Year-End Report 2017

Highlights during the fourth quarter

Adjusted net asset value*, based on estimated market values for the major wholly-owned subsidiaries and partner-owned investments within Patricia Industries, amounted to SEK 384,747 m. (SEK 503 per share) on December 31, 2017, an increase of SEK 4,607 m., or 1 percent, during the quarter.
Reported net asset value1)* amounted to SEK 336,262 m. (SEK 440 per share) on December 31, 2017, an increase of SEK 681 m., or 0 percent, during the quarter.
Listed Core Investments generated a total return* of 0 percent.
Within Patricia Industries, organic sales growth in constant currency amounted to 3 percent for the major wholly-owned subsidiaries. Mölnlycke's profitability continued to improve sequentially and was in line with last year.
Aleris' overall performance remains unsatisfactory. The reported value has been impaired by SEK 1.0 bn., and actions to improve stability and profitability have been intensified.
The value of Investor's investments in EQT increased by 7 percent in constant currency. Investor paid a net SEK 813 m. to EQT.
The Board of Directors proposes a dividend per share of SEK 12.00 (11.00), to be paid in two installments, SEK 8.00 per share in May, 2018, and SEK 4.00 per share in November, 2018.

Financial information 2017

Adjusted net asset value growth and reported net asset value growth, including dividend added back, amounted to 16 percent and 15 percent respectively.
Contribution to reported net asset value amounted to SEK 36,185 m. (28,276), of which: Listed Core Investments SEK 42,636 m. (30,936), Patricia Industries SEK 766 m. (4,438), EQT SEK 3,144 m. (1,986), and dividend paid SEK -8,411 m. (-7,635).
Leverage* (net debt/reported total assets) was 3.5 percent on December 31, 2017 (5.3).
Consolidated net sales for the period was SEK 34,381 m. (31,742). Consolidated profit/loss for the period, which includes unrealized change in value, was SEK 44,298 m. (SEK 57.96 basic earnings per share), compared to SEK 33,665 m. (SEK 44.09 basic earnings per share) 2016.

		Total return
	NAV (%)**	Investor B (%)	SIXRX (%)
Q4 2017	0.2	-7.0	-2.7
1 year	15.1	12.9	9.5
5 years	17.3	20.9	14.4
10 years	10.4	13.6	8.8
20 years	9.4	10.8	9.4
	**Reported NAV, Incl. dividend added back
			12/31 2017
Adjusted NAV, SEK per share*			503
NAV, SEK per share*			440
Share price (B-share), SEK			374.10

Overview annual average performance

1) In the reported net asset value, the wholly-owned subsidiaries and partner-owned investments within Patricia Industries are reported according to the acquisition and equity method respectively. * Financial measures that are not defined or specified in the applicable financial reporting framework. For more information, see page 17 and 26.

CEO statement

Dear fellow shareholders,

In 2017, our adjusted net asset value grew by 16 percent, including dividend added back. Our total shareholder return was 13 percent, while the SIXRX Return Index gained 9 percent. In the fourth quarter, adjusted net asset value growth was 1 percent, our total shareholder return was -7 percent and the SIXRX Return Index -3 percent.

During the year, we saw a solid macro development, supporting the demand in many of our companies. It was particularly encouraging to see Europe improving after years of slow growth. In the second half of the year, we also saw some countries in Latin America finally starting to recover. While it can be debated how the macroeconomy will develop in the coming years, we focus on supporting our companies in building strong, agile operations prepared for cyclicality and rapid technology changes.

Listed Core Investments

2017 included many important activities in our companies. Ericsson announced a new strategic direction, Ronnie Leten was nominated new Chairman, and we strengthened our ownership. In Atlas Copco, the work to prepare for the split of the company, while maintaining full focus on customers and operations, remained intense. The board and management team of Epiroc were established. ABB, Wärtsilä and Nasdaq made significant strategic acquisitions.

Listed Core Investments generated a total return of 17 percent during 2017, significantly outperforming the SIXRX Return Index. All companies generated positive returns, with Wärtsilä and Atlas Copco generating total returns close to 30 percent. During the fourth quarter, the total return was 0 percent, compared to -3 percent for the market.

Patricia Industries

Mölnlycke grew 2 percent organically in constant currency during the fourth quarter, mainly driven by continued strong growth in Emerging Markets. Underlying profitability continued to improve sequentially and was in line with last year. Cash flow was strong.

Permobil grew 9 percent organically in constant currency during the quarter, with underlying profitability slightly higher than last year. The company continued to make several complementary acquisitions. Over the last year, Permobil has announced five acquisitions with combined sales of some SEK 0.5 bn., adding about 15 percent to total sales.

Aleris reported organic sales growth of 3 percent in constant currency during the quarter. Profitability decreased sharply, mainly due to restructuring initiatives. While parts of its business are performing well, some are not performing in line with our expectations. Actions to improve stability and profitability have been intensified. These actions, in combination with some profitable contracts coming under pressure, will impact profitability negatively in the short to medium-term. While our view of the long-term potential remains unchanged, given the current challenges, we have impaired the reported value of Aleris. To support Aleris in this transition, Patricia Industries has committed to inject up to SEK 1 bn. of equity to pay down part of Aleris' external debt, allowing the company to fully focus on the necessary operational improvements. The actual amount and timing will be assessed during the course of 2018.

Laborie reported organic growth of 7 percent in constant currency and improved underlying profitability. BraunAbility grew organically by 2 percent in constant currency, while profitability was affected by high production costs related to the new Chrysler minivan model.

Within Financial Investments, the objective remains to maximize the value and realize proceeds, to be used for investments in existing and new subsidiaries. During 2017, proceeds from divestitures, net of investments, amounted to SEK 1.3 bn.

EQT

EQT had another year of high investment activity and several new funds were launched. For the full year, the value of our investments grew by 21 percent in constant currency, and net cash flow to Investor amounted to SEK 1 bn. During the fourth quarter, the value of our investments grew by 7 percent in constant currency, while net cash flow to Investor amounted to SEK -0.8 bn., affected by expected draw-downs.

Increased dividend, to be paid in two installments

Our cash flow in 2017 remained solid, driven by dividends received from Listed Core Investments, significant distributions to Patricia Industries, and net cash flow from EQT. While the majority of this cash flow was used to pay our dividend and for investments in Listed Core Investments, it also further strengthened our balance sheet. At year-end, our leverage was 3.5 percent.

Our dividend policy remains firm. For 2017, the Board of Directors proposes a dividend of SEK 12.00 per share, an increase of 9 percent from last year. As of this year, the dividend is proposed to be paid out in two installments to better reflect our cash flow profile, as several of our companies pay dividends biannually.

Our priorities remain firm

Our strategy and operating priorities are to grow net asset value, operate efficiently and pay a steadily rising dividend. During 2017, we achieved these goals, with strong growth in our adjusted net asset value, management costs below our guidance, and a proposed dividend increase of SEK 1 per share.

Our sustainability work is also highly prioritized. During the latter part of 2017, we established a new network, bringing our portfolio companies together to share ideas and best practice. A similar initiative has been started up within digitalization. These are examples of how we as an owner can contribute to further development in these important areas.

Looking ahead, our ultimate goal remains to create attractive long-term value for you, dear fellow shareholders. We will strive to achieve this by being an engaged owner, continuing to strengthen our ownership in selected listed core investments, developing our subsidiaries and finding new ones, and by continuing to invest in EQT funds given the attractive return potential.

Johan Forssell

Net asset value overview

				Reported values	Adjusted values5)
	Number of shares	Ownership capital/votes1) (%)	Share of total assets (%)	Contribution to net asset value, SEK m.	Value, SEK m.2)	Value, SEK m.2)	Value, SEK m.	Value, SEK m.
	12/31 2017	12/31 2017	12/31 2017	2017	12/31 2017	12/31 2016	12/31 2017	12/31 2016
Listed Core Investments3)
Atlas Copco	207 645 611	16.9/22.3	21	16 852	72 877	57 437	72 877	57 437
ABB	232 165 142	10.7/10.7	15	7 882	50 891	44 592	50 891	44 592
SEB	456 198 927	20.8/20.8	13	2 489	43 705	43 725	43 705	43 725
AstraZeneca	51 587 810	4.1/4.1	8	4 806	29 302	25 732	29 302	25 732
Wärtsilä	34 866 544	17.7/17.7	5	4 189	18 013	14 257	18 013	14 257
Saab	32 778 098	30.0/39.5	4	2 024	13 033	11 181	13 033	11 181
Electrolux	47 866 133	15.5/30.0	4	2 125	12 613	10 846	12 613	10 846
Nasdaq	19 394 142	11.7/11.7	4	643	12 268	11 842	12 268	11 842
Sobi	107 594 165	39.5/39.5	3	570	12 051	11 480	12 051	11 480
Ericsson	220 347 348	6.6/22.2	3	309	11 737	10 378	11 737	10 378
Husqvarna	97 052 157	16.8/33.0	2	847	7 542	6 883	7 542	6 883
Total Listed Core Investments			82	42 6364)	284 030	248 354	284 030	248 354
Patricia Industries
Subsidiaries
Mölnlycke		99/99	6	2 880	19 681	21 067	58 637	54 298
Permobil		94/90	1	469	4 402	3 923	8 784	7 297
Laborie		97/97	1	-436	4 492	4 928	4 6576)	4 6576)
Aleris		100/100	1	-947	3 008	3 940	3 493	4 686
BraunAbility		95/95	1	-215	2 921	3 136	3 002	2 8206)
Vectura		100/100	1	386	2 552	2 161	2 902	2 338
Grand Group		100/100	0	11	197	181	701	648
			11	2 147	37 252	39 336	82 176	76 743
3 Scandinavia		40/40	1	474	4 197	5 446	7 758	8 144
Financial Investments			2	-1 630	7 164	10 024	7 164	10 024
Total Patricia Industries excl. cash			14	7664)	48 614	54 806	97 099	94 911
Total Patricia Industries incl. cash					67 982	69 195	116 467	109 300
EQT			4	3 1444)	16 165	13 996	16 165	13 996
Other Assets and Liabilities			0	-10 3624,7)	-323	-327	-323	-327
Total Assets excl. cash
Patricia Industries			100		348 486	316 829	396 971	356 934
Gross debt*					-31 123	-33 461	-31 123	-33 461
Gross cash*					18 899	16 710	18 899	16 710
Of which Patricia Industries					19 368	14 389	19 368	14 389
Net debt					-12 224	-16 752	-12 224	-16 752
Net Asset Value				36 185	336 262	300 077	384 747	340 183
Net Asset Value per share					440	393	503	445

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

2) Includes market value of derivatives related to investments if applicable. The subsidiaries and the partner-owned investments within Patricia Industries are reported according to the acquisition method and equity method respectively.

