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Kinnevik — Interim / Quarterly Report 2011
Apr 20, 2011
2935_10-q_2011-04-20_7e89ff1c-1d76-403b-b09a-7737adba38e8.pdf
Interim / Quarterly Report
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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
INTERIM REPORT 1 JANUARY-31 MARCH 2011
Financial results for the first quarter
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Kinnevik's net asset value 2006-2011
Pro forma adjusted for the acquisition of Emesco during Q3 2009. 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 | 9% |
| Full year 2010 | 31% |
1) Based on the assumption that shareholders have retained their allotment of shares in Tele2, MTG, Metro, Transcom and CDON.
New reporting structure from 2011
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Events during the first quarter
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Kinnevik's part of dividends proposed to be paid from listed holdings Millicom USD 1.80/share 426 1) Tele2 SEK 6+21/share 3 658 MTG SEK 7.50/share 101 Total expected dividends to be recei- ved from listed holdings 4 185 Of which ordinary dividends 1 340 Proposed dividend to Kinnevik's shareholders SEK 4.50/share 1 247
1) Based on an exchange ratio of 6.25 SEK/USD.
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Kinnevik's proportional part of revenue and operating result in its holdings
| Reported | Proportional part of | Change compared to Jan-March 2010 |
|||||
|---|---|---|---|---|---|---|---|
| Jan-March 2011 (SEK m) | Equity interest | revenue | EBIT | revenue | EBIT | revenue | EBIT |
| Korsnäs | 100.0% | 2 135 | 264 | 2 135 | 264 | -1% | 33% |
| Millicom | 35.7% | 7 007 | 2 013 | 2 502 | 719 | 13% | 20% |
| Tele2 | 30.5% | 9 573 | 1 560 | 2 920 | 476 | 0% | 1% |
| Transcom | 22.3% | 1 278 | 22 | 285 | 5 | -2% | -42% |
| MTG | 20.4% | 3 125 | 684 | 638 | 140 | 2% | 42% |
| Metro | 46.6% | 490 | -4 | 228 | -2 | 16% | N/A |
| CDON | 22.6% | 572 | 20 | 129 | 5 | 22% | -47% |
| Black Earth Farming 1) | 24.9% | 128 | -123 | 32 | -31 | -33% | N/A |
| Other unlisted holdings | 972 | -39 | 236 | -2 | 83% | N/A | |
| Total sum of Kinnevik's proportional part of | |||||||
| revenue and operating result | 9 104 | 1 573 | 5% | 16% |
1) Reported with one quarter's delay
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Financial overview
Consolidated earnings
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The Group's cash flow and investments
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| 1 Jan-31 Mar 2011 | Financial instrument | Amount (SEK m) |
|---|---|---|
| Subsidiaries | 5 | |
| 5 | ||
| Other securities | ||
| Online | ||
| CDON | shares | 48 |
| Rocket Internet with portfolio companies |
shares | 351 |
| Other Online investments | 24 | |
| Microfinancing | 7 | |
| 430 | ||
| 1 Jan-31 Mar 2010 | ||
| Paper & Packaging | ||
| Bomhus Energi | shares | 33 |
| Online | ||
