Investor AB

Annual Report • Apr 23, 2013

Interim Report January-March 2013

Highlights during the first quarter

• Net asset value amounted to SEK 191.0 bn. (SEK 251 per share) on March 31, 2013, an increase by SEK 16.3 bn., (SEK 21 per share) during the quarter. With Gambro valued at the transaction value, net asset value would have amounted to SEK 195.1 bn. (SEK 256 per share).
• An agreement was signed to acquire Permobil, a global leader in advanced powered wheelchairs, for an enterprise value of SEK 5.1 bn. Investor will inject SEK 3.7 bn. in equity. The transaction is expected to close during the second quarter.
• On April 15, Investor's Annual General Meeting decided to pay SEK 7.00 in dividend per share. In total, SEK 5.3 bn. is distributed on April 23.

Financial information

• Net asset value amounted to SEK 191,030 m. (SEK 251 per share) on March 31, 2013, compared to SEK 174,698 m. (SEK 230 per share) at year-end 2012, corresponding to a change of 9 percent (7). The Stockholm Stock Exchange's Total Return Index (SIXRX) was 10 percent during the first quarter (11). Over the past 20 years, annual net asset value growth, with dividend added back, has been 14 percent.
• Consolidated net profit for the period, which includes unrealized change in value, was SEK 16,195 m. (SEK 21.29 per share), compared to SEK 10,913 m. (SEK 14.36 per share) for the same period 2012.
• Core Investments contributed SEK 15,837 m. to net asset value for the period (9,779), of which the listed SEK 16,072 m. (9,802).
• Financial Investments contributed SEK 381 m. to net asset value for the period (1,428).
• Leverage (net debt/total assets) was 10.4 percent as of March 31, 2013 (11.5).
• The total return on the Investor share was 11 percent during the first quarter (14). The total annual return on the Investor share averaged 11 percent over the past 5-year period, 18 percent over the past 10-year period and 14 percent over the past 20-year period.

Net asset value overview

	Number of shares1)	Ownership capital/votes2) (%)	Share of total assets (%)	Value, SEK/share	Value, 3) SEK m.	Contribution to net asset value	Value, SEK m.3)
	3/31 2013	3/31 2013	3/31 2013	3/31 2013	3/31 2013	YTD 2013	12/31 2012
Core Investments4)
Listed
Atlas Copco	206 895 611	16.8/22.3	18	50	37 985	1 340	36 645
SEB	456 089 264	20.8/20.9	14	39	29 845	5 905	25 194
ABB	182 030 142	7.9/7.9	13	35	26 921	2 550	24 371
AstraZeneca	51 587 810	4.1/4.1	8	22	16 704	1 520	15 807
Ericsson	174 303 252	5.3/21.4	6	18	13 943	2 823	11 120
Electrolux	47 866 133	15.5/29.9	4	11	7 927	81	8 157
Wärtsilä	17 306 978	8.8/8.8	2	7	5 055	300	4 866
Saab	32 778 098	30.0/39.5	2	6	4 622	194	4 428
Sobi	107 594 165	39.9/40.5	2	6	4 465	559	3 906
NASDAQ OMX	19 394 142	11.7/11.7	2	5	4 081	935	3 160
Husqvarna	97 052 157	16.8/30.4	2	5	3 667	-135	3 802
			73	204	155 215		141 456
Subsidiaries
Mölnlycke Health Care
Equity		98/96	6	19	14 059	-122	14 178
Mezzanine debt			1	2	1 837	-27	1 880
Aleris		98/99	2	5	3 930	-1	3 930
Grand Hôtel/Vectura		100/100	1	2	1 254	-49	1 303
			10	28	21 080		21 291
			83	232	176 295		162 747
Financial Investments
EQT			5	14	10 9235)	144	10 984
Investor Growth Capital			5	14	10 701	87	10 727
Partner-owned investments
Gambro		48/49	3	7	5 4555)	-	5 455
Lindorff
Equity		58/50	2	6	4 152	-48	4 200
Mezzanine debt			0	0	283	-1	284
3 Scandinavia		40/40	1	3	2 381	14	2 367
Other partner-owned investments		n/a	0	0	182	-4	176
Other Investments6)			1	2	1 508	204	951
			17	46	35 585		35 144
Other Assets and Liabilities			0	2	1 316		-428
Total Assets			100	280	213 196		197 463
Net debt			-10	-29	-22 166		-22 765
Net Asset Value			90	251	191 0305)		174 698

1) Holdings, including any shares pledged.

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

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

4) Valued according to the class of share held by Investor, with the exception of Saab and Electrolux, for which the most actively traded class of share is used. Wärtsilä is valued based on our holding in Avlis AB.

5) Not adjusted for the signed agreement to divest Gambro (page 4 for further information). If Gambro is valued at the transaction value with Baxter, Gambro would have been valued at SEK 8,860 m., EQT at SEK 11,568 m. and total net asset value would be SEK 195,080 m.

6) Includes trading and smaller holdings.

President's comments

Our total return was 11 percent in the first quarter and the Stockholm Stock Exchange (SIXRX) returned 10 percent. Our net asset value increased by 9 percent.

Some macro concerns erupted yet again and hung like an ash cloud over the European economy. This was hardly surprising and it will take some time before the ash cloud is dissolved. That said, we should not lose sight of the fact that Europe will solve its problem at some point in time. Near-term, uncertainty is prevailing in Asia and Latin America. The U.S. on the other hand, seems to gradually recover. The developments during the quarter provided further support to our focus on promoting flexible business models in our companies rather than spending time trying to predict the general economy. Additionally, while the stock market may go up or down short term, I think it can prove expensive to stay out of it for long-term owners. Times of uncertainty can provide good buying opportunities.

Core Investments

Recurring capital distribution from our core investments is important for us as long-term owners without exit strategy. It is through capital distribution, not exits, that we continuously realize value. We like our companies to pay a dividend that is sustainable and at the same time give them financial flexibility to act on value-creating strategic opportunities. If they are deemed over-capitalized after taking this into account, the capital base can always be adjusted through redemptions or share buy-backs. We expect to receive approximately SEK 5.4 bn. in dividends during 2013, compared to SEK 4.8 bn. last year.

Mölnlycke Health Care continues to perform strongly, although it had some headwind from Easter occurring in March. Also, investments in expanding the sales force, the geographic presence and R&D increased the operating expenses, hampering margins. We intend to refinance Mölnlycke Health Care during the second half of the year. Our ambition is to get an investment grade rating and to raise senior debt. This will lower financing costs, create higher flexibility and enable us to receive cash distributions.

The work to improve Aleris' operations continues. Healthcare in Sweden is still not performing to its potential while the operations in Denmark are gradually improving. Having been a major factor in establishing Aleris as one of the leading care and health care providers in Scandinavia and built a solid platform for future strong development, CEO Stanley Brodén has decided to step down during 2013. This is according to the plan set out when Investor acquired Aleris in 2010. The search for a new CEO is ongoing.

Aleris continues to make long-term investments and is financing research conducted by employees, as a means to develop the business and make more room for staff to develop professionally. As Investor will be deeply engaged in this sector for the long-run, we have also committed to financing a new external professorship in the field of innovative care and processes.

Permobil – an attractive core investment

In March, we announced the acquisition of Permobil, a global leader in complex rehab powered wheelchairs for people with functional disabilities. Permobil has a strong corporate culture and a true devotion to improving the life of its end-users. Permobil has strong market positions, profitability and cash conversion.

Our ownership plan for Permobil centers around growth in existing, as well as, new markets. This requires continued investments in sales force expansion and R&D. Permobil's market leadership is built upon strong innovation, and we will continue investing to keep this edge. Over time, growing volumes should support profitability.

We do not have any exit strategy for our subsidiaries. It is through capital distribution that we realize value. We will use a gearing level in Permobil allowing for investments and the pursuit of growth opportunities. We expect the company to generate positive cash flow to equity already from the start, and with a moderate gearing of 3-4x EBITDA, the company has the capacity to distribute cash by 2015.

Financial Investments

EQT contributed positively to net asset value with a value increase of 4 percent in constant currency. Investor Growth Capital's value increase was 1 percent.

The filing process to get the Gambro divestiture cleared by regulators is on track. We expect the transaction to close by the end of the second quarter, although slippage cannot be ruled out as it is difficult to exactly forecast how long the regulatory process will take. Total proceeds are expected to be SEK 10.5 bn., of which SEK 9.2 bn. will be received upon closing and the remainder in escrow.

Lindorff continues its strong trend, reaping the benefits of portfolio acquisitions and operational improvements made during the past years. The company has now established a strong market presence in the Nordics, Germany, The Netherlands and Spain. We believe that Lindorff has a good platform in place for future growth. However, there is further potential in improving operational excellence, which could provide additional upside.

The scope of our Financial Investments will not grow over time, but we maintain flexibility to act on attractive investment opportunities. Such investments could eventually turn out to be – indeed, financial investments, and leave the portfolio at some point – or they could become longer-term holdings. Our investment in Active Biotech should be viewed in light of this. We have also transferred two holdings from Investor Growth Capital which we believe are attractive holdings for Investor: Affibody and Atlas Antibodies. Both are based on Swedish, world-leading medical research and are included within our other financial investments.

Returning to our targeted leverage range

At the end of the quarter, our leverage was 10.4 percent, slightly above our long-term target range of 5-10 percent. Pro forma, taking the Gambro proceeds (excluding escrow), the investment in Permobil and dividends paid and received into account, our leverage would be 8.5 percent.

Our strategy remains to build our net asset value, operate efficiently and pay a steadily rising dividend over time. I am confident that our portfolio of well-performing companies will allow us to achieve that goal.

