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Industrivärden
Interim / Quarterly Report • Jul 5, 2019
2928_ir_2019-07-05_772e2c4e-6f52-4c40-a50d-278b7e611029.pdf
Interim / Quarterly Report
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INTERIM REPORT 6M:2019
January 1 – June 30, 2019
Net asset value on June 30, 2019, was SEK 104.2 billion, or SEK 239 per share, an increase during the first half of the year of SEK 43 per share. Including reinvested dividend, net asset value increased by 25%.
- The total return for the first half of 2019 was 19% for the Class A shares and 18% for the Class C shares, compared with 21% for the Stockholm Stock Exchange's total return index (SIXRX).
- Earnings per share during the first half of 2019 were SEK 49.10 per share.
- During the first half of 2019 shares were acquired in Volvo for 0.8 billion, in Skanska for SEK 0.4 billion and in Sandvik for SEK 0.3 billion.
- During the first half of 2019 exchangeable holders called for redemptions corresponding to SEK 4.1 billion, whereby shares in ICA Gruppen were delivered. On May 15, 2019 the exchangeable bond matured and Industrivärden has thereafter sold the remaining shares in ICA Gruppen.
- The debt-equities ratio as per June 30, 2019, was 2%, a decrease since year-end of 5 percentage points.
VALUE PERFORMANCE
Annual average change as per June 30, 2019
| Total return | |||||
|---|---|---|---|---|---|
| Net asset value* | Industrivärden C | Index (SIXRX) | |||
| 6M:2019 | 25% | 18% | 21% | ||
| 1 year | 11% | 22% | 11% | ||
| 3 years | 17% | 18% | 13% | ||
| 5 years | 12% | 13% | 10% | ||
| 7 years | 14% | 17% | 14% | ||
| 10 years | 15% | 16% | 13% |
*Including reinvested dividend.
CEO's message
EXTERNAL FACTORS
The first half of 2019 has been characterized by continued global economic growth, but with diminishing strength. Despite low unemployment and high capacity utilization in many developed countries, inflationary pressure remains weak, with low interest rates as a result. The rate of growth in the U.S. has slowed, while Europe's economic slowdown continues. The Chinese economy is showing a somewhat weaker growth and is facing challenges associated with necessary reforms and structural measures. At an overarching level, growth expectations are thus more dampened, but no signs are yet showing of any sharp decline in the major economies. It can be noted that the manufacturing industries, which are more dependent on global trade, are showing a larger slowdown than the domestically oriented service industries in most countries.
The historically low real interest rates are buttressing asset prices and providing continued support for long-term investments. Against this background, the stock market has performed well. At the same time, there are a number of areas of concern that, together with the economic trend, may lead to an increase in volatility going forward.
PORTFOLIO COMPANIES
During the month of July our portfolio companies will publish their half-year reports. A few companies have already communicated a number of activities during the second quarter of 2019, which I would like to comment on here.
As part of its continuing development, Sandvik has presented new financial and sustainability targets. The company has also initiated an internal separation of Sandvik Materials Technology in order to increase its independence, put greater focus on its future development and create flexibility.
Volvo has decided to make a flexibility- and efficiency enhancing investment of SEK 1.6 billion in its Skövde plant, which supplies the entire group with cast products. During the second quarter certain capacity adjustments were announced in light of the slightly weaker market situation.
Handelsbanken's new CEO, Carina Åkerström, has presented a new and more concentrated Executive Management team as well as thoughts about the bank's future strategy. As part of focusing the bank's business, the operations in the Baltic countries are being discontinued.
During the second quarter Ericsson won additional contracts for 5G networks, where it has a strong position. The estimated growth rate for the 5G market has also been adjusted upward.
SCA has bought forest land for approximately SEK 0.7 billion in Latvia and Estonia as part of the company's ambition to expand its raw material base in the Baltic countries.
