Quarterly Report • Jul 5, 2010
Quarterly Report
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| Net asset value | June 30 2010 | Dec. 31 2009 | Dec. 31 2008 | |||
|---|---|---|---|---|---|---|
| Equities portfolio, SEK billion | 58.9 | 53.5 | 34.7 | |||
| Interest-bearing net debt, SEK billion | -12.6 | -10.8 | -10.8 | |||
| Net asset value, SEK billion | 46.3 | 42.8 | 23.9 | |||
| Net asset value per share, SEK | 120 | 111 | 62 | |||
| Total return | 6 month | 1 year | 5 year | 10 year | 15 year | 20 year |
| Class A shares (yearly average) | 3% | 31% | 5% | 2% | 13% | 11% |
| Class C shares (yearly average) | 5% | 37% | 6% | 2% | 13% | 11% |
| Benchmark index (SIXRX) | 7% | 32% | 8% | 2% | 11% | 10% |
| Excess return for Class C shares, percentage points | -2 | 5 | -2 | 0 | 3 | 1 |
Industrivärden is one of the Nordic region's largest holding companies, with ownership in a concentrated selection of listed Nordic companies with good development potential. The goal is to generate high growth in net asset value over time.
The past quarter was characterized by growing concerns over the budget situation in the EU, with main focus on Greece, Spain, Portugal and Ireland. Credit spreads for these countries' loans have once again widened to alarmingly high levels at the same time that the interbank market is increasingly faltering. As a result, Spain's banks are having difficulty obtaining financing in the normal manner, and are instead relying on liquidity support from the European Central Bank. As a result of a worsened financing situation, the European bond market is working to an ever-poorer degree for the companies.
What I have described above is mainly an European problem. The U.S. economy continues to improve, even though few new jobs have yet been created. The rapid growth in South America and Asia continues, driven above all by China, India and Brazil. Many countries are now posting growth that is on a par with or better than the levels prior to the crash in 2008. As a result, the global economy is becoming increasingly divided, with favorable growth in emerging markets and weaker growth primarily in Europe, but also in Japan and to some extent in the U.S. As a result, the euro has weakened, and indications are high that this trend will continue.
During the first half of the year, net asset value increased by SEK 3.5 billion to SEK 46.3 billion. This represents an increase of 11% including reinvested dividends, compared with 7% for the total return index. The total return was 3% for the Class A shares and 5% for the Class C shares.
Our short-term trading continues to perform well and generated a profit of SEK 102 M (62). As previously, the profit from this activity amply covered Industrivärden's management costs, which totalled SEK 44 M (43).
For a long-term player as Industrivärden, the past half-year offered favorable investment opportunities. Accordingly, during the second quarter of 2010 we have continued to invest in a number of our portfolio companies. In all we purchased shares for approximately SEK 1.4 billion, of which approximately SEK 1.0 billion was in Volvo. We also purchased shares in SSAB, Sandvik and Skanska. During the first half of the year we thus made investments worth a total of SEK 2.1 billion.
These investments were financed by the convertible loan we issued in January. By investing in our portfolio of quality companies with favorable price potential, we increase the return on our capital at the same time that we maintain a continued high preparedness to act. Parts of the loan have also been used to replace existing credits that carried higher interest than the convertible loan. We have thereby been able to take advantage of both a favorable financing opportunity and good investment occasions to enhance our return. It is worth noting that the convertible market is now significantly weaker than it was in January, and thus as things currently stand we would hardly have been able to carry out the issue today.
In early May we announced that we increased our ownership in Volvo by 12.5 million Class A shares, corresponding to SEK 800 M, to slightly more than 10% of the votes. The acquisition was carried out after we decided to purchase the shares in the equity stock swap what was built up during the autumn of 2009. We thereby took advantage of an opportunity to conduct a favorable transaction at an attractive average price of SEK 63 per share. The average price we have paid for our entire Volvo holding today amounts to SEK 88 per share.
The foundation of our business is made up of the ten quality companies in which we seek to contribute to favorable growth in value through a structured work approach and strong involvement.
