Bure Equity

Quarterly Report • Nov 9, 2017

Interim report January – September 2017

Interim report January-September 2017

• Net asset value was SEK 126.50 per share, compared to SEK 101.74 at the end of the previous year, which represents an increase of 24.3 per cent.
• Bure's net asset value was SEK 8,770M, compared to SEK 7,054M at year-end 2016.
• Total return on the Bure share was 10.2 per cent, compared to the SIX Return Index that rose by 12.5 per cent.
• Consolidated profit after tax amounted to SEK 1,864M (2,178). Earnings per share stood at SEK 26.88 (31.41).

Third quarter 2017

• Net asset value per share was SEK 126.50 compared to SEK 104.09 at the beginning of the quarter, an increase of 21.5 per cent.
• Total return on the Bure share was 14.3 per cent compared to the SIX Return Index, which rose by 1.5 per cent during the quarter.

Subsequent events

• Net asset value per share on 8 November 2017 was SEK 114.61, which corresponds to an increase of 12.7 per cent since year-end 2016.

Henrik Blomquist CEO

Bure's net asset value per share increased 21.5 per cent in the third quarter. Significant increases in our largest portfolio companies – Mycronic, +45.6 per cent, and Vitrolife, +24.9 per cent – were once again the key drivers of this fantastic increase. In the same period, the SIX Return Index rose 1.5 per cent: an unremarkable quarterly increase, but month-to-month swings in the Index during the period were significant. In July and August, the SIX RX fell 3.0 and 0.9 per cent respectively, before jumping 5.6 per cent in September. This brought growth of the SIX RX for the year to 12.5 per cent. Bure's net asset value per share increased 24.3 per cent in the same period.

Many of our portfolio companies delivered strong interim reports. Mycronic's operating profit for the quarter was a shade down on the year, but over nine months operating profit was up 87 per cent. Add to that record order intake for both the company's business units. Vitrolife achieved an historic milestone when revenue surpassed SEK 1 billion on a 12-month rolling basis for the first time. We were delighted that Mercuri has now succeeded in reversing a trend of multi-year negative growth. Mercuri's YTD revenue increased by some 5 per cent on the same period last year.

Two portfolio companies saw changes of the guards changes during the quarter. In July, Mikael Norin became Cavotec CEO; and in September, Erik Norberg started as CEO at Lauritz. Leadership change in organisations with strong cultures is always conducted with a great deal of respect. My hope is that the new leadership teams will be welcomed by their respective organisations, and that they will succeed in further developing their businesses and take them to new heights. Finally, I would like to take this opportunity to extend our sincere thanks to the departing CEOs.

This report is a translation of the Swedish report. In the event of any differences between this translation and the Swedish original, the Swedish report shall have precedence.

Bure's net asset value and holdings

			31 Dec 2016					30 September 2017
SEK M		% of capital	Net asset value	Value change, (+/-)1)	Investment	Disposal	Net asset value	% of net asset value	Net asset value per share, SEK
	Cavotec	20.1%	279	77	72	–	429	4.9%	6.2
	Lauritz.com	11.3%	37	-5	–	–	32	0.4%	0.5
L	MedCap	23.0%	106	9	1	–	116	1.3%	1.7
I S	Mycronic	29.9%	2,873	403	–	–	3,276	37.4%	47.3
T E	Vitrolife3)	20.8%	1,823	1,264	–	-100	2,986	34.0%	43.1
D 2)	Xvivo Perfusion	18.7%	430	33	–	–	463	5.3%	6.7
	Total listed holdings		5,548	1,781	74	-100	7,302	83.3%	105.3
	Bure Financial Services4)	100.0%	252	-8	–	-193	51	0.6%	0.7
U N	Bure Growth5)	100.0%	37	0	159	-8	188	2.1%	2.7
L I	Investment AB Bure6)	100.0%	222	-11	–	-38	173	2.0%	2.5
S T E	Mercuri International Group7)	99.1%	114	–	–	–	114	1.3%	1.6
D	Total unlisted holdings		625	-19	159	-239	526	6.0%	7.6
	Total holdings		6,173	1,762	232	-339	7,828	89.3%	112.9
T R E	Cash and cash equivalents and short-term/financial investments8)		873		66		939	10.7%	13.5
A S U	Other assets9)		8		-5		3	0.0%	0.0
R Y	Total treasury		881		61		942	10.7%	13.6
	Total net asset value		7,054		1,71710)		8,770	100.0%	126.5

1) Value change including exit gains/losses.

2) Number of shares on 30 September 2017: Cavotec 15,759,837, Lauritz.com 4,595,333, Medcap 3,081,017, Mycronic 29,317,163, Vitrolife 4,517,857, and Xvivo Perfusion 4,891,483. 3) During the second quarter of 2017, Bure divested 191,933 Vitrolife shares for SEK 100M. The entry value of the shares was SEK 7M, and exit gains were SEK 93M. The divestment resulted in a reversal of previously booked fair value adjustments of SEK +76M for the divested shares.

4) During the first half of 2017, Bure divested all shares in Catella for SEK 193M. The entry value of the shares was SEK 55M and exit gains were SEK 138M. The divestment resulted in a reversal of previously booked fair value adjustments of SEK +146M for the divested shares.

5) During the first half of 2017, Bure divested all shares in Vigmed Holding for SEK 8M. The entry value of the shares was SEK 36M, and exit losses were SEK 28M. The divestment resulted in a reversal of previously booked fair value adjustments of SEK -28M for the divested shares.

6) Refers to net assets. The decrease in value in net assets is primarily explained by the fact that cash and cash equivalents have been transferred to the Parent Company.

7) Refers to the book value of equity and interest-bearing receivables.

8) Cash and cash equivalents, participations and funds and investments in market-listed assets.

9) Refers to other unlisted companies, interest-bearing receivables and other net assets.

10) Total value change, investments and divestment during the period.

Net asset value at 30 September 2017

Net asset value, nine months 2017

Net asset value was SEK 8,770M, which is an increase of SEK 1,717M since year-end 2016. Net asset value per share amounted to SEK 126.50, a 24.3 per cent increase since year-end 2016.

Listed portfolio companies, nine months 2017

The value of listed portfolio companies increased during the period by SEK 1,754M to SEK 7,302M. Of this increase, value changes and exit gains accounted for SEK 1,781M and net investments for SEK -26M.

Development of listed portfolio companies, 9 months 2017

Vitrolife's value growth and exit gain was SEK 1,264M. The holding in Vitrolife amounted to SEK 2,986M on 30 September. During the period, Bure divested 0.2 million shares for SEK 100M with an exit gain of SEK 93M. The share price rose 70.8 per cent during the period.

The value of the holding in Mycronic increased by SEK 403M to SEK 3,276M at the end of the period. The share price rose 14.0 per cent during the period.

The value of the holding in Cavotec increased by SEK 149M to SEK 429M. The value change consisted of value growth of SEK 77M and acquisition of shares of SEK 72M. The share price increased by 26.5 per cent during the period.

The value of the holding in Xvivo Perfusion increased by SEK 33M to SEK 463M at the end of the period. The share price rose by 7.7 per cent during the period.

The value of the holding in MedCap increased by SEK 10M to SEK 116M. The value change consisted of value growth of SEK 9M and acquisition of shares of SEK 1M. The share price rose by 8.1 per cent during the period.

The value of the holding in Lauritz.com decreased by SEK 5M to SEK 32M at the end of the period. The share price fell 13.0 per cent during the period.

Listed portfolio companies accounted for 83.3 per cent of net asset value, compared to 78.7 per cent at year-end 2016.