SEVERAL TRANSACTIONS DURING THE YEAR
On May 15 the exchangeable issued in 2014 for ICA Gruppen shares matured. Since selling a fourth of our holding in ICA Gruppen in November 2018 we have successively delivered our remaining shares worth SEK 4.4 billion to exchangeable bond holders in pace with their calls for redemption. We have thereby concluded our ownership position in ICA Gruppen, which has been a very rewarding deal for Industrivärden.
During the first half of 2019 we bought shares for approximately SEK 1.5 billion in portfolio companies, which we believe have long-term favorable value potential. These include purchases in Volvo for SEK 0.8 billion, in Skanska for SEK 0.4 billion, and in Sandvik for SEK 0.3 billion.
INDUSTRIVÄRDEN'S PERFORMANCE
On June 30, 2019, net asset value was SEK 104.2 billion, or SEK 239 per share, which represents an increase of 25 percent during the first half of the year including reinvested dividend. The equity portfolio's value was SEK 106.8 billion at the end of the period and net debt was SEK 2.7 billion, corresponding to a debt-equities ratio of 2 percent. This means that the debt-equities ratio has decreased by 5 percentage points since the start of the year, mostly resulting from the divestment of the holding in ICA Gruppen.
During the first half of the year, the total return for the Class A and C shares was 19 and 18 percent respectively, compared with 21 percent for the return index (SIXRX). The difference between growth in net asset value and the share price reflects a larger discount to net asset value.
Industrivärden's portfolio companies have strong market positions and a clear focus on continuous improvement. In recent years several of the companies have carried out substantial measures that have increased their operational performance and strengthened the financial position. With a foundation on quality portfolio companies, a successful corporate governance model and strong financial position, there are good opportunities for continued value creation.
Helena Stjernholm CEO
Overview
INDUSTRIVÄRDEN IN BRIEF
Industrivärden conducts long-term value-creating asset management through active ownership. The operation is conducted in two main processes, investment and active ownership. Active ownership is exercised primarily through involvement in nomination processes for board elections, through board representation and through evaluation of company boards, CEOs and Executive Management. Industrivärden monitors its portfolio companies continuously and where necessary, by influencing the portfolio companies' overall development through their respective boards. Through these measures Industrivärden contributes to the portfolio companies' growth in value over time. Industrivärden's long-term objective is to increase net asset value and thereby generate a return for the shareholders that exceeds the market's required rate of return. Taking into account the risk profile of the portfolio's investments, the shareholders are to be given a total return which over time is higher than the average for the Stockholm Stock Exchange.
More information can be found at www.industrivarden.net.
EQUITIES PORTFOLIO, JUNE 30, 2019
COMPOSITION OF EQUITIES PORTFOLIO AND NET ASSET VALUE
| 06/30/2019 | 6M:2019 | |||||||
|---|---|---|---|---|---|---|---|---|
| Share of ownership, % |
Market value | Total return |
TR for the stock |
|||||
| Share of | ||||||||
| Portfolio companies | No. of shares | Capital | Votes | value, % | SEK M SEK/share | SEK M | % | |
| Sandvik | 154,200,000 | 12.3 | 12.3 | 25 | 26,307 | 60 | 7,433 | 38 |
| Volvo A Volvo B |
148,600,000 3,600,000 |
7.2 | 23.2 | 21 | 21,859 530 |
51 | 6,069 | 35 36 |
| Essity A Essity B |
35,000,000 31,800,000 |
9.5 | 29.9 | 18 | 9,940 9,076 |
44 | 4,893 | 33 34 |
| Handelsbanken A | 202,900,000 | 10.4 | 10.6 | 17 | 18,642 | 43 | -279 | -1 |
| Ericsson A Ericsson B |
86,052,615 1,000,000 |
2.6 | 15.1 | 7 | 7,555 88 |
18 | 994 | 15 14 |
| SCA A SCA B |
35,000,000 31,800,000 |
9.5 | 29.7 | 5 | 3,297 2,566 |
13 | 1,292 | 34 20 |
| Skanska A Skanska B |
12,667,500 18,500,000 |
7.4 | 24.3 | 5 | 2,124 3,102 |
12 | 968 | 23 23 |
| SSAB A | 44,334,933 | 4.3 | 11.8 | 1 | 1,435 | 3 | 142 | 11 |
| Other | 0 | 311 | 1 | -1 | ||||
| Equities portfolio | 100 | 106,834 | 245 | 21,511 | 23 | |||
| Interest-bearing net debt | -2,669 | -6 | Index: | 21 | ||||
| Net asset value Debt-equities ratio |
104,165 2% |
239 |
Performance
NET ASSET VALUE
Net asset value on June 30, 2019, was SEK 104.2 billion, or SEK 239 per share, an increase of SEK 43 per share during the first half of 2019. Including reinvested dividend, net asset value increased by 25%. The Stockholm Stock Exchange's total return index (SIXRX) increased by 21% during the same period.
