A long-term industrial developer of listed companies

Transcription

1 A long-term industrial developer of listed companies 2Q:2009 Interim Report Industrivärden, August 4, 2009 AN_Pres_KV209 Nr 1

2 Company in brief Established: 1944 Stock: Market cap: Free float: 386 million shares, listed on SSEX Approx. USD 4.0 bn (SEK 30 bn) Approx. 40% of shares No. shareholders: 48,000 Average daily trading vol.: Approx. 650,000 shares Coverage: Handelsbanken Markets, Magnus Dalhammar Enskilda Securities, Andreas Joelsson, UBS Nordic, Olof Cederholm Low administrative expenses, USD 10 M or 0.2% of AUM Holding company tax status: no tax on capital gains, dividends received/rendered are taxable/deductible Discount to NAV approx. 17% AN_Pres_KV209 Nr 2

3 Mission, goal and strategy Business mission Create shareholder value based on a professional investment operation and active ownership Our goal Generate high growth in net asset value over time Industrivärden s stock will deliver a high total return to shareholders Portfolio Scope: Individual investments Market value: Type: Concentrated portfolio Large and midcap companies Mainly listed Conditions Sectors: Business models: Ownership structure: Investment horizon: Sector generalist Geographically scalable Possibility to be major or largest owner 5-8 years Exit: Appropriate exit once target value has been created Geography: Requirement: Nordic companies Major potential for value creation AN_Pres_KV209 Nr 3

4 Industrivärden at a glance Our strengths Our portfolio Blue chip portfolio Good leverage of influence Long-term active ownership Extensive structural capital Holding Market Share of Share of value, SEK bn votes, % portfolio, % Handelsbanken Sandvik SCA Ericsson SSAB Volvo Skanska Indutrade Munters Höganäs Total As per July 31, 2009 Favorable and competitive long-term return with limited risk AN_Pres_KV209 Nr 4

5 Development during January July 2009 Net asset value SEK 35.6 bn or SEK 92/share a increase of SEK 11.7 bn, or 49% for the year Total return of 43% for the Class A shares 6%-points better than the return index Net debt was SEK 10.7 bn a decrease of SEK 0.1 bn during the year AN_Pres_KV209 Nr 5

6 First half of 2009 in summary Equities Portfolio July 31 June 30 Dec. 31 market value, SEK M 46,331 41,244 34,744 Transactions acquisitions, SEK M ,644 sales, SEK M ,314 net, SEK M July SEK per share June Dec Debt net debt, SEK M 10,684 10,636 10,813 change in net debt net debt equity ratio 23.1% 25.7% 31.1% Net asset value net asset value, SEK M 35,647 30,608 23,931 change in NAV* 56% 35% -55% total return index 37% 24% -39% Equities portfolio Net debt Net asset value Discount A-share Discount C-share Discount A/C % 24% 19% % 20% 15% % 19% 11% The stocks total return Class A-share 43% 28% -47% total return index 49% 24% -39% * Change in NAV per Industrivärden share, dividends reinvested. AN_Pres_KV209 Nr 6

7 Development of net asset value SEK M Mdkr 70 SEK/share Kr/aktie dec-01 dec-02 dec-03 dec-04 dec-05 dec-06 dec-07 mar-08 jun-08 sep-08 dec-08 mar-09 jun-09 jul-09 0 dec-01 dec-02 dec-03 dec-04 dec-05 dec-06 dec-07 mar-08 jun-08 sep-08 dec-08 mar-09 jun-09 jul-09 Aktieportföljen Portfolio Nettoskuld debt Substansvärde Net asset value AN_Pres_KV209 Nr 7

8 A portfolio of industry-leading companies Leading metal powder producer 1% or SEK 0.3 bn (2004) World leader in moisture control 1% or SEK 0.5 bn (2002) Leading player in complex construction projects 6% or SEK 3 bn (1987) Leading producer of heavy vehicles 8% or SEK 4 bn (1987) Successful universal bank with international growth based on a Nordic base 24% or SEK 11 bn (1963) Technology trading company active in northern Europe 4% or SEK 1.6 bn (1989) World leading producer of specialty steel 11% or SEK 5 bn (1994) World s largest supplier of systems for mobile telecom 11% or SEK 5 bn (1944) Leading high-tech company in materials technology 20% or SEK 9 bn (1997) Global consumer products and packaging company 14% or SEK 7 bn (1950) Portfolio share and value as per July 31, 2009 (Holding since). AN_Pres_KV209 Nr 8

9 Equities portfolio as per July 31, 2009 Value distribution % of portfolio % of capital % of votes Stock No. shares SEK M SEK/share value in company in company Handelsbanken A Handelsbanken B 63,082,564 72,145 11, Sandvik 136,431,200 9, SCA A SCA B 47,100,000 23,700,000 6, Ericsson A 74,400,000 5, SSAB A SSAB B 52,289, ,794 4, Volvo A 70,218,284 3, Skanska A Skanska B 15,091,940 14,733,560 3, Indutrade 14,757,800 1, Munters 10,950, Höganäs B 3,550, Totalt 46, AN_Pres_KV209 Nr 9

10 Financial position Net debt (SEK bn) Net debt equity ratio 15,0 35% 13,0 11,0 9,0 7,0 5,0 3,0 1,0-1,0 30-jun-01 AN_Pres_KV209 Nr sep dec mar jun sep dec mar jun sep dec mar jun sep dec mar jun sep dec mar jun sep dec sep dec mar jun sep dec mar jun jul-09 30% 25% 20% 15% 10% 5% 0% SEK 10.7 bn 23.1%

11 Industrivärden s dividend 6 9% 5 8% 7% 4 7.9% 6% 3 5.0% 5% 4% Bonusutdelning dividend Ordinarie Ordinary utdelning dividend Direktavkastning SSEX dividend yield börsen Direktavkastning Dividend yield 2 3% 1 2% 1% 0 0% Dividend: SEK/share Of which ordinary AN_Pres_KV209 Nr 11

12 Good long-term growth in value The average annual excess return for last ten years was 1%-point/year Total return index (Index) (c) SIX AB Industrivärden share Total Return Index (SIXRX) As per July 31, 2009 AN_Pres_KV209 Nr 12

13 Industrivärden online Reuters code Bloomberg code Datastream code INDUa.ST INDUA SS W :IU info@industrivarden.se Box 5403, SE Stockholm, Sweden Press release direct: / IR / Ask / Info... / Latest News / Subscribe AN_Pres_KV209 Nr 13