Kinnevik — Earnings Release 2010

Feb 16, 2011

Investment AB Kinnevik

Skeppsbron 18 P.O. Box 2094 SE-103 13 Stockholm Sweden www.kinnevik.se

(Publ) Reg no 556047-9742 Phone +46 8 562 000 00 Fax +46 8 20 37 74

YEAR-END RELEASE 2010

Financial results for the fourth quarter

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Financial results for 2010

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• t 5IF #PBSE QSPQPTFT UIBU UIF "OOVBM (FOFSBM .FF-UJOH EFDJEF PO B DBTI EJWJEFOE PG 4&, QFS TIBSF
• t 5IF #PBSE IBT SFWJTFE ,JOOFWJLT mOBODJBM UBSHFUT XIJDI BSF QSFTFOUFE PO QBHF

Kinnevik's net asset value 2006-2010

Pro forma adjusted for the acquisition of Emesco during Q3 2009. Figures in SEK m.

Market value - Major Listed Holdings

Figures in SEK m.

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Total return

The Kinnevik share's average annual total return

Past 30 years 1)	20%
Past 5 years	15%
Full year 2010	31%

1) Based on the assumption that shareholders have retained their allotment of shares in Tele2, MTG, Metro, Transcom and CDON.

Events during the fourth quarter

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Events after the end of the reporting period

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Millicom	USD 1.80/share	443 1)
Tele2	SEK 6+21/share	3 658
MTG	SEK 7.50/share	101
Total expected dividends to be recei-
ved from Major Listed Holdings		4 202
Of which ordinary dividends		1 357

1) Based on an exchange rate of 6.50 SEK/USD.

Revised financial targets for Kinnevik

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Dividend policy

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Balance sheet

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Return target

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Implications for 2011

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Financial overview

Consolidated earnings during the fourth quarter

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Consolidated earnings for 2010

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The Group's cash flow and investments

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Financial overview

*OWFTUNFOUT JO TFDVSJUJFT EVSJOH UIF QFSJPE BSF TIPXO JO UIF UBCMFT CFMPX

1 Jan-31 Dec 2010	Financial instrument	Amount (SEK m)
Subsidiaries
Latgran	shares	71
Other		14
		85
Other shares and securities
Avito	shares	148
Bayport	shares/warrants	313
Black Earth Farming	shares	124
Bomhus Energi	shares	115
Rocket Internet and portfolio
companies	shares/warrants	747
Microvest II	fund participation	9
Vosvik (Avito)	contribution	5
Sapato	shares	17
		1 478
1 Jan-31 Dec 2009
Subsidiaries
Korsnäs Rockhammar	shares	147
		147
Other shares and securities
Bayport	shares	17
Black Earth Farming	shares	5
RawAgro	shares	33
Microvest II	fund participation	10
R2 International	shares	21
Metro	warrants	106
Metro	debentures	168
Vosvik/Kontakt East	contribution	28
		388
Through acquisition of Emesco AB
Tele2	shares, 2.3%	982
MTG	shares, 5.4%	1 114
Transcom	shares, 5.1%	108
Metro	shares, 2.5%	13
Metro	warrants	15
Metro	debentures	9
		2 241

The Group's liqudity and financing

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Major Listed Holdings

Debt SEK m (grey bar) and Asset Value SEK m (red bar) Line shows Debt as percentage of Asset Value

Major Unlisted Holdings

Net Debt SEK m (grey bar) and EBITDA SEK m (red bar) Line shows Net Debt in relation to EBITDA (right axis)

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Book and fair value of assets

	Book value 2010	Fair value 2010	Fair value 2009	Total return
SEK m	31 Dec	31 Dec	31 Dec	20101 )
Major Unlisted Holdings
Korsnäs Industrial and Forestry	6 891	9 774 2)	9 740 2)
Bergvik Skog 3)	556	556	492
Interest bearing net debt relating to Korsnäs	-5 575	-5 575	-6 419
Total Major Unlisted Holdings	1 872	4 755	3 813
Major Listed Holdings 4)
Millicom	24 309	24 309	20 166	30%
Tele2	18 915	18 915	14 932	32%
MTG	6 009	6 009	4 805	35%
CDON	420	420	-
Transcom	333	333	637	-48%
Metro shares	285	285	243	17%
warrants 5)	374	374	345	8%
subordinated debentures, interest bearing
(nominal value SEK 359 m)	225	268	196
Interest-bearing net debt relating to Major Listed
Holdings Total Major Listed Holdings	-1 706 49 164	-1 706 49 207	-2 001 39 323
New Ventures
Black Earth Farming 4)	824	824	595	17%
Unlisted New Ventures	2 550	2 739	816
Interest-bearing net debt relating to New
Ventures	-77	-77	-117
Total New Ventures 6)	3 297	3 486	1 294
Other assets and liabilities	65	65	399
Total equity/net asset value	54 398	57 513	44 829
Net asset value per share, SEK		207.51	161.75
Closing price class B share, SEK		137.00	107.00	31%

1) Including dividends paid and received.

2) Consensus among analysts covering Kinnevik.

3) Corresponding to 5% of the Company's equity.

4) Market value.

5) Warrants in Metro are valued at fair value and included in change in fair value of Major Listed Holdings.

6) For split per investment area refer to table on page 12.

Portfolio highlights

Kinnevik's proportional part of revenue and operating result in its holdings

			Reported	Proportional part of		Change compared to	Jan-Dec 2009
Jan-Dec 2010 (SEK m)	Equity interest	revenue	EBIT	revenue	EBIT	revenue	EBIT
Korsnäs	100.0%	8 178	926	8 178	926	2%	9%
Millicom	35.8%	28 245	7 505	10 112	2 687	16%	22%
Tele2	30.6%	39 591	6 704	12 115	2 051	0%	17%
MTG	20.4%	13 101	1 941	2 673	396	5%	27%
CDON	20.4%	2 210	147	451	30	27%	18%
Transcom	22.3%	5 620	122	1 253	27	5%	-47%
Metro	46.6%	1 970	52	918	24	8%	N/A
New Ventures	-	2 862	-179	789	-2	58%	N/A
Total sum of Kinnevik's proportional part of
revenue and operating result				36 488	6 140	7%	20%

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The Kinnevik portfolio 2010

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%VSJOH UIF ZFBS ,JOOFWJL JOWFTUFE 4&, CMO JO OFX JOWFTUNFOUT UIJT ZFBS NBJOMZ XJUIJO POMJOF BOE NJDSPm-OBODJOH 5IF QVSQPTF PG UIF OFX JOWFTUNFOUT JT UP PWFS UJNF TFDVSF UIF MPOHUFSN HSPXUI JO UIF ,JOOFWJL QPSUGPMJP *O UPUBM ,JOOFWJL IBT JOWFTUFE TPNF 4&, CMO BOE UIF QPSUGPMJP XBT WBMVFE BU 4&, CMO BU UIF FOE PG UIF ZFBS XJUI WBMVF JODSFBTJOH NBJOMZ XJUIJO POMJOF *O UIJT BSFB ,JOOFWJL IBT JOWFTUNFOUT GPDVTFE PO UIF DPOTVNFS NBSLFU TVDI BT "WJUP UIF MBSHFTU POMJOF DMBTTJmFE TJUF JO 3VTTJB BOE 3PDLFU *OUFSOFU B DPNQBOZ XIJDI TUBSUT BOE EFWFMPQT F DPNNFSDF BOE PUIFS DPOTVNFS PSJFOUFE POMJOF DPNQBOJFT TVDI BT (SPVQPO ;BMBOEP BOE F%BSMJOH

Kinnevik's proportional part of revenue and operating result in its holdings Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 x x

Rolling four quarters. Figures in SEK m.

