Investor AB

Quarterly Report • Apr 24, 2012

Interim Report January-March 2012

Highlights during the first quarter

• Net asset value amounted to SEK 167.0 bn. (SEK 220 per share) on March 31, 2012, an increase by SEK 10.9 bn., (SEK 15 per share) during the quarter.
• Investor acquired EUR 183 m. of Mölnlycke Health Care's mezzanine debt.
• SEK 300 m. was contributed in equity financing to Aleris in order to strengthen its capital structure to finance recent acquisitions and to enable further growth.
• On April 24, Investor announced that it has accumulated 6.4 percent in Wärtsilä for a total consideration of EUR 317 m. The average acquisition price adjusted for dividends is EUR 24.9 per share. Investor and current main owner Fiskars will merge their respective ownership interests in Wärtsilä in a joint company. Wärtsilä will be a new core investment.
• Investor received a net distribution of SEK 1.4 bn. from EQT. Investor Growth Capital's distribution was SEK 257 m., excluding the final cash contribution of SEK 750 m. from Investor.
• On April 17, Investor's Annual General Meeting approved the proposed SEK 6.00 dividend per share. In total, SEK 4,563 m. will be distributed in the second quarter.

Financial information

• Net asset value amounted to SEK 167,008 m. (SEK 220 per share) on March 31, 2012, compared to SEK 156,070 m. (SEK 205 per share) at year-end 2011, corresponding to a change of 7 percent for the first quarter (0). Over the past 20 years, annual net asset value growth, with dividend added back, has been 13 percent.
• Consolidated net profit for the period, including unrealized change in value, was SEK 10,913 m. (SEK 14.36 per share), compared to SEK 346 m. for the same period 2011 (SEK 0.51 per share).
• Core Investments contributed SEK 9,784 m. to net asset value for the period (-1,028), of which Listed SEK 9,802 m. (-786).
• Financial Investments contributed SEK 1,423 m. to net asset value for the period (1,514).
• Leverage (net debt/total assets) was 10.2 percent as of March 31, 2012 (9.8).
• The total return on the Investor share was 14 percent during the first quarter (6). The Stockholm Stock Exchange's Total Return Index (SIXRX) was 11 percent (-1). The total annual return averaged 0 percent over the past 5-year period, 6 percent over the past 10-year period and 12 percent over the past 20-year period.

Net Asset Value Overview

	Number of shares	Ownership 3/31 2012	Share of total assets	Value, SEK/share	Value, SEK m.	Contribution to net asset value	Value, SEK m.
	3/31 20121)	capital/votes2) (%)	3/31 2012 (%)	3/31 2012	3/31 20123)	YTD	12/31 20113)
Core Investments4)
Listed
Atlas Copco	206 895 611	16.8/22.3	18	43	32 893	2 528	30 365
ABB	179 030 142	7.8/7.8	13	32	24 312	1 124	23 188
SEB	456 089 264	20.8/20.9	12	28	21 430	3 946	18 282
AstraZeneca	51 587 810	4.1/4.1	8	20	15 208	-413	16 302
Ericsson	174 303 252	5.3/21.5	6	16	11 836	-310	12 112
Electrolux	47 866 133	15.5/29.9	4	9	6 692	1 766	5 237
Saab	32 778 098	30.0/39.5	2	6	4 048	-590	4 638
Husqvarna	97 052 157	16.8/30.3	2	5	3 859	943	3 062
NASDAQ OMX	18 954 142	10.9/10.9	2	4	3 249	33	3 216
Sobi	107 594 165	40.3/40.5	1	3	2 389	775	1 614
			68	166	125 916		118 016
Subsidiaries
Mölnlycke Health Care		96/93	8	20	15 075	16	13 436
Aleris		98/99	2	5	3 654	12	3 342
Grand Hôtel		100/100	1	1	1 194	-14	1 208
			11	26	19 923		17 986
			79	192	145 839		136 002
Financial Investments
EQT		n/a	7	16	12 309	495	13 214
Investor Growth Capital		100/100	6	15	11 332	651	10 188
Partner-owned investments
Gambro Holding		49/49	3	7	5 226	-13	5 239
Lindorff		58/50	2	6	4 372	35	4 337
3 Scandinavia		40/40	1	3	2 382	-13	2 395
Other Partner-owned investments		n/a	0	0	180	0	180
Other Investments5)			2	5	3 649	286	2 076
			21	52	39 450		37 629
Other Assets and Liabilities			0	1	7226)		-651
Total Assets			100	245	186 011		172 980
Net debt			-10	-25	-19 003		-16 910
Net Asset Value			90	220	167 008		156 070

1) Holdings, including any shares on loan.

2) Calculated in accordance with the disclosure regulations of Sweden's Financial Instruments Trading Act (LHF). ABB, AstraZeneca and NASDAQ OMX in accordance with Swiss, British and U.S. regulations.

3) Includes market value of derivatives related to investments if applicable.

4) Valued according to the class of share held by Investor, with the exception of Saab and Electrolux, for which the most actively traded class of share is used.

5) Includes among others the holding in Wärtsilä of SEK 2,151 m. (8,599,206 shares).

6) Dividends from listed core investments of SEK 1,255 m. was pending over the end of the quarter and have been accounted for as a receivable in Other Assets and Liabilities.

President's comments

During the first quarter, the Stockholm Stock Exchange's return index, SIXRX, advanced by 11 percent. Our net asset value grew by 7 percent, and the total return on our share was 14 percent.

Core Investments – several investments made

Our listed Core Investments are generally in good shape. We expect to receive dividends of SEK 4.7 bn. during 2012, an increase from the SEK 4.0 bn. received during 2011.

Mölnlycke Health Care continues to perform well. Growth in the quarter was a bit slower in Europe, primarily due to austerity measures in Southern Europe. North America and the Asia-Pacific continued to show good growth. Growth in the Surgical division has picked up. Mölnlycke continues to invest in R&D to sustain a solid pace of new product introductions and technology leadership, as well as putting more "feet on the street".

During the quarter, we acquired EUR 183 m. of Mölnlycke Health Care's mezzanine debt, paying interest at EURIBOR + 7.25 percent on the nominal value, of which half is paid in kind. Not only is this an attractive investment, but it also increases our flexibility about the future capital structure in the company. We now own EUR 208 m. in total, providing us with an attractive interest income.

In Aleris, the integration process of recent major acquisitions, Proxima (Sweden) and Hamlet (Denmark), continued successfully, with synergies gradually realized.

Around the end of the quarter, Aleris closed on three tuck-in acquisitions with good strategic fit. On April 2, Aleris took over the operations of the Bollnäs hospital, a contract that spans up to nine years. We injected SEK 300 m. in equity into Aleris to finance acquisitions and to maintain a balanced debt-to-equity ratio.

The tender for the S:t Göran hospital was won by the incumbent operator Capio. Of course, we do not like losing a bid, but now we can focus on all other available opportunities instead. SEK 6 m. in costs related to the bid was expensed this quarter.

Solid progress in EQT and IGC

Investor Growth Capital (IGC) had another strong quarter with several successful exits, resulting in a SEK 257 m. distribution to Investor. Following our final SEK 750 m. capital contribution in early 2012, IGC is now a selfsustaining operation. EQT also performed well, generating SEK 1.4 bn. in net cash flow to Investor.

3 Scandinavia continues to make good progress and added 84,000 subscribers during the quarter, mainly driven by sustained demand for smartphones. As operating leverage remains strong, continued growth is strongly value-creating.

Gambro's Board and the new CEO, has established a plan to accelerate growth and improve margins. The plan includes strengthening the monitor platform, investments in dialyzer production capacity and expansion of the sales force in the Acute business, an area in which Gambro is the undisputed leader. It also includes increased emphasis on developing the presence in emerging markets, where growth in the patient population is expected to remain high. We will financially support the execution of the plan as we are convinced that it will strengthen Gambro and create significant value. We expect to inject up to EUR 150 m. over the coming years to realize the plan.

Cost reductions

Our cost reduction program continues. During the program, approximately one third of Investor's employees, slightly less than 50 people, has left or will leave the company. We are still incurring significant extra costs for simplifying our legal structure. In addition, the cost during the first quarter was impacted by costs for our LTI program from 2009, driven by IFRS accounting. We continue to expect to reach the full run rate effect of our cost reductions by year end 2012. We are targeting to be close to SEK 350 m. in annual run-rate during the end of the year, down from the annualized run-rate of SEK 450 m. during the first quarter.

Wärtsilä - a new core investment

During the last three quarters, we have acquired 4.4 percent in Wärtsilä for a total consideration of EUR 198 m. We have also received dividend of EUR 8 m. on these shares. After the end of the quarter, we announced the acquisition of another 2.08 percent from Fiskars, Wärtsilä's main shareholder, for EUR 127 m. Following this, we now control 6.4 percent in Wärtsilä for a total dividend-adjusted investment of EUR 317 m. corresponding to EUR 24.9 per share. Our holding has so far been accounted for in Financial Investments.

We have a joint ownership agenda with Fiskars and have decided to pool our respective interests in a joint company. All details will be implemented over the coming four quarters. Together, we now own 19.4 percent of Wärtsilä.

We are convinced of the long-term prospects of Wärtsilä. It has leading global market positions, high emerging market exposure and a large aftermarket business. We support its current strategy and see good long-term growth potential driven by environmental regulations, smart power generation and an increased penetration of natural gas powered engines.

We have a long-term ownership view on our investment. Therefore it will be a core investment. I am very happy that we have been able to build an ownership position in a new core Investment with great potential to generate an attractive long-term contribution to growing our net asset value. We look forward to partnering with Fiskars in realizing this potential.

Our goal intact

In total, we have so far this year invested SEK 2.0 bn. in our core investments and an additional, dividend adjusted, SEK 2.0 bn. in Wärtsilä, of which SEK 0.9 bn. during the first quarter. Our balance sheet remains strong. Although our leverage now exceeds 10 percent, slightly above our target leverage range of 5-10 percent over a business cycle, we believe that we have acquired shares at long-term attractive valuations, and we feel comfortable with our future cash flow generation.