Our equities portfolio consists of companies that have leading positions in their respective niches. In short, they aspire to be the best in their class and preferably on a global basis. Our portfolio companies have their origins in Sweden, but operate internationally to the highest degree. Most of their sales are outside Sweden, with a third derived from emerging markets, and their operations are conducted in more than 180 countries.
During the economic decline that came in the wake of the credit crisis, several of our portfolio companies carried out extensive restructuring measures in the aim of lowering costs and working capital, also securing their financing. The economy has now once again gained momentum in several major markets in which our portfolio companies are active, which is reflected in stronger demand. In time, volumes will return to more normal levels, which together with the positive
impact from the restructuring measures that have been brought out, will increase profitability. I know that our portfolio companies have been successful in their actions, and in several cases they have even strengthened their market positions. Profitability will therefore be strong as soon as growth once again comes up to speed. This applies in particular to the companies in which the drop in demand was the greatest as a result of the crisis, such as Sandvik, Volvo and SSAB.
As a result of the financial crisis, work has been started to review the rules that govern the risk level in banks – the so-called Basel rules. Just prior to the financial crisis, a transition was begun to Basel II, which allowed an extensive balance of risks in the banks' asset base. This will favor more secure bank lending, such as home mortgages, in relation to lending with a higher level of risk. Basel II went a bit far, perhaps, but as the new rules are now being formulated, it is a matter of major changes rather than an adaptation. The idea now is to introduce a financial strength requirement,
i.e., equity in relation to assets, independent of the assets' risk quality. This, together with new requirements for calculating banks' liquidity risks will limit the credit expansion in the banking system. This is an unfortunate development, since the banking system's willingness to extend credits is so central for stimulating and promoting growth.
More and more voices are now being raised for a review of the proposal of the Basel III rules and for a delay in the implementation of these until the sores from the financial crisis have entirely healed - which I welcome. It is most urgent that the new Basel III rules are well thought out and not so indiscriminant in their impact. They must also give the banking system enough time to adapt itself. My hope is that they draw from bank structures whose business models have proved to work well even during financial crises. Handelsbanken is a prime example of such a bank. It has endured the crisis without any need for government support or capital injections, and with continued favorable growth in its share price.
Anders Nyrén President and CEO
Net asset value on June 30, 2010, was SEK 46.3 billion (30.6), an increase of SEK 3.5 billion for the year to date. Net asset value per share increased by SEK 9 to SEK 120 per share (79), or by 11% including reinvested dividends. During the same period, the total return index (SIXRX) rose 7%.
During the first half of the year, the value of the equities portfolio grew by SEK 3.3 billion, or 6%, to SEK 58.9 billion. The total return for the portfolio during the same period was 9%, compared with 7% for the total return index (SIXRX).
Interest-bearing net debt was SEK 12.6 billion at June 30, 2010. The debt-equity ratio was 21.4%, and the equity ratio was 75% (72%). After full conversion of outstanding convertible loans, corresponding to SEK 4.4 billion, the debt-equity ratio amounts to 14.0%.
The convertible loan is hedged, entailing that translation net effects on loans, investments and cash and cash equivalents do not affect net asset value.
Interest-bearing liabilities have an average, duration of approximately four years and carry average interest of 3.7%. Cash and cash equivalents amounted to SEK 1.5 billion.