Börje Ekholm

Net asset value

During the first quarter, the net asset value increased from SEK 174.7 bn. to SEK 191.0 bn. The change in net asset value was 9 percent during the first quarter (7) 1) . During the same period, the total return on the Stockholm Stock Exchange (SIXRX) was 10 percent.

1) For balance sheet items, figures in parentheses refer to year-end 2012 figures. For income statement items, the figures in parentheses refer to the same period last year.

Change in net asset value, Investor Group

SEK m.	Q1 2013	Q1 2012
Changes in value	14 123	9 265
Dividends	2 326	2 077
Other operating income1)	126	124
Management costs	-90	-113
Other items2)	-290	-440
Profit (+)/Loss (-)	16 195	10 913
Non-controlling interest	8	10
Other effects on equity	129	15
Total	16 332	10 938

1) Includes interest received on loans to associates.

2) Other items include among other share of results of associates and net financial items.

Annual net asset value change, with dividend added back

Contribution to net asset value, Investor Group

SEK m.	Q1 2013	Q1 2012
Core Investments	15 837	9 779
Financial Investments	381	1 428
Investor groupwide	114	-269
Total	16 332	10 938

Net debt

Net debt totaled SEK 22,166 m. on March 31, 2013 (22,765), corresponding to leverage of 10.4 percent (11.5). The average maturity of Investor AB's debt financing is 10.4 years (10.6). There are no maturities before 2016.

Investor's net debt

SEK m.	1/1-3/31 2013	1/1-12/31 2012
Opening net debt	-22 765	-16 910
Core Investments
Dividends	7511)	4 782
Net investments	-3	-6 147
Financial Investments
Dividends	113	685
Net investments	-222	107
Investor groupwide
Other	-40	-719
Dividends paid	-	-4 563
Closing net debt	-22 166	-22 765

1) Dividends from listed core investments of SEK 1,565 m. was pending over the end of the quarter and has been accounted for as receivable in Other Assets and Liabilities.

Impact from pending divestment of Gambro

The divestment of Investor's holding in Gambro to Baxter was announced in December 2012, and the transaction is expected to close late in the second quarter 2013, subject to regulatory approval. The value of Gambro, based on the equity method, is reported as assets held for sale and will remain unchanged until the transaction is completed.

Assuming that the divestment had been completed at the agreed enterprise value of SEK 26.5 bn., generating proceeds of SEK 10.5 bn. (of which SEK 1.3 bn. in escrow), as of March 31, 2013, Investor's reported net asset value would have amounted to SEK 195,080 m. (SEK 256 per share), compared to the reported SEK 191,030 m. (SEK 251 per share). Net debt would have been SEK 11,693 m., compared to the reported SEK 22,166 m.

Core Investments

Core Investments contributed to the net asset value with SEK 15,837 m. during the first quarter (9,779). The listed holdings contributed with SEK 16,072 m. (9,802), and the subsidiaries contributed with SEK -199 m. (9).

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

Investments and divestments

First quarter

SEK 3 m. was invested in the subsidiaries.

SEK m.	Q1 2013	Q1 2012
Changes in value, listed	13 756	7 866
Dividends, listed	2 316	1 936
Change in reported value, subsidiaries	-199	9
Management cost	-36	-32
Total	15 837	9 779

Core Investments contribution to net asset value, 1/1-3/31 2013

Split of Core Investments, 3/31, 2013

Core Investments Overview
	Type of investment	Type of ownership	Valuation methodology	Goal
Core Investments – Listed	Well-established, global companies. Long ownership horizon.	Significant minority ownership for strategic influence.	Share price (bid) for the class of share held by Investor, in some cases the most actively traded class is used.	8-9 percent long term annual return.
Core Investments – Subsidiaries	Medium- to large-size companies with international operations. Long ownership horizon.	Majority ownership for strategic influence.	Subsidiaries are valued according to the acquisition method.	8-9 percent long term annual return.

Core Investments

Listed

Listed core investments contributed to net asset value with SEK 16,072 m. during the first quarter (9,802). The combined total return for the listed core investments amounted to 11.5 percent during the period.

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

Investments and divestments

First quarter

No shares were purchased or divested in the first quarter.

Dividends

Dividends from listed core investments totaled SEK 2,316 m. during the first quarter (1,936), of which SEK 1,565 m. (SEB and Electrolux) was pending and reported in Other Assets and Liabilities. We expect to receive approximately SEK 5.4 bn. in total during 2013.

Total return, listed core investments

	Total return for Investor1) 2013 (%)
Atlas Copco	3.7
SEB	23.4
ABB	10.5
AstraZeneca	9.6
Ericsson	25.4
Electrolux	1.0
Wärtsilä	6.22)
Saab	4.4
Sobi	14.3
NASDAQ OMX	29.63)
Husqvarna	-3.6

1) Calculated as the sum of share price changes and dividends added back, including add-on investments and/or divestments during the period.

2) The corresponding return in EUR terms was 9.7 percent for the period.

3) The corresponding return in USD terms was 29.6 percent for the period.

Read more at www.atlascopco.com >>

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

Activities during the quarter

• The company announced three acquisitions with combined sales of SEK 550 m.
• Atlas Copco inaugurated two new production facilities in emerging markets; a compressor facility in India and a compressor and generator facility in China.
• Ethisphere Institute named Atlas Copco as one of the world's most ethical companies.
• Investor Board member Hans Stråberg was proposed as new Board member, subject to election at the Annual General Meeting on April 29.

Brief facts, Atlas Copco

Market value, Investor's holding, SEK m.	37 985
Investor's ownership (capital), %	16.8
Share of Investor's total assets, %	18

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

Read more at www.abb.com >>

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

Activities during the quarter

• Ethisphere Institute named ABB as one of the world's most ethical companies.
• MIT Technology Review, the official science and technology journal of the Massachusetts Institute of Technology, named ABB to its 2013 list of top 50 global innovators.

Brief facts, ABB

Market value, Investor's holding, SEK m.	26 921
Investor's ownership (capital), %	7.9
Share of Investor's total assets, %	13

Investor's view: Both the power and automation industries are attractive with large emerging market exposure and structural growth drivers in terms of electricity build-out and an increased focus on energy efficiency. The power market is facing price pressure but ABB is mitigating this through operational efficiencies. ABB is well positioned to benefit from the future growth potential due to its strong brand and market positions. The company was early in establishing a presence in China and India with strong local product offerings. We believe that this is critical to long-term success in these industries. Operational performance has been good and the company has strengthened its position in the automation market through a number of acquisitions. ABB's balance sheet remains healthy, supporting further growth and continued distribution to shareholders.

Read more at www.seb.se >>

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

Activities during the quarter

• SEB released new financial targets, including a new cost cap of SEK 22.5 bn. for 2013-2014, a revised dividend policy and a return on equity ambition that is competitive with peers, implying a long-term aspiration of 15 percent return on equity with a common equity tier 1 ratio of 13 percent according to Basel III.
• SEB was ranked no. 1 corporate bank in Sweden as well as in the Nordics by Prospera.
• The Annual General Meeting elected the new board members Samir Brikho, Winnie Fok and Sven Nyman.

Brief facts, SEB

Market value, Investor's holding, SEK m.	29 845
Investor's ownership (capital), %	20.8
Share of Investor's total assets, %	14

Investor's view: SEB continues to focus on sustainable growth within its key growth areas: the Nordic and German corporate franchises, Swedish small and medium-sized enterprises and long-term savings. Accordingly, it should now be able to capitalize on established platforms. Non-core businesses have been divested and earnings stability has improved, alongside a strengthened balance sheet and increased focus on efficiency. While some uncertainty still remains regarding the final global and local regulatory outcome, SEB has proactively increased capitalization and liquidity positions. Our view is that SEB is well prepared to meet the new regulatory requirements.

Read more at www.astrazeneca.com >>

A global, innovation-driven, integrated biopharmaceutical company.

Activities during the quarter

• AstraZeneca hosted a capital markets day in New York outlining its strategy to return to growth. The new CEO focused on three core therapy areas, committed to the progressive dividend policy and provided clear milestones for measuring the company's future success.
• AstraZeneca announced that it will invest in strategic R&D centers in the UK, the U.S. and Sweden and build a new combined R&D site with headquarters in Cambridge. Total announced restructuring programs entails an estimated global headcount reduction of about 5,050 over the 2013-2016 period.

Brief facts, AstraZeneca

Market value, Investor's holding, SEK m.	16 704
Investor's ownership (capital), %	4.1
Share of Investor's total assets, %	8

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

Read more at www.ericsson.com >>

The world's leading provider of communications technology and services. Ericsson operates in 180 countries and employs more than 100,000 people.

Activities during the quarter

• Ericsson acquired IT services capabilities from French consulting firm Devoteam, resulting in 400 France-based ITservices professionals joining Ericsson.
• Ericsson and STMicroelectronics announced the split-up of joint venture ST-Ericsson. Ericsson will take on the design, development and sales of the LTE multimode thin modem products, including 2G, 3G and 4G multimode. After the splitup, it is proposed that Ericsson will assume approximately 1,800 employees and contractors, with the largest concentrations in Sweden, Germany, India and China.
• Ericsson announced major orders from Russian operator VimpelCom, Indian operator Reliance Communications, and Australian operator Telstra, among others.

Brief facts, Ericsson

Market value, Investor's holding, SEK m.	13 943
Investor's ownership (capital), %	5.3
Share of Investor's total assets, %	6

Investor's view: Mobile data traffic is growing significantly in the world's mobile networks and as the global leader in the mobile equipment industry, Ericsson is well positioned to capitalize on this development. As customers' networks are undergoing significant modernizations to meet the demand for mobile data, the industry has become increasingly competitive. For Ericsson to maintain its market position, it needs to sustain its technological leadership and continue to improve its cost and capital efficiency. The services business in Ericsson has developed into a stable and growing business with attractive recurring revenues.