Our objective remains to grow net asset value, operate efficiently and pay a steadily rising dividend. Our dedication to this objective should allow us to generate an attractive total return to our shareholders.

Börje Ekholm

Net asset value

During the first quarter, the net asset value increased from SEK 156.1 bn. to SEK 167.0 bn. The change in net asset value was 7 percent during the first quarter (0) 1) . During the same period, the total return of the Stockholm Stock Exchange (SIXRX) was 11 percent.

1) For balance sheet items, figures in parentheses refer to year-end 2011 figures. For income items, the figures in parentheses refer to the same period last year.

Change in Net asset value, Investor Group

SEK m.	1/1-3/31 2012	1/1-3/31 2011
Changes in value	9 265	-541
Dividends	2 077	1 313
Other operating income1)	124	118
Management costs	-113	-307 2)
Other items3)	-440	-237
Profit (+)/Loss (-)	10 913	346
Non-controlling interest	10	43
Other effects on equity	15	-212
Total	10 938	177

1) Includes interest received on loans to associates.

2) Includes a restructuring charge of SEK 150 m. during the first quarter of 2011.

3) Other items include among other share of results of associates.

Annual net asset value performance, with dividend added back

Contribution to Net asset value, Investor Group

SEK m.	1/1-3/31 2012	1/1-3/31 2011
Core Investments	9 784	-1 028
Financial Investments	1 423	1 514
Investor groupwide	-269	-309
Total	10 938	177

Net debt

Net debt totaled SEK 19,003 m. on March 31, 2012 (16,910), corresponding to leverage of 10.2 percent (9.8). The average maturity of the debt financing is 11.7 years (11.2). There are no maturities before 2016.

Investor's net debt

SEK m.	1/1-3/31 2012	1/1-12/31 2011
Opening net debt	-16 910	-11 472
Core Investments
Dividends	6811)	3 998
Net investments	-1 959	-5 066
Financial Investments
Dividends	3232)	951
Net investments	-5263)	115
Investor groupwide
Other	-612	-1 634
Dividends paid	-	-3 802
Closing net debt	-19 003	-16 910

1) Dividends from listed core investments of SEK 1,255 m. was pending over the end of the quarter and has been accounted for as a receivable in Other Assets and Liabilities.

2) Includes a dividend of SEK 59 m. from Wärtsilä.

3) Includes investments in Wärtsilä of SEK 951 m.

Core Investments

Core Investments contributed to the net asset value with SEK 9,784 m. during the first quarter (-1,028). The listed holdings contributed with SEK 9,802 m. (-786), and the subsidiaries contributed with SEK 14 m. (-201).

Read more at www.investorab.com under "Our Investments" >>

Investments and divestments

First quarter

SEK 1,959 m. was invested, of which SEK 34 m. in listed Core Investments and SEK 1,925 m. in the subsidiaries. Within the subsidiaries, SEK 1,625 m. was invested in Mölnlycke Health Care debt instruments, and SEK 300 m. in equity was contributed to Aleris.

Net asset value

Contribution to net asset value, Core Investments

SEK m.	1/1-3/31 2012	1/1-3/31 2011
Changes in value, listed	7 866	-2 089
Dividends, listed	1 936	1 303
Change in reported value, subsidiaries	14	-201
Management cost	-32	-41
Total	9 784	-1 028

Core Investments contribution to net asset value 1/1-3/31 2012

Split of Core Investments, 3/31, 2012

Listed Subsidiaries

Business Area Overview
	Type of investment	Type of ownership	Valuation methodology	Goal
Core Investments – Listed	Well-established, global companies. Long ownership horizon.	Significant minority ownership for strategic influence.	Share price (bid).	8-9 percent long term annual return.
Core Investments – Subsidiaries	Medium- to large-size companies with international operations. Long ownership horizon.	Majority ownership for strategic influence.	Subsidiaries are valued according to the acquisition method.	8-9 percent long term annual return.

Core Investments

Listed

Listed Core Investments contributed to net asset value with SEK 9,802 m. during the first quarter (-786). The combined total return for the listed holdings amounted to 8 percent.

Read more at www.investorab.com under "Our Investments" >>

Investments and divestments

First quarter

574,550 shares were purchased in Ericsson for a total SEK 34 m.

On April 24, Investor announced that it has acquired 6.4 percent in Wärtsilä. For more information, please see the President´s comments on page 3 and "Events occurring after the end of the quarter" on page 20. From now on, Wärtsilä will be reported as a core investment.

Dividends

Dividends from listed Core Investments totaled SEK 1,936 m. in the first quarter (1,303), of which SEK 1,255 m. (Electrolux, Husqvarna and SEB) was pending and was reported in Other Assets and Liabilities. We expect to receive a total SEK 4.7 bn. in 2012.

Total return, Listed Core Investments

	Total return for Investor1) 2012 (%)
ABB	4.8
AstraZeneca	-2.5
Atlas Copco	8.3
Electrolux	33.7
Ericsson	-2.6
Husqvarna	30.8
NASDAQ OMX	1.02)
Saab	-12.7
SEB	21.6
Sobi	48.0

1) Calculated as the sum of share price changes and dividends added back, including addon investments and/or divestments.

2) The corresponding return in USD terms was 5.6 percent for the period.

Read more at www.atlascopco.com >>

A global leader in compressors, construction and mining equipment, power tools and assembly systems. The group operates in more than 170 countries.

Activities during the quarter

• Atlas Copco announced two smaller acquisitions in the quarter, adding sales of approximately SEK 175 m.
• Ahead of the 2012 AGM, Peter Wallenberg Jr. has been nominated to the Board of Directors while Jacob Wallenberg has declined re-election.

Brief facts, Atlas Copco

Market value, Investor's holding, SEK m.	32 893
Investor's ownership (capital), %	16.8
Share of Investor's total assets, %	18

Investor's view: Atlas Copco has world leading market positions and a strong corporate culture. For quite some time, the company has had best-inclass operational performance and has generated a total return significantly higher than its peers. Over the last few years, Atlas Copco has focused on building strong positions in key growth markets such as China, India and Brazil, and on building world class aftermarket operations. These initiatives have been instrumental to the company's strong performance. Going forward, the company's strong market positions, a flexible business model and focus on innovation provide an excellent platform for capturing business opportunities and continuing to outperform its peers. Thanks to its strong cash flow, the company can distribute significant capital to shareholders, while simultaneously retaining the flexibility to act on its growth strategy.

Read more at www.abb.com >>

A global leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact.

Activities during the quarter

● ABB announced a USD 3.9 bn. bid for Thomas & Betts, a listed US manufacturer of low-voltage electrical products. The acquisition strengthens ABB's position in the large US lowvoltage market through addition of a highly complementary product range and access to a large base of distributors.

Brief facts, ABB

Market value, Investor's holding, SEK m.	24 312
Investor's ownership (capital), %	7.8
Share of Investor's total assets, %	13

Investor's view: ABB has a strong brand and market leading positions in attractive industries. Both the power and automation industries have significant exposure to emerging markets and structural growth drivers in terms of electricity build-out and increased focus on energy efficiency. Over the last few years, ABB has made considerable operational improvement which has resulted in strong profitability even in a power market facing price pressure. ABB was early to establish a presence in China and India with strong local product offerings, which is critical to long-term success. In recent years, the company has further strengthened its positions through numerous acquisitions, which now must be successfully integrated. ABB's balance sheet remains strong, supporting further growth and continued distribution to shareholders.

Read more at www.seb.se >>

A leading Nordic financial services group. SEB is present in some 20 countries, with main focus on the Nordic countries, Germany and the Baltics.

Activities during the quarter

• SEB has tightened its cost program further by SEK 1 bn., targeting flat costs at SEK 23.1 bn. until 2014.
• SEB's capitalization remains solid and the core tier 1 ratio was 13.7 percent by the end of Q4.
• SEB was ranked best bank for Large Corporates and Institutions in the Nordics in Prospera's survey from April.

Brief facts, SEB

Market value, Investor's holding, SEK m.	21 430
Investor's ownership (capital), %	20.8
Share of Investor's total assets, %	12

Investor's view: With the sale of the German retail operation and some improvement in the Baltic economies, we believe that SEB is well positioned to meet both challenges and capture opportunities. The SEB franchise and customer relationships have remained strong throughout the crisis, which should support SEB's business model as a leading relationship bank going forward. Swedish regulators have announced new capital requirements that are stricter than the proposed Basel III rules. While some uncertainty remains regarding the final regulatory outcome, our view is that SEB is well capitalized and prepared to meet the new requirements. SEB should be able to continue to focus on growth within the small- and medium-sized enterprises segment in Sweden as well as on the corporate segments outside Sweden.

Read more at www.astrazeneca.com >>

A global biopharmaceutical business with focus on the discovery, development and commercialization of prescription medicines.

Activities during the quarter

• AstraZeneca and partner Bristol-Myers Squibb announced that the U.S. Food and Drug Administration has issued a complete response letter regarding the new drug application for type 2 diabetes treatment Dapagliflozin. In Europe, Dapagliflozin was recommended for approval by the European Medicines Agency (EMA).
• AstraZeneca announced that Leif Johansson will be proposed to shareholders for election as a Non-Executive Director at the company's AGM, and that it is the Board's intention that he will be appointed Chairman with effect from September 1, 2012. In addition, Graham Chipchase and Geneviève Berger will be proposed to shareholders for election as Non-Executive Directors at the AGM.
• AstraZeneca announced new restructuring initiatives designed to improve productivity and strengthen the company's commercial operations and R&D capabilities. The new program is expected to deliver an estimated USD 1.6 bn. in annual benefits by the end of 2014, at an estimated total cost of USD 2.1 bn. AstraZeneca expects that this restructuring program will affect approximately 7,300 positions. As a part of the program, the Södertälje R&D site will be closed.
• AstraZeneca and Amgen announced an agreement to jointly develop and commercialize five products currently being developed by Amgen.