Major Unlisted Holdings

Korsnäs

Korsnäs, a wholly owned subsidiary of Kinnevik, is the second largest producer in the world of liquid packaging board, the third largest when it comes to white top liners (WTL) and one of the largest producers of cartonboard. The company has two fully integrated mills in Gävle and Frövi and produces CTMP pulp for internal use in Rockhammar. With its vast experience, solid competence and advanced technology, Korsnäs nurtures its ambition to constantly develop and improve its products and services to bring benefit to its customers. Korsnäs Forestry is responsible for purchases of wood and fiber for Korsnäs Industrial and also conducts external sales, primarily of sawn timber. Korsnäs also owns 5% of the shares in Bergvik Skog AB.

	Jan-Dec		Oct-Dec
Key data (SEK m)	2010	2009	2010	2009
Korsnäs Industrial
Revenue	7 148	7 0 9 8	1751	1 757
FBIT	879	826	105	231
Operating margin	12.3%	11.6%	6.0%	13.1%
Korsnäs Forestry
Revenue	1 0 3 0	941	247	264
FBIT	47	25	11	11
Korsnäs Group
Revenue	8 1 7 8	8039	1 998	2021
EBIT	926	851	116	242
Operating margin	11.3%	10.6%	5.8%	12.0%
Return on operational capital	11.9%	10.8%	5.9%	12.5%
Cash flow data
FBITDA	1 5 2 8	1462	269	394
Change in working capital	113	337	91	81
Cash flow from operations	1 3 1 4	1798	294	474
Investments in tangible fixed assets	$-604$	$-740$	$-233$	$-208$
Production, thousand tons	1019	1025	243	261
Deliveries, thousand tons	1 0 2 1	1 0 3 4	241	253

Korsnäs' operating profit for the year increased to SEK 926 m, an increase of 9% from SEK 851 m in 2009. Profit includes strike compensation of SEK 84 m from the Confederation of Swedish Enterprises. The increase in profit is primarily attributable to increased sales prices in local currencies, increased production and higher delivery volumes (less strike impact), which were counteracted by effects of a strengthened exchange rate and increased costs for energy. Operating profit for the fourth quarter amounted to SEK 116 m compared to SEK 242 m for the fourth quarter of the preceding year. The reason for the weaker results is primarily lower production and delivery volumes resulting from production disruptions (see further under Production below), and cost increases for wood and energy. Higher sales prices were positive contributions.

The explanatory items are presented in the table below.

Explanation items in changes in EBIT (SEK m)	Jan-Dec	Oct-Dec
FBIT 2009	851	242
Delivery and production volumes and changed product mix	21	$-44$
Cost changes for chemicals	35	$-10$
Cost changes for pulpwood and external pulp 1)	3	$-17$
Cost changes for energy	$-80$	$-45$
Sales prices including currency effects	15	40
Change in fixed costs	$-13$	$-43$
Received strike compensation	84
Other	10	-7
EBIT 2010	926	116

¹⁾ Includes lower costs for CTMP pulp as a result of the acquisition of Rockhammar.

Market

During 2010, demand for paper and cartonboard strengthened significantly, compared with 2009. During the autumn, demand leveled out and approached a normalised level.

The global market for liquid packaging board normally increases 2-3% annually, but growth for 2010 is estimated to approximately 6%, with double-digit percentages for Asia. Korsnäs' deliveries of liquid packaging board in 2010 followed production capacity. Price increases occurred in accordance with the multi-year agreements between Korsnäs and a number of customers for the delivery of liquid packaging board.

Despite continued tough competition, cartonboard deliveries increased 12% compared with 2009 in a market that was estimated to have increased approximately 9% in Europe. Price increases were implemented on two occasions during the year. Deliveries of cartonboard with white backs, Korsnäs White, increased a full 22% in line with the company's target.

The market for White Top Liner (WTL) rose approximately 1% during 2010. Despite the relatively low market growth, demand was higher than supply and resulted in Korsnäs increasing prices three times in 2010. Korsnäs' deliveries of WTL declined somewhat during the year to the benefit of other more profitable products. However, deliveries of coated WTL increased in line with the company's long-term strategy.

Korsnäs Industrial's sales volume divided per product Jan-Dec 2010

Numbers in brackets refer to Jan-Dec 2009.

Major Unlisted Holdings

Demand for sack and kraft paper was strong throughout 2010 and Korsnäs raised prices on two occasions. The market for white paper, which is the segment on which Korsnäs has been focusing for a couple of years, is currently experiencing a satisfactory balance between supply and demand. Korsnäs' sales of white paper increased slightly in 2010, while the total volume of sack and kraft paper decreased somewhat as a result of lost volumes of brown paper in connection with the strike in April.

The effects of the implemented price increases during the year were offset by the strong SEK in the product areas in which invoicing occurred in currencies other than SEK.

Production

During the fourth quarter, Korsnäs' deliveries were negatively impacted by production problems at the plant in Gävle, in connection with the commissioning following the annual maintenance stop in October, and a fire in a power station in December. The total production loss resulting from production disruptions amounted to approximately 21,000 tons. The problems have been analyzed and measures taken to prevent further disruptions.

In April, Korsnäs Gävle and five other Swedish paper mills were involved in a strike called by the Swedish Pulp and Paper Workers' Union, which meant production losses of approximately 24,000 tons. The direct financial consequences of the strike were offset according to a decision by the Confederation of Swedish Enterprise. Korsnäs received SEK 84 m in compensation, which was paid at the beginning of October and included in the operating income for the second quarter.

The strike during the second quarter and production disruptions during the first and fourth quarters signified that delivery volumes for the year did not reflect the demand increase compared with the preceding year.

Pulpwood prices within Korsnäs' catchment area increased during 2010 by SEK 25/m3fub in January and from 14 May by SEK 30/m3fub for coniferous pulpwood and SEK 25/m3fub for deciduous pulpwood. From 1 January 2011, prices increased by an additional SEK 10-30/m3fub depending on range and catchment area. The price increases in pulpwood have a negative impact on Korsnäs' operating income with a delay of approximately three to six months. Following the recent price increase, pulpwood prices are just under the price level prevailing prior to the 2008 financial crisis.

During February, a permit was granted by the Environmental Court to increase production of chemico-thermomechanical pulp (CTMP) at the pulp mill in Rockhammar from 60 Ktons to 90 Ktons per year. With this capacity increase, which took place in March, Korsnäs is self-sufficient in pulp for the entire Group's paper and cartonboard production.