| June 30 2010 | Dec. 31 2009 | |||||||
|---|---|---|---|---|---|---|---|---|
| Portfolio | Ownership in company | Share of port | Market value | Market value | ||||
| companies | No. of shares | Capital, % | Votes, % | folio value, % | SEK M | SEK/share | SEK M | SEK/share |
| Sandvik | 139,519,452 | 11.8 | 11.8 | 23 | 13,408 | 35 | 11,701 | 30 |
| Handelsbanken A | 63,208,291 | 10.1 | 10.3 | 21 | 12,149 | 31 | 12,896 | 34 |
| Volvo A | 85,375,467 | 4.0 | 10.4 | 12 | 7,143 | 19 | 4,283 | 11 |
| Volvo B | 400,000 | |||||||
| SCA A | 45,100,000 | 10.0 | 29.4 | 11 | 6,537 | 17 | 6,754 | 18 |
| SCA B | 25,700,000 | |||||||
| Ericsson A | 76,680,600 | 2.3 | 13.6 | 11 | 6,537 | 17 | 4,984 | 13 |
| SSAB A | 56,205,597 | 17.4 | 22.6 | 10 | 5,954 | 15 | 6,313 | 16 |
| SSAB B | 73,498 | |||||||
| Skanska A | 15,091,940 | 7.2 | 27.6 | 6 | 3,471 | 9 | 3,533 | 9 |
| Skanska B | 15,462,457 | |||||||
| Indutrade | 14,727,800 | 36.8 | 36.8 | 4 | 2,474 | 6 | 1,992 | 5 |
| Höganäs B | 3,550,000 | 10.1 | 8.1 | 1 | 722 | 2 | 582 | 2 |
| Munters | 10,950,000 | 14.6 | 14.6 | 1 | 522 | 2 | 510 | 1 |
| Equities portfolio | 100 | 58,917 | 153 | 53,548 | 139 | |||
| Interest-bearing net debt | 12,585 | 33 | 10,766 | 28 | ||||
| Net asset value | 46,332 | 120 | 42,782 | 111 | ||||
| Debt-equity ratio, % | 21.4 | 20.1 | ||||||
| Debt-equity ratio after full conversion, % | 14.0 | – |
Market value pertains to Industrivärden's share of the respective portfolio companies' total market capitalization
Industrivärden's active ownership has generated competitive growth in value in the portfolio companies over time, entailing that over the long term, Industrivärden's stock has represented a good investment with a higher total return than the return index.
During the first half of 2010 the shareholdings in Volvo, Ericsson, Indutrade and Höganäs generated a higher return than the return index. On the whole, the total return of the equities portfolio was 9%, which was 2 percentage points better than the return index.
During the last five-year period, SSAB and Sandvik has generated a higher return than the return index, while Handelsbanken, Skanska, Volvo and SCA were level with the index.
For the ten-year period, most of the portfolio companies delivered a total return that is higher than the return index. Ericsson has generated a total return below the index.
The total return for Industrivärden's stock for various time periods is shown in a table on the first page.
| Total return Jan.–June 2010 |
Average annual total return, % |
||||
|---|---|---|---|---|---|
| Five years | Ten years | ||||
| Portfolio companies | SEK billion | % | June '05–June '10 | June '00–June '10 | |
| Volvo | 1.8 | 36 | 11 | 13 | |
| Ericsson | 1.7 | 35 | -5 | -16 | |
| Indutrade | 0.6 | 28 | – | – | |
| Höganäs | 0.2 | 26 | 5 | 8 | |
| Sandvik | 1.5 | 12 | 15 | 15 | |
| Munters | 0.0 | 4 | -1 | 6 | |
| SCA | 0.0 | 1 | 6 | 9 | |
| Handelsbanken | -0.3 | -2 | 9 | 8 | |
| Skanska | -0,1 | -3 | 9 | 9 | |
| SSAB | -0.9 | -13 | 17 | 20 | |
| Equities portfolio | 4.6 | 9 | |||
| Index (SIXRX) | 7 | 8 | 2 | ||
| Industrivärden A | 3 | 5 | 2 |
The total return in SEK billion pertains to the change in value during the period including dividend income for the respective portfolio companies. Indutrade was listed in October 2005.
During the first half of 2010, stocks were purchased for SEK 2,944 M (25) and sold for SEK 854 M (352). Major net purchases were in Volvo, for SEK 1,008 M, SSAB, for SEK 560 M, and Sandvik, for SEK 343 M.
On May 5, an equity swap was carried out in Volvo, based on 12,500,000 A-shares. The swap had been built up gradually since autumn 2009. The average purchase price for the acquired shares was SEK 63 per share. As per June 30, Industrivärden's total holding in Volvo corresponded to 10.38% of the votes and 4.03% of the capital. The average purchase price for the entire holding in Volvo is SEK 88 per share.
During the first half of 2010, Industrivärden's shortterm trading generated a profit of SEK 102 M (62) and thereby covered management costs, which amounted to SEK 44 M (43). During the last fiveyear period, management costs have varied between 0.11% and 0.25% of managed assets, which is considerably lower than for most comparable investment alternatives.