Brief facts, AstraZeneca

Market value, Investor's holding, SEK m.	15 208
Investor's ownership (capital), %	4.1
Share of Investor's total assets, %	8

Investor's view: Conditions remain difficult in the pharmaceutical industry. AstraZeneca must cope with upcoming patent expirations for some of its key products strengthen its research pipeline. Improved R&D productivity remains the most important driver of long-term value for AstraZeneca and the pharmaceutical industry. It is also important that AstraZeneca continues to expand in emerging markets and strives for operational excellence.

Read more at www.ericsson.com >>

The world's leading provider of technology and services for telecom operators. Ericsson is the leader in 2G, 3G and 4G mobile technologies.

Activities during the quarter

• Ericsson announced a new strategy and name for Business unit Multimedia, which will now be known as Business unit Support Solutions and focus on providing business systems to operators, and on TV distribution technology.
• Ericsson announced the acquisition of BelAir Networks (Wi-Fi equipment for telecom operators), the acquisition of an additional 25 percent of LG-Ericsson (the South Korean JV), and the acquisition of the Broadcast Services Division of Technicolor. Ericsson also completed the divestment of its 50 percent stake in Sony Ericsson to Sony, and completed the acquisition of Telcordia.
• Alexander Izosimov was proposed as a new member of the Board of Directors.

Brief facts, Ericsson

Market value, Investor's holding, SEK m.	11 836
Investor's ownership (capital), %	5.3
Share of Investor's total assets, %	6

Investor's view As the global leader, Ericsson is well positioned to benefit from the secular growth of mobile data traffic. In the short and medium term, a key priority is to manage the ongoing modernization of customers' networks into newer data enabling technologies. Sustaining technological leadership and continuously improving cost and capital efficiency is fundamental to Ericsson's long-term competitiveness. Continuing growth in the services business and gaining a strategic position in other growth segments are also important to Ericsson's future value creation, as is improving the performance of the ST Ericsson joint venture.

Read more at www.saabgroup.com >>

Serves the global market with world-leading products, services and solutions for military defense and civil security.

Activities during the quarter

• The Swedish Armed Forces presented their intention to upgrade 60-80 Gripen aircraft to the new version E/F and gave a clear commitment to Gripen as the backbone of the Swedish Air Force.
• The Swedish Defence and Security Export Agency confirmed that Hungary made a strategic decision to continue operating Gripen. Sweden and Hungary are extending the cooperation for another ten years, until 2026.
• Combitech, a division of Saab, acquired Sörman Intressenter AB, parent company of Sörman Information AB, which is a consulting firm that provides services and solutions within qualified technical information management.

Brief facts, Saab

Market value, Investor's holding, SEK m.	4 048
Investor's ownership (capital), %	30.0
Share of Investor's total assets, %	2

Investor's view: Saab is well positioned in many niche markets. However, it is still highly dependent on binary outcomes in large defense contract tenders. As Swedish defense spending has decreased over the last decade, Saab has developed cost efficient products, which in the current environment of political pressure and fiscal austerity can be a competitive advantage. With top-quality products, continued focus on operational efficiency and with a solid balance sheet, Saab has a strong platform for the future. Going forward, growth outside of Sweden continues to be imperative, as well as the ability to generate a good gross margin to support internal R&D and marketing efforts.

Read more at www.electrolux.com >>

Electrolux is a global leader in household appliances and appliances for professional use, selling more than 40 million products to customers in more than 150 markets every year.

Activities during the quarter

● At the 2012 AGM, Ronnie Leten and Fredrik Persson were elected as new members of the Board of Directors.

Brief facts, Electrolux

Market value, Investor's holding, SEK m.	6 692
Investor's ownership (capital), %	15.5
Share of Investor's total assets, %	4

Investor's view: The appliances industry is intensely competitive, with low growth in mature markets. The company's historic operating profit margin has been below its targeted level. Successful execution of Electrolux's strategy focusing on innovative products, a strong global brand and an improved position through globalization and modularization has good potential to structurally improve the long-term operating margin. Recently, Electrolux has made two acquisitions in growth markets to improve future growth prospects. Successful integration of these acquisitions will be important.

Read more at www.husqvarna.com >>

The world's largest producer of outdoor power products, a world leader in cutting equipment and diamond tools, European leader in consumer watering products.

Activities during the quarter

● At the 2012 AGM, Katarina Martinson was elected to the Board of Directors.

Brief facts, Husqvarna

Market value, Investor's holding, SEK m.	3 859
Investor's ownership (capital), %	16.8
Share of Investor's total assets, %	2

Investor's view: Husqvarna has world-leading market positions, strong brands and a global sales organization. In recent years, however, the company has struggled with both weak market development and operational performance. As a consequence, the total return has been below both peers and our return requirement. We believe in Husqvarna's long-term potential based on its world-leading position in the global market for outdoor equipment. To improve performance, Husqvarna has invested in new innovative products and streamlined its brand portfolio. This, in combination with a strong focus on operational performance, is important for performance going forward.

Read more at www.nasdaqomx.com >> Read more at www.sobi.com >>

One of the world's largest exchange operators, which offers listings, trading, exchange technology and public company services across six continents.

Activities during the quarter

● The European Commission decided to prohibit the proposed merger between NASDAQ OMX's peers NYSE Euronext and Deutsche Boerse, due to anti-trust issues in trading and clearing of European derivatives.

Brief facts, NASDAQ OMX

Market value, Investor's holding, SEK m.	3 249
Investor's ownership (capital), %	10.9
Share of Investor's total assets, %	2

Investor's view: NASDAQ OMX has strong market positions and a unique brand in an industry that we know well. An exchange is at the core of the financial system's infrastructure and we believe that more financial products will become standardized and thus traded on exchanges. Our view is that continued focus on capturing growth opportunities, such as expansion into new asset classes and adjacent businesses, should create value. The company's strong cash flow enables continued cash distribution to its shareholders.

A Swedish integrated biopharma company with international market presence, developing and commercializing pharmaceuticals for patients with rare diseases.

Activities during the quarter

• Sobi and Pfizer extended the supply agreement for hemophilia A treatment ReFacto until December 2020. The previous agreement expired in 2015. In a separate agreement, Sobi and Pfizer agreed that Sobi will return the co-promotion rights for ReFacto and hemophilia B treatment BeneFIX in the Nordic region to Pfizer in exchange for a payment to Sobi of USD 47.5 m.
• Sobi announced a revised agreement with the sellers of Arexis AB (a 2005 acquisition), whereby Sobi will pay SEK 77 m. to the sellers of Arexis. The sellers of Arexis had previously made a claim against Sobi of SEK 325 m.

Brief facts, Sobi

Market value, Investor's holding, SEK m.	2 389
Investor's ownership (capital), %	40.3
Share of Investor's total assets, %	1

Investor's view: Sobi is well positioned to benefit from opportunities in attractive segments of the pharmaceutical market. Near-term, improving operational performance and successfully completing the post-merger integration of Biovitrum and Swedish Orphan International, which should result in improved cost and capital efficiency, is very important. Longer-term, securing the full commercial potential of Sobi's late stage development pipeline is the key focus for the company.

Core Investments

Subsidiaries

The subsidiaries contributed to the net asset value with SEK 14 m. during the first quarter (-201).

Read more at www.investorab.com under "Our Investments" >>

Investments and divestments

First quarter

Investor acquired an additional EUR 183 m. of Mölnlycke Health Care's mezzanine debt (EUR 183 m. in nominal value), maturing during the first quarter 2017. Prior to this acquisition, Investor had invested EUR 11.4 m. (EUR 25.4 m. in nominal value) in the mezzanine debt. The annual interest rate is EURIBOR + 7.25 percent on the nominal value. Approximately half of the interest paid is cash, while the remaining part is capitalized and added to the reported mezzanine debt.

After the end of the quarter, Investor will acquire shares in Mölnlycke Health Care from participants in the company's share investment program (MPP) for a total SEK 865 m. For more information, see "Events occurring after the end of the quarter" on page 20.

Investor contributed SEK 300 m. in equity financing to Aleris in order to strengthen its capital structure to finance recent acquisitions and to enable further growth.

Net asset value, subsidiaries

	3/31 2012		12/31 2011
	SEK/share	SEK m.	SEK/share	SEK m.
Mölnlycke Health Care	20	15 075	18	13 436
Of which mezzanine debt		1 871		249
Aleris	5	3 654	4	3 342
Grand Hôtel	1	1 194	2	1 208
Total	26	19 923	24	17 986

Contribution to net asset value, subsidiaries

SEK m.	1/1-3/31 2012	1/1-3/31 2011
Mölnlycke Health Care	161)	-1931)
Aleris	122)	2) 9
Grand Hôtel	-14	-17
Total	14	-201

1) Affected by SEK -139 m. deriving from acquisition related amortizations on intangible assets (-204). In addition the contribution to net asset value during the first quarter 2011 was affected by SEK -274 relating to the consumption of the acquisition related market value of inventory.

2) Affected by SEK -35 m. deriving from acquisition related amortizations on intangible assets (-22).

A world-leading manufacturer of single-use surgical and wound care products and services for the professional health care sector.

Activities during the quarter

• North America and Asia-Pacific remained strong. Several markets in Europe, such as the UK and Iberia, were soft, due to public austerity measures, while many other European markets remained solid.
• The Wound Care Division had a somewhat softer development in EMEA, while North America and Asia-Pacific remained strong. Conventional Wound Care showed good growth. Mölnlycke Health Care acquired the burn and wound care business from U.S. Brennen Medical.
• The Surgical Division had a strong quarter with an improved growth rate. In particular, Procedure Pak and Gloves grew strongly.
• Growth remained healthy and the EBITDA margin remained at a high level. Net debt increased slightly due to seasonal swings in net working capital and the acquisition from Brennen Medical.
• Two new members have joined the Mölnlycke Health Care Board: Clare Hollingsworth from the UK, with experience as CEO of the BUPA health care system; and Fred Colen, with a strong background in medical technology, e.g. as Chief Technology Officer for Boston Scientific.