Distribution of operating costs Jan-Dec 2010

Excluding depreciation. Korsnäs Industrial. Numbers in brackets refer to Jan-Dec 2009

Investments and maintenance stoppages

In March, Korsnäs signed agreements with Gävle Municipality regarding investment in Bomhus Energi AB ("Bomhus"), a jointly owned company that will invest in a new bio-energy plant in Korsnäs' industrial area in Gävle. The objective of the new bio-energy plant is to ensure delivery starting in 2013 of environmentally friendly electricity and steam to the Korsnäs plant and district heating to Gävle Energi's customers. Work with the investment is continuing according to plan and all main components have been procured within the budget framework of the project. For Korsnäs, the investment in 50% of the shares and debenture loan in Bomhus will amount to about SEK 320 m, of which SEK 115 m were paid during 2010. In addition to investments in Bomhus, Korsnäs will make further energy investments of about SEK 145 m in the existing plant for delivery of waste heat to Gävle Energi AB, of which SEK 66 m were paid during 2010.

In May, a new evaporation plant for the pulp mill in Gävle was put in operation. The investment amounted to a total of about SEK 550 m, of which SEK 190 m has affected cash flow during 2010. The new evaporation plant is expected to reduce Korsnäs' oil consumption by about 19,000 m3 per year, thus resulting in lower energy costs.

In connection with the annual maintenance stop at the plant in Gävle in October, the paper-waste and backwater system at paper machine 5 was rebuilt for approximately SEK 75 m. The rebuild is expected to improve product quality, increase efficiency and reduce water emission.

During the fourth quarter, it was decided to install a third sheet machine in Frövi for approximately SEK 30 m. The commissioning is scheduled for October 2011.

Maintenance stoppages at the plants in Gävle and Frövi are shown in the table below. The quarterly differences compared with planned maintenance stoppages in 2009 have resulted in higher maintenance costs and production losses in the fourth quarter, compared with the corresponding quarter in 2009.

Implemented and planned

maintenance stoppages	2011	2010	2009
Korsnäs Gävle	$Q4:9$ days	$Q2: 2$ days Q4: 9 days	$Q2:9$ days $Q4: 4$ days
Korsnäs Frövi	$Q2: 8$ days	Q2: 11 days	$Q2:2$ days $Q3:2$ days

Major Listed Holdings

Kinnevik ownership

				Fair value
Company	Class A shares	Class B-shares	Equity interest %	Voting interest %	31 Dec 2010	31 Dec 2009	Total return 2010 1)
Millicom	37 835 438		35.8	35.8	24 309	20 166	30%
Tele2	18 507 492	116 988 645	30.6	47.8	18 915	14 932	32%
MTG	5 199 491	8 304 365	20.4	47.8	6 009	4 805	35%
CDON	13 503 856		20.4	20.4	420	-	-
Transcom	16 339 448		22.3	44.5	333	637	-48%
Metro shares	112 122 875	133 798 591	46.6	42.4	285	243	17%
Metro warrants, 717 715 821					374	345	8%
Total					50 645	41 128

1) Including dividends received.

Millicom

.JMMJDPN PGGFST BGGPSEBCMF BOE FBTJMZ BDDFTTJCMF NPCJMF UFMFQIPOZ TFSWJDFT JO DPVOUSJFT JO -BUJO "NFSJDB BOE "GSJDB

	Jan-Dec		Oct-Dec
Key data (USD m)	2010	2009	2010	2009 1)
Revenue	3 920	3 373	1 069	972
EBITDA	1 841	1 545	497	458
Operating profit, EBIT	1 042	851	281	243
Net profit	1 6523)	851 2)	157	454 2)
Number of mobile subscribers (million)	38.6	33.9

1) Pro forma figures to reflect the full consolidation of Honduras.

2) Includes gains on disposal of USD 289 m.

3) Includes revaluation of previously held interest of USD 1,060 m.

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.JMMJDPN BJNT UP NBJOUBJO UPQ MJOF HSPXUI PG BSPVOE JO MPDBM DVSSFODZ JO UIF NFEJVN UFSN BT UIF DPNQBOZ DPOUJOVFT UP JOWFTU JO JUT CSBOE BOE JO JOOPWBUJWF BOE BG-GPSEBCMF QSPEVDUT BOE TFSWJDFT XIJDI BSF UBJMPSFE UP NFFU DVTUPNFST OFFET

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.JMMJDPN BMTP NBEF GVSUIFS QSPHSFTT JO UIF GPVSUI RVBS-UFS XJUI B OVNCFS PG JUT TUSBUFHJD PCKFDUJWFT *O UIF BSFB PG BTTFU PQUJNJ[BUJPO UXP BEEJUJPOBM UPXFS EFBMT XJUI )FMJPT 5PXFST "GSJDB XFSF BOOPVODFE JO %FDFNCFS "MNPTU UXP UIJSET PG UIF DPNQBOZT UPXFST JO "GSJDB TIPVME CF PVUTPVS-DFE CZ UIF FOE PG DSFBUJOH PWFS 64% N PG WBMVF UISPVHI DBTI BOE FRVJUZ BOE FYQFDUFE GVUVSF DPTU TBWJOHT BOE BMMPXJOH .JMMJDPN UP GPDVT PO BSFBT PG SFBM EJGGFSFOUJB-UJPO GSPN JUT DPNQFUJUPST

5IF #PBSE PG .JMMJDPN JT QSPQPTJOH BO PSEJOBSZ EJWJ-EFOE PG 64% QFS TIBSF GPS XIJDI SFQSFTFOUT B ZFBSPOZFBS JODSFBTF PG .JMMJDPN BMTP JOUFOE UP SFTVNF UIF TIBSF CVZ CBDL QSPHSBN JO BOE UIF #PBSE IBT BVUIPSJ[FE B OFX TIBSF CVZ CBDL QSPHSBN PG VQ UP 64% N UIBU DPVME CF FYFDVUFE CFGPSF UIF OFYU "(. JO .BZ

Major Listed Holdings

Tele2

5FMF PGGFST QSPEVDUT BOE TFSWJDFT XJUIJO mYFE BOE NPCJMF UFMFQIPOZ CSPBECBOE DPNQVUFS OFUXPSLT BOE DBCMF 57 XJUI B HFPHSBQIJDBM GPDVT PO 3VTTJB &BTUFSO &VSPQF BOE UIF /PSEJDT

		Jan-Dec	Oct-Dec
Key data (SEK m)	2010	2009	2010	2009
Revenue	40 164	39 436	10 109	9 953
EBITDA	10 284	9 394	2 488	2 263
Operating profit, EBIT	7 088	5 736	1 356	1 311
Net profit	6 928	4 709	1 503	1 104
Number of subscribers (million)	30.9	26.6

