2010 Net debt 669 615 Net sales

  22. Slide 22: Gambro – Partner-owned

    Gambro – Partner-owned YTD YTD Net sales SEK m Normalized EBITDA margin Q4 Dec. Q4 Dec. 2011 2011 2010 2010 14 000 28% SEK m. SEK m. SEK m. SEK m. 12 000 24% Net Sales 2 732 10 928 2 998 12 152 10 000 20% Normalized 8 000 16% 477 2 041 611 2 395 EBITDA 6 000 12% Normalized 4 000 8% 17 19 20 20 EBITD

  23. Slide 23: 3 Scandinavia – Partner-owned

    3 Scandinavia – Partner-owned New method Old method YTD Subscribers ARPU (SEK) Q4 YTD Dec. 2011 Dec. Q4 2011 2 250 000 500 SEK 2011 2011 SEK SEK 2 000 000 450 m. SEK m. m. m. 1 750 000 400 350 1 500 000 Net Sales 2 337 8 911 1 885 7 015 300 1 250 000 250 EBITDA 565 2 397 302 1 067 1 000 000 200 750

  24. Slide 24: Investor Group

    Investor Group Leverage SEK m. Dec 31, 2011 Dec 31, 2010 Gross cash 13 102 12 123 Gross debt -30 012 -23 595 Net debt -16 910 -11 472 Total assets 172 980 180 858 Leverage 9.8% 6.3% % Development of Net Debt 30 25 20 15 10 5 0 -5 -10 -15 Leverage target range Leverage Maximum leverage C1 - Public

  25. Slide 25: Platform for cash flow generation

    Platform for cash flow generation Core Investments Core Investments Financial Investments Listed Subsidiaries Distribution from Dividends/redemptions Cash flow IGC and EQT Total yield/cash from assets - Cost of investing activities Exit proceeds from partner-owned companies Dividend and investment c

  26. Slide 26: Q&A

    Q&A C1 - Public

Investor — FY2011 Earnings Presentation on 6ix