Key figures, Mölnlycke Health Care

Income statement items	Q1 2012	Q1 2011	Rolling 4 quarters
Sales, EUR m.	267	244	1 037
Sales growth, %	9	9
Sales growth, constant currency, %	6	6
EBITDA, EUR m.	71	671)	300
EBITDA %	27	27	29
Balance sheet items	Q1 2012		Q4 2011
Net debt, EUR m.	1 500		1 482

Cash flow items, EUR m.	Q1 2012	Q1 2011
EBITDA,	71	671)
Change in working capital	-26	-31
Capital expenditures	-8	-5
Operating cash flow	37	31
Acquisitions/divestments	-18	-
Shareholder contribution/distribution	-	-
Other2)	-37	-31
Increase(-)/decrease (+) in net debt	-18	0

Key ratios			Rolling 4 quarters
Working capital/sales, %			11
Capital expenditures/sales, %			4
Number of employees	6 750	6 985

1) Excluding the purchase price allocation, performed in conjunction with the acquisition of the majority in Mölnlycke Health Care, allocating EUR 49 m. to inventory. The consumption of this market value impacted EBITDA negatively by EUR 45 m. during the first quarter 2011.

2) Includes effects of exchange rate changes, interest, tax, value change of derivatives and other non-cash items.

Brief facts, Mölnlycke Health Care

Initial investment year	2007
Capital invested, SEK m.	12 2881)
Investor's ownership (capital), %	96
Share of Investor's total assets, %	8
Reported value, Investor's share, SEK m.	15 075
Of which mezzanine debt, SEK m.	1 871
1) Of which SEK 1,743 m. in mezzanine debt.

Investor's view: Mölnlycke Health Care is a strongly performing company and a true leader in its industry segments. Since our acquisition, the company has outperformed most of its key competitors in terms of growth, profitability and cash conversion. Its highly competitive product offering, strong market positions, exciting product pipeline and the expansion of its sales force, both in existing and new markets, create a robust platform for continued growth. It is important that the company continues to develop new innovative products and capture growth opportunities in Asia and other growth regions.

Read more at www.aleris.se >>

A leading provider of health care and care services in the Nordic region on behalf of municipalities, county councils and insurance companies.

Activities during the quarter

• The Diagnostic Division continued its strong performance. The Care Division also showed good and stable performance during the quarter.
• Within the Health Care Division, focus remained on synergy realization and the integration of Proxima. On April 2, Aleris took over the operations of the Bollnäs Hospital, which is now being integrated with the primary care unit at the same site. Aleris participated in the tender for the S:t Göran hospital in Stockholm, but the incumbent operator, Capio, was awarded the contract.
• In Norway, operations developed well. In Denmark, volumes in the health care market are weak.
• During the quarter, a primary care operator in central Stockholm was acquired. After the end of the quarter two further acquisitions were completed; Xyrinx, a radiology provider in Gothenburg and Södermalms Hemtjänst, providing home care services in central Stockholm. The acquisitions combined will contribute SEK 175 m. in revenues on an annual basis.
• Reported sales growth amounted to 55 percent. In constant currency, organic revenue growth was 11 percent. The reported EBITDA margin remained flat at 8 percent. EBITDA was negatively affected by SEK 6 m. related to the tender for S:t Göran's Hospital.

Key figures, Aleris

Income statement items, SEK m.	Q1 2012	Q1 2011	Rolling 4 quarters
Sales	1 656	1 071	5 708
Sales growth, %	55	5
Organic growth, constant currency, %	11	9
EBITDA	130	81	459
EBITDA %	8	8	8
Balance sheet items, SEK m.	Q1 2012		Q4 2011
Net debt	2 532		2 811
Cash flow items, SEK m.	Q1 2012		Q1 2011
EBITDA	130		81
Change in working capital	-40		-39
Capital expenditures	-29		-25
Operating cash flow	61		17
Acquisitions/divestments	-40		-
Shareholder contribution/distribution	300		-
Other1)	-42		11
Increase(-)/decrease(+) in net debt	279		28
Key ratios			Rolling 4 quarters
Working capital/sales, %			-2
Capital expenditures/sales, %			2

Number of employees 5 360 3 825 1) Other includes effects of exchange rate changes, interest, tax, value change of derivatives and other non-cash items.

Brief facts, Aleris

Initial investment year	2010
Capital invested, SEK m.	3 840
Investor's ownership (capital), %	98
Share of Investor's total assets, %	2
Reported value, Investor's share, SEK m.	3 654

Investor's view: Aleris has a strong market position in Scandinavia and significant long-term growth potential that fits well into our ownership philosophy. The Scandinavian healthcare and care market is a large industry with long-term sustainable growth potential, where private providers can outgrow the overall market given the ongoing outsourcing and deregulation trend. Aleris is an attractive platform for continued organic growth derived from demographic changes, successful tenders and deregulation initiatives such as "free choice" for patients. Aleris also provides a good platform for additional acquisitions. Delivering high-quality service is the main differentiating and sustainable factor for this business over the long term, which is why efforts to constantly improve quality and service for patients and payers is the top priority.

Read more at www.grandhotel.se >>

Scandinavia's leading five-star hotel, opened in 1874. It occupies a landmark building with a unique location on the waterfront in central Stockholm.

Activities during the quarter

• The demand for hotel rooms in the Stockholm region grew but was offset by the increasing number of available hotel rooms.
• The hotel operations saw a modest volume increase and improved mix during the quarter. The Food and Beverages business had a strong quarter with good revenue growth, primarily driven by conferences and banqueting.
• The ongoing Investments to upgrade all the hotel rooms continued.
• Revenues increased 10 percent during the quarter and EBITDA turned positive.

Key figures, Grand Hôtel

Income statement items	Q1 2012	Q1 2011	Rolling 4 quarters
Sales, SEK m.	77	70	403
Sales growth, %	10	-4
EBITDA, SEK m.	5	-2	74
EBITDA %	6	-3	18
Balance sheet items	Q1 2012		Q4 2011
Net debt, SEK m.	564		545
Cash flow items SEK m.	Q1 2012		Q1 2011
EBITDA	5		-2
Change in working capital	-13		10
Capital expenditures	-5		-25
Operating cash flow	-13		-17
Acquisitions/divestments	-		-
Shareholder contribution/distribution	-		-
Other1)	-6		-8
Increase(-)/decrease(+) in net debt	-19		-25
			Rolling 4
Key ratios			quarters
Working capital/sales, %			-7
Capital expenditures/sales, %			22
Number of employees	245	255

1) Includes interest, tax, group contribution and dividends received/paid.

Brief facts, Grand Hôtel

Initial investment year	1968
Capital invested, SEK m.	577
Investor's ownership (capital), %	100
Share of Investor's total assets, %	1
Reported value, Investor's share, SEK m.	1 194

Investor's view: Grand Hôtel has a unique brand, location, and property. In recent years, wide-scale renovations have been made to the hotel, new facilities have been opened and various initiatives have been implemented in order to cope with the challenging economic climate. It is important that Grand Hôtel continues to develop its offering, reach new customer segments, increase the occupancy rate, and focus on efficiency, without compromising its status as a superior hotel. Further investments in the property are important to sustain a superior product and build long-term value.

Financial Investments

Financial Investments contributed to the net asset value with SEK 1,423 m. in the first quarter (1,514). The positive contributions during the period came mainly from the strong performance within EQT and Investor Growth Capital.

Read more at www.investorab.com under "Our Investments" >>

Investments and divestments

First quarter

SEK 2,362 m. was invested. Proceeds amounted to SEK 2,159 m.

The previously announced SEK 350 m. investment in Madrague Capital Partner's equity fund was made during the quarter.

Net asset value, Financial Investments

	3/31 2012			12/31 2011
	SEK/Share	SEK m.	SEK/Share	SEK m.
EQT	16	12 309	17	13 214
Investor Growth Capital	15	11 332	13	10 188
Partner-owned
Gambro Holding	7	5 226	7	5 239
Lindorff	6	4 372	6	4 337
Of which mezzanine debt		285		279
3 Scandinavia	3	2 382	3	2 395
Other Partner-owned	0	180	0	180
Other1)	5	3 649	3	2 076
Total	52	39 450	49	37 629

1) Includes among others Wärtsilä with SEK 2,151 m. (8,599,206 shares), trading,

smaller holdings and land & real estate.

Contribution to net asset value, Financial Investments

SEK m.	Q1 2012	Q1 2011
EQT	495	1 522
Investor Growth Capital	651	-36
Partner-owned
Gambro Holding	-13	-53
Lindorff	35	77
3 Scandinavia	-13	37
Other partner-owned	0	-2
Other	286	42
Management cost	-18	-73
Total	1 423	1 514

Business Area Overview
	Type of investment	Type of ownership	Valuation methodology	Goal
Financial Investments	EQT	Largest investor in EQT's funds.	Unlisted holdings at multiple or third-party valuation, less a discount, listed shares at share price (bid).	15 percent annual return on average for the business area.
	Investor Growth Capital	Leading minority ownership in expansion stage companies.	Unlisted holdings at multiple or third-party valuation, less a discount, listed shares at
	Partner-owned investments	Significant minority ownership for strategic influence.	share price (bid).
			Equity method. Income and balance sheet items reported with one month's delay.

The EQT funds invest in companies in Northern and Eastern Europe, Asia and the U.S., in which EQT can act as a catalyst to transform and grow operations.

Activities during the quarter

• After the end of the quarter, EQT III announced the divestment of Leybold Optics.
• After the end of the quarter, EQT VI announced the acquisition of Anticimex Group.
• EQT Expansion Capital II invested in internetstores AG.
• EQT Greater China II, together with Econ Investment, launched cash offer for China Healthcare.
• EQT Opportunity divested the holding in Lundhags.
• The reported value change of Investor's investments in EQT funds was 4 percent. In constant currency, the value change was 5 percent.
• Investor's total outstanding commitments to EQT funds amounted to SEK 4.2 bn. as of March 31, 2012 (2.3).