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5FMFT WBMVF DPOTDJPVT DVTUPNFST CFHBO UP CFOFmU GSPN UIF BWBJMBCJMJUZ PG NPSF BGGPSEBCMF TNBSU QIPOF IBOETFUT UIF DPNQBOZ JNQSPWFE JUT IBOETFU QPSUGPMJP JO 4XFEFO GPS UIF OFX NBTT NBSLFU *O BEEJUJPO 5FMF BDRVJSFE UIF %VUDI DPNQBOZ ##OFE TUSFOHUIFOJOH UIF QPTJUJPO BOE DPNNJU-NFOU BT B TFSJPVT MPOHUFSN QMBZFS JO UIF /FUIFSMBOET

5FMF \$SPBUJB BUUBJOFE &#*5%" CSFBLFWFO "OPUIFS TJHOJmDBOU NJMFTUPOF QBTTFE EVSJOH XBT UIF NJMMJPO DVTUPNFS NBSL BOE UIF DVTUPNFS CBTF JODSFBTFE CZ JO

5FMF MBVODIFE ( UIF OFYUHFOFSBUJPO NPCJMF OFUXPSL JO 4UPDLIPMN (PUIFOCVSH .BMNÚ BOE ,BSMTLSPOB JO UIF GPVSUI RVBSUFS 5IF OFX GBTUFS OFUXPSL PGGFST TQFFET VQ UP .CQT XIJDI JT UJNFT GBTUFS UIBO UPEBZT UVSCP( OFUXPSLT

5IF #PBSE PG 5FMF IBT EFDJEFE UP SFDPNNFOE UP UIF "OOVBM (FOFSBM .FFUJOH JO .BZ B UPUBM EJWJEFOE QBZ-NFOU PG 4&, QFS TIBSF UP CF DPNQSJTFE PG BO PSEJOBSZ EJWJEFOE PG 4&, BOE BO FYUSBPSEJOBSZ EJWJEFOE PG 4&,

Modern Times Group MTG

.5( JT BO JOUFSOBUJPOBM NFEJB DPNQBOZ XJUI UIF TFDPOE MBSHFTU HFPHSBQIJD TQSFBE JO SBEJP BOE 57 PQFSBUJPOT JO &VSPQF .5(T GSFF BOE QBZ57 DIBOOFMT SFBDI NPSF UIBO NJMMJPO QFPQMF JO DPVOUSJFT

		Jan-Dec	Oct-Dec
Key data (SEK m)	2010	2009	2010	2009
Revenue	13 101	12 427	3 618	3 461
Operating profit/loss, EBIT 1)	2 355	-1 553	746	-2 678
Net profit	3 541	-2 008	2 359	-2 845

1) Includes net gain from distribution of CDON Group, associated company income and non-recurring items in the fourth quarter of 2009

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5IF 4DBOEJOBWJBO BEWFSUJTJOH NBSLFUT IBWF QFSGPSNFE XFMM UISPVHIPVU UIF ZFBS XJUI SJTJOH WPMVNF BOE QSJDJOH MFWFMT BOE .5( BMTP HSFX JUT TBMFT BU DPOTUBOU FYDIBOHF SBUFT JO UIF FNFSHJOH NBSLFUT XIFSF UIF SFDPWFSZ JT TUJMM MBHHJOH .5( IBT TFMFDUJWFMZ JOWFTUFE JO QSPHSBNNJOH BOE JO UIFJS )% % BOE WJEFPPOEFNBOE TFSWJDFT

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Major Listed Holdings

CDON

\$%0/ HSPVQ JT B MFBEJOH FDPNNFSDF DPNQBOZ XJUI TPNF PG UIF NPTU XFMM LOPXO BOE BQQSFDJBUFE CSBOET JO UIF /PSEJD BSFB

	Jan-Dec		Oct-Dec
Key data (SEK m)	2010	2009	2010	2009
Revenue	2 210	1 746	769	615
Operating profit/loss, EBIT	147	125	38	51
Net profit	90	80	26	35

\$%0/ (SPVQT TIBSFT XFSF MJTUFE PO /BTEBR 0.9 4UPDL-IPMN VOEFS UIF TZNCPM w\$%0/w BOE DPNNFODFE USBEJOH PO %FDFNCFS

5IF DPNQBOZ SFQPSUFE SFDPSE TBMFT GPS CPUI UIF GPVSUI RVBSUFS BOE UIF GVMM ZFBS XJUI NPSF UIBO OFU SFWFOVF HSPXUI GPS CPUI QFSJPET BOE GVMM ZFBS TBMFT PG PWFS 4&, CJMMJPO "MM TFHNFOUT EFMJWFSFE IFBMUIZ HSPXUI BOE XFSF QSPmUBCMF XJUI 'BTIJPO TFHNFOU TBMFT NPSF UIBO EPVCMJOH ZFBS PO ZFBS

Metro

.FUSP JT UIF XPSMET MBSHFTU JOUFSOBUJPOBM EBJMZ OFXTQBQFS .FUSP JT QVCMJTIFE JO PWFS NBKPS DJUJFT JO DPVOUSJFT BDSPTT &VSPQF /PSUI 4PVUI "NFSJDB BOE "TJB .FUSP BUU-SBDUT BO BVEJFODF PG BMNPTU NJMMJPO EBJMZ SFBEFST

	Jan-Dec		Oct-Dec
Key data (EUR m)	2010	2009	2010	2009
Revenue	222.5	206.8	70.5	61.5
Operating profit, EBIT	12.1 1)	-10.3	9.8 1)	9.4
Net result	4.0 1)	-21.6	8.3 1)	5.9

1) Includes a net gain of EUR 6.1 m relating to revaluation of shares in Mexico.

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Transcom

5SBOTDPN JT BDUJWF XJUIJO PVUTPVSDJOH PG \$VTUPNFS 3FMB-UJPOTIJQ .BOBHFNFOU \$3. BOE \$SFEJU .BOBHFNFOU 4FS-WJDFT 5PEBZ UIF DPNQBOZ JT FNQMPZJOH NPSF UIBO QFPQMF EFMJWFSJOH TFSWJDFT GSPN DPVOUSJFT

	Jan-Dec		Oct-Dec
Key data (EUR m)	2010	2009	2010	2009
Revenue	589.1	560.2	148.7	145.3
Operating profit, EBIT	-6.5	24.3	-19.1	3.1
Net profit	-8.0	20.6	-17.0	3.1

5SBOTDPNT SFWFOVF XFSF &63 N JO XIJDI SFQSFTFOUT B HSPXUI DPNQBSFE UP 3FWFOVF HSFX JO BMM SFHJPOT FYDFQU JO 4PVUI XIFSF 'SBODF IBE B OFHBUJWF JNQBDU 5IF DPNQBOZ SFQPSUFE BO PQFSBUJOH MPTT PG &63 N JO JODMVEJOH SFTUSVDUVSJOH DPTUT NBJOMZ SFMBUJOH UP 'SBODF

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New Ventures

Company/sector	Equity and voting interest	Number of shares	Book value 31 Dec 2010 (SEK m)	Estimated fair value 31 Dec 2010 (SEK m)
Agriculture
Black Earth Farming	25%	31 087 097	824	824
Rolnyvik	100%		197	250
RawAgro	30%		21	21
Total Agriculture			1 042	1 095
Renewable energy
Latgran	75%		123	259
Vireo Energy	75%		8	8
Total Renewable energy			131	267
Online
Rocket Internet and portfolio com
panies			1 407	1 407
Avito (direct and through Vosvik)	56%		274	274
Other Online investments			95	95
Total Online			1 776	1 776
Microfinancing
Bayport	37%		332	332
Microvest	17%		16	16
Total Microfinance			348	348
Total New Ventures			3 297	3 486

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New Ventures

During the first half year, Kinnevik purchased shares in Black Earth Farming on the stock market for SEK 124 m, corresponding to 3.9% of the company's capital.