3) 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.

4) Including management costs, of which Listed Core Investments SEK 100 m., Patricia Industries SEK 225 m., EQT SEK 9 m. and Groupwide SEK 121 m.

5) As supplementary information, major wholly-owned subsidiaries and partner-owned investments within Patricia Industries are presented at estimated market values.

6) Presented at invested amount as the portfolio company was acquired less than eighteen months ago.

7) Including paid dividend of SEK 8,411 m.

Valuation overview

Business area	Valuation methodology
Listed Core Investments	Share price (bid) for the class of shares held by Investor.
Patricia Industries
Subsidiaries	Reported value based on the acquisition method. The estimated market values are mainly based on valuation multiples for relevant listed peers and indices. Other methodologies may also be used, for example relating to real estate assets. New investments are valued at invested amount during the first 18 months
Partner-owned investments	Reported value based on the equity method. The estimated market values are mainly based on valuation mulitples for relevant listed peers and indices. New investments are valued at invested amount during the first 18 months following the acquisition.
Financial investments	Unlisted holdings at multiple or third-party valuation, listed shares at share price (bid).
EQT	Unlisted holdings at multiple or third-party valuation, listed shares at share price (bid).
	following the acquisition.

Patricia Industries - valuation overview

In addition to reported values, which are in accordance with IFRS, Investor provides estimated market values of the wholly-owned subsidiaries and partner-owned investments within Patricia Industries in order to facilitate the evaluation of Investor's net asset value. This supplementary, non-GAAP, information also increases the consistency between the valuation of Listed Core Investments and our major wholly-owned subsidiaries and 3 Scandinavia.

While the estimated market values might not necessarily reflect our view of the intrinsic values, they reflect how the stock market values similar companies.

The estimated market values are mainly based on valuation multiples, typically Enterprise Value (EV)/LTM* operating profit, for relevant listed peers and indices. While we focus on EBITA when evaluating the performance of our companies, for valuation purposes, EBITDA multiples are more commonly available, and therefore often used. From the estimated EV, net debt is deducted, and the remaining equity value is multiplied by Patricia Industries' share of capital.

Operating profit is adjusted to reflect, for example, pro forma effects of closed add-on acquisitions and certain nonrecurring items. An item is only viewed as non-recurring if it exceeds a certain amount set for each company, is unlikely to affect the company again, and does not result in any future benefit or cost.

Investments made less than 18 months ago are valued at the invested amount.

*Last twelve months

Patricia Industries – valuation overview

	Estimated market value, Patricia Industries' ownership, 12/31, 2017	Comments
Subsidiaries
Mölnlycke	58 637	Implied EV/reported LTM EBITDA 17.8x
Permobil	8 784	Implied EV/reported LTM EBITDA 16.6x
Laborie	4 657	Valued at invested amount as the acquisition was made less than 18 months ago
Aleris	3 493	Applied EV/reported LTM EBITDA 12.4x. Adjustment to the reported operating profit related to minor complementary acquisition.
BraunAbility	3 002	Adjustments to the reported operating profit during the last 12 months made
Vectura	2 902	Valuation mainly based on the estimated market value of the property portfolio
Grand Group	701	Implied EV/reported LTM EBITDA 11.9x
Partner-owned investments
3 Scandinavia	7 758	Adjustments to the reported operating profit during the last 12 months made
Financial Investments	7 164	Unlisted holdings at multiple or third-party valuation, listed shares at share price (bid)
Total	97 099

Overview

Net asset value

During 2017, reported net asset value increased from SEK 300.1 bn. to SEK 336.3 bn. The change in net asset value, with dividend added back, was 15 percent (13), of which 0 percent during the fourth quarter (3). The corresponding total return of the Stockholm Stock Exchange (SIXRX) was 9 percent and -3 percent respectively.

For balance sheet items, figures in parentheses refer to year-end 2016 figures. For income statement items and cash flow items, the figures in parentheses refer to the same period last year.

Net debt

Net debt* totaled SEK 12,224 m. on December 31, 2017 (16,752), corresponding to leverage of 3.5 percent (5.3).

Investor's net debt

SEK m.	2017
Opening net debt	-16 752
Listed Core Investments
Dividends	8 319
Investments, net of proceeds	-1 246
Management cost	-100
Total	6 972
Patricia Industries
Proceeds	7 739
Investments	-412
Internal transfer to Investor	-1 605
Management cost	-225
Other1)	-517
Total	4 979
EQT
Proceeds (divestitures, fee surplus and carry)	4 757
Draw-downs (investments and management fees)	-3 773
Management cost	-9
Total	976
Investor Groupwide
Dividends paid	-8 411
Internal transfer from Patricia Industries	1 605
Management cost	-121
Other2)	-1 472
Closing net debt	-12 224

1) Incl. currency related effects and net interest paid.

2) Incl. currency related effects, revaluation of debt and net interest paid.

Performance by business area in summary

Q4 2017	Listed Core	Patricia		Investor
SEK m.	Investments	Industries	EQT	Groupwide	Total
Dividends	891	3	0	0	894
Other operating income		2			2
Changes in value	-1 827	-215	1 002	24	-1 016
Net sales		8 950			8 950
Management cost	-29	-59	-2	-44	-135
Other profit/loss items		-8 964	-2	-744	-9 710
Profit/loss for the period	-966	-283	998	-765	-1 016
Non-controlling interest		8			8
Other effects on equity		1 163	372	154	1 688
Contribution to net asset value	-966	887	1 370	-611	681

Net asset value by business area 12/31 2017
Carrying amount	284 030	48 614	16 165	-323	348 486
Investor's net debt/cash		19 368		-31 592	-12 224
Total net assets including net debt/cash	284 030	67 982	16 165	-31 915	336 262
Q4 2016	Listed Core	Patricia		Investor
SEK m.	Investments	Industries	EQT	Groupwide	Total
Dividends	819	-1	0	0	819
Other operating income		8			8
Changes in value	6 545	-526	657	2	6 679
Net sales		8 747			8 747
Management cost	-23	-68	-2	-30	-123
Other profit/loss items		-7 490	-2	544	-6 948
Profit/loss for the period	7 341	670	653	517	9 181
Non-controlling interest		3			3
Other effects on equity		927	-60	-656	211
Contribution to net asset value	7 341	1 601	593	-140	9 395
Net asset value by business area 12/31 2016
Carrying amount	248 354	54 806	13 996	-327	316 829
Investor's net debt/cash		14 389		-31 141	-16 752
Total net assets including net debt/cash	248 354	69 195	13 996	-31 468	300 077

Listed Core Investments

Listed Core Investments contributed to the net asset value with SEK 42,636 m. during 2017 (30,936), of which SEK -966 m. during the fourth quarter (7,341).

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

Contribution to net asset value, Listed Core Investments

SEK m.	Q4 2017	2017	2016
Changes in value	-1 827	34 418	22 719
Dividends	891	8 319	8 307
Management cost	-29	-100	-89
Totalt	-966	42 636	30 936

The combined total return amounted to 17 percent during 2017, of which 0 percent during the fourth quarter.

Dividends

Dividends received totaled SEK 8,319 m. during 2017 (8,307), of which SEK 891 m. during the fourth quarter.

Contribution to net asset value and total return

		Q4 2017			2017
	Value, SEK	Contribution to net asset value,	Total return, Investor1)	Contribution to net asset value,	Total return, Investor1)
	m.	SEK m.	(%)	SEK m.	(%)
Atlas Copco	72 877	2 387	3.4	16 852	29.3
ABB	50 891	4 156	8.9	7 882	17.7
SEB	43 705	-5 200	-10.6	2 489	5.7
AstraZeneca	29 302	1 006	3.6	4 806	18.7
Wärtsilä	18 013	-1 951	-9.8	4 189	29.4
Saab	13 033	-515	-3.8	2 024	18.1
Electrolux	12 613	-603	-4.6	2 125	19.6
Nasdaq	12 268	131	1.1	643	5.4
Sobi	12 051	-1 356	-10.1	570	5.0
Ericsson	11 737	1 438	14.0	309	3.0
Husqvarna	7 542	-429	-5.3	847	12.3
Total	284 030	-936		42 737

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

Investments and divestments

Fourth quarter

No investments or divestments were made.

Earlier during the year

24,300,000 shares were purchased in Ericsson for SEK 1,245 m.

Listed Core Investments

A provider of electrification products, robotics and motion, industrial automation and power grids	www.abb.com
A global, innovation-driven, integrated biopharmaceutical company	www.astrazeneca.com
A provider of compressors, vacuum and air treatment systems, construction and mining equipment, power tools and assembly systems	www.atlascopco.com
A provider of household appliances and appliances for professional use	www.electrolux.com
A provider of communication technologies and services	www.ericsson.com
A provider of outdoor power products, consumer watering products, cutting equipment and diamond tools	www.husqvarnagroup.com
A provider of trading, exchange technology, information and public company services	www.nasdaq.com
A provider of products, services and solutions for military defense and civil security	www.saabgroup.com
A financial services group with the main focus on the Nordic countries, Germany and the Baltics	www.sebgroup.com
A specialty healthcare company developing and delivering innovative therapies and services to treat rare diseases	www.sobi.com
A provider of complete lifecycle power solutions for the marine and energy markets	www.wartsila.com

Patricia Industries contributed to the net asset value with SEK 766 m. during 2017 (4,438), of which SEK 887 m. during the fourth quarter (1,601).

Investments, divestments and distributions

Investments totaled SEK 248 m. during the quarter. Divestments were made in the Nordics, Asia, and in the U.S., amounting to SEK 349 m.

For information regarding Alternative Performance Measures related to Patricia Industries and its investments, see page 17. Definitions can be found on Investors website.

Major subsidiaries, performance1)

Patricia Industries, net cash

SEK m.	Q4 2017	2017	2016
Beginning of period	19 377	14 389	14 616
Net cash flow	105	7 326	1 006
Internal transfer to Investor	-	-1 605	-1 259
Other1)	-113	-742	27
End of period	19 368	19 368	14 389

1) Includes currency related effects, net interest and management cost.