Change in net asset value, EQT

SEK m.	1/1-3/31 2012	1/1-3/31 2011
Net asset value, beginning of period	13 214	10 858
Contribution to net asset value (value change)	495	1 522
Draw-downs (investments and management fees)	311	1 048
Proceeds to Investor (divestitures, fee surplus and carry)	-1 711	-12
Net asset value, end of period	12 309	13 416

As of March 31, 2012, the five largest investments were (in alphabetical order): Dako (Denmark), Gambro (Sweden), ISS (Denmark), Sanitec (Finland), and Springer Science+Business Media (Germany) representing 35 percent of the total value of Investor's investments in EQT funds.

Brief facts, EQT

Initial investment year	1994/1995
Investor's share of funds, %	6-64
Market value, Investor's holding, SEK m.	12 309
Share of Investor's total assets, %	7

Investor's view: Investor has been a sponsor of EQT's funds since its inception more than 15 years ago. Since then, EQT has delivered top investment performance in its industry and we have received returns on our limited partner interest in the top quartile of the industry. As a sponsor, we also have an ownership interest in the general partners of the funds, allowing us to capture a portion of the carry and of any surplus from management fees. This represents a significant enhancement of our total return from the respective funds over time. Although "lumpy" by nature, depending on whether the funds are in an investment or divestment phase, our investments in the EQT funds are expected to continue to generate strong cash flow.

Investor Growth Capital

Read more at www.investorab.com >>

Investor Growth Capital makes expansion stage venture capital investments in growth companies within technology and healthcare in the U.S. and China.

In early 2012, Investor contributed a final SEK 750 m. to Investor Growth Capital (IGC), which since July 1, 2011 is a stand-alone entity, wholly-owned by Investor.

Activities during the quarter

• IGC's largest holding Greenway Medical, a provider of electronic medical record systems, completed an IPO on NASDAQ. Tangoe, a provider of telecommunications expense management solutions, priced a secondary offering in which IGC participated.
• ID Analytics, a provider of identity and credit risk management, was divested to Lifelock.
• Paratek, a developer of tunable antennas for mobile devices, was acquired by Research in Motion.
• The holding in public U.S. biotechnology company Achillion was divested.
• U.S. holdings Cameron Health (Cardiac devices) and Clairmail (mobile banking technology) announced agreements to be acquired subject to closing conditions.
• An investment was made in Chinese online outlet retailer Fclub.
• Investor received a SEK 257 m. capital distribution from IGC. This distribution is calculated as 50 percent of exit proceeds generated by IGC net of transaction related costs and operating costs.
• IGC's value change was 6 percent. In constant currency, the value change was 10 percent.

Change in net asset value, Investor Growth Capital

SEK m.	1/1-3/31 2012	7/1-12/31 20111)
Net asset value, beginning of period	10 188	8 694
Contribution to net asset value (value change)	651	1 031
Capital contribution from Investor	750	1 137
Distribution to Investor	-257	-674
Net asset value, end of period	11 332	10 188
Of which net cash	2 395	1 453

1) The corresponding time period (Q1 2011) is not applicable since IGC became a stand-alone entity as of July 1, 2011.

As of March 31, 2012, the U.S., Asian and European portfolios represented 64, 16, and 20 percent of the total value. 24 percent of the market value was composed by listed holdings.

The five largest investments were (in alphabetical order): Aerocrine (Sweden), China Greens (China), Greenway Medical Technologies (U.S.), Memira Holdings (Sweden), and Mindjet Corporation (U.S.). In total, these holdings represented 29 percent of the total portfolio value.

Brief facts, Investor Growth Capital

Initial investment year	1995
Investor's ownership (capital), %	100
Market value, Investor's holding, SEK m.	11 332
Share of Investor's total assets, %	6

Investor's view: Investor Growth Capital's new structure and focus on the U.S. and China, where the track record and return prospects are strongest, creates a solid platform for continued strong performance. The structural change leads to a clarified capital commitment from Investor and also creates the basis for a more sustainable cash flow to us.

Read more at www.gambro.com >> Read more at www.lindorff.com >>

A global medical technology company and a leader in developing, manufacturing and supplying products and therapies for Kidney and Liver dialysis, Myeloma Kidney Therapy and other extracorporeal therapies for Chronic and Acute patients.

Activities during the quarter

• Demand for Gambro's products and services was healthy in the Americas and APAC, while EMEA continued to be weak for both business areas Chronic and Acute. In constant currency and adjusted for divestitures, sales were down 4 percent.
• EBITDA was down substantially. During January and February, the EBITDA margin was in line with the corresponding period last year. However, December 2011 was negatively impacted, mainly by an increased bad debt reserve and an inventory write-down.
• The business area Chronic continued to face challenges in EMEA due to austerity measures and price pressure in key markets.
• The business area Acute was also affected by a slower market in EMEA. Sales growth for the quarter was mainly driven by strong performance in APAC.
• Operating cash flow was weak. Net working capital increased due to extended payment terms in Southern Europe. This is the main explanation to the increase in the net debt.

Key figures, Gambro1)

Income statement items	Q1 2012 (Dec-Feb)	Q1 2011 (Dec-Feb)	Rolling 4 quarters
Sales, SEK m.	2 716	2 809	10 835
Sales growth, %	-3	-8
Sales growth, constant currency, %	-5	-1
Normalized EBITDA, SEK m.	318	520	1 839
Normalized EBITDA, %	12	19	17
Balance sheet items	Q1 2012		Q4 2011
Net debt, SEK m.	8 606		8 572
	Q1 2012		Q1 2011
Number of employees	7 075		7 380

1) Income statement items and balance sheet items are reported with one month's delay.

Brief facts, Gambro
Initial investment year	2006
Capital invested, SEK m.	4 246
Investor's ownership (capital), %	49
Share of Investor's total assets, %	3
Reported value, Investor's share, SEK m.	5 226

Investor's view: The restructuring of Gambro has been challenging and taken longer than we originally anticipated. During 2011, Gambro took important steps to ensure operational efficiency and strengthen the focus on its core activities. We continue to believe that the improvement potential, both when it comes to revenue growth and margins, is substantial. We will provide additional equity financing if deemed value-creating.

A leading credit management company in Europe. The company has operations in Denmark, Estonia, Finland, Germany, Latvia, Lithuania, The Netherlands, Norway, Russia, Spain and Sweden.

Activities during the quarter

• The business area Collection recorded a good quarter with stable solution rates. The number of collection cases remained relatively flat compared to the previous quarter.
• The performance within the business area Capital was stable. Lindorff closed one large portfolio acquisition in Spain.
• Lindorff signed a large 3rd party contract with a financial portfolio investor, in conjunction Lindorff also co-invested in the portfolio.
• After the end of the quarter, Lindorff acquired a portfolio from entities belonging to a leading German financial institute and entered into a two-year contract to purchase future terminated claims for a total investment exceeding EUR 200 m. Lindorff also acquired a collection unit from Santander Group in Spain and also entered into a service agreement with the seller. With this acquisition, Lindorff becomes the market leader in Spain.

Key figures, Lindorff1)

Income statement items	Q1 2012 (Dec-Feb)	Q1 2011 (Dec-Feb)	Rolling 4 quarters
Sales, EUR m.	842)	85	336
Sales growth, %	-1	8
Sales growth, constant currency, %	1	4
EBITdA3) , EUR m.	202)	22	94
EBITdA3) , %	24	26	28
Balance sheet items	Q1 2012		Q4 2011
Net debt, EUR m.	680		669
	Q1 2012		Q1 2011
Number of employees	2 460		2 485

1) Income statement items and balance sheet items are reported with one month's delay.

2) Including impairment write-downs of EUR 9.3 m. in Q1 2012.

3) EBITdA = EBITDA after portfolio depreciation.

Brief facts, Lindorff

Initial investment year	2008
Capital invested, SEK m.	3 9691)
Investor's ownership (capital), %	58
Share of Investor's total assets, %	2
Reported value, Investor's share, SEK m.	4 372
Of which mezzanine debt, SEK m.	285
1) Of which SEK 234 m. in mezzanine debt

Investor's view: Lindorff has a good business mix with its two business areas: Collection and Capital. Collection's service-driven business model has low capital requirements and provides a stable earnings base. Capital has the capacity and ability to pursue portfolio acquisitions with good yield. The growth rate can be adapted to Lindorff's growth ambitions and market opportunities. We expect Lindorff to act on value creating opportunities in Europe. Internally, Lindorff should continue to focus on improving efficiency and operational excellence. We remain confident in Lindorff's long-term growth potential.

Read more at www.tre.se >>

A mobile operator providing mobile voice and broadband services in Sweden and Denmark. The company has more than 2 million subscribers and is wellrecognized for its high-quality network.

Activities during the quarter

• The subscriber base grew by 84,000 during the quarter, of which 58,000 in Sweden and 26,000 in Denmark. Subscriber growth in both countries was driven by continued demand for smartphones. 3 Sweden launched an attractive bundled offer at the end of February, further driving the penetration of smartphones and the postpaid offering.
• ARPU during the quarter decreased by 6 percent compared to the same period last year. The Swedish ARPU decreased slightly, by 1 percent, while the Danish ARPU decreased by 11 percent. ARPU is negatively affected by continued price pressure in the Danish market.
• In April, LTE (4G) was launched in Sweden. The roll-out of LTE now continues in both Sweden and Denmark.
• Sales grew by 7 percent compared to the same period last year. The sales growth was 14 percent in Sweden and -4 percent in Denmark.
• In 2011, 3 Scandinavia changed the recognition method of handset sales. During a transition period, the EBITDA is positively impacted by the early recognition of handset revenue from new and prolonged subscribers, while treatment of the existing subscriber base remains unchanged. This effect is fading out as subscriber contracts signed prior to the change expire. Consequently, reported EBITDA for the first quarter 2012 was lower than during the first quarter 2011.