During the last five and ten-year periods, net asset value grew by 12% and 15%, respectively, per year including reinvested dividend. The total return index (SIXRX) increased by 10% and 13%, respectively, during the same periods.
Net asset value June 30, 2019
| Net asset value | 104.2 | 239 | 85.2 | 196 | |
|---|---|---|---|---|---|
| Adjustment exchangeable |
- | - | -0.4 | -1 | |
| Interest-bearing net debt |
-2.7 | -6 | -6.6 | -15 | |
| Equities portfolio | 106.8 | 245 | 92.2 | 212 | |
| SEK bn | SEK/share | SEK bn | SEK/share | ||
| 06/30/2019 | 12/31/2018 |
Development of net asset value, 10 years
EQUITIES PORTFOLIO
During the first half of 2019 the value of the equities portfolio, adjusted for purchases and sales, increased by SEK 17.5 billion. On June 30, 2019 the equities portfolio was worth SEK 106.8 billion, or SEK 245 per share. The shareholdings in Sandvik, Volvo and Essity made a significant positive contribution to the equities portfolio's value performance.
During the first half of 2019 exchangeable holders called for redemptions corresponding to SEK 4.1 billion, whereby the shares in ICA Gruppen were delivered. On May 15, 2019 the exchangeable bond matured and Industrivärden has thereafter sold the remaining shares in ICA Gruppen. The transactions have not had any material impact on earnings.
Performance of shareholdings, 3 years
| Annual average total return, % | |||
|---|---|---|---|
| Class of shares | |||
| Sandvik | 30 | ||
| Volvo B | 26 | ||
| Volvo A | 26 | ||
| SSAB A | 21 | ||
| SCA A* | 21 | ||
| SCA B* | 16 | ||
| Ericsson A | 14 | ||
| Ericsson B | 13 | ||
| Total return index (SIXRX) | 13 | ||
| Essity A* | 13 | ||
| Essity B* | 13 | ||
| Skanska B | 3 | ||
| Handelsbanken A | 2 |
*For calculation method, see page 9.
CASH FLOW
Investment activities
During the first half of 2019 shares were acquired in Volvo for SEK 822 M, in Skanska for SEK 351 M and in Sandvik for SEK 273 M.
Dividend paid out
The Annual General Meeting on April 17, 2019 approved the Board of Director's proposed dividend of SEK 5.75 per share (5.50). The total proposed dividend amounted to SEK 2 502 M (2 394).
Dividends received
During the first half of 2019 dividends received amounted to SEK 4 093 M (3 764).
Management cost
The management cost during the first half of 2019 was SEK 64 M (70), which on a yearly basis corresponds to 0.12% (0.14) of the equities portfolio's value on June 30, 2019.
FINANCING
Interest-bearing net debt
Interest-bearing net debt amounted to SEK 2.7 (7.2) billion on June 30, 2019. The debt-equities ratio was 2% (7), and the equity ratio was 97% (92). The debt-equities ratio is calculated as interest-bearing net debt in relation to the market value of the equities portfolio.
During the first half of 2019 a new bond of SEK 1.0 billion was issued within the framework of the existing MTN program. The bond was issued primarily for refinancing and has a tenor of three years.
No part of Industrivärden's borrowings is conditional upon any covenants.