Unlisted portfolio companies, nine months 2017

The value of unlisted portfolio companies decreased by SEK 99M to SEK 526M, compared to SEK 625M at year-end 2016. The value change is primarily due to the divestment of shares in Catella and Vigmed Holding, and the transfer of cash from Investment AB Bure to the Parent Company. Net investments excluding transfers of cash equivalents in Investment AB Bure to the Parent Company was SEK -43M.

Bure Financial Services net asset value decreased by SEK 201M to SEK 51M due to the sale of the holding in Catella. The stake was sold for SEK 193M with an exit gain of SEK 138M. Bure Financial Services received dividends of SEK 7M from Catella and SEK 10M from Fondita in the second half of 2016 and the first half of 2017.

Bure Growth's net asset value increased by SEK 151M to SEK 188M. During the period, Bure acquired 18.6 per cent of Yubico and 22.5 per cent of My Driving Academy Sweden. The holding in Vigmed Holding was divested for SEK 8M with an exit loss of SEK 28M.

Investment AB Bure's net asset value decreased to SEK 173M compared to SEK 222M at year-end 2016, primarily due to the transfer of cash equivalents of SEK 38M to the Parent Company.

Mercuri's net asset value of SEK 114M was unchanged from the beginning of the year.

Unlisted portfolio companies accounted for 6.0 per cent of net asset value compared to 8.9 per cent at year-end 2016.

Treasury, nine months 2017

The value of assets in Treasury increased by SEK 61M to SEK 942M. Assets in Treasury decreased primarily due to the acquisition of shares in Cavotec, Yubico, and My Driving Academy, as well as a dividend of SEK 139M paid to Bure shareholders and administrative expenses of SEK 33M. During the period, Bure has received dividends of SEK 95M, contingent consideration from the divestment of the holding in Carnegie of SEK 24M, and SEK 301M from the sale of shares in Catella, Vitrolife, and Vigmed Holding. Assets in Treasury accounted to 10.7 per cent of net asset value, compared to 12,5 per cent at year-end 2016.

The Bure share

The number of shares outstanding in Bure amounts to 69,332,710. The 2017 Annual General Meeting authorised Bure's Board of Directors to decide on the buy-back of up to 10 per cent of the total number of shares outstanding. As of 30 September 2017, no buy-backs had been made. Bure's share price on 30 September 2017 was SEK 112.00, which corresponds to a total return of 10.2 per cent since year-end.

	8 Nov 2017	30 Sep 2017	31 Dec 2016	31 Dec 2015
Share price, SEK	102.0	112.0	103.5	68.8
Dividend per share, SEK	2.0	2.0	2.0	1.0
Total return since year-end1)	0.4%	10.2%	54.7%	95.4%
Net asset value per share, SEK	114.6	126.5	101.7	87.4
Development of NAV per share	12.7%	24.3%	16.4%	89.6%
SIX Return Index	14.0%	12.5%	9.6%	10.4%

1) Including dividends of SEK 2.00 per share for 2017 and 2016 and SEK 1.00 per share for 2015.

Increase in Bure's net asset value and market price per share

Portfolio companies January – September 2017 and 20161)

Listed SEK M		2017	2016
	Net sales	1,493	1,439
	EBIT	-53	61
	EBIT margin	-3.5%	4.2%
	Holding	20.1%	16.6%
	Net sales	175	184
	EBIT	14	10
	EBIT margin	7.8%	5.6%
	Holding	11.3%	11.3%
	Net sales	579	674
	EBIT	8	18
	EBIT margin	1.4%	2.7%
Holding		23.0%	22.2%
	Net sales	2,070	1,303
	EBIT	536	286
	EBIT margin	25.9%	21.9%
	Holding	29.9%	29.9%
	Net sales	775	605
	EBIT	254	170
	EBIT margin	32.8%	28.2%
	Holding	20.8%	21.7%
	Net sales	107	100
	EBIT	2	3
	EBIT margin	2.2%	2.7%
	Holding	18.7%	20.7%

Unlisted
SEK M		2017	2016
	Net sales	8	16
	EBIT	8	16
	EBIT margin	100.0%	100.0%
	Holding	100.0%	100.0%
	Net sales	1	-12
	EBIT	1	-12
	EBIT margin	100.0%	n/m
	Holding	100.0%	100.0%
	Net sales	0	25
	EBIT	-8	12
	EBIT margin	n/m	49.8%
	Holding	100.0%	100.0%
	Net sales	319	306
	EBIT	15	23
	EBIT margin	4.7%	7.4%
	Holding	99.1%	99.1%

1) MedCap refers to the period from November to July of each year.

Listed portfolio companies

Share of Bure's

www.cavotec.com www.lauritz.com

Cavotec is a global engineering group that delivers power transmission, distribution, and control technologies that form the link between fixed and mobile equipment in the Ports & Maritime, Airports, Mining & Tunnelling, and Automation and General Industry sectors.

Key figures	Q3	Q3	9 mth	9 mth
EUR M	2017	2016	2017	2016	2016
Net sales	52	51	156	151	212
Operating expenses	-59	-50	-161	-145	-199
EBIT	-6.7	1.4	-5.5	6.4	12.3
EBIT margin	-12.8%	2.7%	-3.5%	4.2%	5.8%
Net financial items	-0.9	-0.8	-4.0	-1.9	-1.0
Profit/loss before tax	-7.5	0.5	-9.5	4.5	11.3
Income tax expense	-0.1	-1.1	-1.9	-2.9	-4.8
Profit/loss for the period	-7.6	-0.6	-11.4	1.6	6.5
Net loan debt (-)/receivable (+)			-37	-30	-23
Total assets			245	245	244
Equity			125	138	145
Cash flow from operating activities			-5	2	10
Average no. of employees			982	1,005	942
Facts at 30 September 2017		Largest shareholders
Book value: 429M		Bure Equity			20.1%
Acquisition date: 2014		Others			79.9%
Board member from Bure: Patrik Tigerschiöld, board member

Key events

• Order intake was EUR 39M, a decrease of 15.8 per cent compared to the same period last year.
• Net sales for the third quarter increased by 1.9 per cent to EUR 52M (51).
• Operating profit was EUR -6.7M (1.4). This includes nonrecurring expenses of EUR 7.5M due to a write-down in the value of operating assets.
• Mikael Norin became CEO of Cavotec in July 2017.
• The share price fell 13.7 per cent during the third quarter.

Lauritz.com is the largest online auctioneers of antiques, art,

and designer furniture in the Nordic region.

Key figures DKK M	Q3 2017	Q3 2016	9 mth 2017	9 mth 2016	2016
Net sales	32	41	136	146	219
Operating expenses	-41	-42	-125	-138	-187
EBIT	-8.5	-1.1	10.7	8.2	32.0
EBIT margin	-26.4%	-2.7%	7.8%	5.6%	14.6%
Net financial items	-5.3	-4.2	-13.1	-9.0	-16.2
Profit/loss before tax	-13.7	-5.3	-2.5	-0.8	15.7
Income tax expense	2.2	0.6	-0.4	2.4	-5.1
Profit/loss for the period	-11.5	-4.7	-2.9	1.7	10.7
Net loan debt (-)/receivable (+)			-212	-187	-163
Total assets			427	412	497
Equity			56	53	62
Cash flow from operating activities			-37	-31	3
Average no. of employees			186	208	203
Facts at 30 September 2017			Largest shareholders

Book value: 32M	Bengt Sundström	56.2%
Acquisition date: 2016	Bure Equity	11.3%
	Rite Ventures	5.0%
Board member from Bure: Henrik Blomquist, board member	Others	27.5%

• Net sales for the third quarter decreased by 22 per cent to DKK 32M (41).
• Operating profit was DKK -8.5M (-1.1).
• Erik Norberg became CEO of Lauritz in September 2017.
• The share price rose 14.8 per during the period.

