SALES 61 bn SEK. Ferry Operations 10,4 14,1. Offshore Drilling 7,0 24,7. Shipping 2,4 11,6. Real Estate 2,5 19,0. Stena Metall 35,2 7,0
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1 Februari 2013
2 Stena Sphere BUSINESS AREA SALES 61 bn SEK CAPITAL EMPLOYED 93 bn SEK Ferry Operations 10,4 14,1 Offshore Drilling 7,0 24,7 Shipping 2,4 11,6 Real Estate 2,5 19,0 Stena Metall 35,2 7,0 Adactum 5,0 7,5 Finance 0,2 9,1
3 AN INVESTMENT COMPANY THAT OWNS AND DEVELOPS TO CREATE LONG TERM VALUE GROWTH 8 PORTFOLIO COMPANIES WITH EMPLOYEES 13,5 bn SEK REVENUE 0,5-1,5 bn SEK IN ANNUAL INVESTMENTS 10 bn SEK IN TOTAL ASSETS
4 Ballingslöv International Envac Blomsterlandet Stena Renewable Mediatec Broadcast Mediatec Solutions Gunnebo Midsona
5 Stena Adactum was founded in 2002 Create platforms for new business areas Diversification of Stena to contribute to increased value growth
6 Mission Stena Adactum s mission is to, as a long-term investor, build new businesses within Stena by acquiring and further developing companies with good growth and profitability potential.
7 Vision To be regarded as a preferred owner, who continuously creates high value growth 2X5Y The value of invested capital shall duplicate every five years
8 Main Strategy Our investments are long term ownerships in companies - not financial investments Broad investment approach without industry focus, primarily in Swedish companies with an international business Invest in wholly-owned, unlisted companies and major participations in listed companies on a long term basis, with no exit horizon Acquire companies based on reasonable valuations Build strong companies through active ownership Actively support acquisitions and expansion driven investments Operate with cost efficient and professional internal processes
9 Stena Adactum undertakes an active ownership role Establish a competent and strong management team Establish a board with relevant competence Define strategies with focus on growth and profitability Clearly define objectives linked to performance Establish Stena Adactums core values Take an active part in the business without intervening in managements operational responsibility
10 to build strong companies Culture based on business acumen Strong and competent management Clear vision, mission, values and strategy Leading market position Committed and competent personnel Well established governance structure Strong operational performance which creates sustainable profitability and strong cash flow
11 Historical development consolidated companies Sales (MSEK) F
12 Historical development consolidated companies EBITDA (MSEK) F 14% 13% 12% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% EBITDA EBITDA%
13 Investment strategy Stena Adactum s investment strategy; Sales > 500 MSEK but preferably > MSEK Investment of MSEK in equity for unlisted companies Ownership of 10-30% in listed companies with a market cap. of around 1-6 bn SEK Stena Adactum does not invest in; Companies within Stena s current core business Start-ups Private-Equity funds Consulting businesses Biotech Industrial restructuring cases Heavy manufacturing industries
14 PROFIT Basic investment criteria COMPANY + INDUSTRY + DEAL GROWTH
15 15 A macro-trend is a trend that over decades changes the industrial landscape and environment in which the industry operates.
16 The resurrection of the Asian titans the battle ground is moving east 1/14
17 Investments in infrastructure 2/14
18 Dramatic change of demography from survival to fitness 3/14
19 Demand for natural resources will continue to increase 4/14
20 as will pressure on the environment Winning in a low carbon world 5/14
21 Urbanization will continue 6/14
22 Intensified war for talents 7/14
23 Technological breakthroughs occur more frequently the question is within which areas? 8/14
24 Online migration 9/14
25 Globalization accelerates 10/14
26 I m important 11/14
27 Spread of wealth increases Europe becomes more polarized 12/14
28 The need for security / safety increases 13/14
29 Investment capacity in new hands 14/14
30 The resurrection of the Asian titans the battle ground is moving east 1/14 Investments in infrastructure 2/14 Dramatic change of demography from survival to fitness 3/14 Demand for natural resources will continue to increase 4/14 as will pressure on the environment Winning in a low carbon world 5/14 MACRO TRENDS Urbanisation will continue 6/14 Intensified war for talents 7/14 Technological breakthroughs occur more frequently the question is within which areas? 8/14 Online migration 9/14 Globalization accelerates 10/14 Investmentcapacity in new hands I m important 11/14 Spread of wealth increases Europe becomes more polarized 12/14 14/14 The need for security / safety increases 13/14
31 BALLINGSLÖV INTERNATIONAL KITCHEN BATHROOM STORAGE EMPLOYEES 11 COUNTRIES MSEK REVENUE 10 BRANDS 100% OWNERSHIP
32 BALLINGSLÖV INTERNATIONAL KITCHEN BATHROOM STORAGE Investment rationale Possible generic international expansion Historically high profitability Increased demand for interior design Consolidation possibilities Urbanization increases number of relocations Macro trends I m important Dramatic change of demography Urbanization continues