Patricia Industries, net asset value

SEK m.	Q4 2017	2017	2016
Beginning of period	47 656	54 806	51 095
Investments	248	406	6 127
Divestments	-349	-1 725	-2 360
Distributions	-3	-6 014	-4 763
Changes in value	1 061	1 141	4 706
End of period	48 614	48 614	54 806
Total, incl. cash	67 982	67 982	69 195

Patricia Industries, contribution to net asset value

SEK m.	Q4 2017	2017	2016
Changes in value	1 061	1 141	4 706
Management cost	-59	-225	-263
Other items	-115	-150	-5
Total	887	766	4 438

Q4 2017							Grand
SEK m.	Mölnlycke	Permobil	Laborie	Aleris	BraunAbility	Vectura	Group	Total
Income statement items
Sales	3 598	1 048	297	2 730	1 125	53	170	9 021
EBITDA	1 062	203	55	36	79	32	13	1 481
EBITDA, %	30	19	19	1	7	60	8	16
EBITA2)	947	169	46	-38	54	0	2	1 181
EBITA, %	26	16	16	-1	5	0	1	13
Cash flow items
EBITDA	1 062	203	55	36	79	32	13	1 481
Change in working capital	313	13	28	130	52	-63	-33	440
Capital expenditures	-128	-35	-39	-38	-9	19	-23	-253
Operating cash flow	1 246	181	45	127	123	-11	-43	1 668
Acquisitions/divestments	-	-256	-	-77	-	-128	-	-461
Shareholder
contribution/distribution	-	-	-	-	-	-	-	-
Other	-107	-51	-14	-2	-2	-14	7	-184
Increase (-)/decrease (+) in
net debt	1 139	-126	31	48	121	-153	-36	1 023

2017

							Grand
SEK m.	Mölnlycke	Permobil	Laborie	Aleris	BraunAbility	Vectura	Group	Total
Income statement items
Sales	13 904	3 649	1 144	10 445	4 530	208	646	34 527
EBITDA	3 857	692	247	472	324	134	55	5 782
EBITDA, %	28	19	22	5	7	65	9	17
EBITA2)	3 419	558	223	215	272	25	24	4 737
EBITA, %	25	15	19	2	6	12	4	14
Cash flow items
EBITDA	3 857	692	247	472	324	134	55	5 782
Change in working capital	-255	36	16	-2	-154	-6	-23	-387
Capital expenditures	-462	-123	-68	-211	-41	-323	-84	-1 313
Operating cash flow	3 141	605	194	259	129	-194	-52	4 082
Acquisitions/divestments	-62	-325	-48	-133	-495	-128	-	-1 191
Shareholder
contribution/distribution	-4 289	-	-	-	-	-	-	-4 289
Other	-472	80	-59	-139	-30	-31	5	-645
Increase (-)/decrease (+) in
net debt	-1 682	360	88	-12	-396	-354	-46	-2 042

1) This table presents the performance of the major subsidiaries within Patricia Industries. Smaller subsidiaries and internal eliminations not included.

2) EBITA is defined as operating profit before acquisition-related amortizations.

Activities during the quarter

Organic sales growth amounted to 2 percent in constant currency, with slightly higher growth in Wound Care than in Surgical. Growth was mainly driven by Emerging Markets, while the U.S. and Europe were essentially flat.
Profitability was negatively impacted by costs related to the closing of a factory for procedure trays. Adjusted for these costs, the EBITDA and EBITA margins would have been approximately 1 percentage point higher.
After the end of the quarter, Mölnlycke announced a strategic partnership with Tissue Analytics, a developer of a sophisticated digital wound imaging platform, and also acquired a small minority stake in the company.
Cash flow was strong during the quarter. The balance sheet remains solid.

Key figures, Mölnlycke

Income statement items,	2017		2016
EUR m.	Q4	YTD	Q4	YTD
Sales	368	1 443	372	1 429
Sales growth, %	-1	1	4	6
Organic growth, constant
currency, %	2	2	4	6
EBITDA	109	400	111	428
EBITDA, %	30	28	30	30
EBITA	97	355	101	392
EBITA, %	26	25	27	27
Balance sheet items, EUR m.	12/31 2017 12/31 2016
Net debt		1 084		909
	2017		2016
Cash flow items, EUR m.	Q4	YTD	Q4	YTD
EBITDA	109	400	111	428
Change in working capital	33	-26	34	7
Capital expenditures	-13	-48	-31	-89
Operating cash flow	128	326	114	346
Acquisitions/divestments	-	-6	-	-50
Shareholder
contribution/distribution	-	-450	-300	-300
Other1)	-8	-44	-11	-50
Increase (-)/decrease (+) in
net debt	120	-175	-197	-54
Key ratios
Working capital/sales, %		13
Capital expenditures/sales, %		3
		12/31 2017		12/31 2016
Number of employees		7 570		7 505

1) Includes effects of exchange rate changes, interest and tax.

Activities during the quarter

Organic sales growth amounted to 9 percent in constant currency, driven by Power and Seating & Positioning.
The EBITA margin declined compared to last year, which was positively impacted by pension scheme-related change. Adjusting for this, the margin improved slightly year over year.
Permobil acquired MAX Mobility, maker of the innovative power assist device SmartDrive. Power assist provides manual wheelchair users with propulsion support, thereby increasing mobility and reducing risks of repetitive strain injuries. The acquisition was closed right after the end of the quarter.
After the end of the quarter, Permobil acquired the acquisition of Ottobock's OBSS and NUTEC custom seating business lines, further expanding Permobil's offering of Seating & Positioning solutions in North America.

Key figures, Permobil

Income statement items,	2017		2016
SEK m.	Q4	YTD	Q4	YTD
Sales	1 048	3 649	939	3 335
Sales growth, %	12	9	9	14
Organic growth, constant
currency, %	9	4	1	6
EBITDA	203	692	206	682
EBITDA, %	19	19	22	20
EBITA	169	558	172	552
EBITA, %	16	15	18	17
Balance sheet items, SEK m.		12/31 2017		12/31 2016
Net debt		2 141	2 501
	2017		2016
Cash flow items, SEK m.	Q4	YTD	Q4	YTD
EBITDA	203	692	206	682
Change in working capital	13	36	1	91
Capital expenditures	-35	-123	-23	-86
Operating cash flow	181	605	184	687
Acquisitions/divestments	-256	-325	-2	-140
Shareholder
contribution/distribution	-	-	-200	-200
Other1)	-51	80	-120	-454
Increase (-)/decrease (+) in net debt	-126	360	-138	-107
Key ratios
Working capital/sales, %		16
Capital expenditures/sales, %		3
		12/31 2017		12/31 2016
Number of employees		1 620		1 375

1) Includes effects of exchange rate changes, interest and tax.

Activities during the quarter

Organic sales growth amounted to 7 percent in constant currency, driven by strong growth in disposables.
Profitability continued to improve, despite significant investments in business development and operations. Results were also impacted by costs related to an organizational restructuring focused on streamlining Laborie's management structure and European business.
During the quarter, Laborie appointed a Chief Corporate Development Officer.

Key figures, Laborie

Income statement items,	2017		2016
USD m.	Q4	YTD	Q4	YTD
Sales	36	134	31	123
Sales growth, %	13	9	5	13
Organic growth, constant
currency, %	7	5	6	10
EBITDA	7	29	5	23
EBITDA, %	19	22	14	19
EBITA	6	26	4	20
EBITA, %	16	19	12	17
Balance sheet items, USD m.	12/31 2017	12/31 2016
Net debt		57		67
	2017		2016
Cash flow items, USD m.	Q4	YTD	Q4	YTD
EBITDA	7	29	5	23
Change in working capital	3	2	-22	2
Capital expenditures	-5	-8	1	-15
Operating cash flow	5	23	-16	10
Acquisitions/divestments	-	-5	-	-3
Shareholder
contribution/distribution	-	-	-100	121
Other1)	-2	-7	8	-4
Increase (-)/decrease (+) in
net debt	4	10	-109	123
Key ratios
Working capital/sales, %		14
Capital expenditures/sales, %		6
		12/31 2017	12/31 2016

Number of employees 470 425

1) Includes effects of exchange rate changes, interest and tax.

Activities during the quarter

Organic growth amounted to 3 percent in constant currency.
The EBITA margin was lower than last year, mainly driven by costs related to ongoing restructuring initiatives, including provisions for onerous contracts, closure of businesses and organizational changes for a clearer focus on Care and Healthcare respectively. Underlying profitability was largely flat in Healthcare, but lower in Care.
While parts of the businesses within Aleris are performing well, there are several performance gaps to best-in-class peers. Management has laid out a plan, including both operational improvements and restructuring, to sustainably improve performance. To support this transformation, Patricia Industries has committed to inject up to SEK 1 bn. of equity, to be used to pay down debt. The actual amount and timing will be assessed during 2018.
Following the ongoing restructuring initiatives, and some profitable contracts coming under pressure, the short- to medium-term forecast for Aleris has been revised. As a consequence, a SEK 964 m. write-down of goodwill has been made.
During the quarter, AlerisX launched the digital healthcare platform Doktor24. The service provides online access to doctors 24 hours 7 days a week, as well as bookings and physical visits when needed.

Key figures, Aleris

Income statement items,	2017		2016
SEK m.	Q4	YTD	Q4	YTD
Sales	2 730	10 445	2 662	9 896
Sales growth, %	3	6	15	16
Organic growth, constant
currency, %	3	1	3	7
EBITDA	36	472	122	494
EBITDA, %	1	5	5	5
EBITA	-38	215	63	288
EBITA, %	-1	2	2	3
Balance sheet items, SEK m.		12/31 2017		12/31 2016
Net debt		2 597		2 584
	2017		2016
Cash flow items, SEK m.	Q4	YTD	Q4	YTD
EBITDA	36	472	122	494
Change in working capital	130	-2	68	6
Capital expenditures	-38	-211	-65	-219
Operating cash flow	127	259	125	281
Acquisitions/divestments	-77	-133	-13	-1 188
Shareholder contribution/distribution	-	-
Other1)	-2	-139	- 43	- -263
Increase (-)/decrease (+) in
net debt	48	-12	155	-1 169
Key ratios
Working capital/sales, %		-2
Capital expenditures/sales, %		2
		12/31 2017		12/31 2016
Number of employees		8 665		8 690

1) Includes effects of exchange rate changes, interest and tax.

Activities during the quarter

Organic sales growth amounted to 2 percent in constant currency, with similar growth in all business areas.
The EBITA margin was impacted by higher production costs related to the new Chrysler minivan, costs related to the CEO recruitment and some M&A-related transaction costs.
Staci Kroon was appointed new CEO in November 2017.

Key figures, BraunAbility

Income statement items,	2017		2016
USD m.	Q4	YTD	Q4	YTD
Sales	135	531	116	454
Sales growth, %	17	17	15	14
Organic growth, constant
currency, %	2	1	13	13
EBITDA	10	38	9	40
EBITDA, %	7	7	7	9
EBITA	7	32	8	36
EBITA, %	5	6	7	8
Balance sheet items, USD m.	12/31 2017	12/31 2016
Net debt		106		59
	2017		2016
Cash flow items, USD m.	Q4	YTD	Q4	YTD
EBITDA	10	38	9	40
Change in working capital	6	-18	16	2
Capital expenditures	-1	-5	-1	-4
Operating cash flow	14	15	24	38
Acquisitions/divestments	-	-56	-	-7
Shareholder
contribution/distribution	-	-	-	-
Other1)	-1	-5	-8	-15
Increase (-)/decrease (+) in
net debt	13	-46	16	16
Key ratios
Working capital/sales, %		18
Capital expenditures/sales, %		1
		12/31 2017		12/31 2016
Number of employees		1 310		1 075

1) Includes effects of exchange rate changes, interest and tax.