Read more at www.wartsila.com >>

A global leader in complete lifecycle power solutions for the marine and energy markets. The company has operations in nearly 170 locations in 70 countries.

Activities during the quarter

• Investor and Fiskars completed the legal combination of their Wärtsilä holdings into a joint venture. The joint venture company owns in total 21.77 percent of the capital and votes in Wärtsilä.
• Wärtsilä strengthened its presence in Brazil with the opening of a manufacturing facility and a new service workshop in order to meet the local market demand and fulfil the local content requirements in the offshore industry.
• Marco Wirén, currently CFO at SSAB, will replace Raimo Lind as CFO in Wärtsilä as of August 1, 2013.
• Investor's vice chairman Sune Carlsson was elected as a new Board member at the Annual General Meeting.

Brief facts, Wärtsilä

Market value, Investor's holding, SEK m.	5 055
Investor's ownership (capital), %	8.8
Share of Investor's total assets, %	2

Investor's view: Wärtsilä has leading global marketpositions and high emerging market exposure, which provide an excellent platform for profitable growth. To counteract the end-market cyclicality, the company has an assetlight business model focused on the design and development of engines and inhouse manufacturing of critical components. The company also has a sizeable aftermarket business in 70 countries to support both marine and power customers. We support Wärtsilä's current strategy and see good longterm potential driven by environmental regulations, smart power generation and an increased penetration of natural gas-powered engines.

Read more at www.electrolux.com >>

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

Activities during the quarter

• Electrolux was recognized in two prestigious sustainability rankings – The Global 100 list and the RobecoSAM Sustainability Yearbook.
• Electrolux won several awards for high quality design at the prestigious red dot design awards.
• Bert Nordberg was elected as a new Board Member at the Annual General Meeting.

Brief facts, Electrolux

Market value, Investor's holding, SEK m.	7 927
Investor's ownership (capital), %	15.5
Share of Investor's total assets, %	4

Investor's view: The global appliances industry is highly competitive due to low growth in mature markets and a tough industry structure. Growth in emerging markets is high, supported by a fast growing middle class and increased appliance penetration. Industry margins are low, but returns are nevertheless healthy thanks to high capital turnover. Electrolux is the second largest global appliance company with strong presence across the globe. In recent years, Electrolux has strengthened its positions in emerging markets through organic growth as well as acquisitions. The company is successfully executing its strategy and we see good potential for a higher long-term operating margin based on the ongoing strategic initiatives. To achieve a higher margin, it is critical to improve performance in the important European market.

Read more at www.saabgroup.com >>

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

Activities during the quarter

• On February 15, Saab announced that it had signed an agreement with the Swedish Defence Materiel Administration (FMV) for Gripen E. The agreement includes development and modification of Gripen E for Sweden during the period 2013- 2026 and a possible order for new production of Gripen E from Switzerland. The total value of possible orders under the agreement amounts to SEK 47.2 bn.
• Saab received two Gripen E development orders under the above described agreement amounting to SEK 13.2 bn.
• Sara Mazur was elected new Board member at the Annual General Meeting.

Brief facts, Saab

Market value, Investor's holding, SEK m.	4 622
Investor's ownership (capital), %	30.0
Share of Investor's total assets, %	2

Investor's view: Saab provides state-of-the-art products and is well positioned in many niche markets globally. The Swedish government is still the largest customer and with decreasing Swedish defense spending over the last decade, Saab has focused on developing cost efficient products. Growth outside of Sweden continues to be imperative, and with pressure on defense budgets in most parts of the world, Saab's cost competitive product portfolio becomes increasingly attractive. Focus continues to be on operational efficiency to be able to support internal R&D investments and marketing efforts in international markets, thereby creating a strong platform for the future.

Read more at www.sobi.com >>

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

Activities during the quarter

• Sobi announced that Biogen Idec has submitted a Biologics License Applicatio (BLA) to the U.S. FDA for marketing approval of its long-lasting rFVIIIFc for the treatment of haemophilia A. Subject to Sobi exercising an option, Sobi has the commercial rights to the products in Europe, Russia, Middle East and Northern Africa, while Biogen Idec will commercialize the products in the rest of the world.
• Sobi has entered into two separate distribution agreements with PharmaSwiss and Exelixis for a number of products to be included in the Partner product portfolio.
• Sobi and Savient Pharmaceuticals announced a co-promotion agreement for Kineret in the U.S.

Brief facts, Sobi

Market value, Investor's holding, SEK m.	4 465
Investor's ownership (capital), %	39.9
Share of Investor's total assets, %	2

Investor's view: Near-term, continuing to improve operational performance and extending the life of the existing products and commercial agreements are the main drivers for Sobi's business. During 2012, Sobi reported positive phase III data for its two hemophilia products under development. Longer term, securing the full commercial potential of Sobi's hemophilia assets is the key focus for the company.

Read more at www.husqvarnagroup.com >>

The world's largest producer of outdoor power products for garden, park and forest care, European leader in watering products, and a world leader in cutting equipment and diamond tools to the construction industry.

Activities during the quarter

• Husqvarna appointed Kai Wärn as President and CEO, effective as of July 1, 2013.
• Husqvarna announced a SEK 1 bn. investment in the manufacturing of saw chains and cylinders.
• At its capital markets day, Husqvarna communicated that near term focus is on profitability. The company reiterated its financial targets but removed the growth target.
• Investor CEO Börje Ekholm declined reelection to the Board. Daniel Nodhäll, Investment Manager at Investor, was elected new Board member at the Annual General Meeting.

Brief facts, Husqvarna

Market value, Investor's holding, SEK m.	3 667
Investor's ownership (capital), %	16.8
Share of Investor's total assets, %	2

Investor's view: Total shareholder return for Husqvarna since the spin-off from Electrolux has been below expectations. The company has been negatively impacted by weak markets for outdoor products and an unsatisfactory operational performance in North America. However, we still believe in Husqvarna's long-term potential based on its world-leading market positions, strong brands and global sales organization. The company is addressing its current problems and has recently announced actions to improve the operational performance and reduce its fixed cost base. Nearterm, it is important to turn around the North American business.

Read more at www.nasdaqomx.com >>

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

Activities during the quarter

• NASDAQ OMX announced the acquisition of eSpeed, a market leading electronic trading platform for U.S. treasuries, for a cash consideration of USD 750 m. In addition, the transaction includes a deferred payment of USD ~500 m., which approximately equals the estimated value of cash tax benefits over the same time period. The deferred payment is paid by way of newly issued shares. The transaction is expected to close in mid-2013.
• London Stock Exchange Group (LSEG) announced that it will increase its stake from 2.3 to 57.8 percent in the European clearinghouse LCH.Clearnet. In conjunction with LSEG's transaction, NASDAQ OMX will also increase its stake in the clearinghouse from 3.7 to 5.0 percent. The total implied value of LCH.Clearnet was EUR 663 m.

Brief facts, NASDAQ OMX

Market value, Investor's holding, SEK m.	4 081
Investor's ownership (capital), %	11.7
Share of Investor's total assets, %	2

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

Core Investments

Subsidiaries

The subsidiaries contributed to the net asset value with SEK -199 m. during the first quarter (9). The reported net asset value of Mölnlycke Health Care was impacted by SEK -405 m. in foreign exchange rate related effects.

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

Investments and divestments

First quarter

On March 27, 2013, Investor signed an agreement to acquire Permobil, a global leader in advanced powered wheelchairs, for an enterprise value of SEK 5.1 bn. Investor expects to inject SEK 3.7 bn. in equity and the transaction is expected to close during the second quarter, subject to customary regulatory approval.

Investor invested SEK 3 m. in Mölnlycke Health Care.

Net asset value, subsidiaries

	3/31 2013		12/31 2012
	SEK/share	SEK m.	SEK/share	SEK m.
Mölnlycke Health Care
Equity	19	14 059	19	14 178
Mezzanine debt	2	1 837	2	1 880
Aleris	5	3 930	5	3 930
Grand Hôtel/Vectura	2	1 254	2	1 303
Total	28	21 080	28	21 291

Contribution to net asset value, subsidiaries

SEK m.	1/1-3/31 2013	1/1-3/31 2012
Mölnlycke Health Care	-1491)	161)
Aleris	-12)	122)
Grand Hôtel/Vectura	-49	-19
Total	-199	9

1) Affected by SEK -136 m. deriving from acquisition related amortizations on intangible assets (-139) and SEK -405 m. in negative exchange rate related effects (-148).

²⁾ Affected by SEK -31 m. deriving from acquisition related amortizations on intangible assets (-35).

Read more at www.molnlycke.com >>

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

Activities during the quarter

• Mölnlycke Health Care delivered strong growth in North America as well as positive growth in Europe, despite challenging market conditions due to continued pressure on public healthcare spending. The company continues to outperform most of its key peers.

• The Wound Care division generated good growth in the quarter. Advanced Wound Care continued to deliver strong growth, especially in North America. Some European markets delivered good growth while others were impacted by reduced healthcare spending.

• The Surgical division had a stable quarter in difficult market conditions with ProcedurePak® and Staff Clothing continuing to deliver good growth.

• EBITDA continued to increase, although growth-oriented investments, e.g., expansion of the sales force, geographic presence and R&D, increased the operating expenses and affected margins. A build up in net working capital, primarily due to calendar effects, affected operating cash flow negatively. During the quarter, Mölnlycke amortized EUR 100 m. of debt.