| Rocket Internet with portfolio companies |
shares/warrants | 364 |
| Avito | capital contribution | 5 |
| Agriculture | ||
| Black Earth Farming | shares | 63 |
| 465 |
The Group's liqudity and financing
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Listed holdings
Debt SEK m (grey bar) and Asset Value SEK m (red bar) Line shows Debt as percentage of Asset Value
Korsnäs
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
| Equity | Voting | Book value | Fair value | Fair value | Total | |
|---|---|---|---|---|---|---|
| interest | interest | 2011 | 2011 | 2010 | return | |
| Mkr | (%) | (%) | 31 Mar | 31 Mar | 31 Dec | 2011 |
| Paper & packaging | ||||||
| Korsnäs Industrial and Forestry | 100 | 100 | 6 882 | 10 018 1) | 9 774 1) | |
| Bergvik Skog 2) | 5 | 5 | 569 | 569 | 556 | |
| Interest bearing net debt relating to Korsnäs | -5 402 | -5 402 | -5 575 | |||
| Total Paper & packaging | 2 050 | 5 185 | 4 755 | |||
| Telecom & services | ||||||
| Millicom | 35.7 | 35.7 | 22 834 | 22 834 | 24 309 | -6% |
| Tele2 | 30.5 | 47.7 | 19 755 | 19 755 | 18 915 | 4% |
| Transcom | 22.3 | 44.5 | 307 | 307 | 333 | -8% |
| Total Telecom and services | 42 896 | 42 896 | 43 557 | |||
| Media | ||||||
| MTG | 20.4 | 48.6 | 6 479 | 6 479 | 6 009 | 8% |
| Metro shares | 46.6 | 42.4 | 283 | 283 | 285 | -1% |
| Metro warrants 3) | 388 | 388 | 374 | 4% | ||
| Metro subordinated debentures | 234 | 278 | 268 | |||
| Total Media | 7 384 | 7 428 | 6 936 | |||
| Online | ||||||
| Rocket Internet with portfolio companies | 1 732 | 1 732 | 1 407 | |||
| Avito (directly and through Vosvik) | 56 | 274 | 274 | 274 | ||
| CDON | 22.6 | 22.6 | 513 | 513 | 420 | 10% |
| Other Online investments | 107 | 107 | 95 | |||
| Total Online | 2 626 | 2 626 | 2 196 | |||
| Microfinancing | ||||||
| Bayport | 37 4) | 37 | 307 | 307 | 332 | |
| Other Microfinancing investments | 22 | 22 | 16 | |||
| Total Microfinancing | 329 | 329 | 348 | |||
| Agriculture | ||||||
| Black Earth Farming | 24.9 | 24.9 | 886 | 886 | 824 | 8% |
| Rolnyvik | 100 | 100 | 206 | 250 | 250 | |
| RawAgro | 21 | 21 | 21 | |||
| Total Agriculture | 1 113 | 1 157 | 1 095 | |||
| Renewable energy | ||||||
| Latgran | 75 | 75 | 132 | 257 | 259 | |
| Vireo | 11 | 11 | 8 | |||
| Total renewable energy | 143 | 268 | 267 | |||
| Interest bearing net debt against listed holdings | -2 187 | -2 187 | -1 706 | |||
| Other assets and liabilities | 44 | 44 | 65 | |||
| Total equity/net asset value | 54 398 | 57 746 | 57 513 | |||
| Net asset value per share | 208.35 | 207.51 | ||||
| Closing price, class B share | 147.00 | 137.00 | 7% |
1) Consensus among analysts covering Kinnevik.
2) Corresponding to 5% of the company's equity.
3) Warrants in Metro are valued at fair value and included in change in fair value of listed holdings.
4) After warrants have been utilised.
Kinnevik's holdings
Paper & Packaging
Korsnäs