Key figures, 3 Scandinavia 1)

	Q1 2012	Q1 2011	Rolling 4
Income statement items	(Dec-Feb)	(Dec-Feb)	quarters
Sales, SEK m.	2 260	2 107	9 064
Sweden, SEK m.	1 490	1 304	5 948
Denmark, DKK m.	645	673	2 577
Sales growth, %	7
Sweden	14
Denmark	-4
EBITDA, SEK m.	493	609	2 281
Sweden, SEK m.	327	416	1 692
Denmark, DKK m.	139	167	483
EBITDA, %	22	29	25
Sweden	22	32	28
Denmark	22	25	19
Balance sheet items	Q1 2012		Q4 2011
Net debt, SEK m.	10 353		10 472
	Q1 2012		Q1 2011
Number of employees	2 155		2 255
Other key figures2)	3/31 2012		3/31 2011
Subscribers	2 236 000		1 911 000
Sweden	1 428 000		1 246 000
Denmark	808 000		665 000
ARPU3) , SEK	306		325
Sweden, SEK	304		308
Denmark, DKK	254		286
Non-voice ARPU3) %	46		44
Postpaid/prepaid ratio	85/15		87/13

1) Income statement items and balance sheet items are reported with one month's delay.

2) Other key figures are reported without delay.

3) Average Monthly Revenue Per User (ARPU) refers to the past 12-month period.

Brief facts, 3 Scandinavia

Initial investment year	1999
Capital invested, SEK m.	6 366
Investor's ownership (capital), %	40
Share of Investor's total assets, %	1
Reported equity value, Investor's share, SEK m.	2 382

Investor's view: Over the past few years, 3 Scandinavia's strategic focus on building a high-quality mobile network has proven successful, as illustrated by strong subscriber intake and improved operating performance. With strong cost control in place, growth remains the key value driver, and 3 Scandinavia should continue to increase its market share and capture additional growth opportunities. Having acquired additional spectrum during 2011, the company has secured its position as the premier network provider. Future revenue and profit growth should translate into enhanced cash flow generation.

Unlisted Investments – key figures overview

	Q1	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1
	2012	2011	2011	2011	2011	2011	2010	2010	2010	2010	2010
Core Investments - Subsidiaries
Mölnlycke Health Care (EUR m.)
Sales EBITDA1)	267	1 014	267	250	253	244	949	246	241	239	223
	71	296	82	76	71	67	269	74	70	65	60
EBITDA (%)	27	29	31	30	28	27	28	30	29	27	27
Net debt	1 500	1 482	1 482	1 506	1 527	1 578	1 578	1 578	1 638	1 678	1 690
Employees	6 750	6 755	6 755	6 835	6 880	6 985	6 985	6 985	6 910	6 930	6 735
Aleris2) (SEK m.)
Sales	1 656	5 123	1 593	1 334	1 125	1 071	4 120	1 068	952	1 076	1 024
EBITDA	130	410	138	103	88	81	296	65	59	93	79
EBITDA (%)	8	8	9	8	8	8	7 2 0253)	6 2 0253)	6	9	8
Net debt	2 532	2 811	2 811	2 630	2 233	1 997			1 952	1 505	1 523
Employees	5 360	5 150	5 150	4 975	4 865	3 825	3 775	3 775	3 760	3 650	3 700
Grand Hôtel (SEK m.)
Sales	77	396	123	98	105	70	393	108	109	103	73
EBITDA	5	67	25	19	25	-2	95	21	37	28	9
EBITDA (%)	6	17	20	19	24	-3	24	19	34	27	12
Net debt	564	545	545	555	542	506	481	481	482	492	493
Employees	245	260	260	250	245	255	295	295	275	265	240
Financial Investments
EQT (SEK m.)
Reported value	12 309	13 214	13 214	13 162	14 753	13 416	10 858	10 858	9 587	10 667	9 433
Reported value change %	4	31	-1	0	15	14	13	12	-6	12	-5
Value change, constant currency %	5	31	1	-2	13	16	28	13	0	13	2
Draw-downs from Investor	311	2 515	325	306	836	1 048	2 016	223	419	457	917
Proceeds to Investor	1 711	3 519	120	1 903	1 484	12	1 503	59	921	334	189
Investor Growth Capital (SEK m.)
Reported value	11 332	10 188	10 188	10 252	8 694	8 380	8 468	8 468	7 864	8 080	8 288
Reported value change %	6	10	2	10	-2	0	4	9	-8	-2	5
Value change, constant currency %	10	6	1	4	-3	5	8	8	5	-9	5
Capital contribution from Investor	750	1 137	-	1 137	-	-	-	-	-	-	-
Distribution to Investor	257	674	229	445	-	-	-	-	-	-	-
Partner-owned investments
Gambro4) (SEK m.)
Sales	2 716	10 928	2 732	2 667	2 720	2 809	12 152	2 998	3 045	3 070	3 039
Normalized EBITDA	318	2 041	477	496	548	520	2 395	611	571	668	545
Normalized EBITDA (%)	12	19	17	19	20	19	20	20	19	22	18
Net debt 5)	8 606	8 572	8 572	8 169	7 806	23 592	25 380	25 380	25 981	26 529	25 476
Employees	7 075	7 205	7 205	7 270	7 335	7 380	7 650	7 650	7 725	7 780	7 930
Lindorff4) (EUR m.)
Sales	84	337	81	84	87	85	309	76	80	74	79
EBITdA6)	20	96	21	31	22	22	89	16	30	21	22
EBITdA6) (%)	24	28	26	37	25	26	29	21	38	28	28
Net debt	680	669	669	661	680	689	615	615	578	549	547
Employees	2 460	2 470	2 470	2 595	2 550	2 485	2 465	2 465	2 315	2 270	2 295
3 Scandinavia4, 7)
Sales	2 260	8 911	2 337	2 270	2 197	2 107	-	-	-	-	-
Sweden, SEK m.	1 490	5 762	1 529	1 480	1 449	1 304	-	-	-	-	-
Denmark, DKK m.	645	2 605	655	648	629	673	-	-	-	-	-
Sales growth, %	7	-	-	-	-	-	-	-	-	-	-
Sweden	14	-	-	-	-	-	-	-	-	-	-
Denmark	-4	-	-	-	-	-	-	-	-	-	-
EBITDA	493	2 397	565	595	628	609	-	-	-	-	-
Sweden, SEK m.	327	1 781	398	478	489	416	-	-	-	-	-
Denmark, DKK m.	139	511	125	96	123	167	-	-	-	-	-
EBITDA, %	22	27	24	26	29	29	-	-	-	-	-
Sweden	22	31	26	32	34	32	-	-	-	-	-
Denmark	22	20	19	15	20	25	-	-	-	-	-
Net debt, SEK m.	10 353	10 472	10 472	10 333	10 4088)	10 241	9 910	9 910	9 723	10 071	10 172
Employees	2 155	2 235	2 235	2 280	2 265	2 255	2 245	2 245	2 160	2 080	2 065

1) Excluding the purchase price allocation, performed in conjunction with the acquisition of the majority in Mölnlycke Health Care, allocating EUR 49 m. to inventory. The consumption of this market value impacted EBITDA negatively by EUR 4 m. during the fourth quarter 2010 and EUR 45 m. during the first quarter 2011.

2) The acquisition of Aleris was finalized in August 2010.

3) Numbers have been restated. 4) Income and balance sheet items are reported with one month's delay.

5) Net debt reported under Gambro Holding until the second quarter 2011.

6) EBITdA=EBITDA after portfolio depreciation.

7) The effect on the result prior to the first quarter 2011 has not been assessed.

Group

Net debt

Net debt totaled SEK 19,003 m. on March 31, 2012 (16,910). Debt financing of the subsidiaries within Core Investments and the partner-owned investments within Financial Investments, is arranged on an independent ringfenced basis and hence not included in Investor's net debt. Investor guarantees SEK 4.2 bn. of 3 Scandinavia's external debt, which is not included in Investor's net debt.

Net Debt, 3/31 2012

SEK m.	Consolidated balance sheet	Deductions related to Core Investments subsidiaries1) and IGC	Investor's net debt
Other financial instruments	1 763	-24	1 7392)
Cash, bank and short-term investments	11 744	-3 015	8 7292)
Receivables included in net debt	475	-14	4613)
Loans	-45 575	15 854	-29 7213)
Provision for pensions	-670	459	-2113)
Total	-32 263	13 260	-19 003

1) Mölnlycke Health Care, Aleris and Grand Hôtel. 2) Included in cash and readily available placements.

3) Included in gross debt.

Cash and readily available placements amounted to SEK 10,468 m. on March 31, 2012 compared to SEK 13,102 m. at year-end 2011. Investor's short-term investments are invested conservatively, taking into account the risk-adjusted return profile. Gross debt for Investor amounted to SEK 29,471 m. at the end of the period (30,012).

The average maturity of the debt portfolio was 11.7 years on March 31, 2012 (11.2), excluding the debt of Mölnlycke Health Care, Aleris and Grand Hôtel.

Maturity profile, 3/31 2012

Net Financial Items, 3/31 2012

SEK m.	Group - Net Financial Items	Deductions related to Core Investments subsidiaries1)	Investor's Net Financial Items
Interest income	57	-2	55
Interest expenses	-606	287	-319
Unrealized result from revaluation
of loans and swaps	118	0	118
FX result	-146	14	-132
Other	-11	22	11
Total	-588	321	-267

1) Mölnlycke Health Care, Aleris and Grand Hôtel.

The foreign exchange result consists primarily of unrealized currency translation differences from loans to Lindorff and Mölnlycke Health Care.

Management cost

Management cost, Investor Group

SEK m.	1/1-3/31 2012	1/1-3/31 2011	1/1-12/31 2011
Core Investments	32	41	137
Financial Investments	18	731)	1902)
Investor groupwide	63	43	179
Total before restructuring cost	113	157	506
Restructuring cost	-	150	150
Total	113	3071)	2) 656

1) Including cost relating to Investor Growth Capital (IGC) of SEK 38 m.