Key figures, Mölnlycke Health Care

Income statement items, EUR m.	Q1 2013	Q1 2012	Rolling 4 quarters
Sales	277	267	1 129
Sales growth, %	4	9
Sales growth, constant currency, %	4	6
EBITDA	74	71	324
EBITDA, %	27	27	29
Balance sheet items, EUR m.	3/31 2013		12/31 2012
Net debt	1 399		1 383
Cash flow items, EUR m.	Q1 2013	Q1 2012
EBITDA	74	71
Change in working capital	-38	-26
Capital expenditures	-12	-8
Operating cash flow	24	37
Acquisitions/divestments	-	-18
Shareholder contribution/distribution	-	-
Other1)	-40	-37
Increase(-)/decrease (+) in net debt	-16	-18
Key ratios			Rolling 4 quarters
Working capital/sales, %			13
Capital expenditures/sales, %			5
	3/31 2013	3/31 2012
Number of employees	7 265	6 750

1) Includes effects of exchange rate changes, interest, tax and other non-cash items.

Brief facts, Mölnlycke Health Care

Initial investment year	2007
Total capital invested, SEK m.
Equity, SEK m.	11 442
Mezzanine debt, SEK m.	1 743
Investor's ownership (capital), %	98
Share of Investor's total assets, %	7
Reported value, Investor's share, SEK m.
Equity, SEK m.	14 059
Mezzanine debt, SEK m.	1 837

Investor's view: Mölnlycke Health Care is a true leader in its industry segments. Historically, the company has delivered strong growth and outperformed most of its key peers in terms of growth, profitability and cash conversion. The company has a highly competitive product portfolio with leading positions in key addressable end-markets. Continued focus on product innovation, investments in marketing/sales in existing markets, and geographic expansion into new markets will drive future growth.

Read more at www.aleris.se >>

A leading private provider of health care and care services in the Nordic region.

Activities during the quarter

• The first quarter was stable, but with profitability below last year's, mainly due to weak performance within parts of the segments in Sweden. Fewer working days due to Easter compared to the first quarter last year contributed negatively.
• As of 2013, the business area Primary care is part of the Diagnostics division. Former Diagnostics continues to perform strongly with stable volume growth and good profitability, while results in the Primary care segment are below last year's.
• The Healthcare division continues to face difficulties in parts of the operation, affecting profitability negatively. However, on the back of initiated action plans, there are signs of improvement at Bollnäs hospital as well as in the Community hospitals in Stockholm.
• Most areas within Care perform well. However, price pressure in home care and changed reimbursement systems have put pressure on profitability.
• The operations in Norway show good growth and all business areas are performing well. Two important tenders were won within Senior care.
• The Danish operations continue to show improved performance. The consolidation of the Copenhagen hospitals to adapt Aleris' operating structure and cost level has improved profitability.
• In constant currency, organic revenue growth was 6 percent. Operating cash flow was negatively affected by weak profitability and high net working capital, the latter mainly related to seasonal swings and Easter holidays in the end of March.

Key figures, Aleris

Income statement items, SEK m.	Q1 2013	Q1 2012	Rolling 4 quarters
Sales	1 756	1 656	6 832
Sales growth, %	6	55
Organic growth, constant currency, %	6	11
EBITDA	85	130	285
EBITDA, %	5	8	4
Balance sheet items, SEK m.	3/31 2013		12/31 2012
Net debt	2 190		2 161
Cash flow items, SEK m.	Q1 2013	Q1 2012
EBITDA	85	130
Change in working capital	-90	-40
Capital expenditures	-39	-29
Operating cash flow	-44	61
Acquisitions/divestments	-	-40
Shareholder contribution/distribution	-	300
Other1)	15	-42
Increase(-)/decrease (+) in net debt	-29	279
Key ratios			Rolling 4 quarters
Working capital/sales, %			-2
Capital expenditures/sales, %			3
	3/31 2013	3/31 2012
Number of employees	5 995	5 360

1) Includes effects of exchange rate changes, interest, tax and other non-cash items.

Brief facts, Aleris

Initial investment year	2010
Capital invested, SEK m.	4 341
Investor's ownership (capital), %	98
Share of Investor's total assets, %	2
Reported value, Investor's share, SEK m.	3 930

Investor's view: The Scandinavian healthcare and care market offers longterm sustainable growth potential, where private providers can outgrow the overall market given the ongoing long-term outsourcing and deregulation trend. Aleris has a strong market position and an attractive platform for growth. Near-term, however, focus should be on integrating recent acquisitions and improving the performance within units currently operating unsatisfactory. Delivering high-quality and cost-efficient service is the main differentiating and sustainable factor for this business over the long-term, which is why efforts to constantly improve quality and service for patients and payers are the top priority.

Read more at www.grandhotel.se >>

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

Activities during the quarter

• Sales from the hotel lodging activities during the seasonally weak quarter increased compared to last year. Grand Hôtel outperformed its main competitors.
• Sales in the Food and Beverage operations were weaker than last year. Sales at the Restaurants, excluding Verandan, increased compared to last year, whereas Banqueting and Conference revenues were below last year's level.
• Investments are proceeding according to plan. In February, Verandan and its kitchen were closed for renovation, which will impact financial performance until the reopening in September. The renovated rooms on the third floor were opened to guests.
• Compared to last year, the spa is fully consolidated, impacting sales positively. However, this was almost entirely offset by the lost revenue from the closed Veranda.
• CEO Marie-Louise Kjellström has left her position and the search for a new CEO is ongoing.

Key figures, Grand Hôtel

Income statement items, SEK m.	Q1 2013	Q1 20121)	Rolling 4 quarters1)
Sales	73	76	380
Sales growth, %	-4
EBITDA	-15	-7	-8
EBITDA, %	-21	-9	-2
	3/31 2013	3/31 2012
Number of employees	220	245

1) Pro forma. As of the fourth quarter 2012, the Grand Hôtel operations were split between Grand Hôtel and Vectura.

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

Brief facts, Vectura & Grand Hôtel

Investor's ownership (capital), %	100
Share of Investor's total assets, %	1
Reported value, Investor's share, SEK m.	1 254
Net debt, Vectura & Grand Hôtel, SEK m.	876

Brief facts: Through Vectura, a wholly-owned subsidiary of Investor, Investor has consolidated its various real estate assets in order to operate them more efficiently. Grand Hôtel's hotel operations are managed and reported separately. The reported value and net debt are reported for Vectura and Grand Hôtel as a combined entity.

Managing real estate in Sweden, including Investor's office, Näckström Fastigheter (operates real estate related to Aleris), Blasieholmen 54 (The Grand Hôtel property) and other land and real estate.

Activities during the quarter

• The development of the Sunne property, related to Aleris, is close to complete and the development of the Simrishamn project, also related to Aleris, is proceeding according to plan.
• Renovation of Grand Hôtel's Verandan started and is proceeding according to plan.
• The lower sales compared to last year is explained by lower revenue from Grand Hôtel and a vacancy in one of the other properties that will be occupied during the second quarter. The lower EBITDA was driven by tenant adaptation related costs of a non-recurring character.

Key figures, Vectura

Income statement items, SEK m.	Q1 2013	Q1 20121)	Rolling 4 quarters1)
Sales	20	23	113
Sales growth, %	-13
EBITDA	5	14	49
EBITDA, %	25	61	43

1) Pro forma. Vectura was formed as of the fourth quarter 2012.

Investor's view: With all the properties within the Investor group concentrated into one unit, Vectura can provide efficient real estate management and realize synergies. Näckström Fastigheter, focusing on real estate projects related to Aleris, allows Aleris to focus on its core business in well-adapted facilities. Over time, the number of projects is likely to grow gradually as Aleris expands and relocates parts of its operations.

Financial Investments

Financial Investments contributed to the net asset value with SEK 381 m. value during the first quarter (1,428).

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

Investments and divestments

First quarter

SEK 802 m. was invested and SEK 693 m. received in proceeds.

Investor subscribed for SEK 270 m. in a directed new issue in Active Biotech, paying SEK 45 per share for 6.0 million shares. Investor's ownership amounts to 8.0 percent of the capital and votes. Investor also acquired Investor Growth Capital's holdings in Atlas Antibodies and Affibody. These holdings are reported within Other.

Gambro update

On December 4, 2012, Investor (49 percent) and EQT (51 percent), signed an agreement to divest Gambro to the medical technology company Baxter International Inc. for an agreed total enterprise value of SEK 26.5 bn. According to the agreement, Gambro's equity value will be based on the enterprise value after deduction of the net debt at the closing of the transaction.

The impact on Investor's net asset value is estimated at SEK 4.0 bn., of which SEK 3.4 bn. from the direct ownership in Gambro and SEK 0.6 bn. through the ownership in the EQT IV fund. Total proceeds to Investor will be approximately SEK 10.5 bn., of which SEK 1.3 bn. in escrow. The transaction is subject to approval from the relevant competition authorities and is expected to be completed late in the second quarter 2013.

Net asset value, Financial Investments

	3/31 2013		12/31 2012
	SEK/Share	SEK m.	SEK/Share	SEK m.
EQT	14	10 923	15	10 984
Investor Growth Capital	14	10 701	14	10 727
Partner-owned
Gambro	7	5 4551)	7	5 455
Lindorff
Equity	6	4 152	6	4 200
Mezzanine debt	0	283	0	284
3 Scandinavia	3	2 381	3	2 367
Other Partner-owned	0	182		176
Other2)	2	1 508	1	951
Total	46	35 585	46	35 144

1) The value of Gambro is reported as assets held for sale, and will remain unchanged

from the date of the divestment agreement until the transaction is completed. 2) Includes trading and smaller holdings, e.g. Active Biotech, Affibody, Atlas Antibodies and Newron.