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| | Jan-Mar | | Full year UBCMF CFMPX 5IF RVBSUFSMZ EJGGFSFODFT DPNQBSFE XJUI NBJOUFOBODF TIVUEPXOT JO DPOTJTU PG B TMJHIUMZ TIPSUFS TUPQ JO UIF TFDPOE RVBSUFS PG BOE UIVT MPXFS BOUJDJQBUFE QSPEVDUJPO MPTT DPNQBSFE XJUI UIF DPSSFTQPOEJOH RVBSUFS PG
| Implemented and planned
|
|--------------------------------------|---------|--------|------------------|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Korsnäs Industrial | | | |
| Revenue | 1874 | 1911 | 7 1 4 8 |
| FBIT Frövi | Q2: 8 days | Q2: 11 days |
Telecom & services
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3 Millicom
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| Jan-March | ||||
|---|---|---|---|---|
| Key data (USD m) | 2011 | 2010 | 2010 | |
| Revenue | 1 081 | 954 | 3 920 | |
| EBITDA | 509 | 451 | 1 841 | |
| Operating profit, EBIT | 311 | 259 | 1 042 | |
| Net profit | 230 | 156 | 5921) | |
| Number of mobile subscribers (million) | 39.8 | 35.1 | 38.6 | |
1) Excluding one-off items
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Kinnevik's holdings
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Tele2
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| Jan-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 9 573 | 9 527 | 40 164 |
| EBITDA | 2 457 | 2 358 | 10 284 |
| Operating profit, EBIT | 1 659 | 1 546 | 7 088 |
| Net profit | 1 213 | 1 268 | 6 928 |
| Number of subscribers (million) | 31.2 | 27.7 | 30.9 |
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Transcom
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Kinnevik's holdings
Media
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Modern Times Group MTG
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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 | Full year | ||
|---|---|---|---|
| Key data (EUR m) | 2010 | 2010 | 20101) |
| Revenue | 55.2 | 47.7 | 206.5 |
| Operating profit, EBIT | -0.4 | -3.7 | 5.5 |
| Net result | -3.4 | -5.8 | 4.0 |
1) Excluding one-off items
.FUSP SFQPSUFE BO PQFSBUJOH MPTT PG &63 N JO UIF TFB TPOBMMZ XFBL mSTU RVBSUFS BO JNQSPWFNFOU PG &63 N ZFBSPOZFBS &#*5 JNQSPWFNFOUT JO 4XFEFO BOE %FONBSL DPOUSJCVUFE CZ &63 N FBDI
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.FUSP MBVODIFE OFX FEJUJPOT JO (VBUFNBMB BOE 3JP EF +BOFJSP BOE \$BNQJOBT JO #SB[JM EVSJOH UIF RVBSUFS
Kinnevik's holdings
Online
\$POTVNFSSFMBUFE POMJOF TFSWJDFT BSF HSPXJOH TUSPOHMZ BOE ,JOOFWJL JT TFBSDIJOH GPS WBSJPVT UZQFT PG JOWFTUNFOUT UIBU XJMM CFOFmU GSPN IPVTFIPMET TQFOEJOH B HSPXJOH QSPQPS UJPO PG UIFJS UJNF BOE CVEHFU POMJOF 5IF NBJO GPDVT JT DPOTVNFSPSJFOUFE TFSWJDFT XJUI SFMBUJWFMZ QSPWFO CVTJOFTT DPODFQUT &YQBOTJPO JO DPOTVNFSSFMBUFE *OUFSOFU TFSWJDFT JT DBQJUBMJOUFOTJWF BOE DPNQFUJUJPO JO UIF NBSLFU JT UPVHI CVU BU UIF TBNF UJNF UIF HSPXUI QPUFOUJBM JT TJHOJmDBOU
CDON
\$%0/ HSPVQ JT B MFBEJOH FDPNNFSDF DPNQBOZ XJUI TPNF PG UIF NPTU XFMM LOPXO BOE BQQSFDJBUFE CSBOET JO UIF /PSEJD BSFB
| Jan-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 572 | 470 | 2 210 |