Industrivärden's active ownership perspective fosters a good understanding of the portfolio companies' business, operating environment and ongoing development. By contributing to value creation in the portfolio companies, the value of the assets increases at the same time that Industrivärden's equities risk decreases. Work is conducted in a structured manner with the knowledge, involvement and influence that is required to exercise high-quality active ownership.
Following is a general description of Industrivärden's investment cases along with strategic options and activities.
Through a niche focus and strong R&D profile, Sandvik has established a world-leading position in materials technology with products primarily for the manufacturing and mining industries. www.sandvik.com
A decentralized branch operation with local customer responsibility has resulted in high customer satisfaction and enabled good profitability. www.handelsbanken.com
Through innovative, customer-adapted product development and high quality, the company has a world-leading position in commercial transport solutions.
www.volvogroup.com
The European leader in hygiene products – with fast-growing brands – and in packaging and forest products. Europe's largest private forest owner. www.sca.com
The market's largest and most profitable supplier of mobile telecom infrastructure, with a leading position in telecom development.
World-leading position in high strength steel sheet niche creates solid base for growth and high profit-
www.ericsson.com
New market-oriented organization
ability.
www.ssab.com
Unique turnkey know-how in construction combined with a process focus has created a leading construc-
tion services company with world-class value-creating project development. www.skanska.com
The combination of sales of industrial consumables and good organic growth with a highly refined model for acquisition-based growth has resulted in impressive profitability growth.
www.indutrade.com
Market leader in the growing niche of metal powders, used primarily for component manufacturing in the auto industry. www.hoganas.com
Global leader in energy efficient air treatment solutions and restoration services. www.munters.com
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 2.3, Accounting for Legal Entities, and the Swedish Annual Accounts Act. Starting on January 1, 2010, the Parent Company also applies the revised IAS 1 Presentation of Financial Statements. This change has affected the Parent Company's accounting retrospectively and entails that income and expenses that were previously reported directly against shareholders' equity are now reported in a separate statement directly after the income statement. The Parent Company also applies a new accounting policy pertaining to the reporting of associate companies, following an amendment to Ch. 4, §14b of the Annual Accounts Act. Associated companies are now measured at fair value also by the Parent Company. Other new or revised IFRSs as well as IFRIC interpretations have not had any effect on the Group's or Parent Company's results of operations or financial position.
The convertible loan, which was issued in euros, consists of two components: a debt component and an option component. The debt component is measured at amortized cost using the effective interest method, in accordance with IAS 39. This entails that the loan is revalued over its term at nominal value. This revaluation is reported as a change in value in the income statement, while the coupon interest is reported as an interest expense. In accordance with an IFRIC pronouncement, the option component is reported as a liability, since the currency is different from the functional currency. In accordance with IAS 39, the option is measured on a continuous basis at fair value through the income statement. Transaction costs are allocated over the term of the loan and are included in change in value in the income statement.
Assets and liabilities in foreign currency are subject to translation in accordance with the rules of IAS 21 and are restated at the exchange rate in effect on the balance sheet date at the end of each reporting period.
The dominant risk in Industrivärden's business is share price risk, i.e., the risk of a decrease 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, 2010, would have affected the market value by approximately +/– SEK 600 M.
No transactions have taken place between Industrivärden and related parties that have materially affected the Company's position or result of operations for the first half of 2010, except for the receipt of dividend income from the associated companies.
The Board of Directors and President 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, 2010 AB Industrivärden (publ)
| Sverker Martin-Löf | Olof Faxander |
|---|---|
| Chairman of the Board | Director |
| Boel Flodgren | Finn Johnsson |
| Director | Director |
| Hans Larsson | Fredrik Lundberg |
| Director | Director |
| Lennart Nilsson | Anders Nyrén |
| Director | President and CEO, Director |
The 2010 Annual General Meeting was held on May 5, 2010, at which the following resolutions, among others, were made.