Contribution to net asset value, Financial Investments

SEK m.	Q1 2013	Q1 2012
EQT	144	495
Investor Growth Capital	87	651
Partner-owned
Gambro	-	-13
Lindorff	-49	35
3 Scandinavia	14	-13
Other partner-owned	-4	0
Other	204	291
Management cost	-15	-18
Total	381	1 428

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

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

Activities during the quarter

• Investor received a net of SEK 205 m. from EQT.
• The reported value change of Investor's investments in EQT funds was 1 percent. In constant currency, the change was 4 percent.
• Investor's total outstanding commitments to EQT funds amounted to SEK 4.8 m. as of March 31, 2013 (5.5).
• EQT IV divested its holding in BTX Group.

Change in net asset value, EQT

SEK m.	Q1 2013	Q1 2012
Net asset value, beginning of period	10 984	13 214
Contribution to net asset value (value change)	144	495
Draw-downs (investments and management fees)	375	311
Proceeds to Investor (divestitures, fee surplus and
carry)	-580	-1 711
Net asset value at end of period	10 923	12 309

As of March 31, 2013, the five largest investments were (in alphabetical order): Gambro (Sweden), ISS (Denmark), LBX (China), Sanitec (Finland), and Springer (Germany), representing 39 percent of the total value of Investor's investments in EQT funds.

Brief facts, EQT

Initial investment year	1994/1995
Investor's share of funds, %	6-64
Market value, Investor's holding, SEK m.	10 923
Share of Investor's total assets, %	5

Investor's view: Investor has been a sponsor of EQT's funds since its inception almost 20 years ago. Since then, EQT has delivered top investment performance in its industry and we have received returns on our limited partner interest in the top quartile of the industry. As a sponsor, we also have an ownership interest in the general partners of the funds, allowing us to capture a portion of both the carry and surplus from management fees. This represents a significant enhancement of our total return from the respective funds over time. Although "lumpy" by nature, depending on whether the funds are in an investment or divestment phase, our investments in the EQT funds are expected to continue to generate strong cash flow.

Read more at www.eqt.se >> Read more at www.investorgrowthcapital.com >>

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

Activities during the quarter

• Investor received SEK 113 m. from IGC.
• The reported value change of Investor's investments in IGC was 1 percent. In constant currency, the value change was 1 percent.
• IGC's holdings in Affibody och Atlas Antibodies were divested to Investor.

Change in net asset value, Investor Growth Capital

SEK m.	Q1 2013	Q1 2012
Net asset value, beginning of period	10 727	10 188
Contribution to net asset value (value change)	87	651
Capital contribution from Investor	-	750
Distribution to Investor	-113	-257
Net asset value at end of period	10 701	11 332
Of which net cash	2 085	2 395

As of March 31, 2013, the U.S., Asian and European portfolios represented 74, 12 and 14 percent of the total value, excluding net cash. 26 percent of the market value was composed by listed holdings. Cash represented 19 percent of IGC's net asset value.

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

Brief facts, Investor Growth Capital

1995
100
10 701
5

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

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

A global medical technology company and a leader in developing, manufacturing and supplying products and therapies for kidney and liver dialysis, myeloma kidney therapy and other extracorporeal therapies for chronic and acute patients.

Activities during the quarter

• Gambro showed good growth in Americas and APAC, while demand of products and services in EMEA continued to be weak.
• In line with the strategic plan, Gambro is investing in operating activities, mainly sales & marketing, which has a short-term negative effect on profitability.
• The business area Chronic continued to show strong growth in several important emerging markets.
• The business area Acute showed good performance in all areas, with growth primarily driven by Americas and APAC.
• In constant currency, sales were up 2 percent. Net debt increased somewhat during the quarter, due to changed accounting principles for pensions and some other non cashflow related items.

Key figures, Gambro1)

	Q1 2013	Q1 2012	Rolling 4
Income statement items, SEK m.	(Dec-Feb)	(Dec-Feb)	quarters
Sales	2 693	2 716	10 813
Sales growth, %	-1	-3
Sales growth, constant currency, %	2	-5
Normalized EBITDA	335	318	1 693
Normalized EBITDA, %	12	12	16
Balance sheet items, SEK m.	Q1 2013		Q4 2012
Net debt	8 306		8 090
	Q1 2013	Q1 2012
Number of employees	7 735	7 075

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

Brief facts, Gambro

Initial investment year	2006
Capital invested, SEK m.	4 622
Investor's ownership (capital), %	48
Share of Investor's total assets, %	3
Reported value, Investor's share, SEK m.	5 455

Investor's view: The restructuring of Gambro has been challenging and taken longer than we originally anticipated. During the past couple of years however, Gambro has taken important steps to ensure operational efficiency and strengthen the focus on its core activities, especially following the launch of the new strategic plan in early 2012. We continue to believe that the improvement potential, both when it comes to revenue growth and margins, is substantial.

A leading European provider of debt-related administrative services. The company has operations in Denmark, Estonia, Finland, Germany, Latvia, Lithuania, The Netherlands, Norway, Russia, Spain and Sweden.

Activities during the quarter

• The year started well within Collection, with growth driven by an increased number of new cases combined with higher value per case. Collection on acquired portfolios also contributed positively.
• Within Capital, portfolio revenue was well ahead of last year and performance on the top portfolios ahead of plan. Several smaller and medium-sized portfolio acquisitions were made.
• In constant currency, sales grew by 20 percent, and the EBITdA margin remained essentially flat, adjusted for the impairment write-down last year.

Key figures, Lindorff1)

Income statement items, EUR m.	Q1 2013 (Dec-Feb)	Q1 2012 (Dec-Feb)	Rolling 4 quarters
Sales	103	842)	397
Sales growth, %	22	-1
Sales growth, constant currency, %	20	1
EBITdA3)	33	202)	129
EBITdA3) , %	32	24	33
Balance sheet items, EUR m.	Q1 2013		Q4 2012
Net debt	758		764
	Q1 2013	Q1 2012
Number of employees	2 620	2 460

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

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

3) EBITdA = EBITDA after portfolio depreciation.

Brief facts, Lindorff

Initial investment year	2008
Capital invested, SEK m.
Equity, SEK m.	3 735
Mezzanine debt, SEK m.	234
Investor's ownership (capital) (given conversion), %	58
Share of Investor's total assets, %	2
Reported value, Investor's share, SEK m.
Equity, SEK m.	4 152
Mezzanine debt, SEK m.	283

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

Read more at www.tre.se >>

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

Activities during the quarter

• Despite a seasonally weak quarter and no major handset launches, 3 Scandinavia's subscriber base continued to grow. The number of subscribers increased by 81,000, of which 40,000 in Sweden and 41,000 in Denmark.
• The average revene per subscriber (ARPU), measured on a 12 month rolling basis, continued to decrease, as a consequence of continued price pressure.
• 3 Denmark released a new price plan, offering unlimited voice calls and a number of different data packages to choose from.
• Reported sales increased by 8 percent compared to the same period last year. Sales in Sweden increased by 8 percent, while sales in Denmark increased by 11 percent. The increase was primarily driven by handset revenue. The EBITDA margin decreased as a percentage of sales, primarily due to the increased proportion of handset revenue.
• The explanations behind the SEK 532 m. increase in net debt include the SEK 200 m. repayment to the owners in December, a build up of net working capital and certain capexrelated items.
• In 2011, 3 Scandinavia changed the recognition method of handset sales. During a transition period, EBITDA has been positively impacted by the early recognition of handset revenue from new and prolonged subscribers, while treatment of the existing subscriber base remains unchanged. This effect is fading out as subscriber contracts signed prior to the change expire. Adjusting for the effects of the accounting transition, estimated underlying EBITDA has increased compared to the same period last year.

Key figures, 3 Scandinavia1)

	Q1 2013	Q1 2012	Rolling 4 quarters
Income statement items	(Dec-Feb)	(Dec-Feb)
Sales, SEK m.	2 442	2 260	9 523
Sweden, SEK m.	1 615	1 490	6 461
Denmark, DKK m.	719	645	2 635
Sales growth, %	8	7
Sweden	8	14
Denmark	11	-4
EBITDA, SEK m.	491	493	2 423
Sweden, SEK m.	329	327	1 714
Denmark, DKK m.	140	139	610
EBITDA, %	20	22	25
Sweden	20	22	27
Denmark	19	22	23
Balance sheet items, SEK m.	Q1 2013		Q4 2012
Net debt	10 184		9 652
	Q1 2013	Q1 2012
Number of employees	1 980	1 9702)
Other Key figures3)	3/31 2013		3/31 2012
Subscribers	2 488 000		2 236 000
Sweden	1 593 000		1 428 000
Denmark	895 000		808 000
ARPU4) , SEK	272		306
Sweden, SEK Denmark, DKK	296 199		304 254
Non-voice ARPU4) , %	45		46

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

2) Restated

3) Other key figures are reported without delay.