Share of Bure's net asset value 1.3%

www.medcap.se

MedCap owns and develops Life Science companies that have substantial growth potential.

Key figures SEK M		May17 May16 Nov16 Nov15 Feb16 -Jul17 -Jul16 -Jul17 -Jul16 -Jan17
Net sales	188	238	579	674	900
Operating expenses	-180	-235	-571	-656	-889
EBIT	7.5	2.8	8.2	17.9	11.0
EBIT margin	4.0%	1.2%	1.4%	2.7%	1.2%
Net financial items	-0.2	-1.3	-2.4	-5.5	-5.3
Profit/loss before tax	7.3	1.4	5.8	12.4	5.6
Income tax expense	-3.1	-1.0	-0.2	-1.7	-0.3
Profit/loss for the period	4.2	0.5	5.5	10.7	5.3
Net loan debt (-)/receivable (+)			-86	-125	-109
Total assets			539	640	562
Equity			295	309	289
Cash flow from operating activities			70	-24	44
Average no. of employees			331	338	333
Facts at 30 September 2017		Largest shareholders

Book value: SEK 116M Bengt Julander 23.7% Bure Equity 23.0% Karl Tobieson 4.3% Others 49.0% Acquisition date: 2012 Board member from Bure: Henrik Blomquist, board member

Key events

• Net sales amounted to SEK 188M, compared to SEK 238M in the same period last year due to softer sales in the Pharma Trading business area.
• Operating profit increased to SEK 7.5M (2.8). The Medtech business unit accounted for the lion's share of the improvement.
• The share price rose 26.3 per cent during the third quarter.

Share of Bure's net asset value 37.4%

www.mycronic.com

Mycronic develops and manufactures laser-based pattern generators for the production of photomasks and advanced surface mount equipment for flexible electronics production.

Key figures	Q3	Q3	9 mth	9 mth
SEK M	2017	2016	2017	2016	2016
Net sales	484	497	2,070	1,303	2,319
Operating expenses	-421	-348	-1,534	-1,018	-1,628
EBIT	63.2	148.4	536.2	285.8	691.0
EBIT margin	13.0%	29.9%	25.9%	21.9%	29.8%
Net financial items	-1.2	-0.8	-6.0	-0.8	-1.6
Profit/loss before tax	62.0	147.6	530.2	285.0	689.4
Income tax expense	-20.5	-32.9	-135.8	-64.6	-163.1
Profit/loss for the period	41.5	114.8	394.4	220.4	526.3
Net loan debt (-)/receivable (+)			729	786	198
Total assets			2,915	2,002	2,755
Equity			1,545	1,112	1,412
Cash flow from operating activities			829	324	462
Average no. of employees			931	513	577

Facts at 30 September 2017	Largest shareholders
Book value: SEK 3,276M	Bure Equity	29.9%
Acquisition date: 2010 via Skanditek	Fjärde AP-fonden	8.7%
	Robur	8.0%
Board member from Bure: Patrik Tigerschiöld, chairman	Others	53.4%

• Mycronic reported record-high order intake for the third quarter of SEK 1,874M (367). Order intake during the first nine months of the year was SEK 2,995M (1,936).
• Order intake in the Assembly Solutions unit increased to SEK 351M (219). Order intake in the Pattern Generators unit increased to SEK 1,523M (148). Total order backlog at the end of the period was SEK 2,269M (1,699).
• Net sales for the third quarter amounted to SEK 484M (497), a decrease of 3 per cent.
• Operating profit was SEK 63.2M (148.8), amounting to an operating margin of 13.0 per cent (29.9).
• The share price increased 45.6 per cent during the third quarter.

Share of Bure's net asset value 34.0%

www.vitrolife.com

Vitrolife is an international medtech group that develops, produces, and markets fertility treatment products.

Key figures SEK M	Q3 2017	Q3 2016	9 mth 2017	9 mth 2016	2016
Net sales	246	210	775	605	856
Operating expenses	-165	-154	-521	-435	-607
EBIT	81.1	56.7	254.0	170.5	248.8
EBIT margin	33.0%	26.9%	32.8%	28.2%	29.1%
Net financial items	-1.9	1.5	-2.9	0.6	0.1
Profit/loss before tax	79,2	58.2	251.1	171.1	248.9
Income tax expense	-14.2	-13.6	-55.0	-39.6	-57.7
Profit/loss for the period	65.0	44.6	196.1	131.5	191.2
Net loan debt (-)/receivable (+)			285	77	151
Total assets			1,317	1,189	1,250
Equity			1,138	956	1,020
Cash flow from operating activities			202	103	181
Average no. of employees			354	326	328

Facts at 30 September 2017	Largest shareholders
Book value: SEK 2,986M	Bure Equity	20.8%
Acquisition date: 2010 via Skanditek	William Demant
	Invest A/S	19.4%
	Capital Group	6.3%
Board member from Bure: Fredrik Mattsson, board member	Others	53.5%

Key events

• Net sales for the third quarter increased 17 per cent to SEK 246M (210). In local currencies, net sales increased 20 per cent of which all was organic growth.
• Operating profit was SEK 81.1M (56.7), amounting to an operating margin of 33.0 per cent (26.9). Operating profit before depreciation and amortisation (EBITDA) was SEK 98M (71), amounting to a margin of 40 per cent (34). Currency fluctuations affected operating profit before depreciation (EBITDA) by SEK -7M.
• The share price rose 25.0 per cent in the third quarter.

Xvivo Perfusion is an international medtech company that develops solutions for organ, tissue, and cell transplant.

Key figures SEK M	Q3 2017	Q3 2016	9 mth 2017	9 mth 2016	2016
Net sales	32	32	107	100	138
Operating expenses	-32	-32	-104	-97	-135
EBIT	-0.4	-0.7	2.4	2.7	2.7
EBIT margin	1.2%	-2.3%	2.2%	2.7%	2.0%
Net financial items	-0.3	0.1	-0.4	0.4	0.3
Profit/loss before tax	0.1	-0.6	2.0	3.1	3.0
Income tax expense	-0.5	0.1	-1.3	-1.1	-1.5
Profit/loss for the period	-0.4	-0.6	0.7	2.1	1.5
Net loan debt (-)/receivable (+)			201	40	25
Total assets			528	347	349
Equity			498	316	316
Cash flow from operating activities			14	19	13
Average no. of employees			29	28	28

Facts at 30 September 2017	Largest shareholders
Book value: SEK 463M	Bure Equity	18.7%
Acquisition date: Lex Asea distribution from Vitrolife in 2012	Eccenovo AB	5.6%
	Robur	5.5%
Board member from Bure:	Others	70.2%
Fredrik Mattsson, chairman
Gösta Johannesson, board member

• Net sales for the third quarter increased 2 per cent to SEK 32M (32). The increase corresponds to 4 per cent in local currencies. Sales excluding capital goods increased during the period by 8 per cent, amounting to SEK 32M (29).
• Operating profit was SEK 0.4M (-0.7), amounting to an operating margin of 1.2 per cent (1.2). Earnings before depreciation was SEK 4.4M (5.4), amounting to an operating margin of 14 percent.
• Cash flow from operating activities was SEK 7.6M (5.4).
• The share price fell 4.3 per cent under during the third quarter.

Unlisted portfolio companies

of Idevall & Partners Holding.