Kinnevik's wholly owned Polish agricultural company, Rolnyvik, operates the Barciany and Podlawki farms, with a total area of 6,705 hectares.

Also in Poland, the harvest yield was lower than previous years due to unfavorable weather conditions. In terms of results, the lower yield has been offset by price increases for grain. As in previous years, a large portion of the year's harvest has been stored for sale at the beginning of 2011.

RawAgro controls about 14,000 hectares of leased farm land in Ukraine.

Renewable energy

Kinnevik's investments in renewable energy comprise 75% of the shares in Latgran, as well as 75% of the shares in Vireo Energy. During the fourth quarter, Kinnevik acquired 24% of the shares in Latgran for EUR 7.75 m from the company's other owner.

Latgran	Jan-Dec		Oct-Dec
SEK m	2010	2009	2010	2009
Revenue	299	265	92	94
FRIT	54	36	17	15
Deliveries, thousand tons	237	197	74	71
Production, thousand tons	239	213	66	59

Latgran conducts production of pellets from forest raw materials at the company's two production facilities in Latvia. All production is exported to several major industrial customers in Scandinavia and the rest of Northern Europe. Demand for pellets remained favorable during the year, and the company signed a number of new multi-year contracts with existing and new customers for deliveries of pellets. The increased production and stable raw materials prices resulted in improved profitability for Latgran. The operating margin amounted to 18.1% for the year, compared with 13.7% for 2009.

The project to construct a third pellets plant in Southeast Latvia for approximately EUR 14 m is progressing according to plan. The plant will have a planned annual production of approximately 140,000 tons from its commissioning during the second half of 2011.

In June, Vireo Energy commenced operations aimed at building, owning and operating facilities that produce energy from renewable sources, with geographic focus on Eastern Europe. Initially, the company is focusing on starting projects to recover energy from waste facilities in Poland. During the fourth quarter, contracts were signed for the recovery of biogas with a number of waste facilities. In 2011, Vireo will be investing in these facilities and commencing the sale of energy.

Online

Consumer-related online services are growing strongly and Kinnevik is searching for various types of investments that will benefit from households spending a growing proportion of their time and budget online. The main focus is consumer-oriented services, with relatively proven business concepts. Kinnevik's primary investments in online services comprise investments in the German company Rocket Internet and its portfolio companies, as well as Avito.

Rocket Internet owns a portfolio of various e-commerce companies and other consumer-oriented online companies, including the shoe and fashion retailer Zalando, the group discount company Groupon, the match making site e-Darling and the price comparison site R2.

Expansion in consumer-related Internet services is capital-intensive and competition in the market is tough, but at the same time, the growth potential is significant.

Avito.ru is the leading online service for classified advertising in Russia with more than two million new classifieds every month and over eleven million unique monthly visitors. Growth is strong and the company has during 2010 continued to invest to strengthen its leading position. Revenues primarily derive from advertising sales on the website.

In 2010, Kinnevik's investments within online totalled SEK 917 m, of which SEK 281 m were invested in the fourth quarter.

Micro financing

Similar to the manner in which telecom developed strongly in emerging markets through innovative products and distribution networks, Kinnevik is searching for investment opportunities in the micro finance sector. To date, the investment in Bayport is clearly the largest investment in the sector, but Kinnevik is actively searching for new investment opportunities.

Bayport offers micro credits and financial services in Ghana, Uganda, Zambia, Tanzania and Botswana. Ghana and Zambia are the largest markets, while also the other countries are displaying rapid growth. Bayport was founded in 2002 and has grown with profitability into a leading African micro credit company. The company has about 250,000 customers and the product portfolio is continuously expanding, primarily with loans with longer duration. Loans are used primarily for financing larger non-recurrent expenses, such as school fees, investment in farming or for starting smaller companies.

During 2010, Kinnevik invested a total of USD 43 m in Bayport, following which ownership increased to 37% from earlier 7% after full dilution. Kinnevik's investment resulted in Bayport being able to repay the acquisition facility, which financed management's buyout of the company in 2007, and the company was able to raise its capital base in order to strengthen its financial position and facilitate con-

tinued growth. During the fourth quarter, Bayport refinanced outstanding bond loans in the parent company with a new bond loan of SEK 700 m issued in the Swedish market, which will result in reduced interest costs for the company. The new loan has a maturity of five years.

Microvest II is a fund focusing on equity investments in micro financing companies in emerging markets. The fund has currently four investments, of which two in India, one in Paraguay and one in Peru.

Parent Company and other

The administration costs within the Parent Company and the Group's other companies amounted to a net expense of SEK $67$ m (expense of $47$ ) after invoicing for services performed.

Risk Management

The Group's financing and management of financial risks is centralized within Kinnevik's finance function and is conducted on the basis of a finance policy established by the Board of Directors. The Group's operational risks are primarily evaluated and managed within the particular business area and then reported to the Kinnevik Board.

The Group has established a model for risk management, the aims of which are to identify, control and reduce risks. The identified risks and how they are managed are reported to the Kinnevik Board on a quarterly basis.

Kinnevik's wholly owned subsidiary Korsnäs accounts for most of the operational risks and they are mainly related to market development, customers and suppliers and the risk for a major accident in the production plants.

Kinnevik is exposed to financial risks mainly in respect of changes in the value of the stock portfolio, changes in market interest rates, exchange rate risks and liquidity and refinancing risks.

The Group is also exposed to political risks since the companies Kinnevik has invested in have a substantial part of their operations in emerging markets such as Latin America. Africa and Russia.

For a more detailed description of the Company's risks and risk management, refer to the Board of Directors' report and Note 31 of the 2009 Annual Report.

Accounting principles

The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the EU. This report was prepared in accordance with the Annual Accounts Act and IAS 34, Interim Financial Reporting.

The accounting principles applied in this report are the same as those described in the 2009 Annual Report, with the exceptions described below.

New Accounting policies in 2010

The following standards and amendments to standards have been applied for 2010:

• Changes to IFRS 3R involve a number of changes in the reporting of business combinations, which will impact the size of reported goodwill, reported earnings for the period when the acquisition occurred, and future reported earnings.

• Changes to IAS 27R mean that changes in participating interests in a subsidiary, in which the majority owner does not lose controlling interest, are reported as equity transactions. Similar transactions have in the past been accounted for as goodwill.

Dividend

The Board proposes that the Annual General Meeting decide on a cash dividend of SEK 4.50 (3.00) per share.

Kinnevik Annual General Meeting 2011

The Annual General Meeting will be held on Monday 16 May 2011 at 10:00 a.m. at the Hotel Rival, Mariatorget 3 in Stockholm.