Interest-bearing net debt, June 30, 2019
| Credit facility, SEK M |
Utilized amount, SEK M |
Maturity | |
|---|---|---|---|
| MTN-program | 8,000 | 3,057 | 2020-2022 |
| Commercial paper | 3,000 | - | |
| Pension debt | 105 | ||
| Other liabilities | 214 | ||
| Total borrowing | 3,376 | ||
| Less: | |||
| Interest-bearing receivables | 126 | ||
| Cash and cash equivalents | 581 | ||
| Interest-bearing net debt | 2,669 |
Development of interest-bearing net debt, 5 years
Credit rating
S&P Global Ratings has issued a credit rating on Industrivärden of A+/Stable/A-1.
Exchangeable in ICA Gruppen's stock
On May 15, 2019 the SEK 4.4 billion exchangeable bond that was issued in 2014 based on ICA Gruppen's stock matured. During the first half of 2019, exchangeable holders called for redemptions corresponding to SEK 4.1 billion, whereby the remaining shares in ICA Gruppen were delivered.
INDUSTRIVÄRDEN SHARE DATA
The market prices for Industrivärden's Class A and C shares on June 30, 2019, were SEK 211.80 and SEK 205.80, respectively. The corresponding market prices on December 31, 2018, were SEK 183.20 and SEK 179.20, respectively.
The total return during the first half of 2019 was 19% for the Class A shares and 18% for the Class C shares. The Stockholm Stock Exchange's total return index (SIXRX) increased by 21% during the same period. The so-called discount to net asset value has thus increased.
The total return for Industrivärden's shares over longer periods of time are shown in the table on page 1 and for specific years in the table below.
Value performance the respective year
At the 2011 Annual General Meeting, a share conversion clause was added to the Articles of Association. Shareholders have the right at any time to request conversion of Class A shares to Class C shares. During the first half of 2019, no shares were converted.
Share structure, June 30, 2019
| Capital, | Votes, | |||
|---|---|---|---|---|
| Share class | No. of shares | No. of votes | % | % |
| A (1 vote) | 268,183,457 | 268,183,457 | 61.6 | 94.1 |
| C (1/10 vote) | 167,026,420 | 16,702,642 | 38.4 | 5.9 |
| Total | 435,209,877 | 284,886,099 | 100.0 | 100.0 |
Other
RESOLUTIONS AT ANNUAL GENERAL MEETING 2019
The 2019 Annual General Meeting was held on April 17, at which the following resolutions, among others, were made. The dividend was set at SEK 5.75 (5.50) per share. All board members and the Chairman of the board were re-elected. Deloitte AB was elected as new auditing firm.
FINANCIAL CALENDAR
Interim report January–September: October 4, 2019. The report date has been changed from October 7, 2019 to October 4, 2019.
CONTACT PERSONS
Sverker Sivall, Head of Corporate Communication and Sustainability Phone: +46-8-666 64 19 E-mail: [email protected] Jan Öhman, CFO Phone: +46-8-666 64 45 E-mail: [email protected]
CONTACT INFORMATION
AB Industrivärden (publ) Box 5403, SE-114 84 Stockholm, Sweden Registered office: Stockholm Reg. no.: 556043-4200 Switchboard: +46-8-666 64 00 [email protected] www.industrivarden.net
PUBLICATION
This information is such that AB Industrivärden is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the Head of Corporate Communication and Sustainability stated above, at 10:00 a.m. CET on July 5, 2019.
TICKER CODES
INDUC:SS, Bloomberg INDUc.ST, Reuters INDU C, NASDAQ OMX
Board's assurance and review report
BOARD'S ASSURANCE
The Board of Directors and CEO certify that the half-year interim report gives a true and fair presentation of the Parent Company's and Group's business, financial position and result of operations, and describes material risks and uncertainties facing the Parent Company and the companies included in the Group.