Share of Bure's

Bure Financial Services is a wholly owned subsidiary that invests in financial operations and assets. The company owns 20.1 per cent of Fondbolaget Fondita and 33.0 per cent

Key figures SEK M	Q3 2017	Q3 2016	9 mth 2017	9 mth 2016	2016
Revenue/value adjustments	3.4	30.1	8.3	16.3	26.9
Operating expenses	0.0	0.0	0.0	0.0	0.0
EBIT	3.4	30.1	8.3	16.3	26.9
EBIT margin				100.0% 100.0% 100.0% 100.0% 100.0%
Net financial items	0.0	0.0	0.0	0.0	0.0
Profit/loss before tax	3.4	30.1	8.3	16.3	26.9
Income tax expense	0.0	0.0	0.0	0.0	0.0
Profit/loss for the period	3.4	30.1	8.3	16.3	26.9
Net loan debt (-)/receivable (+)			135	-75	-75
Total assets			183	240	250
Equity			183	164	175
Cash flow from operating activities			17	14	14
Average no. of employees			0	0	0

Facts at 30 September 2017	Largest shareholders
Book value: SEK 51M	Bure Equity	100.0%
Acquisition date: Established 2014
Board member from Bure: Patrik Tigerschiöld, chairman Henrik Blomquist, board member Max Jonson, board member

Key events

• Revenues/fair value adjustments during the third quarter of SEK 3.4M relate to shares of profit/loss from the associated companies Fondbolaget Fondita and Idevall & Partner Holding.
• In the third quarter, Bure Financial Services received dividends of SEK 4.9M from associate company Fondbolaget Fondita for the first half of 2017.

www.bure.se www.bure.se

Bure Growth is a wholly owned company that invests in development companies. The company owns 20.3 per cent of BioLamina, 26.2 per cent of Life Genomics, 22.5 per cent of My Driving Academy Sweden, and 18.6 per cent of Yubico.

Key figures	Q3	Q3	9 mth	9 mth
SEK M	2017	2016	2017	2016	2016
Revenue/value adjustments	2.6	-2.7	0.8	-11.7	-15.4
Operating expenses	0.0	0.0	0.0	0.0	0.0
EBIT	2.6	-2.7	0.8	-11.7	-15.4
EBIT margin	100.0%		n/m 100.0%	n/m	n/m
Net financial items	0.0	0.0	0.5	0.0	0.0
Profit/loss before tax	2.6	-2.7	1.3	-11.7	-15.4
Income tax expense	0.0	0.0	0.0	0.0	0.0
Profit/loss for the period	2.6	-2.7	1.3	-11.7	-15.4
Net loan debt (-)/receivable (+)1)			-165	33	-35
Total assets			186	36	33
Equity			21	3	-2
Cash flow from operating activities			0	0	0
Average no. of employees			0	0	0

1) Of which, SEK 165.1M is liable to the Parent Company as at 30 September 2017.

Facts at 30 September 2017	Largest shareholders
Book value: SEK 188M	Bure Equity	100.0%
Acquisition date: Established 2015
Board member from Bure: Henrik Blomquist, chairman Fredrik Mattsson, board member Max Jonson, board member

• Revenues/fair value adjustments of SEK 2.6M relate to shares of profit/loss from the associated companies BioLamina, Life Genomics, and My Driving Academy.
• During the third quarter, BioLamina has licensed a patent for stem cell transplants to treat people with Parkinson's to a global pharmaceutical company for SEK 1 billion in potential milestones and royalties. BioLamina will receive an up-front payment as well as additional royalty payments if the project develops according to plan.

Share of Bure's net asset value 2.0%

www.bure.se

Investment AB Bure is a wholly owned subsidiary that owns and manages the lease of locomotives. The business was established in January 2013.

Key figures	Q3	Q3	9 mth	9 mth
SEK M	2017	2016	2017	2016	2016
Net sales	0.0	8.4	0.0	24.9	31.0
Operating expenses	-2.7	-7.1	-8.5	-12.5	-23.8
EBIT	-2.7	1.3	-8.5	12.4	7.2
EBIT margin	n/m	15.3%	n/m	49.8%	23.4%
Net financial items	-0.6	-0.9	-2.3	-2.7	-3.5
Appropriations	–	–	–	–	64.1
Profit/loss before tax	-3.3	0.4	-10.7	9.7	67.8
Income tax expense	0.0	0.0	0.0	0.0	0.0
Profit/loss for the period	-3.3	0.4	-10.7	9.7	67.8
Net loan debt (-)/receivable (+)1)			-101	-91	-90
Total assets			178	238	231
Equity			71	73	81
Cash flow from operating activities			-9	21	23
Average no. of employees			0	0	0
1) Of which, SEK101.0M is liable to the Parent Company as at 30 September 2017.

Facts at 30 September 2017	Largest shareholders
Book value: SEK 173M1)	Bure Equity	100,0%
Acquisition date: Established 2012
Board member from Bure:

Henrik Blomquist, chairman Philip Nyblaeus, board member

1) Refers to net assets in Investment AB Bure.

Key events

• Net sales for the third quarter were SEK 0.0M (8.4). The locomotives did not generate any rental income during the period.
• Operating loss was SEK-2.7M (1.3), of which SEK 1.7M consisted of depreciation of the book value of the locomotives.

www.mercuri.se

Mercuri International is Europe's leading sales and management training consultancy, and is present worldwide.

Key figures SEK M	Q3 2017	Q3 2016	9 mth 2017	9 mth 2016	2016
Net sales	98	88	319	306	424
Operating expenses	-97	-88	-304	-284	-387
EBIT	0.9	-0.1	15.0	22.7	36.7
EBIT margin	0.9%	-0.1%	4.7%	7.4%	8.7%
Net financial items	-2.2	2.7	-4.8	4.4	1.5
Profit/loss before tax	-1.3	2.6	10.2	27.1	38.2
Income tax expense	0.1	-0.4	-1.7	-3.6	-8.3
Profit/loss for the period	-1.2	2.2	8.2	23.5	29.9
Net loan debt (-)/receivable (+)1)			-59	-64	-41
Total assets			329	335	335
Equity			132	122	127
Cash flow from operating activities			-13	10	38
Average no. of employees			270	257	256

1) Of which, SEK 58.8M is liable to the Parent Company as at 30 September 2017.

Facts at 30 September 2017	Largest shareholders
Book value: SEK 114 M1)	Bure Equity	99.1%
Acquisition date: 1998	Others	0.9%
Board member from Bure: Henrik Blomquist, chairman

1) Relates to book value of equity and interest-bearing receivables.

• Net sales for the typically weak third quarter increased 11.0 per cent to SEK 98M (88). For the January– September period, there was an increase in sales of 4.2 per cent. During the year, Mercuri has recruited 28 consultants and sales representatives, who are expected to gradually increase their productivity and contribute to increased sales.
• Operating profit for the quarter grew by SEK 1M, amounting to SEK 0.9M and an operating margin of 0.9 per cent.
• Cash flow for the January–September period was SEK -13M.