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

Brief facts, 3 Scandinavia

Initial investment year	1999
Capital invested, SEK m.	6 366
Investor's ownership (capital), %	40
Share of Investor's total assets, %	1
Reported equity value, Investor's share, SEK m.	2 381

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

Unlisted investments – key figures overview

	Q1	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1
	2013	2012	2012	2012	2012	2012	2011	2011	2011	2011	2011
Core Investments – Subsidiaries
Mölnlycke Health Care (EUR m.)
Sales	277	1 119	294	279	279	267	1 014	267	250	253	244
EBITDA1)	74	321	89	81	80	71	296	82	76	71	67
EBITDA (%)	27	29	30	29	29	27	29	31	30	28	27
Net debt	1 399	1 383	1 383	1 450	1 488	1 500	1 482	1 482	1 506	1 527	1 578
Employees	7 265	7 175	7 175	7 170	7 175	6 750	6 755	6 755	6 835	6 880	6 985
Aleris (SEK m.)
Sales	1 756	6 732	1 779	1 569	1 728	1 656	5 123	1 593	1 334	1 125	1 071
EBITDA	85	330	58	38	104	130	410	138	103	88	81
EBITDA (%)	5	5	3	2	6	8	8	9	8	8	8
Net debt	2 190	2 161	2 161	2 684	2 586	2 532	2 811	2 811	2 630	2 233	1 997
Employees	5 995	6 010	6 010	5 955	5 785	5 360	5 150	5 150	4 975	4 865	3 825
Grand Hôtel2) (SEK m.)
Sales	73	383	112	95	100	76	388	120	-	-	-
EBITDA	-15	0	2	1	4	-7	25	18	-	-	-
EBITDA (%)	-21	0	2	1	4	-9	6	15	-	-	-
Employees	220	265	265	255	255	245	260	260	-	-	-
Vectura2) (SEK m.)
Sales	20	116	30	32	31	23	99	28	-	-	-
EBITDA	5	58	15	19	10	14	47	7	-	-	-
EBITDA (%)	25	50	50	59	32	61	48	25	-	-	-
Net debt (Grand Hôtel & Vectura)	876	820	820	-	-	-	-	-	-	-	-
Financial Investments
EQT (SEK m.)
Reported value	10 923	10 984	10 984	11 267	12 624	12 309	13 214	13 214	13 162	14 753	13 416
Reported value change, %	1	0	-1	-5	1	4	31	-1	0	15	14
Value change, constant currency, %	4	3	-2	-2	2	5	31	1	-2	13	16
Draw-downs from Investor	375	1 284	90	707	176	311	2 515	325	306	836	1 048
Proceeds to Investor	580	3 460	303	1 414	32	1 711	3 519	120	1 903	1 484	12
Investor Growth Capital (SEK m.)
Reported value	10 701	10 727	10 727	10 827	11 445	11 369	10 225	10 225	10 291	8 734	8 422
Reported value change, %	1	4	0	-4	2	6	10	2	10	-2	0
Value change, constant currency, %	1	9	0	1	-3	10	6	1	4	-3	5
Capital contribution from Investor	-	750	-	-	-	750	1 137	-	1 137	-	-
Distribution to Investor	113	607	81	155	114	257	674	229	445	-	-
Partner-owned investments
Gambro3) (SEK m.)
Sales	2 693	10 836	2 698	2 658	2 764	2 716	10 928	2 732	2 667	2 720	2 809
Normalized EBITDA	335	1 676	442	409	507	318	2 041	477	496	548	520
Normalized EBITDA (%)	12	15	16	15	18	12	19	17	19	20	19
Net debt4)	8 306	8 090	8 090	7 867	9 417	8 606	8 572	8 572	8 169	7 806	23 592
Employees	7 735	7 410	7 410	7 165	7 095	7 075	7 205	7 205	7 270	7 335	7 380
Lindorff 3) (EUR m.)
Sales	103	378	97	103	94	84	337	81	84	87	85
EBITdA5)	33	116	28	44	24	20	96	21	31	22	22
EBITdA5) (%)	32	31	29	43	26	24	28	26	37	25	26
Net debt	758	764	764	792	795	680	669	669	661	680	689
Employees	2 620	2 680	2 680	3 010	2 950	2 460	2 470	2 470	2 595	2 550	2 485
3 Scandinavia3)
Sales	2 442	9 341	2 461	2 113	2 507	2 260	8 911	2 337	2 270	2 197	2 107
Sweden, SEK m.	1 615	6 336	1 666	1 386	1 794	1 490	5 762	1 529	1 480	1 449	1 304
Denmark, DKK m.	719	2 561	689	635	592	645	2 605	655	648	629	673
EBITDA	491	2 425	683	651	598	493	2 397	565	595	628	609
Sweden, SEK m.	329	1 712	478	458	449	327	1 781	398	478	489	416
Denmark, DKK m.	140	609	179	167	124	139	511	125	96	123	167
EBITDA, %	20	26	28	31	24	22	27	24	26	29	29
Sweden	20	27	29	33	25	22	31	26	32	34	32
Denmark	19	24	26	26	21	22	20	19	15	20	25
Net debt, SEK m.	10 184	9 652	9 652	9 841	10 391	10 353	10 472	10 472	10 333	10 408	10 241
Employees	1 980	1 980	1 980	2 220	2 185	1 970	1 930	1 930	2 280	2 265	2 255

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

2) Numbers up until the first quarter 2013 pro forma, see page 12.

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

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

5) EBITdA=EBITDA after portfolio depreciation.

Group

Net debt

Net debt totaled SEK 22,166 m. on March 31, 2013 (22,765). Debt financing of the subsidiaries within Core Investments and the partner-owned investments within Financial Investments, is arranged on an independent ringfenced basis and hence not included in Investor's net debt. Investor guarantees SEK 4.2 bn. of 3 Scandinavia's external debt, which is not included in Investor's net debt.

Net debt, 3/31 2013

SEK m.	Consolidated balance sheet	Deductions related to Core Investments subsidiaries and IGC1)	Investor's net debt
Other financial instruments	2 389	-129	2 2602)
Cash, bank and short term investments	8 573	- 2 935	5 6382)
Receivables included in net debt	549	-2	5473)
Loans	-44 486	14 080	-30 4063)
Provision for pensions	-722	517	-2053)
Total	-33 697	11 531	-22 166

1) IGC does not have any debt. Cash is excluded in Investor's net debt.

2) Included in cash and readily available placements.

3) Included in gross debt.

Investor's cash and readily available placements amounted to SEK 7,898 m. as of March 31, 2013 (7,697). The shortterm investments are invested conservatively, taking into account the risk-adjusted return profile. Gross debt excluding pensions for Investor amounted to SEK 29,859 m. at the end of the period (30,253).

The average maturity of the debt portfolio was 10.4 years on March 31, 2013 (10.6), excluding the debt of Mölnlycke Health Care, Aleris and Grand Hôtel/Vectura.

Maturity profile, 3/31 2013

Net financial items, 3/31 2013

SEK m.	Group - net financial items	Deductions related to Core Investments subsidiaries	Investor's net financial items
Interest income	41	-3	38
Interest expenses	-485	225	-260
Unrealized result from revaluation of loans, swaps and short-term investments	31	-	31
Foreign exchange result	-177	76	-101
Other	-39	20	-19
Total	-629	318	-311

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

Management cost

Management cost, Investor Group

SEK m.	Q1 2013	Q1 2012	2012
Core Investments	36	32	139
Financial Investments	15	18	69
Investor groupwide	39	63	169
Total	90	113	377

The Investor share

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

Average Total Return

The price of the Investor A-share and B-share was SEK 184.40 and SEK 188.20 respectively on March 31, 2013, compared to SEK 165.80 and SEK 170.00 on December 31, 2012.

The total shareholder return on the Investor share amounted to 11 percent during first quarter 2013 (14).

The total market capitalization of Investor, adjusted for repurchased shares, was SEK 142,132 m. as of March 31, 2013 (128,048).

Parent Company

Share capital

Investor's share capital amounted to SEK 4,795 m. on March 31, 2013 (4,795).

Share structure

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

On March 31, 2013, Investor owned a total of 5,661,562 of its own shares (6,248,054). The decrease in holdings of own shares is attributable to transfer of shares and options within Investors long-term variable remuneration program.

Results and investments

The Parent Company's result after financial items was SEK 14,802 m. (9,630). The result is mainly related to listed Core Investments which contributed to the result with dividends amounting to SEK 2,188 m. (1,936) and value changes of SEK 12,646 m. (7,834). During the quarter, the Parent Company invested SEK 4,639 m. in financial assets (1,743), of which SEK 4,607 m. in Group companies (1,670) and purchases in listed Core Investments of SEK - m. (34). By the end of the period, shareholder's equity totaled SEK 176,220 m. (161,349).

Risks and Risk management

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

The Core Investments subsidiaries are, like Investor, exposed to commercial risks, financial risks and market risks. In addition these companies, through their business activities within respective sector, also are exposed to legal/ regulatory risks and political risks, for example political decisions on healthcare budgets and industry regulations.

Financing of Investor's Core Investments subsidiaries and the partner-owned investments are made on a ring-fenced basis, without guarantees from Investor, the guarantee to 3 Scandinavia being the exception.

Whatever the economic situation in the world, operational risk management requires continued high level of awareness and focused work in line with stated policies and instructions. Investors risk management, risks and uncertainties are described in detail in the Annual Report 2012, (Administration report and Note 3). No significant changes have been made subsequently, aside from changes in current macroeconomic and related risks.

Accounting policies

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

New and changed accounting policies in 2013

Changes in accounting policies due to new or amended IFRS

The following accounting policies are applied by the Group as of January 1, 2013:

• Amendment to IAS 1 Presentation of Financial Statements: The amendment concerns how items in other comprehensive income must be presented, i.e. items that will not be recycled to profit/loss for the period at a future point in time, such as revaluations relating to defined benefit pension plans and revaluations in accordance with the revaluation model for Property, Plant and Equipment, must be presented separately from items which will never be recycled to profit/loss. Examples of items that should be recycled are translation differences and gains/losses from cash flow hedges.
• Amendment to IAS 19 Employee Benefits: For the Investor Group the impact of this amendment is that the financing cost for the net pension liability will be calculated based on the discount rate relating to the pension obligation. Previously the expected return on assets was used for the plan assets and the discount rate was used for the pension obligation. The amendment does not have any material effect on the Group or Parent Company.
• IFRS 13 Fair Value Measurement: This is a new standard for measuring fair value, including changed disclosure

requirements. The new standard does not have any material monetary effect on the Group or Parent Company. Disclosures in accordance with the new requirements are presented on pages 27 – 28.