Read more at www.vecturafastigheter.se >>

Develops and manages real estate, including Grand Hôtel and Aleris-related properties

Activities during the quarter

Sales growth amounted to 8 percent, driven by the new Aleris facility in Botkyrka (from January 2017) and a one-off gain from a property disposal.
Vectura started the construction of several nursing homes and elderly care facilities. The company also signed an agreement with a Swedish municipality to build an integrated nursing home and pre-school facility. The facility will be operated by the municipality. Construction is planned to start later this year.
Vectura signed a rental agreement for two out of the three floors in the Royal Office. Occupancy is scheduled for the fourth quarter 2018.
Vectura renewed and extended its credit facility significantly, thereby creating room for expansion.

Key figures, Vectura

Income statement items,	2017		2016
SEK m.	Q4	YTD	Q4	YTD
Sales	53	208	49	184
Sales growth, %	8	13	16	17
EBITDA	32	134	30	115
EBITDA, %	60	65	60	62
EBITA adjusted1)	6	48	9	41
EBITA adjusted, %	112)	23	18	22
EBITA	0	25	2	10
EBITA, %	0	12	4	5
Balance sheet items, SEK m.	12/31 2017 12/31 2016
Net debt		1 809		1 456

	2017		2016
Cash flow items, SEK m.	Q4	YTD	Q4	YTD
EBITDA	32	134	30	115
Change in working capital	-63	-6	37	7
Capital expenditures	19	-323	-78	-264
Operating cash flow	-11	-194	-12	-142
Acquisitions/divestments	-128	-128	-18	-203
Shareholder
contribution/distribution	-	-	-	-
Other3)	-14	-31	-4	-6
Increase (-)/decrease (+) in
net debt	-153	-354	-34	-351
		12/31 2017		12/31 2016
Number of employees		17		16

1) EBITA adjusted for depreciation of surplus values related to properties.

2) Impacted by a write-down of land. 3) Includes interest and tax.

INVESTOR Q4 2017 – 10

Read more at www.grandhotel.se and www.lydmar.com>>

The Grand Group offers Lodging, Food & Beverage as well as Conference & Banqueting, and consists of Scandinavia's leading hotels Grand Hôtel and Lydmar Hotel

Activities during the quarter

Sales growth amounted to 1 percent, with good growth in Conferencing & Banqueting.
The EBITA margin was essentially flat, as growth and good operating cost control were offset by higher depreciations following investments in Vinterträdgården, which was reopened during the quarter, and renovations of rooms.
A renovation of Grand Hôtel's façade has been initiated and will be ongoing during the first quarter of 2018, resulting in temporary closing of a number of rooms.

Key figures, Grand Group

Income statement items,	2017		2016
SEK m.	Q4	YTD	Q4	YTD
Sales	170	646	168	635
Sales growth, %	1	2	5	6
EBITDA	13	55	10	51
EBITDA, %	8	9	6	8
EBITA	2	24	2	24
EBITA, %	1	4	1	4
Balance sheet items, SEK m.		12/31 2017		12/31 2016
Net debt		-42		-89
	2017		2016
Cash flow items, SEK m.	Q4	YTD	Q4	YTD
EBITDA	13	55	10	51
Change in working capital	-33	-23	-23	-14
Capital expenditures	-23	-84	-9	-36
Operating cash flow	-43	-52	-23	1
Acquisitions/divestments	-	-	-	-
Shareholder
contribution/distribution	-	-	-	-
Other1)	7	5	-14	-18
Increase (-)/decrease (+) in net debt	-36	-46	-38	-17
Key ratios
Working capital/sales, %		-7
Capital expenditures/sales, %		8
		12/31 2017		12/31 2016
Number of employees		355		360

1) Includes interest and tax.

Activities during the quarter

The subscription base decreased by 7,000, driven by Sweden. Denmark continued to grow. The Hallon and Oister offerings enjoyed continued strong momentum.
Service revenue declined by 3 percent compared to last year, primarily reflecting lower revenue per subscription.
EBITDA in the quarter was impacted by a SEK 563 m. payment of value added tax related to previous periods, following a negative decision by SKAT (the Danish tax authority) in an ongoing case. 3 Scandinavia has appealed the decision.
Cash flow in the quarter was negatively impacted by the payment to SKAT.
During the quarter, 3 Sweden developed the "Skicka Surf" application, enabling consumers on the 3 brand to share data with each other.

Key figures, 3 Scandinavia

		2017	2016
Income statement items	Q4	YTD	Q4	YTD
Sales, SEK m.	3 035	11 444	2 933	11 480
Sweden, SEK m.	2 028	7 723	1 915	7 374
Denmark, DKK m.	756	2 865	783	3 242
Service revenue1), SEK m.	1 652	6 723	1 702	6 644
Sweden, SEK m.	1 081	4 419	1 110	4 385
Denmark, DKK m.	431	1 776	453	1 775
EBITDA, SEK m.	200	2 639	821	3 063
Sweden, SEK m.	524	2 280	580	2 255
Denmark, DKK m.	-239	292	185	633
EBITDA, %	7	23	28	27
Sweden	26	30	30	31
Denmark	-32	10	24	20
Balance sheet items, SEK m.		12/31 2017		12/31 2016
Net debt		4 101		1 372
		12/31 2017		12/31 2016
Number of employees		2 070		2 160
Key ratios
Capital expenditures/sales, %		10
Other key figures		12/31 2017		12/31 2016
Subscribers		3 297 000		3 303 000
Sweden		1 986 000		2 067 000
Denmark		1 311 000		1 236 000
Postpaid/prepaid ratio		74/26		78/22

1) Mobile service revenue excluding interconnect revenue.

Financial Investments

Financial Investments consists of investments in which the investment horizon has not yet been defined. Our objective is to maximize the value and use realized proceeds for investments in existing and new subsidiaries. We are also evaluating whether some holdings could become long-term investments.

Activities during the quarter

Patricia Industries participated with SEK 157 m. in a rights issue in Affibody.
Smaller follow-on investments were made.
Full and partial divestitures were made in the Nordics, Asia, and in the U.S., with total proceeds amounting to SEK 352 m. The holding in Corcept was fully exited. Partial divestments were made in Alligator and ChinaCache.

Change in net asset value, Financial Investments

SEK m.	Q4 2017	2017	2016
Net asset value, beginning of period	7 289	10 024	12 850
Investments	239	397	611
Divestments/distributions	-352	-1 736	-2 368
Changes in value	-12	-1 519	-1 070
Net asset value, end of period	7 164	7 164	10 024

As of December 31, 2017, European, U.S. and Asian holdings represented 23, 53, and 24 percent of the total value of the Financial Investments, respectively.

27 percent of the net asset value of the Financial Investments is represented by investments in publicly listed companies.

Five largest Financial Investments, December 31, 2017

Company	Region	Business	Listed/ unlisted	Reported value. SEK m.
NS Focus	Asia	IT	Listed	1 520
Madrague	Europe	Hedge fund Unlisted		817
Spigit1)	U.S.	IT	Unlisted	454
Acquia	U.S.	IT	Unlisted	313
CallFire	U.S.	IT	Unlisted	268
Total				3 372

1) Spigit and Mindjet have merged.

The five largest investments represented 47 percent of the total value of the Financial Investments.

Patricia Industries – key figures overview1)

	FY 2017	Q4 2017	Q3 2017	Q2 2017	Q1 2017	FY 2016	Q4 2016	Q3 2016	Q2 2016	Q1 2016	FY 2015	Q4 2015
Mölnlycke (EUR m.)
Sales	1 443	368	345	365	366	1 429	372	350	361	345	1 353	357
EBITDA	400	109	94	100	98	428	111	109	110	98	374	95
EBITDA (%) EBITA2)	28 355	30 97	27 78	27 90	27 89	30 392	30 101	31 100	30 101	28 89	28 337	27 86
EBITA, %	25	26	23	25	24	27	27	29	28	26	25	24
Net debt	1 084	1 084	1 204	841	891	909	909	712	807	871	855	855
Employees	7 570	7 570	7 735	7 740	7 475	7 505	7 505	7 485	7 560	7 555	7 500	7 500
Permobil (SEK m.)
Sales	3 649	1 048	860	905	837	3 335	939	844	820	732	2 931	862
EBITDA EBITDA (%)	692 19	203 19	192 22	160 18	137 16	682 20	206 22	176 21	167 20	133 18	547 19	189 22
EBITA2)	558	169	158	126	105	552	172	144	135	101	427	146
EBITA, %	15	16	18	14	13	17	18	17	16	14	15	17
Net debt	2 141	2 141	2 015	2 166	2 384	2 501	2 501	2 364	2 335	2 254	2 395	2 395
Employees	1 620	1 620	1 390	1 375	1 355	1 375	1 375	1 375	1 345	1 330	1 320	1 320
Laborie3) (USD m.)
Sales	134	36	32	32	34	123	31	30	30	32	109	30
EBITDA EBITDA (%)	29 22	7 19	7 22	9 27	7 19	23 19	5 14	6 20	5 18	7 23	20 18	7 23
EBITA2)	26	6	6	8	6	20	4	5	5	6	18	6
EBITA, %	19	16	20	25	18	17	12	18	16	20	17	21
Net debt	57	57	60	65	68	67	67	-42	205	191	190	190
Employees	470	470	475	440	435	425	425	410	395	395	385	385
Aleris (SEK m.)
Sales EBITDA	10 445 472	2 730 36	2 408 136	2 643 146	2 664 155	9 896 494	2 662 122	2 355 96	2 503 160	2 376 116	8 540 492	2 311 93
EBITDA (%)	5	1	6	6	6	5	5	4	6	5	6	4
EBITA2)	215	-38	77	85	91	288	63	39	115	71	323	48
EBITA, %	2	-1	3	3	3	3	2	2	5	3	4	2
Net debt Employees	2 597 8 665	2 597 8 665	2 644 8 765	2 503 8 755	2 611 8 915	2 584 8 690	2 584 8 690	2 739 8 585	1 402 8 430	1 508 8 205	1 415 7 805	1 415 7 805