Interim report January – September 2017

	As an investment company, Bure's holdings vary in line with its acquisitions and divestitures. This make's the Group's consolidated financial statements difficult to analyse. For meaningful analysis, trends and positions should also be analysed on an individual company basis. More detailed information about portfolio companies can be found on pages 5–9.
GROUP
Results for the third	Consolidated operating income was SEK 1,665M (1,915).
quarter of 2017	Subsidiaries' net sales amounted to SEK 98M (96).
	Dividends amounted to SEK 0M (3).
	Exit gains/losses were SEK 0M (0).
	Capital gains/losses from short-term investments amounted to SEK 0M (0).
	Fair value changes amounted to SEK 1,561M (1,814), of which listed portfolio com– panies accounted for SEK 1,562M. Of this amount, Cavotec accounted for SEK -68M, Lauritz.com SEK 4M, MedCap SEK 24M, Mycronic SEK 1,026M, Vitrolife SEK 596M, Xvivo Perfusion SEK -21M, and short-term investments SEK -1M.
	Shares in profit/loss of associated companies amounted to SEK 7M (2).
	Consolidated operating profit for the period was SEK 1,556M (1,810).
	Net financial items totalled SEK -4M (4).
	Consolidated profit after financial items was SEK 1,552M (1,814).
	Profit after tax was SEK 1,552M (1,814).
	Other comprehensive income included translation differences of SEK -4M (4).
Results for January –	Consolidated operating income was SEK 2,219M (2,506).
September 2017	Subsidiaries' net sales amounted to SEK 319 M (331).
	Dividends amounted to SEK 85M (139), of which SEK 7M was attributable to Catella, SEK 7M to Cavotec, SEK 59M to Mycronic, and SEK 12M to Vitrolife.
	Exit/gains losses totalled SEK 228M (2), of which SEK 138M was from the sale of the holding in Catella, and SEK 93M from the sale of shares in Vitrolife, SEK 24M in contingent considera tion from the sale of Carnegie Holding, and SEK -28M from the sale of the holding in Vigmed Holding.
	Capital gains/losses from short-term investments were SEK 0M (5).
	Fair value changes amounted to SEK 1,573M (2,022), of which listed portfolio companies accounted for SEK 1,687M. Of this amount, Cavotec accounted for SEK 77M, Lauritz.com SEK -5M, MedCap SEK 9M, Mycronic SEK 403M, Vitrolife SEK 1,170M, and Xvivo Perfusion SEK 33M, and settlement of fair value changes attributable to the sale of holdings in Catella and Vigmed Holding and short-term investments of SEK -114M.
	Shares in profit/loss of associated companies amounted to SEK 10M (4).
	Consolidated operating profit for the period was SEK 1,870M (2,174).
	Net financial items totalled SEK -5M (7).
	Consolidated profit after financial items was SEK 1,866M (2,181).
	Profit after tax was SEK 1,864M (2,178).
	Other comprehensive income included translation difference of SEK -2M (6).
Financial position	Consolidated equity at the end of the period amounted to SEK 8,825M (8,109), and the equity/assets ratio was 98 per cent (98). At the end of the period, the Group had reported a net loan receivable of SEK 670M (658), which consisted of interest-bearing assets of SEK 702M (704) and interest-bearing liabilities of SEK 32M (46). At the end of the period, consolidated equity per share was SEK 127.28, compared to SEK 102.42 per share on 31 December 2016.

PARENT COMPANY

Results for the third quarter of 2017	Profit after tax as SEK 1,551M (1,769). Dividends amounted to SEK 0M (3). Exit gains/losses amounted to SEK 0M (0). Capital gains/losses from short-term investments totalled SEK 0M (0). Fair value changes amounted to SEK 1,561M (1,773) of which listed portfolio companies accounted for SEK 1,562M. Of this amount, Cavotec accounted for SEK -68M, Lauritz.com SEK 4M, MedCap SEK 24M, Mycronic SEK 1,026M, Vitrolife SEK 596M and Xvivo Perfusion SEK -21M, and a fall in the value of short-term investments of SEK 1M. Administrative expenses amounted to SEK 9M (10). Net financial items totalled SEK -1M (2).
Results for January – September 2017	Profit after tax was SEK 1,856M (2,125). Dividends amounted to SEK 78M (133), of which SEK 7M was attributable to Cavotec, SEK 59M to Mycronic, and SEK 12M to Vitrolife. Exit gains/losses amounted to SEK 117M (0), of which SEK 93M was from the sale of shares in Vitrolife and SEK 24M in contingent consideration from the sale of Carnegie Holding. Capital gains/losses on short-term investments totalled SEK OM (5). Fair value changes amounted to SEK 1,691M (2,012), of which listed portfolio companies accounted for SEK 1,687M. Of this amount, Cavotec accounted for SEK 77 M, Lauritz.com SEK -5M, MedCap SEK 9M, Mycronic SEK 403M, Vitrolife SEK 1,170M, Xvivo Perfusion SEK 33M, the impairment loss on shares in Bure Growth of SEK 1M, and an increase in value of short term investments of SEK 5M. Administrative expenses amounted to SEK 33M (32). Net financial items totalled SEK 2M (6).
Financial position	Equity in the Parent Company at the end of the period amounted to SEK 8,539M (7,861) and the equity/assets ratio was 100 per cent (100). At the end of the period, the Parent Company had a reported net loan of SEK 694M (811), which consisted of interest-bearing assets of SEK 694M (811) and interest-bearing liabilities of SEK 0M (0). External interest-bearing receiva bles amounted to SEK 1M (10). Receivables from subsidiaries totalled SEK 325M (307).
Group acquisitions and divestitures	Bure acquired an additional 2.8 million shares in Cavotec for SEK 72M and increased its hold ing to 20.1 per cent. Bure acquired an additional 0.04 million shares in MedCap for SEK 1M and increased its hold ing to 23.0 per cent. Bure Growth acquired 18.6 per cent of shares in digital security company Yubico AB. The parties have agreed not to publically announce the purchase price. Bure Growth acquired 22.5 per cent of My Driving Academy Sweden AB. Bure sold 0.2 million shares in Vitrolife for SEK 100M, which provided an exit gain of SEK 93M. Bure Financial Services sold all its shares in Catella for SEK 193M, which provided an exit result of SEK 138M. Bure Growth sold all its shares in Vigmed Holding for SEK 8M, which provided an exit result of SEK -28M.
Group loss carry forwards	At the beginning of 2017, the Bure Group had loss carry-forwards of SEK 709M, of which SEK 559M is assigned to the Parent Company. All losses are derived from Sweden and are perpetual. The deferred tax asset based on loss carry-forwards in the Group has been valued at SEK 9M (10).
Currency exposure	The majority of the Group's revenue is denominated in SEK and EUR. Underlying costs are normally generated in the same currency as revenue, which limits transaction exposure. As the Group has investments outside Sweden, its consolidated balance sheet and income statements are subject to differences due to the translation of foreign subsidiaries' accounts. Listed portfolio companies with substantial international sales have currency exposure primarily in EUR and USD.

Related party transactions	During 2017, the Chairman of the Board has provided Bure with consultancy services under agreement.
Ownership structure	Bure's largest shareholders on 30 September 2017 were Nordea Investment Funds with 12.4 per cent, Patrik Tigerschiöld with 11.4 per cent, and the Björkman family and its founda tions with 9,0 per cent. There were 21,854 shareholders on 30 September 2017, according to Euroclear Sweden.
Subsequent events	No events have taken place after the balance sheet date that could have a material impact on the assessment of the financial information in this report.
Significant risk and uncertainty	In light of rapid change in financial markets, special emphasis is placed on monitoring the effects of such change on Bure's investments and their valuations. Bure has a number of basic risk management principles. Bure's finance policy states that the Parent Company shall be essentially debt-free. Furthermore, every portfolio company shall be financially independ ent from the Parent Company, which means that the Parent Company is not financially liable for portfolio companies, and that they are responsible for their own financing. Financing of respective portfolio companies shall be well suited to companies' individual circumstances, where overall risk is managed with a balance between operational and financial risk. Bure's 2016 annual report provides a detailed description of the Group's risk exposure and risk man agement in the administration report and Note 21. It is Bure's assessment that no significant risks have arisen, other than those outlined in the annual report and this interim report.

Stockholm, 9 November 2017 Bure Equity AB (publ.)

Henrik Blomquist (CEO)

Financial calendar	Year-end report 2017	22 February	2018
	Interim report January – March 2018	26 April	2018
For additional	Henrik Blomquist, CEO	+46 (0)8-614 00 20
information contact	Max Jonson, CFO	+46 (0)8-614 00 20

Report of Review of Interim Financial Information

Introduction

We have reviewed the condensed interim financial information (interim report) of Bure Equity AB and the Group as of 30 september 2017 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.