• Amendment to IFRS 7 Financial Instruments Disclosures: The change refers to new requirements for disclosures regarding netting of financial assets and liabilities. For the Investor Group the amendment will result in additional disclosures in the half year report for 2013.
• Amendment to IAS 34 Interim Financial Reporting: The changes refer to requirements for disclosures in accordance with new and amended standards as described above.

Other new or revised IFRSs and interpretations from the IFRS Interpretations Committee have had no effect on the profit/loss, financial position or disclosures for the Group or Parent Company.

Acquisitions (business combinations)

No new acquisitions have been made during the quarter. Finalization has been made of Aleris acquisitions related to Stureplans Husläkarmottagning, Södermalms Hemtjänst and Xyrinx Medical AB.

Finalization of 2012 purchase price allocations

	Preliminary Purchase Price	New	Final Purchase
SEK m.	Allocation	valuation	Price Allocation
Property, plant and equipment	11	0	11
Deferred tax assets	0	1	1
Accounts receivables	6	0	6
Other current assets	29	-3	26
Cash and cash equivalents	21	0	21
Non-current liabilities and
provisions	-8	-4	-12
Deferred tax liabilities	-1	0	-1
Current liabilities	-25	-1	-26
Net identifiable assets and liabilities	33	-7	26
Consolidated goodwill	81	12	93
Consideration	114	5	119

According to the preliminary purchase price allocations goodwill amounted to SEK 81 m. The purchase price allocations have now been fixed with a goodwill amounting to SEK 93 m. The increase in goodwill, of SEK 12 m., relates to adjustments in consideration and intangible assets.

Purchase price allocations 2012

	Preliminary Purchase
SEK m.	Price Allocation	Total
Inventory	2	2
Accounts receivables	2	2
Current liabilities	-2	-2
Net identifiable assets and liabilities	2	2
Consolidated goodwill	77	77
Consideration	79	79

Due to the fact that the acquisition is relatively small, no further information is presented.

Pledged assets and contingent liabilities

No material changes in pledged assets and contingent liabilities during the period.

Financial calendar

July 18 Interim Report January-June 2013 Oct. 17 Interim Report January-September 2013 Feb. 4, 2014 Year-End Report 2013 Apr. 23, 2014 Interim Report January-March 2014

Stockholm, April 23, 2013

Börje Ekholm President and Chief Executive Officer

For more information:

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

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

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

Address:

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

Ticker codes:

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

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

The report was released for publication at 08:15 CET on April 23, 2013.

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

This Interim report is a translation of the original report in Swedish

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

Consolidated Income Statement, in summary

Dividends 2 326 2 077 Other operating income 126 124 Changes in value 14 123 9 265 Net sales 4 179 4 090 Cost of goods and services sold -2 838 -2 708 Sales and marketing cost -649 -642 Administrative, research and development and other operating cost -365 -381 Management cost -90 -113 Share of results of associates 4 -147 Profit/loss 16 816 11 565 Net financial items -629 -588 Profit/loss before tax 16 187 10 977 Income taxes 8 -64 Profit/loss for the period 16 195 10 913 Attributable to: Owners of the Parent Company 16 203 10 923 Non-controlling interest -8 -10 Profit/loss for the period 16 195 10 913 Basic earnings per share, SEK 21.29 14.36 Diluted earnings per share, SEK 21.26 14.35 Basic average number of shares, million 761.2 760.5 Diluted average number of shares, million 762.3 761.1	SEK m.	1/1-3/31 2013	1/1-3/31 2012

Consolidated Statement of Comprehensive Income, in summary

SEK m.	1/1-3/31 2013	1/1-3/31 2012
Profit for the period	16 195	10 913
Other comprehensive income for the period, including tax
Items that have been or may be recycled to profit/loss for the period
Cash flow hedges	116	52
Foreign currency translation adjustment	-40	-115
Share of other comprehensive income of associates	-21	88
Total other comprehensive income for the period	55	25
Total comprehensive income for the period	16 250	10 938
Attributable to:
Owners of the Parent Company	16 246	10 947
Non-controlling interest	4	-9
Total comprehensive income for the period	16 250	10 938

Consolidated Balance Sheet, in summary

SEK m.	3/31 2013	12/31 2012	3/31 2012
ASSETS
Goodwill	23 340	23 996	24 504
Other intangible assets	8 260	8 718	9 512
Property, plant and equipment	4 238	4 158	3 977
Shares and participations	178 500	164 318	155 419
Other financial investments	2 389	1 072	1 763
Long-term receivables included in net debt	548	947	461
Other long-term receivables	5 959	6 157	5 997
Total non-current assets	223 234	209 366	201 633
Inventories	1 256	1 264	1 164
Shares and participations in trading operation	270	113	2 325
Short-term receivables included in net debt	1	6	14
Other current receivables	5 019	3 073	5 035
Cash, bank and short-term investments	8 573	10 368	11 744
Assets held for sale	5 455	5 455	-
Total current assets	20 574	20 279	20 282
TOTAL ASSETS	243 808	229 645	221 915
EQUITY AND LIABILITIES
Equity	191 423	175 106	167 657
Long-term interest bearing liabilities	43 013	45 278	43 947
Provisions for pensions and similar obligations	722	728	670
Other long-term provisions and liabilities	2 777	2 873	3 798
Total non-current liabilities	46 512	48 879	48 415
Current interest bearing liabilities	1 473	1 210	1 628
Other short-term provisions and liabilities	4 400	4 450	4 215
Total current liabilities	5 873	5 660	5 843
TOTAL EQUITY AND LIABILITIES	243 808	229 645	221 915
NET DEBT/NET CASH
Amounts in SEK m.	3/31 2013	12/31 2012	3/31 2012
Other financial investments	2 389	1 072	1 763
Receivables included in net debt	549	953	475
Cash, bank and short-term investments	8 573	10 368	11 744
Long-term interest bearing liabilities	-43 013	-45 278	-43 947
Provisions for pensions and similar obligations	-722	-728	-670
Current interest bearing liabilities	-1 473	-1 210	-1 628
Adjustment related to subsidiaries1)	11 531	12 058	13 260
Total net debt/net cash	-22 166	-22 765	-19 003

Consolidated Statement of Changes in Equity, in summary

SEK m.	1/1-3/31 2013	1/1-12/31 2012	1/1-3/31 2012
Opening balance	175 106	156 719	156 719
Profit for the period	16 195	24 175	10 913
Other comprehensive income for the period	55	-318	25
Total comprehensive income for the period	16 250	23 857	10 938
Dividends paid	-	-4 563	-
Changes in non-controlling interest	-2	-964	-
Effect of long-term share-based remuneration	69	57	0
Closing balance	191 423	175 106	167 657
Attributable to:
Owners of the Parent Company	191 030	174 698	167 008
Non-controlling interest	393	408	649
Total equity	191 423	175 106	167 657

1) Deductions relating to the ring-fenced subsidiaries within Core Investments and Investor Growth Capital.

Consolidated Cash Flow, in summary

SEK m.	1/1-3/31 2013	1/1-3/31 2012
Operating activities
Core Investments
Dividends received	751	681
Cash receipts	4 055	3 938
Cash payments	-3 751	-3 473
Financial Investments and management cost
Dividends received	10	149
Net cash flow, trading operation	8	-855
Cash payments	-110	-234
Cash flows from operating activities before net interest and
income tax	963	206
Interest received/paid	-500	-603
Income tax paid	-49	-88
Cash flows from operating activities	414	-485
Investing activities
Acquisitions	-762	-968
Divestments	712	2 150
Increase in long-term receivables	-9	-
Decrease in long-term receivables	32	39
Acquisitions of subsidiaries, net effect on cash flow	-4	-192
Increase in other financial investments	-1 196	-
Decrease in other financial investments	-	210
Net changes, short-term investments	103	3 913
Acquisitions of property, plant and equipment	-169	-106
Proceeds from sale of other investments	0	1
Net cash used in investing activities	-1 293	5 047
Financing activities
Borrowings	80	1 789
Repayment of borrowings	-846	-3 714
Net cash used in financing activities	-766	-1 925
Cash flows for the period	-1 645	2 637
Cash and cash equivalents at the beginning of the year	7 696	4 312
Exchange difference in cash	-36	-4
Cash and cash equivalents at the end of the period	6 015	6 945

Operating segment

PERFORMANCE BY BUSINESS AREA 1/1-3/31 2013

	Core	Financial	Investor
SEK m.	investments	investments	Groupwide	Elimination	Total
Dividends	2 316	10	-	-	2 326
Other operating income1)	33	126	-	-33	126
Changes in value	13 695	428	-	-	14 123
Net sales	4 202	-	-	-23	4 179
Cost of goods and services sold	-2 860	-	-	22	-2 838
Sales and marketing cost	-649	-	-	-	-649
Administrative, research and development and
other operating cost	-337	-28	-	-	-365
Management cost	-36	-15	-40	1	-90
Share of results of associates	1	3	-	-	4
Operating profit/loss	16 365	524	-40	-33	16 816
Net financial items	-354	-	-308	33	-629
Income tax	44	-	-36	-	8
Profit/loss for the period	16 055	524	-384	-	16 195
Non-controlling interest	8	-	-	-	8
Net profit/loss for the period attributable to the
Parent Company	16 063	524	-384	-	16 203
Other effects on equity	-226	-143	498	-	129
Contribution to net asset value	15 837	381	114	-	16 332
Net asset value by business area 3/31 2013
Carrying amount	176 295	35 585	1 316	-	213 196
Net debt	-	-	-22 166	-	-22 166
Total net asset value	176 295	35 585	-20 850	-	191 030