| Operating profit/loss, EBIT | 20 | 38 | 135 |
| Net profit | 13 | 25 | 90 |
\$%0/ HSPVQ SFWFOVFT XFSF VQ ZFBS PO ZFBS JO UIF mSTU RVBSUFS BOE HSPTT QSPmUT XFSF VQ XJUI B HSPTT NBSHJO PG EFTQJUF UIF BDDFMFSBUJOH NJHSBUJPO BXBZ GSPN NFEJB QSPEVDUT UPXBSET IJHIFS HSPXUI QSPEVDU DBUF HPSJFT TVDI BT DPOTVNFS FMFDUSPOJDT XIJDI HSFX UP CFDPNF UIF TFDPOE MBSHFTU QSPEVDU HSPVQ XJUIJO UIF &OUFSUBJONFOU TFHNFOU
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Online – non-listed holdings
,JOOFWJLT MBSHFTU OPOMJTUFE JOWFTUNFOUT XJUIJO POMJOF DPNQSJTF JOWFTUNFOUT JO 3PDLFU *OUFSOFU BOE JUT QPSUGPMJP DPNQBOJFT BT XFMM BT "WJUP
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Microfinancing
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BZQPSU XBT GPVOEFE JO BOE IBT HSPXO XJUI QSPmUBCJMJUZ JOUP B MFBEJOH "GSJDBO NJDSP DSFEJU DPNQBOZ 5IF DPNQBOZ IBT BCPVU DVTUPNFST BOE UIF QSPEVDU QPSUGPMJP JT DPOUJOVPVTMZ FYQBOEJOH QSJNBSJMZ XJUI MPBOT XJUI MPOHFS EVSBUJPO -PBOT BSF VTFE QSJNBSJMZ GPS mOBODJOH MBSHFS OPOSFDVSSFOU FYQFOTFT TVDI BT TDIPPM GFFT JOWFTU NFOU JO GBSNJOH PS GPS TUBSUJOH TNBMMFS DPNQBOJFT
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Kinnevik's holdings
Agriculture
,JOOFWJLT JOWFTUNFOUT JO BHSJDVMUVSF DPNQSJTF PG TIBSFT JO #MBDL &BSUI 'BSNJOH UIF XIPMMZ PXOFE DPNQBOZ 3PMOZWJL JO 1PMBOE BOE PG UIF BHSJDVMUVSBM DPNQBOZ 3BX"HSP JO UIF 6LSBJOF
\$VSSFOU GPDVT JO BHSJDVMUVSF JT UP DPOUJOVF FYQBOTJPO JO MFTT EFWFMPQFE BSFBT XIFSF MBSHFS BDSFBHF DBO CF BDRVJSFE BU SFMBUJWFMZ MPX QSJDFT BOE EFWFMPQFE UP BDIJFWF IJHIFS QSPEVDUJWJUZ
Black Earth Farming
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Agriculture – non-listed holdings
,JOOFWJLT XIPMMZ PXOFE 1PMJTI BHSJDVMUVSBM DPNQBOZ 3PM OZWJL PQFSBUFT UIF #BSDJBOZ BOE 1PEMBXLJ GBSNT XJUI B UP UBM BSFB PG IFDUBSFT "MTP JO 1PMBOE UIF IBSWFTU ZJFME JO XBT MPXFS UIBO QSFWJPVT ZFBST EVF UP VOGBWPSBCMF XFBUIFS DPOEJUJPOT *O UFSNT PG SFTVMUT UIF MPXFS ZJFME XBT PGGTFU CZ QSJDF JODSFBTFT GPS HSBJO "T JO QSFWJPVT ZFBST B MBSHF QPSUJPO PG UIF ZFBST IBSWFTU XBT TUPSFE BOE XJMM CF TPME EVSJOH UIF mSTU IBMG PG
3BX"HSP DPOUSPMT BCPVU IFDUBSFT PG MFBTFE GBSN MBOE JO 6LSBJOF
Renewable energy
3FOFXBCMF FOFSHZ QSPEVDUJPO JT FYQFDUFE UP TFF TVCTUBOUJBM HSPXUI JO DPNJOH ZFBST FTQFDJBMMZ JO &VSPQF ESJWFO CZ &6 DPNNJUNFOUT UP SFOFXBCMF QSPEVDUJPO CZ #JPFO FSHZ JT PG TUSBUFHJD JOUFSFTU GPS ,JOOFWJL HJWFO TUSPOH &VSP QFBO HSPXUI FYQFDUBUJPOT JO DPNCJOBUJPO XJUI ,JOOFWJLT FYQFSJFODF GSPN BOE BDUJWJUJFT JO BHSJDVMUVSF BOE GPSFTUSZ 5IF TUSBUFHZ JT GPDVTFE BSPVOE UXP DPSF BSFBT o MBSHF TDBMF XPPE QFMMFUT QSPEVDUJPO BOE MPDBM FOFSHZ QSPEVDUJPO CB TFE PO CJPHBT BOE CJPNBTT \$FOUSBM BOE &BTUFSO &VSPQF JT UIF NBJO HFPHSBQIJDBM GPDVT XIFSF PQFSBUJPOT BSF DPOEVD UFE JO UIF UXP DPNQBOJFT -BUHSBO BOE 7JSFP &OFSHZ
| Latgran | Jan-Mar | Full year | |
|---|---|---|---|
| SEK m | 2011 | 2010 | 2010 |
| Revenue | 97 | 97 | 299 |
| EBIT | 14 | 20 | 54 |
| Deliveries, thousand tons | 88 | 74 | 237 |