Stockholm, 9 November 2017

Öhrlings PricewaterhouseCoopers AB

Michael Bengtsson Auktoriserad revisor

Statement of comprehensive income, Group

SEK M	Q3 2017	Q3 2016	9 mth 2017	9 mth 2016	Full year 2016
Operating income
Net sales	97.6	96.3	319.1	331.4	455.1
Other operating income	0.4	-0.2	2.8	2.0	3.1
Dividends:
Portfolio companies	0.0	2.1	77.9	132.0	132.0
Other companies	0.0	1.0	7.0	6.3	6.0
Short-term and financial investments	0.0	0.2	0.4	0.5	0.7
Exit gains/losses	0.0	0.0	227.9	2.4	2.4
Capital gains/losses on short-term investments	0.0	0.0	-0.3	5.3	2.2
Fair value:
Portfolio companies	1,562.1	1,784.5	1,687.2	2,032.3	1,017.6
Other companies	0.0	25.7	-118.4	-5.2	-0.4
Short-term and financial investments	-1.2	3.4	4.7	-5.3	-0.8
Shares in profit/loss of associates	6.5	1.7	10.4	4.5	8.5
Total operating income	1,665.4	1,914.7	2,218.7	2,506.3	1,626.3
Operating expenses
Other external expenses	-40.6	-43.3	-129.0	-127.1	-178.5
Personnel costs	-63.6	-57.5	-206.5	-194.9	-268.9
Depreciation and impairment of property, plant and equipment	-3.2	-3.3	-9.4	-10.3	-16.0
Other operating expenses	-1.7	-0.2	-3.4	0.4	-0.4
Total operating expenses	-109.1	-104.2	-348.4	-331.9	-463.9
Operating profit/loss	1,556.3	1,810.4	1,870.3	2,174.4	1,162.4
Rörelseresultat Interest income and similar profit/loss items	-2.2	2.5	1.2	9.0	8.4
Interest expenses and similar profit/loss items	-1.8	1.0	-5.9	-2.0	-3.5
Profit/loss after financial items	1,552.3	1,814.0	1,865.6	2,181.4	1,167.3
Tax on income for the period	0.1	-0.4	-1.7	-3.6	5.8
Income for the period	1,552.4	1,813.6	1,863.9	2,177.8	1,173.1
Other comprehensive income
Items that can be subsequently re-entered onto the income statement
Translation differences	-3.8	3.6	-1.7	5.8	2.4
Other comprehensive income for the period, after tax	-3.8	3.6	-1.7	5.8	2.4
Total income for the period	1,548.6	1,817.2	1,862.2	2,183.6	1,175.5
Profit/loss attributable to non-controlling interests	0.0	0.0	0.1	0.2	0.3
Profit/loss attributable to owners of the Parent Company	1,552.4	1,813.6	1,863.8	2,177.6	1,172.8
Comprehensive income attributable to non-controlling interests	0.0	0.0	0.1	0.2	0.3
Comprehensive income attributable to owners of the Parent Company	1,548.6	1,817.2	1,862.1	2,183.4	1,175.2
Average number of shares outstanding, thousands1)	69,333	69,333	69,333	69,333	69,333
Attributable to owners of the Parent Company, SEK	22.39	26.16	26.88	31.41	16.92
Earnings per share, SEK1)	22.39	26.16	26.88	31.41	16.92

1) No dilutive effect at 30 September 2017 or 2016 or at 31 December 2016.

Statement of financial position, Group

	30 September	30 September	31 December
SEK M	2017	2016	2016
Assets
Intangible assets	105.2	107.8	104.8
of which, goodwill	102.3	101.9	101.2
Property, plant and equipment	187.1	195.9	193.8
Financial assets	7,573.3	6,884.4	5,874.5
Inventories	3.2	3.4	3.4
Current receivables	93.3	97.6	105.3
Prepaid expenses and accrued income	41.5	39.3	19.4
Short-term investments	275.5	284.3	284.5
Cash and cash equivalents	696.9	686.9	685.3
Total assets	8,976.0	8,296.2	7,270.9
of which, interest-bearing assets1)	702.3	704.3	698.1
Equity and liabilities
Equity attributable to owners of the Parent Company	8,823.7	8,108.4	7,100.3
Equity attributable to non-controlling interests	1.1	1.0	1.1
Total equity	8,824.8	8,109.4	7,101.3
Non-current liabilities	29.3	43.3	32.8
Current liabilities	122.0	143.4	136.8
Total liabilities	151.3	186.7	169.6
Total equity and liabilities	8,976.0	8,296.2	7,270.9
of which, interest-bearing liabilities1)	32.1	46.1	29.6

1) See Note 5.

Statement of changes in equity, Group

Group SEK M	Share, capital	Other contributed capital	Retained earnings incl. profit for the year	Non controlling interests	Total equity
Opening balance equity at 1 January 2016	535.5	714.6	4,813.6	0.8	6,064.5
Profit/loss for the year	–	–	1,172.8	0.3	1,173.1
Other comprehensive income	–	–	2.4	–	2.4
Cancellation of shares	-11.3	–	–	–	-11.3
Bonus issue	11.3	–	–	–	11.3
Cash dividend	–	–	-138.7	–	-138.7
Closing balance equity at 31 December 2016	535.5	714.6	5,850.2	1.1	7,101.3
Opening balance equity at 1 January 2017	535.5	714.6	5,850.2	1.1	7,101.3
Profit/loss for the period	–	–	1,863.8	0.1	1,863.9
Other comprehensive income	–	–	-1.7	–	-1.7
Cash dividend	–	–	-138.7	–	-138.7
Closing balance equity at 31 September 2017	535.5	714.6	7,573.6	1.1	8,824.8

Statement of cash flows, Group

	Q3	Q3	9 mth	9 mth	Full year
SEK M	2017	2016	2017	2016	2016
Cash flow from operating activities before change in working capital	-6.3	4.1	297.8	167.9	158.5
Cash flow from change in working capital	13.9	-4.6	-32.6	-13.6	11.6
Cash flow from operating activities	7.6	-0.5	265.2	154.3	170.0
Cash flow from investing activities	1.3	4.9	-115.7	-356.0	-353.5
Cash flow from financing activities	1.7	-5.9	-136.1	-153.6	-170.1
Cash flow for the period	10.6	-1.4	13.3	-355.3	-353.5
Cash and cash equivalents at beginning of period	690.0	684.8	685.3	1,036.4	1,036.4
Cash flow for the period	10.6	-1.4	13.3	-355.3	-353.5
Translation differences	-3.8	3.6	-1.7	5.8	2.4
Cash and cash equivalents at end of period	696.9	686.9	696.9	686.9	685.3