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

	Core	Financial	Investor
SEK m.	investments	investments	Groupwide	Elimination	Total
Dividends	1 936	141	-	-	2 077
Other operating income1)	5	124	-	-5	124
Changes in value	7 861	1 395	-	9	9 265
Net sales	4 101	-	-	-11	4 090
Cost of goods and services sold	-2 718	-	-	10	-2 708
Sales and marketing cost	-642	-	-	-	-642
Administrative, research and development and other
operating cost	-344	-37	-	-	-381
Management cost	-32	-18	-63	-	-113
Share of results of associates	1	-148	-	-	-147
Operating profit/loss	10 168	1 457	-63	3	11 565
Net financial items	-326	-	-259	-3	-588
Income tax	47	-	-111	-	-64
Profit/loss for the period	9 889	1 457	-433	-	10 913
Non-controlling interest	10	-	-	-	10
Net profit/loss for the period attributable to the
Parent Company	9 899	1 457	-433	-	10 923
Other effects on equity	-120	-29	164	-	15
Contribution to net asset value	9 779	1 428	-269	-	10 938
Net asset value by business area 3/31 2012
Carrying amount	146 248	39 041	722	-	186 011
Net debt	-	-	-19 003	-	-19 003
Total net asset value	146 248	39 041	-18 281	-	167 008

1) Includes interest on loans

Parent Company Income Statement, in summary

SEK m.	1/1-3/31 2013	1/1-3/31 2012
Dividends	2 188	1 936
Changes in value	12 646	7 834
Net sales	1	1
Operating cost	-87	-110
Impairment of associates	-	-39
Operating profit/loss	14 748	9 622
Profit/loss from financial items
Other financial items	54	8
Profit/loss after financial items	14 802	9 630
Income tax	-	-
Profit/loss for the period	14 802	9 630

Parent Company Statement of Comprehensive Income, in summary

SEK m.	1/1-3/31 2013	1/1-3/31 2012
Profit for the period	14 802	9 630
Other comprehensive income for the period Items that have been or may be recycled to profit/loss for the period
Cash flow hedges	-	6
Total other comprehensive income for the period	-	6
Total comprehensive income for the period	14 802	9 636

Parent Company Balance Sheet, in summary

SEK m.	3/31 2013	12/31 2012	3/31 2012
ASSETS
Intangible assets and Property, plant and equipment	32	30	35
Financial assets	224 662	208 376	191 397
Total non-current assets	224 694	208 406	191 432
Current receivables	2 449	1 207	2 044
Cash and cash equivalents	0	0	0
Total current assets	2 449	1 207	2 044
TOTAL ASSETS	227 143	209 613	193 476
EQUITY AND LIABILITIES
Equity	176 220	161 349	152 269
Provisions	290	291	297
Non-current liabilities	27 639	28 563	27 664
Total non-current liabilities	27 929	28 854	27 961
Total current liabilities	22 994	19 410	13 246
TOTAL EQUITY AND LIABILITIES	227 143	209 613	193 476
ASSETS PLEDGED AND CONTINGENT LIABILITIES	3/31 2013	12/31 2012	3/31 2012
Assets pledged	243	95	85
Contingent liabilities	10 200	10 200	10 204

Parent Company Statement of Changes in Equity, in summary

SEK m.	1/1-3/31 2013	1/1-12/31 2012	1/1-3/31 2012
Opening balance	161 349	142 633	142 633
Profit/loss for the period	14 802	23 057	9 630
Other comprehensive income for the period		166	6
Total comprehensive income for the period	14 802	23 223	9 636
Dividends paid	-	-4 563	-
Effect of long-term share-based remuneration	69	56	0
Closing balance	176 220	161 349	152 269

Financial instruments

As of the first quarter 2013, IFRS requires the information below to be disclosed in the interim reports. The numbers are based on the same accounting- and valuation policies as used in the preparation of the company's most recent annual report.

Financial assets and liabilities by level

The table below indicates how fair value is measured for the financial instruments recognized at fair value in the Balance Sheet. The financial instruments are categorized on three levels, depending on how the fair value is measured: Level 1: According to quoted prices in active markets for identical instruments

Level 2: According to directly or indirectly observable inputs that are not included in level 1

Level 3: According to inputs that are unobservable in the market

In order to enable reconciliation with the Balance sheet, financial instruments that are not measured at fair value and other assets and liabilities included in the Balance sheet items, have been included in "other" in the table below.

	Financial instruments - fair value
					Total carrying
Group 3/31 2013	Level 1	Level 2	Level 3	Other	amount
Financial assets
Shares and participations	156 511	1 498	18 401	2 090	178 500
Other financial investments	2 260			129	2 389
Long-term receivables included in net debt		444	104		548
Shares and participations in trading operation	270				270
Short-term investments included in net debt		1			1
Other current receivables		101		4 918	5 019
Cash, bank and short-term investments	7 724	849			8 573
Total	166 765	2 893	18 505	7 137	195 300
Financial liabilities
Long-term interest bearing liabilities		1 405	157	41 4511)	43 0132)
Current interest bearing liabilities		702		771	1 473
Other short-term provisions and liabilities	238	68		4 094	4 400
Total	238	2 175	157	46 316	48 886

1) The Groups loans are valued at amortized cost.

2) Fair value on loans amounts to SEK 44,690 m.

Transfers between levels

Transfers between levels that have occurred during a reporting period are presented based on the value at the end of the reporting period. During the first quarter no transfers between levels have taken place.

Measurement of financial instruments in level 2

Shares and participations

Shares and participations in level 2 consist of holdings in listed shares for which the classes are not actively traded. The measurement of these shares is based on the market price for the most traded class of shares for the same holding.

Derivatives

Derivatives in level 2 consist mainly of currency and interest rate swaps for which the valuation is based on discounted future cashflows according to the terms and conditions in the agreement and based on the market rate of interest for similar instruments with different durations.

Measurement of financial instruments in level 3

Unlisted holdings and fund holdings

Unlisted holdings are measured on the basis of the "International Private Equity and Venture Capital Valuation Guidelines". For directly owned holdings (i.e. those owned directly by a company in the Investor Group), an overall evaluation is made to determine the measurement method that is appropriate for each specific holding. It is first taken into account whether a recent financing round or "arms length transaction" has been made, after which a valuation is made by applying relevant multiples to the holding's key ratios (for example, EBITDA), derived from a relevant sample of comparable companies, with deduction for individually determined adjustments as a consequence of, for example, the size difference between the company being valued and the sample of comparable companies. In those cases when other measurement methods better reflect the fair value of a holding, this value is used.

Unlisted holdings in funds are measured at Investor's share of the value that the fund manager reports for all unlisted holdings in the fund (Net Asset Value, NAV) and is normally updated when a new valuation is received. If Investor's assessment is that the fund manager's valuation does not sufficiently take into account factors that affect the value of the underlying holdings, or if the valuation is considered to deviate considerably from IFRS principles, the value is adjusted. When estimating the fair value market conditions, liquidity, financial condition, purchase multiples paid in other comparable third-party transactions, the price of securities of other companies comparable to the portfolio company, and operating results and other financial data of the portfolio company are taken in considerations as applicable.

Representatives from Investor's management participate actively in the valuation process within Investor Growth Capital (IGC) and evaluates the estimated fair values for holdings in IGC and the EQT funds in relation to their knowledge of the development of the portfolio companies and the market.

Derivatives

The valuation of currency interest rate swaps with long duration and limited liquidity is based on discounted cash flows according to the terms and conditions of the agreement and based on an estimated market rate for similar instruments with diverse durations.

The table below indicates which valuation techiques and which important unobservable input that have been used in order to estimate the carrying amounts of financial instruments in level 3. The inputs in the table below are not indicative of all the unobservable inputs that may have been used for an individual investment

Fair value	Valuation technique	Input	Range
18 401	Last round of financing	n.a.	n.a.
			1.6 – 8.4
			0.2 – 4.6
			3.9 – 8.0
	NAV	n.a.	n.a.
104	Present value computation	Market interest rate	n.a.
157	Present value computation	Market interest rate	n.a.
		Comparable companies Comparable transactions	EBITDA multiples Sales multiples Sales multiples

All valuations in level 3 are based on assumptions and judgments that management consider to be reasonable based on the circumstances prevailing at the time. Changes in assumptions may result in adjustments to reported values and the actual outcome may differ from the estimates and judgments that were made.

IGC's portfolio includes approximately 100 non-listed holdings, where each valuation is individually adapted for the holding. The majority of IGC's portfolio companies are measured based on comparable companies, and the value is to a high degree depending on the level of the multiples.

For the derivatives, a parallell shift of the interest rate curve upwards by one percentage point would affect the value positively by SEK 882 m.

Changes in financial assets and liabilities in Level 3

Group 3/31 2013	Shares and participations	Long-term receivables included in net debt	Long-term interest bearing liabilities
Opening balance	18 323	372	93
Total gain or losses in profit or loss statement
in line Changes in value	433	-268	64
Reported in other comprehensive income
in line Foreign currency translation adjustment	1
Acquisitions	492
Divestments	-848
Carrying amount at end of period	18 401	104	157
Total gains or losses for the period included in profit/loss for instruments held at the end of the period (unrealized results)
Changes in value	12	-268	64