Stockholm July 5, 2019 AB Industrivärden (publ)
| Fredrik Lundberg | Pär Boman | Christian Caspar | |
|---|---|---|---|
| Chairman | Vice Chairman Director | ||
| Bengt Kjell | Nina Linander Annika Lundius | ||
| Director | Director | Director | |
| Lars Pettersson | Helena Stjernholm | ||
| Director | CEO and director |
REVIEW REPORT
Introduction
We have reviewed the interim report for AB Industrivärden (publ) for the period January 1 - June 30, 2019. The Board of Directors and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the 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 Financial Information 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 has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Stockholm July 5, 2019 Deloitte AB
Hans Warén Authorized Public Accountant
Financial statements in brief
GROUP
| 2019 | 2018 | 2019 | 2018 | 2018 | |
|---|---|---|---|---|---|
| SEK M | Apr.-Jun. | Apr.-Jun. | Jan.-Jun. | Jan.-Jun. | Jan.-Dec. |
| INCOME STATEMENT | |||||
| Dividend income | 2,590 | 2,089 | 4,093 | 3,764 | 3,764 |
| Change in fair value of financial assets | 3,541 | -910 | 17,354 | -1,046 | -11,954 |
| Management cost | -34 | -40 | -64 | -70 | -121 |
| Operating income | 6,097 | 1,139 | 21,383 | 2,648 | -8,311 |
| Financial items | -9 | -5 | -15 | -7 | -19 |
| Income after financial items | 6,088 | 1,134 | 21,368 | 2,641 | -8,330 |
| Tax | - | - | - | - | - |
| Net income for the period | 6,088 | 1,134 | 21,368 | 2,641 | -8,330 |
| Earnings per share, SEK | 13.99 | 2.61 | 49.10 | 6.07 | -19.14 |
| STATEMENT OF COMPREHENSIVE INCOME | |||||
| Comprehensive income for the period | 6,088 | 1,134 | 21,368 | 2,641 | -8,344 |
| BALANCE SHEET as per end of period | |||||
| Equities | 106,834 | 103,595 | 92,170 | ||
| Other non-current assets | 17 | 11 | 11 | ||
| Total non-current assets | 106,851 | 103,606 | 92,181 | ||
| Cash and cash equivalents | 581 | 245 | 786 | ||
| Other current assets | 183 | 844 | 273 | ||
| Total current assets | 764 | 1,089 | 1,059 | ||
| Total assets | 107,615 | 104,695 | 93,240 | ||
| Shareholders' equity | 104,008 | 96,127 | 85,142 | ||
| Non-current interest-bearing liabilities | 2,363 | 2,178 | 2,170 | ||
| Non-current non interest-bearing liabilities | 16 | 60 | 36 | ||
| Total non-current liabilities | 2,379 | 2,238 | 2,206 | ||
| Current interest-bearing liabilities | 1,057 | 6,058 | 5,394 | ||
| Other liabilities | 171 | 272 | 498 | ||
| Total current liabilities | 1,228 | 6,330 | 5,892 | ||
| Total shareholders' equity and liabilities | 107,615 | 104,695 | 93,240 | ||
| CASH FLOW | |||||
| Cash flow from operating activities | 3,978 | 3,666 | 3,492 | ||
| Cash flow from investing activities | 2,451 | 2,525 | 3,252 | ||
| Cash flow from financing activities* | -6,634 | -6,559 | -6,571 | ||
| Cash flow for the period | -205 | -368 | 173 | ||
| Cash and cash equivalents at end of period | 581 | 245 | 786 | ||
* Of which, dividends of SEK 2,502 M (2,394) paid to shareholders.
GROUP, CONT.