Income statement, Parent Company

SEK M	Q3 2017	Q3 2016	9 mth 2017	9 mth 2016	Full year 2016
OPERATING INCOME
Investing activities
Dividends:
Portfolio companies	0.0	3.4	77.9	132.0	132.0
Other companies	0.0	-0.3	0.0	0.7	0.7
Short-term and financial investments	0.0	0.2	0.4	0.5	0.7
Exit gains/losses	0.0	0.0	117.4	0.0	0.0
Capital gains/losses on short-term investments	0.0	0.0	-0.3	5.3	2.2
Fair value:
Portfolio companies	1,562.1	1,784.6	1,687.2	2,032.4	1,017.6
Other companies	0.0	-15.0	-1.0	-15.0	-27.8
Short-term and financial investments	-1.2	3.4	4.7	-5.3	-0.8
Other income	0.3	0.7	0.6	1.1	1.2
Total operating income	1,561.2	1,776.9	1,886.8	2,151.7	1,125.8
Operating expenses
Personnel costs	-4.1	-4.7	-15.5	-14.8	-21.7
Other external expenses	-4.7	-5.0	-17.1	-16.8	-24.1
Depreciation of property, plant and equipment	-0.2	-0.2	-0.5	-0.6	-0.8
Total operating expenses	-9.1	-9.9	-33.1	-32.2	-46.6
Operating profit/loss	1,552.1	1,767.0	1,853.7	2,119.4	1,079.2
Financial income and expenses
Interest income and similar profit/loss items	-0.3	1.8	4.2	5.6	7.4
Interest expenses and similar profit/loss items	-0.9	-0.1	-2.3	0.0	-0.6
Total financial income and expenses	-1.1	1.7	1.9	5.6	6.9
Profit/loss before tax	1,551.0	1,768.7	1,855.6	2,125.1	1,086.1
Income tax expense	0.0	0.0	0.0	0.0	0.0
Profit/loss for the period1)	1,551.0	1,768.7	1,855.6	2,125.1	1,086.1
Average basic number of shares, thousands2)	69,333	69,333	69,333	69,333	69,333
Basic earnings per share, SEK2)	22.37	25.51	26.76	30.65	15.66
Average number of employees	7	6	7	6	6
1) Corresponds to comprehensive income.

2) No dilutive effect at 30 September 2017 or 2016 or at 31 December 2016.

Statement of financial position, Parent Company

SEK M	30 September 2017	30 September 2016	31 December 2016
Assets
Property, plant and equipment	3.7	4.4	4.2
Financial assets	7,406.7	6,667.3	5,639.0
Current receivables	329.2	310.3	313.8
Prepaid expenses and accrued income	3.7	4.4	4.8
Short-term investments	275.5	284.3	284.5
Cash and cash equivalents	528.8	598.5	588.0
Total assets	8,548.4	7,869.1	6,834.4
of which, interest-bearing assets1)	693.6	811.4	797.6
Equity and liabilities
Equity	8,538.7	7,860.7	6,821.8
Non-current liabilities	0.9	0.9	0.9
Current liabilities	8.8	7.5	11.6
Total equity and liabilities	8,548.4	7,869.1	6,834.4
of which, interest-bearing liabilities1)	–	–	–

1) See Note 5.

Statement of cash flows, Parent Company

SEK M	Q3 2017	Q3 2016	9 mth 2017	9 mth 2016	Full year 2016
Cash flow from operating activities before change in working capital	-10.5	-3.2	163.8	113.8	97.9
Cash flow from change in working capital	11.9	-10.6	-1.7	-5.2	-1.2
Cash flow from operating activities	1.3	-13.9	162.1	108.6	96.6
Cash flow from investing activities	0.0	10.9	-82.7	-340.9	-339.5
Cash flow from financing activities	72.5	-0.1	-138.7	-138.7	-138.7
Cash flow for the period	73.8	-3.1	-59.3	-371.0	-381.5
Cash and cash equivalents at beginning of period	455.0	601.6	588.0	969.5	969.5
Cash flow for the period	73.8	-3.1	-59.3	-371.0	-381.5
Cash and cash equivalents at end of period	528.8	598.5	528.8	598.5	588.0

Statement of changes in equity, Parent Company

	Q3	Q3	9 mth	9 mth	Full year
SEK M	2017	2016	2017	2016	2016
Opening balance, equity	6,987.7	6,092.1	6,821.8	5,874.4	5,874.4
Cancellation of treasury shares	–	–	–	-11.3	-11.3
Bonus issue	–	–	–	11.3	11.3
Cash dividend	–	–	-138.7	-138.7	-138.7
Profit/loss for the period	1,551.0	1,768.7	1,855.6	2,125.1	1,086.1
Closing balance, equity	8,538.7	7,860.7	8,538.7	7,860.7	6,821.8

NOTE 1 – Accounting policies

Bure applies International Financial Reporting Standards (IFRS) as endorsed for application in the EU. This interim report has been prepared in compliance with IAS 34, Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2, Accounting for Legal Entities. No changes have taken place in the Group's accounting and valuation policies compared to those described in Note 1 of the annual report for 2016. New or revised standards, interpretations and improvements that have been endorsed by the EU and are effective for financial periods beginning on or after 1 January 2017 have not had any material impact on the consolidated financial statements in 2017.

NOTE 2 – Segment reporting

Reporting by operating segment

Bure has previously accounted for segments in a similar manner and no changes have taken place in the basis for segmentation or in calculation of profit/loss in the segments compared to the previous year's annual report. Consolidation adjustments relating to positive and negative goodwill have been attributed to the respective companies. Transactions between the various segments are insignificant in scope and are equal to less than 0.1 per cent of total sales. Dormant companies or companies not classified as portfolio companies are reported under the heading "Other companies". No customer accounted for more than 10 per cent of net sales during the periods.

					Bure
			Investment		Financial		Bure		Other		Eliminations,		Parent
		Mercuri	AB Bure		Services		Growth		companies		etc.		Company		Total
											9 mth 9 mth 9 mth 9 mth 9 mth 9 mth 9 mth 9 mth 9 mth 9 mth 9 mth 9 mth 9 mth 9 mth 9 mth 9 mth
SEK M	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016
Operating income
Total operating income	319	306	0	25	0	0	0	0	0	0	0	0	0	0	319	331
Profit/loss
Shares in profit/loss	1	–	–	–	10	6	0	-2	–	–	–	–	–	–	10	4
Profit/loss by segment	14	20	-8	12	–		–	0	–	0	–	–	1	1	7	34
Administrative expenses	–	–	–	–	–	–	–	–	–	–	–	–	-33	-32	-33	-32
Fair value/impairment losses	–	–	–	–	-146	5	28	-10	–	–	1	15	1,691	2,012	1,573	2,022
Dividends	–	0	–	–	7	5	–	–	–	–	–	–	78	133	85	139
Exit gains/losses/capital gains/ losses on short-term investments	–	2	–	–	138	–	-28	–	–	–	–	–	117	5	228	8
Operating profit/loss	15	23	-8	12	8	16	1	-12	0	0	1			15 1,854 2,119 1,870 2,174
Net financial items															-5	7
The period's income tax expense															-2	-4
Profit/loss for the period																1,864 2,178

					Bure
			Investment		Financial		Bure		Other			Eliminations,	Parent
	Mercuri		AB Bure		Services		Growth		companies		etc.		Company		Total
							30Sep 30Sep 30Sep 30Sep 30Sep 30Sep 30Sep 30Sep 30Sep 30Sep 30Sep 30Sep 30Sep 30Sep 30Sep 30Sep
SEK M	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016	2017	2016
Assets	244	323	150	237	135	194	128	11	0	1	-327	-437	8,548	7,884	8,878	8,213
Equity in associates	14	12	0	0	48	46	36	25	0	0	0	0	0	0	98	84
Total assets	258	335	150	237	183	240	165	36	0	1	-327				-437 8,548 7,884 8,976 8,296
Liabilities
Unallocated liabilities	197	213	107	165	0	76	165	33	0	0	-327	-309	10	8	151	187
Total liabilities	197	213	107	165	0	76	165	33	0	0	-327	-309	10	8	151	187
Investments	4	4	0	0	0	0	0	0	0	0	0	0	0	0	4	4
Amortisation/depreciation	-4	-3	-5	-6	0	0	0	0	0	0	0	0	0	-1	-9	-10

Note 3 – Effects of changed estimates and assumptions

Key accounting estimates and assumptions are presented in Note 1 of the annual report for 2016. No changes have been made in these accounting estimates and assumptions that could have a material impact on this interim report.