2) Up until June 30, 2011, costs relating to IGC were included in Investor's management cost. IGC costs not included in the management costs were SEK 70 m. for H2 2011.

The Investor share

Read more at investorab.com under "Investors & Media" >>

Average Total Return

The price of the Investor A-share and B-share was SEK 143.40 and SEK 146.70 respectively on March 31, 2012, compared to SEK 123.20 and SEK 128.40 on December 31, 2011. Total market capitalization of Investor, adjusted for repurchased shares, was SEK 110,538 m. as of March 31, 2012 (96,028).

Parent Company

Share capital

Investor's share capital amounted to SEK 4,795 m. on March 31, 2012 (4,795).

Share structure

Class of share	Number of shares	Number of votes	% of capital	% of votes
A 1 vote	311 690 844	311 690 844	40.6	87.2
B 1/10 vote	455 484 186	45 548 418	59.4	12.8
Total	767 175 030	357 239 262	100.0	100.0

On March 31, 2012, Investor owned a total of 6,669,158 of its own shares (6,669,158).

Results and investments

The Parent Company's result after financial items was SEK 9,630 m. (-574). Value changes of equity-related holdings reported at fair value amounted to SEK 7,834 m. (-2,100). Result from participations in Group companies and associates amounted to SEK 0 m. (520), and SEK -39 m. respectively (-88). During the quarter, the Parent Company invested SEK 1,743 m. in financial assets (3,573), of which SEK 1,670 m. was in Group companies (3,237) and purchases in listed Core Investments of SEK 34 m (278). Total debt decreased by SEK 1,969 m. since the beginning of the year. Shareholders' equity totaled SEK 152,269 m. on March 31, 2012, compared to SEK 142,633 m. at year end 2011.

Risks and Risk management

The main risks that the Group and the Parent Company are exposed to are related to the value changes of the listed assets due to market price fluctuations. The development of the global economy is an important uncertainty factor in assessment of near-term market fluctuations. The uncertain market situation also affects the various unlisted holdings' opportunities for new investments and divestments. The turbulent development of the markets reflects the uncertainty about how the continuing global imbalances of the world economy, with risk of serious consequences for various states' deteriorating creditworthiness, will affect the economic situation at both macro and micro levels.

The Core Investments subsidiaries: Mölnlycke Health Care, Aleris and Grand Hôtel are, like Investor, exposed to commercial risks, financial risks, and market risks. In addition, through their business activities, i.e. their offerings of products and services, within respective sector, these companies are also exposed to legal/regulatory risks and political risks, for example political decisions on healthcare budgets and industry regulations.

Financing of Investor's Core Investments subsidiaries and the partner-owned investments are made on a ring-fenced basis, without guarantees from Investor, the guarantee to 3 Scandinavia being the exception. In order to keep credit risks at low levels, credit risk exposure is only permitted if the counterparties have high creditworthiness.

Whatever the economic situation is in the world, operational risk management requires continued high level of awareness and focused work in line with stated policies and instructions. Investor AB's risk management, risks and

uncertainties, and those related to its Core Investments subsidiaries, are described in detail in the Annual Report 2011, see the Administration report and Note 31. Any significant changes have not been made subsequently, aside from changes in current macroeconomic risks.

Accounting policies

For the Group, this Interim report was prepared in accordance with IAS 34 Interim Financial Reporting and applicable regulations in the Swedish Annual Accounts Act, and for the Parent Company in accordance with Sweden's Annual Accounts Act, chapter 9 Interim report. The accounting policies that have been applied for the Group and Parent Company are in agreement with the accounting policies used in the preparation of the company's most recent annual report.

New and changed accounting policies in 2012

New or revised IFRSs and interpretations from IFRIC have had no effect on the profit/loss, financial position or disclosures for the Group or Parent Company.

Acquisitions (business combinations)

During February Aleris acquired Stureplans Husläkarmottagning AB and Mölnlycke Health Care acquired the burn and wound care business from Brennen Medical in the U.S.

The purchase price allocations for Aleris acquisitions made in 2011 are still preliminary.

Purchase price allocation in Group companies 2012

Preliminary Purchase Price Allocations of controlling interest

SEK m.	Other	Total
Intangible assets	112	112
Inventory	3	3
Accounts receivables	6	6
Other current assets	5	5
Cash and cash equivalents	10	10
Current liabilities	-2	-2
Net identifiable assets and liabilities	134	134
Consolidated goodwill	97	97
Consideration	231	231

Due to the fact that the acquisitions are relatively small, no further information, in accordance with IFRS 3 is presented in this report. The Annual Report of 2012 will include details of all acquisitions completed in 2012.

Purchase price allocation in Group companies 2011

					Preliminary Purchase Price Allocations of controlling interest
--	--	--	--	--	----------------------------------------------------------------	--

	Proxima
SEK m.	Intressenter AB	Hamlet A/S	Other	Total
Intangible assets	356	2		358
Property, plant and equipment	69	73	2	144
Deferred tax assets	8	31	1	40
Non-current assets	2	11		13
Accounts receivables	70	46	10	126
Other current assets	70	22	4	96
Cash and cash equivalents	44	9	43	96
Non-current liabilities and provisions	-437	-194	-3	-634
Deferred tax liabilities	-98			-98
Current liabilities	-154	-82	-33	-269
Net identifiable assets and liabilities	-70	-82	24	-128
Consolidated goodwill	812	339	227	1 378
Consideration	742	257	251	1 250

The purchase price allocations are preliminary due to the fact that business is conducted in a large number of companies and the valuation of intangible assets is complex.

Acquisitions after the end of the quarter

After the end of the quarter, Aleris completed two further acquisitions: Xyrinx, a radiology provider in Gothenburg and Södermalms Hemtjänst in central Stockholm. Since the acquisitions were completed close to the release of Investor´s interim report, complete information regarding the acquisitions has not yet been obtained. Further information will be provided in the interim report for the second quarter.

Related party transactions

During the quarter the Group has not entered into any new significant transactions or commitments with related parties, other than recurring business transactions as presented in the Annual Report 2011.

Pledged Assets and contingent liabilities

No significant changes of pledged assets and contingent liabilities occurred during the first quarter.

Events occurring after the end of the quarter

Acquisition of shares in Mölnlycke Health Care

In Mölnlycke Health Care there is a Management Participation Program, aimed at getting the Board, Management and certain key personnel, some 100 participants in total, to invest in the company to become shareholders, thus aligning interest. Participants in the program have the possibility to sell up to 50 percent of their respective holding to new participants or to Investor at predetermined occasions. The transaction opportunities occur every other year (2012, 2014 and so forth). The acquisitions and divestitures of shares in the program are made on the basis of a market valuation, to which an external fairness opinion is obtained.

In April 2012, when the participants in Mölnlycke Health Care's Management Participation Program had an agreed possibility to sell shares under the program, the Board member Gunnar Brock sold a part of his holding of shares to Investor for approximately SEK 10.6 m. In connection with the position as Chairman of the Board of Mölnlycke Health Care in 2007, prior his election to the Board of Directors of Investor in 2009, Gunnar Brock acquired shares for an amount of approximately SEK 6.4 m. under the program. In total, Investor acquired shares in Mölnlycke Health Care from more than 100 participants for SEK 865 m., of which SEK 469 m. from the Board (including Gunnar Brock) and Management. The program was also described in Investor's Annual Report 2011.

Wärtsilä new core investment

Up until the end of the first quarter, 2012, Investor had acquired 8,599,206 shares over the market in Wärtsilä for a total of EUR 190 m. (dividend adjusted). Today, April 24, Investor announced it had acquired an additional 4,102,615 shares in Wärtsilä from Fiskars Group for a total of EUR 127 m. After this transaction Investor holds 12,701,821 shares in Wärtsilä, corresponding to an ownership of 6.4 percent. Wärtsilä will be included in Investors reporting going forward as a core investment. For more information see separate press release on www.investorab.com.

Financial calendar

• July 17, 2012 Interim Report January-June 2012
• Oct. 17, 2012 Interim Report Jan-Sep 2012
• Jan. 29, 2013 Year-End Report 2012
• April 23, 2013 Interim Report January-March 2013

For more information:

Susanne Ekblom, Chief Financial Officer: +46 8 614 2000 susanne.ekblom@investorab.com

Oscar Stege Unger, Head of Corporate Communications: +46 8 614 2059, +46 70 624 2059 oscar.stege.unger@investorab.com

Magnus Dalhammar, Investor Relations Manager: +46 8 614 2130, +46 73 524 2130 magnus.dalhammar@investorab.com

Address:

Investor AB (publ) (CIN 556013-8298) SE-103 32 Stockholm, Sweden Visiting address: Arsenalsgatan 8C Phone: +46 8 614 2000 Fax: + 46 8 614 2150 www.investorab.com

Ticker codes:

INVEB SS in Bloomberg INVEb.ST in Reuters W:ISBF in Datastream

The information in this interim report is such that Investor is required to disclose under Sweden's Securities Market Act.

The report was released for publication at 08:15 CET on April 24, 2012.

This Interim report and additional information is available on www.investorab.com

This interim report has not been subject to review by the company's auditors.