| 2019 | 2018 | 2018 | |
|---|---|---|---|
| SEK M | Jan.-Jun. | Jan.-Jun. | Jan.-Dec. |
| CHANGES IN SHAREHOLDERS' EQUITY | |||
| Opening shareholders' equity as per balance sheet | 85,142 | 95,880 | 95,880 |
| Comprehensive income for the period | 21,368 | 2,641 | -8,344 |
| Dividend | -2,502 | -2,394 | -2,394 |
| Closing shareholders' equity as per balance sheet | 104,008 | 96,127 | 85,142 |
| INTEREST-BEARING NET DEBT at end of period | |||
| Cash and cash equivalents | 581 | 245 | 786 |
| Interest-bearing assets | 170 | 833 | 177 |
| Non-current interest-bearing liabilities | 2,363 | 2,178 | 2,170 |
| Current interest-bearing liabilities | 1,057 | 6,058 | 5,394 |
| Interest-bearing net debt | 2,669 | 7,158 | 6,601 |
PARENT COMPANY
| 2019 | 2018 | 2018 | |
|---|---|---|---|
| SEK M | Jan.-Jun. | Jan.-Jun. | Jan.-Dec. |
| INCOME STATEMENT | |||
| Operating income | 15,107 | 3,388 | -4,991 |
| Income after financial items | 15,093 | 3,384 | -5,007 |
| Income for the period | 15,093 | 3,384 | -5,007 |
| Comprehensive income for the period | 15,093 | 3,384 | -5,021 |
| BALANCE SHEET as per end of period | |||
| Non-current assets | 63,510 | 62,612 | 53,600 |
| Current assets | 237 | 670 | 788 |
| Total assets | 63,747 | 63,282 | 54,388 |
| Shareholders' equity | 58,824 | 54,638 | 46,233 |
| Non-current liabilities | 2,379 | 2,238 | 2,206 |
| Current liabilities | 2,544 | 6,406 | 5,949 |
| Total shareholders' equity and liabilities | 63,747 | 63,282 | 54,388 |
Accounting policies and other comments
ACCOUNTING POLICIES
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the EU, and the Swedish Annual Accounts Act. The Parent Company's financial statements have been prepared in accordance with RFR 2 – Accounting for Legal Entities, and the Swedish Annual Accounts Act. New or amended IFRSs and IFRIC interpretations have not had any material effect on the Group's or Parent Company's earnings or financial position.
ALTERNATIVE PERFORMANCE MEASURES
The definitions of the alternative performance measures net asset value, debt-equities ratio, equity ratio, market value of the equities portfolio and interest-bearing net debt are provided in the 2018 Annual Report. These alternative performance measures are essential for understanding and evaluating an investment company's business.
TOTAL RETURN ESSITY AND SCA
The total returns for Essity and SCA have been calculated as the respective companies share of the original company SCA's total return before the split (based on share of value at the time of the split) and thereafter based on the value performance of the respective companies. The split was carried out on June 9, 2017, and the first day of trading in Essity shares was June 15, 2017.
FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS
In accordance with IFRS 13, financial instruments are measured at fair value according to a three level hierarchy. Classification is based on input data that is used in measuring the instruments. Instruments in Level 1 are valued according to quoted prices for identical instruments in an active market. Instruments in Level 2 are measured in a valuation model which uses input data that are directly or indirectly observable in the market. Instruments in Level 3 are measured using a valuation technique based on input data that are not observable in a market.
| 06/30/2019 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Assets | ||||
| Equities | 106,523 | - | 311 | 106,834 |
| Total assets | 106,523 | 0 | 311 | 106,834 |
| Level 1 | Level 2 | Level 3 | Total | |
| Liabilities | ||||
| Derivatives, etc. | - | -79 | - | -79 |
| Total liabilities | - | -79 | - | -79 |
No changes have been made between levels compared with the preceding year.
RISKS AND UNCERTAINTIES
The dominant risk in Industrivärden's business is share price risk, i.e., the risk of a change in value caused by changes in share prices. A 1% change in the share price of the holdings in the equities portfolio as per June 30, 2019, would have affected its market value by approximately +/– SEK 1,100 M. Further information about risks and uncertainties are provided in the 2018 Annual Report.
TAX
In recent times, the value concentration in Industrivärden's equities portfolio has increased. During the second quarter of 2019 Industrivärden has informed the Swedish Tax Agency about this fact and awaits notification of whether Industrivärden should be taxed as an investment company or a conventionally taxed company. Regardless of the outcome, this is not considered to have any material consequences for the company during the current year.
RELATED PARTY TRANSACTIONS
During the first half of 2019, dividend income was received from associated companies.
EVENTS AFTER THE BALANCE SHEET DATE
No significant events have occurred after June 30, 2019.