Shareholders wishing to have matters considered at the Annual General Meeting should submit their proposals in writing to agm@kinnevik.se or to The Company Secretary, Investment AB Kinnevik, Box 2094, SE-103 13 Stockholm, Sweden, at least seven weeks before the Annual General Meeting, in order that the proposal may be included in the notice to the meeting. Further details on how and when to register will be published in advance of the Meeting.

Nomination Committee for the 2011 Annual General Meeting

In accordance with the resolution of the 2010 Annual General Meeting, Cristina Stenbeck has convened a Nomination Committee consisting of members representing the largest shareholders in Kinnevik. The Nomination Committee is comprised of Cristina Stenbeck, Ramsay Brufer on behalf of Alecta, Henry Guy on behalf of Verdere S.à.r.l. and other shareholders. Edvard von Horn on behalf of the von Horn family and Wilhelm Klingspor on behalf of the Klingspor family.

Information about the work of the Nomination Committee can be found on Kinnevik's corporate website at www. kinnevik se

New reporting structure from 2011

From 2011, Kinnevik will change its reporting structure and group all holdings into the following business sectors: Telecom & Services, Media, Paper & Packaging, Online, Microfinance, Agriculture and Bioenergy. The accounting segments will consist of Paper & Packaging (Korsnäs), other operating subsidiaries (today part of New Ventures) and Parent Company & others.

Financial reports

The Annual Report for 2010 will be released on the company's website on 4 April 2011. Reporting dates for 2011: 20 April Interim Report January-March 21 July Interim Report January-June

.	.
20 October		Interim Report January-September

Stockholm, 16 February 2011

Board of Directors

Kinnevik discloses the information in this year-end release pursuant to the Swedish Securities Exchange and Clearing Operations Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication at 8.00 CET on 16 February 2011.

Review Report

We have reviewed the year-end report of Investment AB Kinnevik (publ) for the period 1 January to 31 December 2010. It is the Board of Directors and the CEO who are responsible for the preparation and presentation of this vear-end report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this year-end report based on our review.

We conducted our review in accordance with Standard on Review Engagements SÖG 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope compared to an audit conducted in accordance with Standards on Auditing in Sweden RS and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Accordingly, the conclusion expressed based on a review does not constitute the same level of assurance as a conclusion based on an audit.

Based on our review, nothing has come to our attention that causes us to believe that the year-end report is not prepared, in all material respects, 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, 16 February 2011 Ernst & Young AB

Thomas Forshind Authorized Public Accountant

For further information, please visit www.kinnevik.se or contact:

Mia Brunell Livfors, President and Chief Executive Officer, tel +46 (0)8 562 000 00

Torun Litzén, Information and Investor Relations tel +46 (0)8 562 000 83, mobile +46 (0)70 762 00 83

Investment AB Kinnevik's objective is to increase sharebolder value, primarily through net asset value growth. Kinnevik manages a portfolio of investments focused around three comprehensive business areas; Major Unlisted Holdings which includes the cartonboard and paper company Korsnäs including shares in Bergvik Skog, Major Listed Holdings which includes Millicom International Cellular, Tele2, Modern Times Group MTG, CDON, Metro International and Transcom WorldWide, and New Ventures which is active in finding new investments in small and mid sized companies which have a significant growth potential. Kinnevik plays an active role on the Boards of its holdings.

The Kinnevik class A and class B shares are listed on NASDAQ OMX Stockholm's list for Large Cap companies within the financial and real estate sector. The ticker codes are KINV A and KINV B.

CONDENSED CONSOLIDATED INCOME STATEMENT (SEK m)

			2010	2009
	2010	2009	1 Oct	1 Oct
	Full year	Full year	31 Dec	31 Dec
Revenue	8 593	8 397	2 151	2 131
Cost of goods sold and services	-7 315	-7 075	-1 909	-1 758
Gross profit/loss	1 278	1 322	242	373
Selling, administration, research and development
costs	-538	-520	-167	-151
Other operating income	326	243	69	38
Other operating expenses	-177	-203	-23	-22
Operating profit/loss	889	842	121	238
Dividends received	3 105	1 027	416	340
Change in fair value of financial assets	9 899	14 826	-69	4 205
Interest income and other financial income	60	40	13	14
Interest expenses and other financial expenses	-216	-219	-65	-36
Profit/loss after financial items	13 737	16 516	416	4 761
Taxes	-115	-143	29	-27
Net profit/loss for the period	13 622	16 373	445	4 734
Of which attributable to:
Equity holders of the Parent Company	13 602	16 361	443	4 730
Non-controlling interest	20	12	2	4
Earnings per share before dilution, SEK	49.08	61.66	1.60	17.07
Earnings per share after dilution, SEK	49.05	61.66	1.59	17.07
Average number of shares before dilution	277 158 190	265 324 899	277 158 190	277 158 190
Average number of shares after dilution	277 286 286	265 324 899	277 336 980	277 158 190

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (SEK m)

	2010 Full year	2009 Full year	2010 1 Oct 31 Dec	2009 1 Oct 31 Dec
Net profit/loss for the period	13 622	16 373	445	4 734
Other comprehensive income for the period
Translation differences	-50	-23	-7	3
Cash flow hedging	97	81	73	137
Actuarial profit/loss	6	-1	6	-1
Tax attributable to other comprehensive income	-27	-21	-21	-36
Total other comprehensive income for the period	26	36	51	103
Total comprehensive income for the period	13 648	16 409	496	4 837
Total comprehensive income for the period attributable to:
Equity holders of the Parent Company	13 634	16 398	495	4 832
Non-controlling interest	14	11	1	5

CONDENSED CONSOLIDATED CASH-FLOW STATEMENT (SEK m)

			2010	2009
	2010	2009	1 Oct	1 Oct
	Full year	Full year	31 Dec	31 Dec
Operating profit	889	842	121	238
Adjustment for non-cash items	610	613	139	167
Taxes paid	-301	-13	-32	-18
Cash flow from operations before change in working capital	1 198	1 442	228	387
Change in working capital	112	256	102	63
Cash flow from operations	1 310	1 698	330	450
Acquisition of subsidiaries	-85	-147	-85	-
Investments in tangible and biological fixed assets	-688	-653	-282	-212
Sales of tangible and biological fixed assets	7	2	7	0
Investments in intangible fixed assets	-29	-	-7	-
Investments in shares and other securities	-1 478	-388	-351	-19
Dividends received	3 029	687	-	-
Changes in loan receivables	-63	-	-117	-
Interest received	23	24	4	5
Cash flow from investing activities	716	-475	-831	-226
Change in interest-bearing liabilities	-1 079	-751	427	-113
Interest paid	-203	-223	-65	-49
Dividend paid	-831	-521	-	-
Cash flow from financing activities	-2 113	-1 495	362	-162
Cash flow for the period	-87	-272	-139	62
Exchange rate differences in liquid funds	0	0	0	0
Cash and short-term investments, opening balance	237	509	289	175
Cash and short-term investments, closing balance	150	237	150	237

.