Stockholm, April 24, 2012

Börje Ekholm President and Chief Executive Officer

Consolidated Income Statement, in summary

	2012	2011
Amounts in SEK m.	1/1-03/31	1/1-03/31
Dividends	2 077	1 313
Other operating income	124	118
Changes in value	9 265	-541
Net sales	4 090	3 309
Cost of goods and services sold	-2 708	-2 446
Sales and marketing costs	-642	-713
Administrative, research and development and other operating costs	-381	-299
Management costs	-113	-157
Restructuring costs	-	-150
Share of results of associates	-147	248
Operating profit/loss	11 565	682

Net financial items	-588	-596
Profit/loss before tax	10 977	86
Taxes	-64	260
Profit/loss for the period	10 913	346
Attributable to:
Ow ners of the Parent Company	10 923	389
Non-controlling interest	-10	-43
Profit/loss for the period	10 913	346
Basic earnings per share, SEK	14.36	0.51
Diluted earnings per share, SEK	14.35	0.51
Basic average number of shares, million	760.5	760.5
Diluted average number of shares, million	761.1	761.3

Consolidated Statement of Comprehensive Income, in summary

	2012	2011
Amounts in SEK m.	1/1-03/31	1/1-03/31
Profit for the period	10 913	346
Other comprehensive income for the period, including taxes
Cash flow hedges	52	55
Foreign currency translation adjustment	-115	-15
Actuarial gains and losses on defined benefit pension plans	0	6
Share of other comprehensive income of associates	88	-260
Total other comprehensive income for the period	25	-214
Total comprehensive income for the period	10 938	132
Attributable to:
Ow ners of the Parent Company	10 947	168
Non-controlling interest	- 9	-36
Total comprehensive income for the period	10 938	132

Consolidated Balance Sheet, in summary

	2012	2011	2011
Amounts in SEK m.	03/31	12/31	03/31
ASSETS
Goodw ill	24 504	24 619	23 070
Other intangible assets	9 512	9 750	10 245
Tangible assets	3 977	3 995	3 502
Shares and participations	155 419	147 897	159 775
Other financial investments	1 763	1 967	1 352
Long-term receivables included in net debt	461	795	211
Other long-term receivables	5 997	5 937	5 605
Total non-current assets	201 633	194 960	203 760
Inventories	1 164	1 141	1 110
Shares and participations in trading operation	2 325	1 094	2 400
Short-term receivables included in net debt	14	9	32
Other current receivables	5 035	3 331	4 016
Cash, bank and short-term investments	11 744	13 072	8 808
Total current assets	20 282	18 647	16 366
TOTAL ASSETS	221 915	213 607	220 126
EQUITY AND LIABILITIES
Equity	167 657	156 719	170 191
Long-term interest bearing liabilities	43 947	44 693	38 115
Provisions for pensions and similar obligations	670	673	617
Other long-term provisions and liabilities	3 798	3 748	3 564
Total non-current liabilities	48 415	49 114	42 296
Short-term interest bearing liabilities	1 628	3 479	2 851
Other short-term provisions and liabilities	4 215	4 295	4 788
Total current liabilities	5 843	7 774	7 639
TOTAL EQUITY AND LIABILITIES	221 915	213 607	220 126
NET DEBT/NET CASH
	2012	2011	2011
Amounts in SEK m.	03/31	12/31	03/31
Other financial investments	1 763	1 967	1 352
Receivables included in net debt	475	804	243
Cash, bank and short-term investments	11 744	13 072	8 808
Long-term interest bearing liabilities	-43 947	-44 693	-38 115
Provisions for pensions and similar obligations	-670	-673	-617
Short-term interest bearing liabilities	-1 628	-3 479	-2 851
Adjustment related to subsidiaries1)	13 260	16 092	17 482
Total net debt/net cash	-19 003	-16 910	-13 698

Consolidated Statement of Changes in Equity, in Summary

	2012	2011	2011
Amounts in SEK m.	1/1-3/31	1/1-12/31	1/1-3/31
Opening balance	156 719	170 051	170 051
Profit for the period	10 913	-9 288	346
Other comprehensive income for the period	25	-265	-214
Total comprehensive income for the period	10 938	-9 553	132
Dividends	-	-3 802	-
Changes in non-controlling interest	-	10	-
Repurchase/sales of ow n shares	-	2	-
Effect of long-term share-based remuneration	0	11	8
Closing balance	167 657	156 719	170 191
Attributable to:
Ow ners of the Parent Company	167 008	156 070	169 563
Non-controlling interest	649	649	628
Total equity	167 657	156 719	170 191
1) Deductions relating to the ringfenced subsidiaries Aleris, Grand Hôtel, M ölnlycke Health Care and Investor Growth Capital.

Consolidated Statement of Cash Flows, in summary

	2012	2011
Amounts in SEK m.	1/1-3/31	1/1-3/31
Operating activities
Core Investments
Dividends received	681	619
Cash receipts	3 938	3 141
Cash payments	-3 473	-2 792
Financial Investments and management cost
Dividends received	149	36
Cash receipts/payments, net effect on cash flow s	-1 089	- 4
Cash flows from operating activities before
net interest and income tax	206	1 000
Interest received/paid	-603	-516
Income tax paid	-88	-93
Cash flows from operating activities	-485	391
Investing activities
Acquisitions	-968	-2 955
Divestments	2 150	198
Increase in long-term receivables	-	0
Decrease in long-term receivables	39	21
Acquisitions of subsidiaries, net effect on cash flow	-192	0
Sale of subsidiaries, net effect on cash flow	-	8
Increase in other financial investments	-	-545
Decrease in other financial investments	210	370
Net changes, short-term investments	3 913	2 161
Acquisitions of property, plant and equipment	-106	-104
Proceeds from sale of other investments	1	1
Net cash used in investing activities	5 047	-845
Financing activities
Borrow ings	1 789	26
Repayment of borrow ings	-3 714	-92
Net cash used in financing activities	-1 925	-66
Cash flows for the period	2 637	-520
Cash and cash equivalents at the beginning of the year	4 312	2 684
Exchange difference in cash	- 4	7
Cash and cash equivalents at the end of the period	6 945	2 171

Operating Segments

PERFORMANCE BY BUSINESS AREA 1/1-3/31 2012

	Core	Financial	Investor
Amounts in SEK m.	Investments	Investments	groupwide	Elimination	Total
Dividends	1 936	141	-	-	2 077
Other operating income1)	5	124	-	- 5	124
Changes in value	7 861	1 395	-	9	9 265
Net sales	4 094	7	-	-11	4 090
Cost of goods and services sold	-2 705	-13	-	10	-2 708
Sales and marketing cost	-642	-	-	-	-642
Administrative, research and development and other operating cost	-344	-37	-	-	-381
Management cost	-32	-18	-63	0	-113
Share of results of associates	1	-148	-	-	-147
Operating profit/loss	10 174	1 451	-63	3	11 565
Net financial items	-326	-	-259	- 3	-588
Income tax	46	1	-111	-	-64
Profit/loss for the period	9 894	1 452	-433	-	10 913
Non controlling interest	10	-	-	-	10
Net profit/loss for the period attributable to the Parent Company	9 904	1 452	-433	-	10 923
Other effects on equity	-120	-29	164	-	15
Contribution to net asset value	9 784	1 423	-269	-	10 938
Net asset value by business area 3/31 2012
Carrying amount	145 839	39 450	722	-	186 011
Net debt	-	-	-19 003	-	-19 003
Total net asset value	145 839	39 450	-18 281	-	167 008

PERFORMANCE BY BUSINESS AREA 1/1-3/31 2011

Investments 1 303 2) 7 -2 088 2) 3 309 -2 447	Investments 10 111 2) 1 547 2)	groupwide - -	Elimination - -	Total 1 313
				118
		-	-	-541
	8	-	- 8	3 309
	- 7	-	8	-2 446
-713	-	-	-	-713
-299	-	-	-	-299
-41	-73	-43	-	-157
-	-	-150	-	-150
-	248	-	-	248
-969	1 844	-193	-	682
-310	-	-286	-	-596
				260
-1 083	1 844	-415	-	346
				43
				389
				-212
-1 028	1 514	-309	-	177
				183 261
-	-	-13 698	-	-13 698
152 088				169 563
	196 43 -1 040 12 152 088	- - 1 844 -330 30 998	64 - -415 106 175	- - - - - 30 998 -13 523 -

Parent Company Income Statement, in summary

	2012	2011
Amounts in SEK m.	1/1-3/31	1/1-3/31
Dividends	1 936	1 303
Changes in value	7 834	-2 100
Net sales	1	2
Operating cost	-110	-117
Result from participations in Group companies	-	520
Impairment of associates	-39	-88
Operating profit/loss	9 622	-480
Profit/loss from financial items
Other financial items	8	-94
Profit/loss after financial items	9 630	-574
Income tax	-	-
Profit/loss for the period	9 630	-574

Parent Company Statement of Comprehensive Income, in summary

Amounts in SEK m.	2012 1/1-3/31	2011 1/1-3/31
Profit for the period	9 630	-574
Other comprehensive income for the period, including tax
Change in fair value of cash flow hedges	6	- 1
Total other comprehensive income for the period	6	- 1
Total comprehensive income for the period	9 636	-575

Parent Company Balance Sheet, in summary

	2012	2011	2011
Amounts in SEK m.	3/31	12/31	3/31
ASSETS
Intangible assets and Property, plant and equipment	35	38	38
Financial assets Total non-current assets	191 397 191 432	182 520 182 558	196 335 196 373
Current receivables	2 044	3 247	3 440
Cash and cash equivalents	0	0	0
Total current assets	2 044	3 247	3 440
TOTAL ASSETS	193 476	185 805	199 813
EQUITY AND LIABILITIES
Equity	152 269	142 633	162 597
Provisions	297	293	247
Non-current liabilities	27 664	26 544	19 284
Total non-current liabilities	27 961	26 837	19 531
Total current liabilities	13 246	16 335	17 685
TOTAL EQUITY AND LIABILITIES	193 476	185 805	199 813
	2012	2011	2011
ASSETS PLEDGED AND CONTINGENT LIABILITIES	3/31	12/31	3/31
Assets pledged	85	23	856
Contingent liabilities	10 204	10 208	10 261

Parent Company Statement of Changes in Equity, in summary

	2012	2011	2011
Amounts in SEK m.	1/1-3/31	1/1-12/31	1/1-3/31
Opening balance	142 633	163 164	163 164
Profit/loss for the period	9 630	-16 725	-574
Other comprehensive income for the period	6	-17	- 1
Total comprehensive income for the period	9 636	-16 742	-575
Dividends	-	-3 802	-
Stock options exercised by employees	-11	-20	- 2
Equity-settled share-based payment transactions	11	31	10
Repurchases of ow n shares	-	2	-
Closing balance	152 269	142 633	162 597