BraunAbility (USD m.) Sales	531	135	154	132	110	454	116	123	114	100	399	101
EBITDA	38	10	13	10	5	40	9	12	12	8	30	2
EBITDA (%)	7	7	9	7	5	9	7	9	11	8	8	2
EBITA2)	32	7	12	9	4	36	8	10	12	7	27	1
EBITA, % Net debt	6 106	5 106	8 119	7 120	4 115	8 59	7 59	8 76	10 80	7 86	7 75	1 75
Employees	1 310	1 310	1 335	1 320	1 300	1 075	1 075	1 075	1 040	1 030	1 025	1 025
Vectura (SEK m.)
Sales	208	53	56	54	45	184	49	51	49	34	158	43
EBITDA	134	32	39	39	25	115	30	35	31	20	92	20
EBITDA (%)	65	60	69	72	55	62	60	68	62	58	58	47
EBITA2) EBITA, %	25 12	0 0	13 24	11 21	0 1	10 5	2 4	8 17	4 9	-5 -15	-10 -6	-6 -14
Net debt	1 809	1 809	1 656	1 549	1 496	1 456	1 456	1 422	1 197	1 135	1 105	1 105
Employees	17	17	17	19	18	16	16	17	15	13	13	13
Grand Group (SEK m.)
Sales	646	170	187	170	120	635	168	183	179	105	597	160
EBITDA	55	13	35	15	-7	51	10	26	24	-10	41	10
EBITDA (%) EBITA2)	9 24	8 2	19 28	9 8	-6 -14	8 24	6 2	14 20	14 18	-9 -16	7 15	6 3
EBITA, %	4	1	15	5	-12	4	1	11	10	-15	3	2
Net debt	-42	-42	-79	-56	-65	-89	-89	-126	-102	-78	-106	-106
Employees	355	355	355	350	330	360	360	360	350	310	360	360
3 Scandinavia
Sales	11 444	3 035	2 795	2 804	2 811	11 480	2 933	2 714	2 701	3 133	10 831	2 948
Sweden, SEK m. Denmark, DKK m.	7 723 2 865	2 028 756	1 880 713	1 930 672	1 885 724	7 374 3 242	1 915 783	1 816 703	1 804 713	1 840 1 043	7 238 2 868	1 951 802
EBITDA	2 639	200	783	831	825	3 063	821	810	680	752	2 916	754
Sweden, SEK m.	2 280	524	568	584	604	2 255	580	591	520	564	2 149	539
Denmark, DKK m.	292	-239	168	190	172	633	185	171	126	151	612	173
EBITDA, % Sweden	23 30	7 26	28 30	30 30	29 32	27 31	28 30	30 33	25 29	24 31	27 30	26 28
Denmark	10	-32	24	28	24	20	24	24	18	14	21	22
Net debt, SEK m.	4 101	4 101	3 803	4 452	729	1 372	1 372	1 101	1 556	1 386	1 579	1 579
Employees	2 070	2 070	2 050	2 075	2 105	2 160	2 160	2 060	2 070	2 085	2 095	2 095
Financial Investments (SEK m.)
Net asset value, beginning of
period Investments	10 024 397	7 289 239	7 900 57	9 219 59	10 024 41	12 850 611	10 293 155	10 717 146	10 727 137	12 850 173	11 714 923	11 897 69
Divestments/distribution	-1 736	-352	-584	-500	-299	-2 368	-447	-546	-566	-809	-2 908	-368
Changes in value	-1 519	-12	-84	-877	-546	-1 070	21	-23	419	-1 488	3 121	1 252
Net asset value, end of period	7 164	7 164	7 289	7 900	9 219	10 024	10 024	10 293	10 717	10 727	12 850	12 850

1) For information regarding Alternative Performance Measures in the table, see page 16. Definitions can be found on Investor's website.

2) EBITA is defined as operating profit before acquisition-related amortizations.

3) Consolidated as of September 16, 2016. Historical pro forma figures presented for information purposes. Previously announced EBITDA of USD 29 m. for fiscal year 2016 (ending March 2016) excluded non-recurring costs of USD 4 m., included in the above historical quarters. The adjusted EBITDA for fiscal year 2016 amounted to USD 38 m. as previously communicated.

Our investments in EQT contributed to the net asset value with SEK 3,144 m. during 2017 (1,986), of which SEK 1,370 m. during the fourth quarter (593).

Activities during the quarter

Investor paid a net of SEK 813 m. to EQT.
In constant currency, the value change of Investor's investments in EQT was 7 percent. The reported value change was 10 percent.
Investor's total outstanding commitments to EQT funds amounted to SEK 16.6 bn. as of December 31, 2017 (13.7).
EQT V divested its holding in Academedia.
EQT VI divested a minority stake sale in Anticimex.
EQT VII acquired Curaeos.
EQT Mid Market US acquired Clinical Innovations.
EQT Infrastructure acquired CAIW.
EQT Real Estate made several investments in France and Germany.
EQT Credit Opportunities III held its final close at EUR 1.3 bn.

Change in net asset value, EQT

SEK m.	Q4 2017	2017	2016
Net asset value, beginning of period	13 981	13 996	13 021
Contribution to net asset value (value
change)	1 370	3 144	1 986
Draw-downs (investments, management
fees and management cost)	2 149	3 781	2 864
Proceeds to Investor (divestitures, fee
surplus and carry)	-1 336	-4 757	-3 874
Net asset value, end of period	16 165	16 165	13 996

Investor's investments in EQT, December 31, 2017

	Fund size EUR m.	Investor's share (%)	Investor's remaining commitment SEK m.	Reported value SEK m.
Fully invested funds1)	17 561		1 336	9 659
EQT VII	6 817	5	1 335	2 492
EQT Infrastructure II	1 938	8	276	1 354
EQT Infrastructure III	4 000	5	1 523	498
EQT Credit Fund II	845	10	379	355
EQT Credit
Opportunities III	1 272	10	1 173	107
EQT Ventures2)	461	11	366	102
EQT Midmarket US	616	30	785	826
EQT Midmarket Europe	1 600	10	1 240	212
EQT Real Estate I	420	16	452	203
EQT new funds			7 746	236
EQT AB		19		122
Total	35 529		16 610	16 165

1) EQT III, EQT IV, EQT V, EQT VI, EQT Expansion Capital I and II, EQT Greater China II, EQT Infrastructure, EQT Credit Fund, EQT Opportunity, EQT Mid Market.

2) Fund commitment excluding the EQT Ventures Co-Investment Schemes and the EQT Ventures Mentor Funds.

Investor's investments in EQT, key figures overview

	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1	FY	Q4
SEK m.	2017	2017	2017	2017	2017	2016	2016	2016	2016	2016	2015	2015
Reported value	16 165	16 165	13 981	14 116	13 956	13 996	13 996	13 300	13 272	11 905	13 021	13 021
Reported value change, %	22	10	1	6	5	15	4	2	9	1	30	10
Value change, constant
currency, %	21	7	3	6	5	10	4	0	7	0	32	12
Draw-downs from Investor	3 781	2 149	872	414	345	2 864	976	942	633	313	1 590	133
Proceeds to Investor	4 757	1 336	1 212	1 160	1 050	3 874	873	1 141	365	1 496	6 086	943
Net cash flow to Investor	976	-813	340	745	704	1 010	-104	199	-268	1 183	4 496	810

Group

Net debt

Net debt totaled SEK 12,224 m. on December 31, 2017 (16,752). Debt financing of the subsidiaries within Patricia Industries is arranged on an independent, ring-fenced basis and hence not included in Investor's net debt. Within Patricia Industries, Investor guarantees SEK 0.7 bn. of

3 Scandinavia's external debt, but this is not included in Investor's net debt.

Net debt, 12/31 2017

SEK m.	Consolidated balance sheet	Deductions related to Patricia subsidiaries	Investor's net debt
Other financial investments	5 389	-139	5 251
Cash, bank and short term investments	20 450	-6 802	13 648
Receivables included in net debt	1 894	-	1 894
Loans	-57 396	24 472	-32 924
Provision for pensions	-865	773	-93
Total	-30 528	18 304	-12 224

Investor's gross cash amounted to SEK 18,899 m. as of December 31, 2017 (16,710). The short-term investments are invested conservatively, taking into account the riskadjusted return profile. Gross debt, excluding pensions for Investor, amounted to SEK 31,030 m. as of December 31, 2017 (33,362).

The average maturity of Investor AB's debt portfolio was 9.9 years on December 31, 2017 (10.0), excluding the debt of Mölnlycke, Laborie, Aleris, Permobil, BraunAbility, Grand Group and Vectura.

Cash and cash equivalents include an amount of SEK 64 m. (CNY 50 m.) that is only available for use within China. An application has been submitted to SAFE for regulatory approval to transfer the funds out of China.

Debt maturity profile, 12/31 2017

Net financial items, 12/31 2017

SEK m.	Group - Net financial items	Deductions related to Patricia subsidiaries	Investor's net financial items
Interest income	55	-26	29
Interest expenses	-1 531	558	-973
Results from revaluation of loans, swaps and short-term
investments	-75	-11	-86
Foreign exchange result	-1 269	442	-827
Other	-71	23	-48
Total	-2 891	986	-1 905

The Investor share

The price of the A-share and B-share was SEK 367.50 and SEK 374.10 respectively on December 31, 2017, compared to SEK 336.80 and SEK 340.50 on December 31, 2016.

The total shareholder return amounted to 13 percent during 2017 (13), of which -7 percent during the fourth quarter (9).

The total market capitalization of Investor, adjusted for repurchased shares, was SEK 284,048 m. as of December 31, 2017 (259,119).

Parent Company

Share capital

Investor's share capital amounted to SEK 4,795 m. on December 31, 2017 (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 December 31, 2017, Investor owned a total of 2,392,938 of its own shares (2,793,387). The net decrease in holdings of own shares is attributable to the purchase of own shares and transfer of shares and options within Investor's longterm variable remuneration program.

Results and investments

The Parent Company's result after financial items was SEK 37,056 m. (29,275). The result is mainly related to Listed Core Investments which contributed to the result with dividends amounting to SEK 7,657 m. (7,731) and value changes of SEK 30,242 m. (19,388).

During 2017, the Parent Company invested SEK 2,447 m. in financial assets (18,286), of which SEK 1,184 m. in Group companies (17,084) and purchases in listed core investments of SEK 1,246 m. (1,135). The parent company divested SEK 13,928 m. in Group companies (22,644). The parent company bought back outstanding bonds at a total nominal amount of SEK 1.3 bn. and a bond with a nominal value of SEK 1.5 bn. matured in the first half of 2017. By the end of the period, shareholder's equity totaled SEK 279,149 m. (250,404).

Other

Events after the end of the quarter

On January 8, 2018, Investor announced that Stefan Stern will leave Investor and its management group to assume advisory assignments, among others for the Wallenberg Foundations AB.

Proposed dividends

The Board of Directors proposes a dividend to the shareholders of SEK 12.00 per share for fiscal year 2017 (11.00). To better reflect Investor's cash flow profile, as of this year, the dividend is proposed to be paid in two installments, SEK 8.00 per share with record date May 11, 2018, and SEK 4.00 per share with record date November 12, 2018.