CONDENSED CONSOLIDATED BALANCE SHEET (SEK m)

	2010	2009
ASSETS	31 Dec	31 Dec
Fixed assets
Intangible assets	828	836
Tangible and biological fixed assets	6 385	6 368
Financial assets accounted to fair value through profit and loss	54 549	42 776
- whereof interest-bearing	413	307
Investments in companies accounted for using the equity
method	126	11
	61 888	49 991
Current assets
Inventories	1 663	1 725
Trade receivables	829	741
Tax receivables	12	16
Other current assets	291	530
Short-term investments	5	51
Cash and cash equivalents	145	186
	2 945	3 249
TOTAL ASSETS	64 833	53 240
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Equity attributable to equity holders of the Parent Company	54 398	41 637
Equity attributable to non-controlling interest	27	38
	54 425	41 675
Long-term liabilities Interest-bearing loans	7 081	7 611
Provisions for pensions	542	580
Other provisions	26	51
Deferred tax liability	1 107	1 146
Other liabilities	4	4
	8 760	9 392
Short-term liabilities
Interest-bearing loans	63	586
Provisions	39	59
Trade payables	981	843
Income tax payable	24	163
Other payables	541	522
	1 648	2 173
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	64 833	53 240

CONDENSED REPORT OF CHANGES IN EQUITY FOR THE GROUP (SEK m)

			2010	2009
	2010	2009	1 Oct	1 Oct
	Full year	Full year	31 Dec	31 Dec
Equity, opening balance	41 675	23 530	54 000	36 836
Total comprehensive income for the period	13 648	16 409	496	4 837
New share issue (asset acquisition Emesco)	-	2 253	-	-
Acquisition from non-controlling interest	-71	-	-71	-
Dividend paid	-831	-521	-	-
Effect of employee share saving programme	4	4	0	2
Equity, closing amount	54 425	41 675	54 425	41 675
Equity attributable to the shareholders of the
Parent Company	54 398	41 637	54 398	41 637
Equity attributable to non-controlling interest	27	38	27	38

KEY RATIOS	2010 31 Dec	2009 31 Dec
Debt/equity ratio	0.14	0.21
Equity ratio	84%	78%
Net debt	7 123	8 233

DEFINITIONS OF KEY RATIOS

Debt/equity ratio	Interest-bearing liabilities including interest-bearing provisions divided by shareholders' equity.
Equity ratio	Shareholders' equity including non-controlling interest as percentage of total assets.
Net debt	Interest-bearing liabilities including interest-bearing provisions less the sum of interest-bea ring receivables, short-term investments and cash and bank.
Operating margin	Operating profit after depreciation divided by revenue.
Operational capital employed	Average of intangible and tangible fixed assets, investments in companies accounted for using the equity method, inventories and short-term non-interest bearing receivables less other provisions and short-term non interest bearing liabilities.
Return on operational capital employed	Operating profit after depreciation divided by average operational capital employed.

CONDENSED SEGMENT REPORTING (SEK m)

	Major			Parent
	Unlisted	Major Listed	New	Company
1 Jan-31 Dec 2010	Holdings	Holdings	Ventures	and other	Eliminations	Total Group
Revenue	8 178		508	25	-118	8 593
Operating costs	-6 803		-459	-91	125	-7 228
Depreciation	-602		-22	-1		-625
Other operating income and expenses	153		-17	20	-7	149
Operating profit/loss	926		10	-47	0	889
Dividends received	4	3 101				3 105
Change in fair value of financial assets	64	9 101	734			9 899
Financial net	-116	-19	12	-33		-156
Profit/loss after financial items	878	12 183	756	-80	0	13 737
Investments in subsidiaries and financial fixed
assets	115		1 434	14		1 563
Investments in intangible fixed assets			29			29
Investments in tangible fixed assets	604		82	2		688
Impairment of goodwill			-34			-34

	Major			Parent
	Unlisted	Major Listed	New	Company
1 Jan-31 Dec 2009	Holdings	Holdings	Ventures	and other	Eliminations	Total Group
Revenue	8 039		467	26	-135	8 397
Operating costs	-6 605		-422	-69	135	-6 961
Depreciation	-611		-19	-4		-634
Other operating income and expenses	28		13	-1		40
Operating profit/loss	851		39	-48	0	842
Dividends received	6	1 017		4		1 027
Change in fair value of financial assets	40	14 705	81			14 826
Financial net	-148	-48	17			-179
Profit/loss after financial items	749	15 674	137	-44	0	16 516
Investments in financial fixed assets		2 515	114			2 629
Investments in intangible fixed assets
(acquisition of operations)	37					37
Investments in tangible fixed assets	740		10	3		753
- of which acquisition of operations	100					100

CONDENSED SEGMENT REPORTING (SEK m)

Major			Parent
Unlisted	Major Listed	New	Company
Holdings	Holdings	Ventures	and other	Eliminations	Total Group
1 998		155	7	-9	2 151
-1 756		-143	-30	11	-1 918
-153		-7	2		-158
27		4	17	-2	46
116		9	-4	0	121
	416				416
23	-985	893			-69
-32	-15	1	-6		-52
107	-584	903	-10	0	416
50		372	14		436
		7			7
233		48	1		282

Major			Parent
Unlisted	Major Listed	New	Company
Holdings	Holdings	Ventures	and other	Eliminations	Total Group
2 021		138	4	-32	2 131
-1 640		-122	-22	32	-1 752
-152		-5	0		-157
13		5	-2		16
242		16	-20	0	238
	340				340
33	4 202	-30			4 205
-28	-3	9			-22
247	4 539	-5	-20		4 761
		19			19
208		4			212

FINANCIAL KEY RATIOS MAJOR UNLISTED HOLDINGS (SEK m)