33
34 650 EMPLOYEES >20 COUNTRIES MSEK REVENUE 100% OWNERSHIP
35 Investment rationale International expansion Global market leading position New technology in a huge market Increased environmental awareness Urbanization requires efficient waste management Macro trends Investments in infrastructure Dramatic change of demography Urbanization continues Resurrection of the Asian titans Demand for natural resources Pressure on the environment Investment capacity in new hands
36 600 EMPLOYEES MSEK REVENUE 2 CONCEPT/BRANDS 100% OWNERSHIP 46 GARDEN CENTERS ~200 SHOP-IN-SHOPS
37 Investment rationale Fragmented market under consolidation Big-box -format with competitive cost structure Expansion of proven business concept Increased demand for home styling Macro trends I m important Dramatic change of demography Urbanization continues
38 Develops, owns and operates large wind farms in Sweden 10 EMPLOYEES 350 MSEK REVENUES INV MSEK ~100 WIND MILLS 100% OWNERSHIP
39 Develops, owns and operates large wind farms in Sweden Investment rationale Macro trends The most competitive source of new energy Demand for natural resources Climate change creates need for renewable energy Pressure on the environment Political framework in place Investments in infrastructure Infrastructure which requires long term ownership Proven technology
40 Broadcast + Solutions 400 EMPLOYEES 8 COUNTRIES 900 MSEK REVENUE 56% OWNERSHIP PROJECTS PER YEAR
41 Broadcast + Solutions Investment rationale Leading Nordic media technology company Consolidation possibilities Technology shift from SD to HD Outsourcing of Outside Broadcast Increasing number of broadcasted events Macro trends I m important Online migration Globalization accelerates
42 Bank Security & Cash Handling Entrance Control Secure Storage Services EMPLOYEES 32 COUNTRIES MSEK REVENUES 26% OWNERSHIP INV MSEK
43 Bank Security & Cash Handling Entrance Control Secure Storage Services Investment rationale Leading position in niche segments Consolidation possibilities Increased focus on security Margin improvement potential Expansion potential in emerging markets Macro trends The need for security increases Globalization accelerates Investments in infrastructure Resurrection of the Asian titans
44 Nordic company within health and well-being 180 EMPLOYEES 3 COUNTRIES 900 MSEK REVENUE 25% OWNERSHIP
45 Nordic company within health and well-being Investment rationale Consolidation possibilities Streamlining focus on core business General health trend with increased focus on weight and food supplements Deregulation of the Pharmacy monopoly Macro trends Dramatic change of demography I m important
46 WEAK STRATEGIC POSITION FAVOURABLE STRONG Strategic position, portfolio companies STENA RENEWABLE BALLINGSLÖV ENVAC Evaluation Strategic position Market share Profitability Customer relations MIDSONA MEDIATEC SOLUTIONS S-INVEST MEDIATEC BROADCAST GUNNEBO Leadership/people Technology/Concept/Brand Operational efficiency Industry attractiveness Market size Growth Profitability Fragmented customer base Competitive attractiveness Fragmented supplier structure LOW MEDIUM HIGH Cyclical stability INDUSTRY ATTRACTIVENESS = Target area
47 Growth vs cash flow (+) GROWTH GROWTH SELF-FUNDED GROWTH CASH FLOW (-) (+) CONSOLIDATION (-)
48 TILLVÄXT Growth vs cash flow, cont. TILLVÄXT TILLVÄXT : CONSOLIDATION : GROWTH E: SELF-FUNDED GROWTH 25% GROWTH 25% GROWTH 25% GROWTH 20% 20% 20% 15% 15% 15% 10% 10% 10% 5% 5% 5% 0% -5% CASH FLOW 0% -5% CASH FLOW 0% -5% CASH FLOW -10% -10% -10% -15% -10% -5% 0% 5% 10% KASSAFLÖDE Ballingslöv Envac S-Invest Gunnebo Midsona -15% -10% -5% 0% 5% 10% KASSAFLÖDE Ballingslöv Envac S-Invest SR Mediatec Gunnebo Midsona -15% -10% -5% 0% 5% 10% KASSAFLÖDE Ballingslöv Envac S-Invest SR Mediatec Gunnebo Midsona
49 Financial targets To reach sustainable high value growth requires clear targets that are easy to understand and communicate Stena Adactum uses the concept of GPS for financial targets Growth - Organic Growth Profitability - Operating Margin Spin Return on Capital Employed (Net debt / EBITDA) The strategic ambitions must harmonize with the financial targets
50 Financial targets Growth High Growth High Low Low High High High High Spin Profitability Spin Profitability Prioritizing growth could have a negative impact on working capital and profitability in the short term
51 Measuring value creation Stena Adactum continually evaluates value creation of each portfolio company on the basis of the following. Estimated current market value 1) (+) Received dividends ( ) Acquisition value (=) Value creation 2) 1) Peer valuation multiples (EV/EBIT), Discounted Cash Flow valuation, Sum of the parts valuation (SOTP) 2) Total return, Internal Rate of Return on total invested capital and equity (IRR)
52 Value creation Return current and divested holdings: Invested total capital of 5.2 bn SEK Total value creation on divested/current holdings of 2.1 bn SEK Received dividends of 1 bn SEK IRR tot on total invested capital of 12% IRR EQ on equity of 26%
53 Our investments are long-term ownerships of companies - not financial investments
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