The dividend level proposed is based on the stated dividend policy to declare dividends attributable to a high percentage of dividends received from Listed Core Investments, as well as to make a distribution from other net assets corresponding to a yield in line with the equity market. Investor AB's goal is also to generate a steadily rising dividend.

Annual General Meeting

Investor AB's Annual General Meeting will be held at 3:00 p.m. on Tuesday, May 8, 2018, at the City Conference Centre, Barnhusgatan 12-14, Stockholm. The registration commences at 1:30 p.m.

Notification of participation in the Annual General Meeting can be given starting March 28, until May 2, 2018. Notification can be given through Investor's website (www.investorab.com), or by calling +46 8 611 2910. Additional information about Investor's Annual General Meeting is available on Investor's website.

Investor's audited Annual Report in Swedish will be made available at the company's head office and website no later than April 17, 2018.

Write-down of goodwill

A write-down of goodwill of SEK 964 m. relating to Aleris was recognized during the fourth quarter.

Impairment testing of goodwill for Aleris is based on a value in use calculation in which assumptions of future growth rate and EBITDA margins are important components. The estimated value in use is based on the 2018 budget and financial forecasts until year-end 2027. A growth rate of 1.4 (0.4) percent has been used to extrapolate the cash flows for the years beyond 2027, which is based on the company's historical growth and the sector's long term growth drivers, such as demographics and lifestyle aspects. Estimated cash flows have been discounted using a discount rate of 9.8 (10.1) percent before tax.

Parts of Aleris' businesses are performing well, delivering high-quality services to customers in a cost efficient manner. Some areas, however, are not performing in line with expectations. To sustainably improve the profitability, management has developed a plan with focus on stability and operational improvements. The plan comprises a more decentralized organisation with clearer focus on Care and Healthcare respectively, contract reviews and closure of unprofitable business. These actions, in combination with some profitable contracts coming under pressure, will have a negative impact on profitability short- to medium-term. Our view of the company's long-term potential remains intact. As a consequence of the revised short- to medium-term forecast, a write-down of SEK 964 m. has been made. The impairment loss is reported in the Income Statement as an administrative, research and development cost within the operating segment Patricia Industries.

Acquisitions (business combinations)

Permobils's acquisitions

During the fourth quarter 2017, Permobil acquired 100 percent of Durable Medical Equipment ltd. and Orbit One ltd. based in New Zealand, as well as U.S. based The Comfort Companies LLC. The acquisitions are in-line with Permobil's strategy to drive access to care and to expand its product offering.

The aggregated consideration amounted to SEK 330 m., whereof SEK 314 m. was paid in cash and SEK 16 m. relates to a potential earnout, based on revenue and

EBITDA targets during 2 years leading up to December 31, 2019.

In the aggregated purchase price allocation, goodwill amounts to SEK 88 m. The goodwill recognized for the acquisitions corresponds to the complementary strengths of the companies in the field of complex rehabilitation and longterm care markets. The goodwill recognized is not expected to be deductible for income tax purposes.

Identifiable assets acquired and liabilities assumed

SEK m.	Purchase Price Allocation
Intangible assets	251
Property, plant and equipment	15
Inventory	29
Accounts receivables	37
Other current assets	3
Cash and Cash equivalents	5

Deferred tax liabilities	-58
Other provisions	-17
Current liabilities	-22
Net identifiable assets and liabilities	242

Consolidated goodwill	88
Consideration	330

Transaction related costs amounted to SEK 13 m. and derive from external legal fees and due diligence expenses. The costs have been included in the item Administrative, research and development and other operating cost in the Group's consolidated income statement.

For the respective period from the acquisition dates until December 31, 2017, the companies contributed net sales of SEK 84 m. and profit of SEK 0 m. to the Group's result. If the acquisitions had occurred on January 1, 2017, management estimates that consolidated net sales for the Investor Group would have increased by SEK 251 m. and consolidated profit for the period would have increased by SEK 5 m.

After the end of the quarter Permobil acquired MAX Mobility and Ottobock´s OBSS and NUTEC custom seating business lines.

Acquisition of Laborie

During the first quarter, the purchase price allocation was changed and goodwill and deferred tax liability was reduced with SEK 400 m. due to a finalization of analysis of local tax consequenses as a result of the acquisition.

Other acquisitions

During the year, BraunAbility, Aleris, Vectura and Laborie acquired ten smaller entities. In the purchase price allocations the aggregated purchase price amounted to SEK 541 m. and preliminary goodwill amounted to a total of SEK 312 m. For the periods from the acquisition date until December 31, 2017, the acquisitions contributed net sales of SEK 944 m. and loss of SEK -14 m. to the Group's result. If the acquisition had occurred on January 1, 2017, management estimates that consolidated net sales for the Investor Group would have increased by SEK 104 m. and consolidated profit for the period would have increased by SEK 16 m.

Pledged assets and contingent liabilities

Total pledged assets amounts to SEK 9.4 bn. (9.9), of which SEK 6.7 bn. refers to pledged assets in the subsidiaries BraunAbility and Laborie, related to outstanding loans corresponding to SEK 0.8 bn. and SEK 1.0 bn.

Three of Investor AB's subsidiaries have historically claimed deduction for certain interest expenses which has been denied by the tax authorities and the Swedish Administrative Court. Investor believes that these deductions have been claimed rightfully and has appealed the denial. No provision has been made. If the appeals would not be successful, it would result in an additional tax expense of SEK 740 m. (530). This amount is reported as an other contingent liability.

No other material changes in contingent liabilities during the period.

Risks and Risk management

The main risks that the Group and the Parent Company are exposed to are primarily 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 development of the financial markets also affects the various unlisted holdings' businesses and opportunities for new investments and divestments.

Investor and its subsidiaries are exposed to commercial risks, financial risks and market risks. In addition, the subsidiaries, 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.

Whatever the economic situation in the world, operational risk management requires a continued high level of awareness and focused work to mitigate current risks in line with stated policies and instructions.

Investor's risk management, risks and uncertainties are described in detail in the Annual Report, (Administration report and Note 3). No significant changes have been assessed subsequently, aside from changes in the current macroeconomy and thereto related risks.

Accounting policies

For the Group, this Year-End 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 2017

New or revised IFRSs and interpretations from the IFRS Interpretations Committee have had no effect on the profit/loss or financial position for the Group or Parent Company. Amendments to IAS 7 Statements of Cash Flows have led to additional disclosures for the Group and Parent Company, that enables users of financial statements to evaluate changes in liabilities arising from financing activities.

New IFRS regulations to be applied in 2018

The new standards described below will be applied from January 1, 2018.

IFRS 9 Financial Instruments will replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 presents a model for classification and measurement of financial instruments, an expected loss model for the

impairment of financial assets and significant changes to hedge accounting.

Classification and measurement under IFRS 9 is based on the entity's business model for managing the financial asset and the characteristics of the contractual cash flows of the asset. Besides some changes in category names, this change will have no effect on the valuation of Investor's financial instruments.

A loss allowance shall be recognised for all financial assets classified as measured at amortized cost and at fair value through other comprehensive income. This loss allowance will not be significant for the Group or Parent Company.

There will be a change in hedge accounting due to the new definition for currency basis spread as cost of hedging. It will then be accounted for in Other Comprehensive Income instead of in financial net as before. In the opening balance for 2018, the amount to be reclassified from retained earnings to hedging reserve will be SEK -307 m. for the Group and SEK 7 m. for the Parent Company.

IFRS 15 Revenue from Contracts with Customers is a new standard for revenue that will replace all existing standards and interpretations about revenue. Revenue shall be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services.

The new standard will not have any significant effect, neither with regards to the amounts recognized as revenues, nor the timing of when revenues are recognized. Areas most impacted are classification and accrual of variable discounts. At initial application Investor will recognise the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings.

Alternative Performance Measures

Investor applies the ESMA Guidelines on Alternative Performance Measures (APMs). An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. For Investor's consolidated accounts, this typically means IFRS. APMs are disclosed when they complement performance measures defined by IFRS. The basis for disclosed APMs are that they are used by management to evaluate the financial performance and in so believed to give analysts and other stakeholders valuable information.

Definitions of all APMs used are found in the Annual Report 2016 and on www.investorab.com/investors-media/investorin-figures/definitions.

Reconciliations to the financial statements for the APMs that are not directly identifiable from the financial statements and considered significant to specify, are disclosed on page 26. Reconciliation of APMs for individual subsidiaries or business areas are not disclosed, since the purpose with these are to give deeper financial information without being directly linked to the financial information for the Group, that is presented according to applicable financial reporting framework.

Roundings

Due to rounding, numbers presented throughout this Interim Management Report may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Financial calendar

April 20, 2018	Interim Management Statement January-March 2018
May 8, 2018	Annual General Meeting
July 17, 2018	Interim Report January-June 2018
Oct. 17, 2018	Interim Management Statement January-September 2018

Jan. 24, 2019 Year-End Report 2018

Stockholm, January 23, 2018

Johan Forssell President and Chief Executive Officer

For more information:

Helena Saxon, Chief Financial Officer: +46 8 614 2000 [email protected]

Magnus Dalhammar, Head of Investor Relations: +46 8 614 2130, +46 73 524 2130 [email protected]

Stefan Stern, Head of Corporate Relations, Sustainability and Communications: +46 8 614 2058, +46 70 636 7417 [email protected]

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 INVE B in NASDAQ OMX

This information is information that Investor AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:15 CET on January 23, 2018.

This Year-End Report and additional information is available on www.investorab.com.

Review Report

Introduction

We have reviewed the interim report of Investor AB (publ), corporate identity number 556013-8298, for the period January 1- December 31, 2017. The Board of Directors and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA) and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit.

Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.