Note 4 – Financial instruments

Financial assets and liabilities are classified according to six categories in accordance with IFRS 13.

Note 5 – Financial position

Net loan receivable: Cash and cash equivalents, interest-bearing investments and interest-bearing current and non-current receivables minus interest-bearing current and non-current liabilities.

		Group			Parent company
	30 Sep 2017	30 Sep 2016	31 Dec 2016	30 Sep 2017	30 Sep 2016	31 Dec 2016
Cash and cash equivalents	696.9	686.9	685.3	528.8	598.5	588.0
+ Interest-bearing investments	3.6	5.8	3.8	3.6	5.8	3.8
+ Current interest-bearing receivables	1.4	2.1	3.7	161.2	199.6	201.1
+ Non-current interest-bearing receivables	0.4	9.4	5.4	0.0	7.5	4.6
Interest-bearing assets	702.3	704.3	698.1	693.6	811.4	797.6
- Current interest-bearing liabilities	8.0	24.0	4.3	–	–	–
- Non-current interest-bearing liabilities	24.2	22.2	25.4	–	–	–
Interest-bearing liabilities	32.1	46.1	29.6	–	–	–
Net loan receivable at end of period	670.2	658.1	668.5	693.6	811.4	797.6

Note 6 – Pledged assets

		Group	Parent company
	30 Sep 2017	30 Sep 2016	31 Dec 2016	30 Sep 2017	30 Sep 2016	31 Dec 2016
Shares in subsidiaries and associates	71.1	68.7	73.0	–	–	–
Blocked bank accounts	0.3	0.3	0.4	–	–	–
Total pledged assets	71.4	69.0	73.4	–	–	–

Contingent liabilities in the Group amounted to SEK 0.4M (0.7), and refer to sureties and guarantee commitments furnished by subsidiaries. There is no contingent consideration in the Group that has not already been expensed. Bure has no obligation to acquire additional shares in subsidiaries.

Femårsöversikt

Data per share1)	30 Sep 2017	2016	2015	2014	2013
Net asset value, SEK2)	126.5	101.7	87.4	46.1	33.5
Share price, SEK	112.0	103.5	68.8	35.9	26.0
Share price as a percentage of net asset value	89%	102%	79%	78%	78%
Parent Company basic equity per share, SEK	123.2	98.4	82.9	42.3	30.6
Parent Company equity per share excl. buybacks, SEK	123.2	98.4	84.7	45.0	32.6
Consolidated basic equity per share, SEK	127.3	102.4	85.6	43.4	31.6
Consolidated equity per share excl. buybacks, SEK	127.3	102.4	87.5	46.2	33.7
Parent Company basic earnings per share, SEK3)	26.8	15.7	40.4	12.7	6.4
Consolidated earnings per share, SEK3)	26.9	16.9	42.0	12.8	6.6
Number of shares, thousands	69,333	69,333	70,834	76,082	81,102
Number of outstanding options/warrants, thousands	–	–	–	–	1,359
Total number of shares incl. outstanding options/warrants, thousands	69,333	69,333	70,834	76,082	82,461
Number of shares excluding share buybacks, thousands	69,333	69,333	69,333	71,397	76,052
Average basic number of shares, thousands	69,333	69,333	70,042	74,947	78,649
Key figures
Dividend, SEK per share	2.0	2.0	1.0	1.0	0.5
Of which, extraordinary dividend, SEK per share	0.5	1.0	–	0.5	–
Direct return	1.8 %	1.9%	1.5%	2.8%	1.9%
Total return	10.2%	54.7%	95.4%	43.0%	21.0%
Market capitalisation, SEK M	7,765	7,176	4,870	2,731	2,109
Net asset value, SEK M	8,770	7,054	6,060	3,291	2,545
Return on equity	32.2%	17.1%	62.2%	33.5%	21.8%
Administrative expenses/Net asset value	0.50%	0.66%	0.68%	1.23%	1.21%
Parent Company profit and financial position
Exit gains/losses, SEK M	117	0	417	132	2
Profit/loss after tax, SEK M	1,856	1,086	2,829	953	503
Total assets, SEK M	8,548	6,835	5,895	3,233	2,659
Equity, SEK M	8,539	6,822	5,874	3,216	2,479
Equity/assets ratio	100 %	100%	100%	99%	93%
Cash and cash equivalents and short-term investments, SEK M	804	873	1,040	473	683
Consolidated profit and financial position
Net sales, SEK M	319	455	486	537	549
Exit gains/losses, SEK M	228	0	416	132	2
Profit/loss after tax, SEK M	1,864	1,173	2,940	961	507
Total assets, SEK M	8,976	7,271	6,281	3,545	2,814
Equity, SEK M	8,825	7,101	6,065	3,302	2,560
Equity/assets ratio	98 %	98%	97%	93%	91%
Net loan debt (-)/receivable (+), SEK M	670	669	1,017	626	552
Average number of employees	277	262	280	336	612

1) All historical data per share has been adjusted for shares in issue with a time-weighting factor as prescribed by IAS 33.

2) Net asset value consists of the market value of Bure's listed holdings and the Parent Company's book value of unlisted holdings/net assets in subsidiaries, short-term and financial investments and cash and cash equivalents.

3) No dilutive effect at 30 September 2017.

The information in this interim report is subject to the disclosure requirements of Bure Equity AB under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on 9 November 2017, 8:30 a.m. CEST.

Definitions

Basic earnings per share	Profit after tax divided by the average number of shares outstanding during the period. The Group uses net profit less the non-controlling interests' share in profit for the period.
Diluted earnings per share	Profit after tax divided by the average number of shares outstanding during the period after dilution. The Group uses net profit less the non-controlling interests' share in profit for the period. The average number of shares after dilution is calculated in accordance with the rules in IFRS, IAS 33, Earnings Per Share.
Direct return	The dividend proposed to the Annual General Meeting and extraordinary dividends paid during the year divided by the share price at the beginning of the period.
EBIT	Operating profit after amortisation of goodwill/acquisition-related surplus values and non-current assets.
Equity/assets ratio	Equity in relation to total assets. With effect from the adoption of IFRS on 1 January 2005, the non-controlling interests' share is included in total equity.
Equity per share	Equity divided by the number of shares outstanding.
Growth	Increase in net sales in relation to net sales for the previous period. The key figure thus includes both organic and acquisition-driven growth.
IRR	Average annual return (Internal Rate of Return).
Market capitalisation	Share price multiplied by the total number of shares outstanding.
Net asset value	The market value of Bure's listed holdings plus the book values/asset values of unlisted holdings, investment assets and cash and cash equivalents.
Net loan liability	Same definition as net loan receivable, but is used when interest-bearing liabilities exceed interest-bearing assets.
Net loan receivable	Financial interest-bearing assets minus interest-bearing liabilities.
Return on equity	Profit/loss after tax divided by average equity.
Share buybacks	For a number of years, Swedish companies have been permitted to repurchase up to 10 per cent of their own outstanding shares, provided that this is approved by the Annual General Meeting within the framework of non-restricted equity.
Total return	The total of the period's share price growth and reinvested dividends divided by the share price at the beginning of the period.

About Bure

Bure is a listed investment company that is quoted on Nasdaq Stockholm. On 30 September 2017 the portfolio consisted of ten companies, of which six are listed holdings.

Our business concept is to be a long-term principal owner of operating companies. Through far-reaching engagement and value-driving initiatives and activities, we support the portfolio companies in becoming successful in their respective businesses.

Our objective is to create a long-term sustainable total return for our shareholders and to be a competitive investment alternative in the market.

Bure's strategic cornerstones are: • Long-term approach

• Commitment and responsibility
• Adapted leadership
• Financial strength