	2010 Full year	2010 Q 4	2010 Q 3	2010 Q 2	2010 Q 1	2009 Full year	2009 Q 4	2009 Q 3	2009 Q 2	2009 Q 1	2008 Full year1)	2008 Q 41)
Revenue
Korsnäs Industrial	7 148	1 751	1 766	1 720	1 911	7 098	1 757	1 730	1 823	1 788	6 608	1 465
Korsnäs Forestry	1 030	247	252	283	248	941	264	185	317	175	788	203
Total Korsnäs	8 178	1 998	2 018	2 003	2 159	8 039	2 021	1 915	2 140	1 963	7 396	1 668
Operating profit before depreciation (EBITDA)
Korsnäs Industrial	1 476	257	502	383	334	1 430	381	464	318	267	1 090	89
Korsnäs Forestry	52	12	17	10	13	32	13	8	4	7	34	2
Total Korsnäs	1 528	269	519	393	347	1 462	394	472	322	274	1 124	91
Operating profit after de preciation (EBIT)
Korsnäs Industrial	879	105	352	234	188	826	231	315	165	115	472	-68
Korsnäs Forestry	47	11	16	9	11	25	11	7	2	5	28	1
Total Korsnäs	926	116	368	243	199	851	242	322	167	120	500	-67
Operating margin
Korsnäs Industrial	12.3%	6.0%	19.9%	13.6%	9.8%	11.6%	13.1%	18.2%	9.1%	6.4%	7.1%	-4.7%
Korsnäs Forestry	4.6%	4.5%	6.3%	3.2%	4.4%	2.7%	4.2%	3.8%	0.6%	2.9%	3.6%	0.5%
Korsnäs	11.3%	5.8%	18.2%	12.1%	9.2%	10.6%	12.0%	16.8%	7.8%	6.1%	6.7%	-4.1%
Operational capital em ployed
Korsnäs Industrial	7 457	7 545	7 423	7 392	7 402	7 411	7 332	7 345	7 443	7 476	7 746	7 620
Korsnäs Forestry	352	337	343	369	353	438	389	449	449	471	429	475
Total Korsnäs	7 809	7 882	7 766	7 761	7 755	7 849	7 721	7 794	7 892	7 947	8 175	8 095
Return on operational capi tal employed
Korsnäs Industrial	11.8%	5.6%	19.0%	12.7%	10.2%	11.1%	12.6%	17.2%	8.9%	6.2%	6.1%	-3.6%
Korsnäs Forestry	13.4%	13.1%	18.7%	9.8%	12.5%	5.7%	11.3%	6.2%	1.8%	4.2%	6.5%	0.8%
Korsnäs	11.9%	5.9%	19.0%	12.5%	10.3%	10.8%	12.5%	16.5%	8.5%	6.0%	6.1%	-3.4%
Production, thousand tons	1 019	243	278	237	261	1 025	261	268	253	243	1 052	235
Deliveries, thousand tons	1 021	241	259	252	269	1 034	253	255	271	255	993	222

1) Excluding restructuring charges of SEK 71 m in Q4 2008.

FINANCIAL KEY RATIOS MAJOR LISTED HOLDINGS (SEK m)

	2010 Full year	2010 Q4	2010 Q 3	2010 Q 2	2010 Q 1	2009 Full year	2009 Q 4	2009 Q 3	2009 Q 2	2009 Q 1	2008 Full year	2008 Q 4
Change in fair value through income statement and dividends received
Millicom	5 961	-19	246	1 610	4 124	7 075	1 286	2 800	4 786	-1 797	-14 329	-4 200
Tele2	4 776	-258	3 320	318	1 396	5 950	2 398	1 776	1 713	63	-6 606	-1 129
MTG	1 695	-354	970	212	867	2 067	734	827	788	-281	-2 668	-765
CDON	4	4	-	-	-	-	-	-	-	-	-	-
Transcom	-304	21	-80	-132	-113	337	152	92	102	-9	-395	-67
Metro shares	42	22	-27	-27	74	69	-28	94	-42	44	-979	-360
Metro warrants	28	15	-29	-144	186	224	0	172	51	-	-	-
	12 202	-569	4 400	1 837	6 534	15 722	4 542	5 761	7 398	-1 980	-24 977	-6 521
Book value end of the period
Millicom	24 309	24 309	24 328	24 082	24 290	20 166	20 166	19 220	16 421	11 635	13 432	13 432
Tele2	18 915	18 915	19 173	15 853	16 327	14 932	14 932	12 533	9 775	8 690	8 627	8 627
MTG	6 009	6 009	6 779	5 809	5 672	4 805	4 805	4 071	2 131	1 393	1 674	1 674
CDON	420	420	-	-	-	-	-	-	-	-	-	-
Transcom	333	333	312	392	525	637	637	485	285	183	192	192
Metro shares	285	285	263	290	317	243	243	271	163	204	160	160
Metro warrants	374	374	359	388	531	345	345	345	157	-	-	-
	50 645	50 645	51 214	46 814	47 662	41 128	41 128	36 925	28 932	22 105	24 085	24 085
Investments	-	-	-	-	-	2 338	-	2 232	106	-	-	-

NEW VENTURES (SEK m)

	2010	2010	2010	2010	2010	2009	2009	2009	2009	2009	2008	2008
	Full year	Q 4	Q 3	Q 2	Q 1	Full year	Q 4	Q 3	Q 2	Q 1	Full year	Q 4
Change in fair value through income state ment
Black Earth Farming	105	246	-75	-173	107	119	-29	-31	189	-10	-775	-86
Rocket Internet and portfolio companies	639	644	-5	-	-	-	-	-	-	-	-	-
Unlisted holdings	-10	3	-29	0	16	-38	-1	-1	-36	0	-11	-51
	734	893	-109	-173	123	81	-30	-32	153	-10	-786	-137
Book value end of period
Black Earth Farming	824	824	578	653	765	595	595	618	649	460	470	470
Rocket Internet and
portfolio companies	1 407	1 407	485	395	386	21	21	21	-	-	-	-
Unlisted holdings	1 143	1 143	1044	824	728	756	756	731	726	703	692	692
	3 374	3 374	2 107	1 872	1 879	1 372	1 372	1 370	1 375	1 163	1 162	1 162
Investments	1 434	372	478	152	432	114	19	30	57	8	193	35

CONDENSED PARENT COMPANY INCOME STATEMENT (SEK m)

	2010 Full year	2009 Full year	2010 1 Oct 31 Dec	2009 1 Oct 31 Dec
Revenue	19	22	5	5
Administration costs	-83	-71	-30	-25
Other operating income	4	3	1	1
Operating loss	-60	-46	-24	-19
Dividends received	1 445	1 754	305	0
Result from financial assets	531	15 128	519	15 120
Net interest income/expense	405	-88	90	-13
Profit/loss after financial items	2 321	16 748	890	15 088
Taxes	-57	34	-12	8
Net profit/loss for the period	2 264	16 782	878	15 096

CONDENSED PARENT COMPANY BALANCE SHEET (SEK m)

	2010	2009
	31 Dec	31 Dec
ASSETS
Tangible fixed assets	2	2
Financial fixed assets	42 545	40 846
Short-term receivables	551	412
Cash and cash equivalents	1	53
TOTAL ASSETS	43 099	41 313
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity	36 972	35 740
Provisions	36	44
Long-term liabilities	5 216	4 666
Short-term liabilities	875	863
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	43 099	41 313

The Parent Company's liquidity, including short-term investments and unutilized credit facilities, totalled SEK 4,051 m at 31 December 2010 and SEK 3,182 m at 31 December 2009. The Parent Company's interest bearing external liabilities amounted to SEK 2,551 m (3,645) on the same dates.

Investments in tangible fixed assets amounted to SEK 1 m (0) during the year.

As of 31 December 2010 the number of shares in Investment AB Kinnevik amounted to 277,583,190 shares of which 48,665,324 are class A shares with ten votes each, 228,492,866 are class B shares with one vote each and 425,000 are class C treasury shares with one vote each. The total number of votes in the Company amounted to 715,571,106 (715,146,106 excluding 425,000 class C treasury shares). During the year, following approval at the AGM in May, 135,000 class C shares held in treasury have been newly issued to be delivered to participants in incentive programs. The Board has authorization to repurchase a maximum of 10% of all shares in the Company. The Board has not used the authorization during 2010. There are no convertibles or warrants in issue.