Conclusion

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

Stockholm, January 23, 2018

Deloitte AB

Thomas Strömberg Authorized Public Accountant

Consolidated Income Statement, in summary

SEK m.	1/1-12/31 2017	1/1-12/31 2016	7/1-12/31 2017	7/1-12/31 2016	10/1-12/31 2017	10/1-12/31 2016

Dividends	8 404	8 351	1 726	2 790	894	819
Other operating income	17	40	4	17	2	8
Changes in value	36 054	22 057	2 964	34 915	-1 016	6 679
Net sales	34 381	31 742	17 254	16 618	8 950	8 747
Cost of goods and services sold	-22 060	-20 102	-11 138	-10 475	-5 790	-5 504
Sales and marketing cost	-4 157	-3 802	-2 013	-2 022	-1 012	-1 073
Administrative, research and development and other
operating cost	-5 142	-3 357	-3 080	-1 782	-2 132	-963
Management cost	-455	-465	-230	-230	-135	-123
Share of results of associates	390	516	72	303	-64	152
Operating profit/loss	47 433	34 980	5 560	40 134	-302	8 741
Net financial items	-2 891	-862	-1 212	12	-860	507
Profit/loss before tax	44 542	34 118	4 348	40 146	-1 163	9 248
Income taxes	-244	-453	10	-193	147	-67
Profit/loss for the period	44 298	33 665	4 358	39 953	-1 016	9 181
Attributable to:
Owners of the Parent Company	44 318	33 665	4 370	39 956	-1 007	9 183
Non-controlling interest	-20	0	-13	-3	-8	-3
Profit/loss for the period	44 298	33 665	4 358	39 953	-1 016	9 181

Basic earnings per share, SEK	57.96	44.09	5.71	52.30	-1.32	12.02
Diluted earnings per share, SEK	57.90	44.02	5.70	52.21	-1.32	12.00

Consolidated Statement of Comprehensive Income, in summary

SEK m.	1/1-12/31 2017	1/1-12/31 2016	7/1-12/31 2017	7/1-12/31 2016	10/1-12/31 2017	10/1-12/31 2016

Profit/loss for the period	44 298	33 665	4 358	39 953	-1 016	9 181
Other comprehensive income for the period, including tax
Items that will not be recycled to profit/loss for the period
Revaluation of property, plant and equipment	400	428	370	395	370	348
Remeasurements of defined benefit plans	14	-39	2	-24	19	-14
Items that may be recycled to profit/loss for the period
Cash flow hedges	20	13	0	5	0	10
Foreign currency translation adjustment	-334	1 410	180	543	1 173	-219
Share of other comprehensive income of associates	76	68	51	34	98	22
Total other comprehensive income for the period	175	1 880	604	953	1 661	147
Total comprehensive income for the period	44 473	35 545	4 961	40 906	645	9 327

Attributable to:
Owners of the Parent Company	44 494	35 544	4 973	40 911	653	9 336
Non-controlling interest	-21	1	-12	-5	-8	-9
Total comprehensive income for the period	44 473	35 545	4 961	40 906	645	9 327

Consolidated Balance Sheet, in summary

SEK m.	12/31 2017	12/31 2016
ASSETS
Goodwill	33 859	34 852
Other intangible assets	15 966	16 423
Property, plant and equipment	9 171	8 345
Shares and participations	311 875	276 744
Other financial investments	5 389	3 709
Long-term receivables included in net debt	1 894	2 402
Other long-term receivables	1 024	2 924
Total non-current assets	379 179	345 399
Inventories	3 343	3 086
Shares and participations in trading operation	266	46
Other current receivables	5 328	5 098
Cash, bank and short-term investments	20 450	16 344
Total current assets	29 387	24 574
TOTAL ASSETS	408 567	369 973
EQUITY AND LIABILITIES
Equity	336 326	300 141
Long-term interest bearing liabilities	55 303	53 313
Provisions for pensions and similar obligations	865	838
Other long-term provisions and liabilities	6 362	7 220
Total non-current liabilities	62 531	61 371
Current interest bearing liabilities	2 092	1 634
Other short-term provisions and liabilities	7 617	6 827
Total current liabilities	9 710	8 461
TOTAL EQUITY AND LIABILITIES	408 567	369 973

Consolidated Statement of Changes in Equity, in summary

SEK m.	1/1-12/31 2017	1/1-12/31 2016
Opening balance	300 141	271 977
Profit for the period	44 298	33 665
Other comprehensive income for the period	175	1 880
Total comprehensive income for the period	44 473	35 545
Dividends paid	-8 411	-7 635
Changes in non-controlling interest	21	37
Reclassification of non-controlling interest	-	-150
Effect of long-term share-based remuneration	101	367
Closing balance	336 326	300 141
Attributable to:
Owners of the Parent Company	336 262	300 077
Non-controlling interest	64	64
Total equity	336 326	300 141

Consolidated Cash Flow, in summary

SEK m.	1/1-12/31 2017	1/1-12/31 2016
Operating activities
Dividends received	8 411	8 352
Cash receipts	33 738	31 093
Cash payments	-28 919	-25 643
Cash flows from operating activities before net interest and income tax	13 230	13 802
Interest received/paid	-1 847	-1 104
Income tax paid	-520	-437
Cash flows from operating activities	10 863	12 261
Investing activities
Acquisitions	-5 270	-4 729
Divestments	6 435	6 185
Increase in long-term receivables	-70	-
Decrease in long-term receivables	1 714	950
Acquisitions of subsidiaries, net effect on cash flow	-1 042	-7 175
Increase in other financial investments	-11 852	-5 446
Decrease in other financial investments	10 221	8 387
Net change, short-term investments	986	-3 321
Acquisitions of property, plant and equipment	-1 377	-1 545
Proceeds from sale of property, plant and equipment	59	48
Net cash used in investing activities	-196	-6 648
Financing activities
New share issue	170	189
Borrowings	5 689	1 585
Repayment of borrowings	-2 981	-1 815
Dividend paid	-8 411	-7 635
Net cash used in financing activities	-5 533	-7 676
Cash flows for the period	5 134	-2 062
Cash and cash equivalents at the beginning of the year	11 250	13 180
Exchange difference in cash	-124	132
Cash and cash equivalents at the end of the period	16 2601)	11 250

1) Cash and cash equivalents include an amount of SEK 64 m. (CNY 50 m.) that is only available for use within China. An application has been submitted to SAFE for regulatory approval to transfer the funds out of China.

Changes in liabilities arising from financing activities

			Non-cash changes
Group 12/31 2017, SEK m.	Opening balance	Cash flows	Acquisitions	Foreign exchange movements	Fair value changes	Other	Closing balance

Long-term interest bearing liabilities	53 165	4 211		248	-523	-1 907	55 1941)
Current interest bearing liabilities	1 779	-1 482		91	-3	2 143	2 5282)
Long-term financial leases	148	-21		-18			1091)
Current financial leases	16			3			192)
Assets held to hedge long-term
liabilities	-2 402				508		-1 8943)
Total liabilities from financing activities	52 706	2 708		325	-18	236	55 957

	Non-cash changes
Group 12/31 2016, SEK m.	Opening balance	Cash flows	Acquisitions	Foreign exchange movements	Fair value changes	Other	Closing balance
Long-term interest bearing liabilities	49 999	2 051	498	1 627	527	-1 537	53 1651)
Current interest bearing liabilities	2 465	-2 268		95	-75	1 562	1 7792)
Long-term financial leases	120	-10	19	4		15	1481)
Current financial leases	18	-3	15	1		-15	162)
Assets held to hedge long-term
liabilities	-1 894				-508		-2 4023)
Total liabilities from financing activities	50 709	-230	531	1 726	-56	25	52 706

1) Included in Balance sheet item Long-term interest bearing liabilities.

2) Included in Balance sheet item Current interest bearing liabilities and Other short-term provisions and liabilities.

3) Included in Balance sheet item Long-term receivables included in net debt.

Operating segment

PERFORMANCE BY BUSINESS AREA 1/1-12/31 2017

	Listed Core	Patricia		Investor
SEK m.	Investments	Industries	EQT	Groupwide	Total
Dividends	8 319	5	81	-	8 404
Other operating income1)	-	17	-	-	17
Changes in value	34 418	-1 099	2 703	33	36 054
Net sales	-	34 381	-	-	34 381
Cost of goods and services sold	-	-22 060	-	-	-22 060
Sales and marketing cost	-	-4 157	-	-	-4 157
Administrative, research and development and other
operating cost	-	-5 112	-5	-25	-5 142
Management cost	-100	-225	-9	-121	-455
Share of results of associates	-	403	-	-13	390
Operating profit/loss	42 636	2 153	2 770	-126	47 433

Net financial items	-	-986	-	-1 905	-2 891
Income tax	-	-210	-	-34	-244
Profit/loss for the period	42 636	957	2 770	-2 066	44 298
Non-controlling interest	-	20	-	-	20
Net profit/loss for the period attributable to the
Parent Company	42 636	977	2 770	-2 066	44 318
Paid dividend	-	-	-	-8 411	-8 411
Other effects on equity	-	-211	374	114	278
Contribution to net asset value	42 636	766	3 144	-10 362	36 185

Net asset value by business area 12/31 2017
Carrying amount	284 030	48 614	16 165	-323	348 486
Investors net debt/-cash	-	19 368	-	-31 592	-12 224
Total net asset value including net debt/-cash	284 030	67 982	16 165	-31 915	336 262

PERFORMANCE BY BUSINESS AREA 1/1-12/31 2016

SEK m.	Listed Core Investments	Patricia Industries	EQT	Investor Groupwide	Total

Dividends	8 307	10	33	1	8 351
Other operating income1)	-	40	-	-	40
Changes in value	22 719	-2 029	1 374	-7	22 057
Net sales	-	31 742	-	-	31 742
Cost of goods and services sold	-	-20 102	-	-	-20 102
Sales and marketing cost	-	-3 802	-	-	-3 802
Administrative, research and development and
other operating cost	-	-3 343	-6	-7	-3 357
Management cost	-89	-263	-8	-105	-465
Share of results of associates	-	521	-	-5	516
Operating profit/loss	30 936	2 774	1 393	-123	34 980

Net financial items	-	-408	-	-454	-862
Income tax	-	-509	-	56	-453
Profit/loss for the period	30 936	1 857	1 393	-521	33 665

Non-controlling interest	-	0	-	-	0
Net profit/loss for the period attributable to the Parent Company	30 936	1 857	1 393	-521	33 665

Paid dividend	-	-	-	-7 635	-7 635
Other effects on equity	-	2 582	592	-928	2 246
Contribution to net asset value	30 936	4 438	1 986	-9 084	28 276

Net asset value by business area 12/31 2016
Carrying amount	248 354	54 806	13 996	-327	316 829
Investors net debt/-cash	-	14 389	-	-31 141	-16 752
Total net asset value including net debt/-cash	248 354	69 195	13 996	-31 468	300 077

1) Includes interest on loans.