The dividend was set at SEK 3.00 per share (4.50). Olof Faxander, Boel Flodgren, Finn Johnsson, Fredrik Lundberg, Sverker Martin-Löf, Lennart Nilsson and Anders Nyrén were re-elected as directors on the Board. Tom Hedelius had declined re-election. Hans Larsson was elected as a new director on the Board. Hans Larsson (B.A., b. 1942) is Chairman of Handelsbanken, Nobia and Attendo, among other companies. He is a former CEO of Nordstjernan, Esselte and Swedish Match. Sverker Martin-Löf was elected as the new Chairman of the Board.
The Annual General Meeting resolved to re-elect PricewaterhouseCoopers AB to serve as auditor for a term extending through the 2014 Annual General Meeting.
We have reviewed the interim report for AB Industrivärden (publ) for the period January 1–June 30, 2010. The Board of Directors and President are responsible for the preparation and presentation of this interim report in accordance with the Annual Accounts Act and IAS 34. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the Swedish standard for such reviews, SÖG 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 is substantially less in scope than an audit conducted in accordance with Standards on Auditing in Sweden (RS) 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.
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 the Annual Accounts Act and IAS 34.
Stockholm, July 5, 2010
PricewaterhouseCoopers AB Anders Lundin Authorized Public Accountant
Visit Industrivärden's website: www.industrivarden.net.
Anders Nyrén, President and CEO, tel. +46-8-666 64 00 Sverker Sivall, IR, tel. +46-8-666 64 19 Carl-Olof By, Executive Vice President, tel. +46-8-666 64 00 Martin Hamner, CFO, tel. +46-8-666 64 00
Industrivärden's complete contact information can be found on page 12.
INDUC SS in Blomberg INDUc.ST in Reuters
The information provided in this interim report is such that AB Industrivärden (publ) is obligated to publish pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. Submitted for publication at 11 a.m. on July 5, 2010.
Interim report January–September: October 5
| 2010 | 2009 | 2010 | 2009 | 2009 | |
|---|---|---|---|---|---|
| SEK M | April–June | April–June | Jan.–June | Jan.–June | Jan.–Dec. |
| Income statement | |||||
| Dividend income from stocks | 1,326 | 1,871 | 1,379 | 1,871 | 1,871 |
| Change in value of stocks, etc. | -1,103 | 7,550 | 3,004 | 6,945 | 19,307 |
| Other income and expenses* | 31 | 39 | 57 | 17 | 14 |
| Operating income | 254 | 9,460 | 4,440 | 8,833 | 21,192 |
| Financial items | -132 | -133 | -261 | -270 | -523 |
| Income after financial items | 122 | 9,327 | 4,179 | 8,563 | 20,669 |
| Tax | - | - | - | - | - |
| Net income for the period | 122 | 9,327 | 4,179 | 8,563 | 20,669 |
| Earnings per share, SEK | 0.32 | 24.15 | 10.82 | 22.17 | 53.51 |
| Earnings per share after full conversion, SEK | 0,11 | 10,47 | |||
| Statement of comprehensive income | |||||
| Income for the period | 122 | 9,327 | 4,179 | 8,563 | 20,669 |
| Change in hedging reserve | 5 | 41 | -2 | 6 | 30 |
| Comprehensive income for the period | 127 | 9,368 | 4,177 | 8,569 | 20,699 |
| Balance sheet as per end of period | |||||
| Equities | 58,917 | 41,244 | 53,548 | ||
| Other non-current assets | 217 | 24 | 25 | ||
| Total non-current assets | 59,134 | 41,268 | 53,573 | ||
| Short-term equity investments** | 142 | 114 | 128 | ||
| Cash and cash equivalents | 1,542 | 901 | 0 | ||
| Other current assets | 8 | 147 | 89 | ||
| Total current assets | 1,692 | 1,162 | 217 | ||
| Total assets | 60,826 | 42,430 | 53,790 | ||
| Shareholders' equity | 45,562 | 30,414 | 42,544 | ||
| Non-current interest-bearing liabilities | 11,663 | 9,107 | 8,513 | ||
| Non-current noninterest-bearing liabilities | 634 | 14 *** |
13 | ||
| Total non-current liabilities | 12,297 | 9,121 | 8,526 | ||
| Current interest-bearing liabilities | 2,654 | 2,503 | 2,330 | ||
| Other liabilities | 313 | 392 | 390 | ||
| Total current liabilities | 2,967 | 2,895 | 2,720 | ||
| Total shareholders' equity and liabilities | 60,826 | 42,430 | 53,790 | ||
| Cash flow | |||||
| Cash flow from operating activities | 1,093 | 1,597 | 1,341 | ||
| Cash flow from investing activities | -2,090 | 309 | 440 | ||
| Cash flow from financing activities**** | 2,661 | -2,101 | -2,877 | ||
| Cash flow for the period | 1,664 | -195 | -1,096 | ||
| Exchange rate difference in cash and cash equivalents | -122 | - | - | ||
| Cash and cash equivalents at the end of the period | 1,542 | 901 | 0 |
* Including short-term trading and management costs.