Parent Company Income Statement, in summary

SEK m.	1/1-12/31 2017	1/1-12/31 2016	7/1-12/31 2017	7/1-12/31 2016
Dividends	7 657	7 731	1 393	2 667
Changes in value	30 242	19 388	514	31 551
Net sales	13	11	6	6
Operating cost	-365	-334	-190	-165
Result from participations in Group companies	-	2 628	-	2 628
Operating profit/loss	37 548	29 425	1 724	36 686
Profit/loss from financial items
Net financial items	-492	-150	-123	7
Profit/loss after financial items	37 056	29 275	1 601	36 693
Income tax	-	-	-	-
Profit/loss for the period	37 056	29 275	1 601	36 693

Parent Company Balance Sheet, in summary

SEK m.	12/31 2017	12/31 2016

ASSETS
Intangible assets and Property, plant and equipment	17	15
Financial assets	323 964	306 618
Total non-current assets	323 981	306 633

Current receivables	548	599
Cash and cash equivalents	-	-
Total current assets	548	599

TOTAL ASSETS	324 529	307 232

EQUITY AND LIABILITIES
Equity	279 149	250 404

Provisions	209	332
Non-current liabilities	41 613	45 389
Total non-current liabilities	41 822	45 721

Current liabilities	3 559	11 107
Total current liabilities	3 559	11 107

TOTAL EQUITY AND LIABILITIES	324 529	307 232

Financial instruments

The numbers below are based on the same accounting and valuation policies as used in the preparation of the company's most recent annual report. For information regarding financial instruments in level 2 and level 3, see Note 29 in Investor's Annual Report 2016.

Valuation techniques, level 3

Group 12/31 2017	Fair value, SEK m.	Valuation technique	Input	Range
Shares and participations	21 383	Last round of financing	n.a.	n.a.
		Comparable companies	EBITDA multiples	n.a.
		Comparable companies	Sales multiples	1.6 – 7.6
		Comparable transactions	Sales multiples	0.4 – 5.5
		NAV	n.a.	n.a.
Long-term receivables included in net debt	1 509	Discounted cash flow	Market interest rate	n.a.
Long-term interest bearing liabilities	45	Discounted cash flow	Market interest rate	n.a.
Other long-term provisions and liabilities	1 700	Discounted cash flow		n.a.

All valuations in level 3 are based on assumptions and judgments that management considers 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.

The unlisted part of Financial Investments' portfolio companies, corresponds to 73 percent of the portfolio value. Part of the unlisted portfolio is valued based on comparable companies, and the value is dependent on the level of the multiples. The multiple ranges provided in the note show the minimum and maximum value of the actual multiples applied in these valuations. A 10 percent change of the multiples would have an effect on the Financial Investments portfolio value of approximately SEK 200 m. For the derivatives, a parallel shift of the interest rate curve by one percentage point would affect the value by approximately SEK 1,000 m.

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 presented in three categories, 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

Financial instruments - fair value

Group 12/31 2017, SEK m.	Level 1	Level 2	Level 3	Other1)	Total carrying amount
Financial assets
Shares and participations	283 423	2 714	21 383	4 355	311 875
Other financial investments	5 286			104	5 389
Long-term receivables included in net debt		385	1 509		1 894
Shares and participations in trading operation	266				266
Other current receivables		14		5 314	5 328
Cash, bank and short-term investments	20 450				20 450
Total	309 424	3 112	22 893	9 773	345 202
Financial liabilities
Long-term interest bearing liabilities		523	45	54 736	55 3032)
Other long-term provisions and liabilities			1 700	4 662	6 362
Short-term interest bearing liabilities		16		2 076	2 092
Other short-term provisions and liabilities	274	38		7 305	7 617
Total	274	577	1 745	68 779	71 375

1) To enable reconciliation with balance sheet items, financial instruments not valued at fair value as well as other assets and liabilities that are included within balance sheet items have been included within Other.

2) The Group's loans are valued at amortized cost. Fair value on long-term loans amounts to SEK 60,207 m.

Changes in financial assets and liabilities in Level 3

Group 12/31 2017, SEK m.	Shares and participations	Long-term receivables included in net debt	Long-term interest bearing liabilities	Other long-term provisions and liabilities
Opening balance	19 367	1 948	47	1 624
Total gain or losses in profit or loss statement
in line Changes in value	3 742			37
In line Net financial items		-438	-2	23
Reported in other comprehensive income
in line Foreign currency translation adjustment	78			-10
Acquisitions	3 714			26
Divestments	-5 542
Transfer into Level 3	24
Carrying amount at end of period	21 383	1 509	45	1 700
Total gains/losses for the period included in profit/loss for instruments held at the end of the period (unrealized results)
Changes in value	1 489
Net financial items		-438	-2	-23

Reconciliations of significant Alternative Performance Measures

In the financial statements issued by Investor, Alternative Performance Measures (APMs) are disclosed, which complete measures that are defined or specified in the applicable financial reporting framework, such as revenue, profit or loss or earnings per share.

APMs are disclosed when they complement performance measures defined by IFRS. The basis for disclosed APMs are that they are used by management to evaluate the financial performance and in so believed to give analysts and other stakeholders valuable information.

Investor AB discloses the definitions of all APMs used on www.investorab.com/investors-media/investor-in-figures/definitions and in the Annual Report 2016. Below reconciliations of significant APMs to the most directly reconcilable line item, subtotal or total presented in the financial statements of the corresponding period are disclosed.

Gross cash

Gross cash or Investor's cash and readily available placements are defined as the sum of cash and cash equivalents, short-term investments and interest-bearing current and long-term receivables. Deductions are made for items related to subsidiaries within Patricia Industries.

Group 12/31 2017, SEK m.	Consolidated balance sheet	Deductions related to Patricia subsidiaries	Investor's gross cash	Group 12/31 2016, SEK m.	Consolidated balance sheet	Deductions related to Patricia subsidiaries	Investor's gross cash
Other financial investments	5 389	-139	5 251	Other financial investments	3 709	-91	3 618
Cash, bank and short-term investments	20 450	-6 802	13 648	Cash, bank and short-term investments	16 344	-3 253	13 092
Gross cash	25 839	-6 940	18 899	Gross cash	20 054	-3 344	16 710

Gross debt

Gross debt is defined as interest-bearing current and long-term liabilities, including pension liabilities, less derivatives with positive value related to the loans. Deductions are made for items related to subsidiaries within Patricia Industries.

Group 12/31 2017, SEK m.	Consolidated balance sheet	Deductions related to Patricia subsidiaries	Investor's gross debt	Group 12/31 2016, SEK m.	Consolidated balance sheet	Deductions related to Patricia subsidiaries	Investor's gross debt
Receivables included in				Receivables included in
net debt	1 894	-	1 894	net debt	2 402	-	2 402
Loans	-57 396	24 472	-32 924	Loans	-54 946	19 182	-35 764
Provision for pensions	-865	773	-93	Provision for pensions	-838	738	-99
Gross debt	-56 367	25 245	-31 123	Gross debt	-53 382	19 921	-33 461

Net debt

Gross debt less gross cash at Balance Sheet date.

Group 12/31 2017, SEK m.		Group 12/31 2016, SEK m.
Investor's gross cash	-18 899	Investor's gross cash	-16 710
Investor's gross debt	31 123	Investor's gross debt	33 461
Investor's net debt	12 224	Investor's net debt	16 752

Total assets

The net of all assets and liabilities not included in net debt.

Group 12/31 2017, SEK m.	Consolidated balance sheet	Deductions related to non controlling interest	Investor's net asset value	Group 12/31 2016, SEK m.	Consolidated balance sheet	Deductions related to non controlling interest	Investor's net asset value
Equity	336 326	-64	336 262	Equity	300 141	-64	300 077
Investor's net debt			12 224	Investor's net debt			16 752
Total assets			348 486	Total assets			316 829

Net debt ratio (leverage)

Net debt ratio or leverage is defined as Net debt/Net cash as a percentage of total assets.

Group 12/31 2017,	Investor's net	Net debt	Group 12/31 2016,	Investor's net	Net debt
SEK m.	asset value	ratio	SEK m.	asset value	ratio
Investor's net debt Total assets	12 224 348 486	= 3.5%	Investor's net debt Total assets	16 752 316 829	= 5.3%

Reported net asset value/SEK per share

Equity attributable to shareholders of the Parent Company in relation to the number of shares outstanding at the Balance Sheet date.

Group 12/31 2017, SEK m.	Investor's net asset value	Net asset value/ SEK per share	Group 12/31 2016, SEK m.	Investor's net asset value	Net asset value/SEK per share
Investor's reported net asset value Number of shares, excluding own shares	336 262 764 782 092	= 440	Investor's reported net asset value Number of shares, excluding own shares	300 077 764 381 643	= 393

Adjusted net asset value/SEK per share

Total assets, including estimated market values for Patricia Industries' major subsidiaries and partner-owned investments, less net debt in relation to the number of shares outstanding at the Balance Sheet date.

Group 12/31 2017, SEK m.	Investor's net asset value	Net asset value/ SEK per share	Group 12/31 2016, SEK m.	Investor's net asset value	Net asset value/SEK per share
Investor's adjusted net asset value Number of shares, excluding own shares	384 747 764 782 092	= 503	Investor's adjusted net asset value Number of shares, excluding own shares	340 183 764 381 643	= 445

AI Terminal

Investor AB

2931_10-k_2018-01-23_5ca3c0ed-1dc9-4d48-879b-61d1d8efc9b0.pdf

Year-End Report 2017

Highlights during the fourth quarter

Financial information 2017

CEO statement

Listed Core Investments

Patricia Industries

EQT

Increased dividend, to be paid in two installments

Our priorities remain firm

Net asset value overview

Valuation overview

Patricia Industries - valuation overview

Patricia Industries – valuation overview

Overview

Net asset value

Net debt

Performance by business area in summary

Listed Core Investments

Contribution to net asset value, Listed Core Investments

Dividends

Contribution to net asset value and total return

Investments and divestments

Fourth quarter

Listed Core Investments

Read more at www.patriciaindustries.com >>

Investments, divestments and distributions

Major subsidiaries, performance1)

Patricia Industries, net cash

Patricia Industries, net asset value

Patricia Industries, contribution to net asset value

Activities during the quarter

Key figures, Mölnlycke

Activities during the quarter

Key figures, Permobil

Activities during the quarter

Key figures, Laborie

Activities during the quarter

Key figures, Aleris

Activities during the quarter

Key figures, BraunAbility

Activities during the quarter

Key figures, Vectura

Activities during the quarter

Key figures, Grand Group

Activities during the quarter

Key figures, 3 Scandinavia

Financial Investments

Activities during the quarter

Change in net asset value, Financial Investments

Five largest Financial Investments, December 31, 2017

Patricia Industries – key figures overview1)

Activities during the quarter

Change in net asset value, EQT

Investor's investments in EQT, December 31, 2017

Investor's investments in EQT, key figures overview

Group

Net debt

Net debt, 12/31 2017

Debt maturity profile, 12/31 2017

Net financial items, 12/31 2017

The Investor share

Parent Company

Share capital

Share structure

Results and investments

Other

Events after the end of the quarter

Proposed dividends

Annual General Meeting

Write-down of goodwill

Acquisitions (business combinations)

Permobils's acquisitions

Acquisition of Laborie

Other acquisitions

Pledged assets and contingent liabilities

Risks and Risk management

Accounting policies