** Including Hemtex, for which the change in value is included in short-term trading.
*** Of which, the option portion of the convertible loan of SEK 634 M, which at the time of issue amounted to SEK 383 M.
**** Of which, dividend of SEK 1,159 M paid to the shareholders in 2010 and dividend of SEK 1,738 M in 2009.
| 2010 | 2009 | 2009 | ||
|---|---|---|---|---|
| SEK M | Jan.–June | Jan.–June | Jan.–Dec. | |
| Changes in shareholders' equity | ||||
| Opening shareholders' equity as per balance sheet | 42,544 | 23,583 | 23,583 | |
| Comprehensive income for the period | 4,177 | 8,569 | 20,699 | |
| Dividend | -1,159 | -1,738 | -1,738 | |
| Closing shareholders' equity as per balance sheet | 45,562 | 30,414 | 42,544 | |
| Key data as per end of period | ||||
| Shareholders' equity per share, SEK | 118 | 79 | 110 | |
| Share price (Class A), SEK | 88 | 69 | 88 | |
| Share price (Class C), SEK | 84 | 64 | 82 | |
| Number of shares (thousands)* | 386,271 | 386,271 | 386,271 | |
| Interest-bearing net debt at end of period | ||||
| Cash and cash equivalents | 1,542 | 901 | 0 | |
| Interest-bearing receivables | 190 | 73 | 77 | |
| Non-current interest-bearing liabilities | 11,663 ** |
9,107 | 8,513 | |
| Current interest-bearing liabilities | 2,654 | 2,503 | 2,330 | |
| Interest-bearing net debt | 12,585 | 10,636 | 10,766 |
* Number of shares upon full conversion (thousands), 430,539.
** Of which, convertible loan totaling SEK 4,353 M.
| 2010 | 2009 | 2009 | |
|---|---|---|---|
| SEK M | Jan.–June | Jan.–June | Jan.–Dec. |
| Income statement | |||
| Operating income* | 4,051 | 4,111 | 11,373 |
| Income after financial items | 3,815 | 3,867 | 10,901 |
| Income for the period | 3,815 | 3,867 | 10,901 |
| Statement of comprehensive income | |||
| Income for the period | 3,815 | 3,867 | 10.901 |
| Change in hedging reserve | -2 | 6 | 30 |
| Comprehensive income for the period | 3,813 | 3,873 | 10.931 |
| Balance sheet as per end of period | |||
| Non-current assets** | 50,119 | 36,808 | 44,078 |
| Current assets | 1,688 | 1,182 | 223 |
| Total assets | 51,807 | 37,990 | 44,301 |
| Shareholders' equity** | 36,420 | 26,708 | 33,766 |
| Non-current liabilities | 11,297 | 8,106 | 7,513 |
| Current liabilities | 4,090 | 3,176 | 3,022 |
| Total shareholders' equity and liabilities | 51,807 | 37,990 | 44,301 |
| * Effect of changed accounting policies regarding associated companies | -761 | 1,931 | |
| ** Effect of changed accounting policies regarding associated companies | 2,091 | 4,784 |
Long-term industrial developer of listed Nordic companies
AB Industrivärden (publ) Reg. no. 556043-4200
Box 5403 SE-114 84 Stockholm Phone +46-8-666 64 00 [email protected]
www.industrivarden.net
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