| Production, thousand tons | 61 | 59 | 239 |
-BUHSBO DPOEVDUT QSPEVDUJPO PG QFMMFUT GSPN GPSFTU SBX NBUFSJBMT BU UIF DPNQBOZT UXP QSPEVDUJPO GBDJMJUJFT JO -BU WJB "MM QSPEVDUJPO JT FYQPSUFE UP TFWFSBM NBKPS JOEVTUSJBM DVTUPNFST JO 4DBOEJOBWJB BOE UIF SFTU PG /PSUIFSO &VSPQF %FNBOE GPS QFMMFUT SFNBJOFE GBWPSBCMF EVSJOH UIF RVBS UFS *ODSFBTFE DPTUT GPS SBX NBUFSJBM JO DPNCJOBUJPO XJUI VOGBWPVSBCMF DVSSFODZ NPWFNFOUT SFTVMUFE JO B EFDSFBTF JO PQFSBUJOH NBSHJO EPXO UP DPNQBSFE UP GPS UIF mSTU RVBSUFS PG
5IF QSPKFDU UP DPOTUSVDU B UIJSE QFMMFUT QMBOU JO 4PVUI FBTU -BUWJB GPS BQQSPYJNBUFMZ &63 N JT QSPHSFTTJOH BDDPSEJOH UP QMBO 5IF QMBOU XJMM IBWF B QMBOOFE BOOVBM QSPEVDUJPO PG BQQSPYJNBUFMZ UPOT GSPN JUT DPNNJT TJPOJOH EVSJOH UIF TFDPOE IBMG PG
*O +VOF 7JSFP &OFSHZ DPNNFODFE PQFSBUJPOT BJNFE BU CVJMEJOH PXOJOH BOE PQFSBUJOH GBDJMJUJFT UIBU QSP EVDF FOFSHZ GSPN SFOFXBCMF TPVSDFT *OJUJBMMZ UIF DPNQBOZ JT GPDVTJOH QSJNBSJMZ PO QSPKFDUT UP SFDPWFS FOFSHZ GSPN MBOEmMM HBT BOE PUIFS GPSNT PG XBTUF CBTFE CJPHBT (FP HSBQIJD GPDVT JT 1PMBOE BOE BEKBDFOU DPVOUSJFT %VSJOH UIF GPVSUI RVBSUFS DPOUSBDUT XFSF TJHOFE GPS UIF SFDPWFSZ PG CJPHBT XJUI B OVNCFS PG MBOEmMMT JO 1PMBOE *O 7JSFP XJMM CF JOWFTUJOH JO UIFTF GBDJMJUJFT BOE DPNNFODJOH UIF TBMF PG FOFSHZ BT XFMM BT FYQBOEJOH BDUJWJUJFT JO 1PMBOE BOE PUIFS DPSF HFPHSBQIJFT JO UIF SFHJPO
Parent Company and other
5IF BENJOJTUSBUJPO DPTUT XJUIJO UIF 1BSFOU \$PNQBOZ BOE UIF (SPVQT PUIFS DPNQBOJFT BNPVOUFE UP B OFU FYQFOTF PG 4&, N FYQFOTF PG BGUFS JOWPJDJOH GPS TFSWJDFT QFSGPSNFE
Risk Management
5IF (SPVQT mOBODJOH BOE NBOBHFNFOU PG mOBODJBM SJTLT JT DFOUSBMJ[FE XJUIJO ,JOOFWJLT mOBODF GVODUJPO BOE JT DPOEVDUFE PO UIF CBTJT PG B mOBODF QPMJDZ FTUBCMJTIFE CZ UIF #PBSE PG %JSFDUPST 5IF (SPVQT PQFSBUJPOBM SJTLT BSF QSJNBSJMZ FWBMVBUFE BOE NBOBHFE XJUIJO UIF QBSUJDVMBS CV TJOFTT BSFB BOE UIFO SFQPSUFE UP UIF ,JOOFWJL #PBSE
5IF (SPVQ IBT FTUBCMJTIFE B NPEFM GPS SJTL NBOBHF NFOU UIF BJNT PG XIJDI BSF UP JEFOUJGZ DPOUSPM BOE SFEVDF SJTLT 5IF JEFOUJmFE SJTLT BOE IPX UIFZ BSF NBOBHFE BSF SFQPSUFE UP UIF ,JOOFWJL #PBSE PO B RVBSUFSMZ CBTJT
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,JOOFWJL JT FYQPTFE UP mOBODJBM SJTLT NBJOMZ JO SFTQFDU PG DIBOHFT JO UIF WBMVF PG UIF TUPDL QPSUGPMJP DIBOHFT JO NBSLFU JOUFSFTU SBUFT FYDIBOHF SBUF SJTLT BOE MJRVJEJUZ BOE SFmOBODJOH SJTLT
5IF (SPVQ JT BMTP FYQPTFE UP QPMJUJDBM SJTLT TJODF UIF DPNQBOJFT ,JOOFWJL IBT JOWFTUFE JO IBWF B TVCTUBOUJBM QBSU PG UIFJS PQFSBUJPOT JO FNFSHJOH NBSLFUT TVDI BT -BUJO "NF SJDB 4VC4BIBSBO "GSJDB BOE 3VTTJB
'PS B NPSF EFUBJMFE EFTDSJQUJPO PG UIF \$PNQBOZT SJTLT BOE SJTL NBOBHFNFOU SFGFS UP UIF #PBSE PG%JSFDUPST SF QPSU BOE /PUF PG UIF "OOVBM3FQPSU
Accounting principles
5IF DPOTPMJEBUFE mOBODJBM TUBUFNFOUT BSF QSFQBSFE JO BDDPSEBODF XJUI UIF *OUFSOBUJPOBM 'JOBODJBM 3FQPSUJOH 4UBOEBSET *'34 BT BEPQUFE CZ UIF &6 5IJT SFQPSU XBT QSFQBSFE JO BDDPSEBODF XJUI UIF "OOVBM "DDPVOUT "DU BOE *"4 *OUFSJN 'JOBODJBM 3FQPSUJOH
5IF BDDPVOUJOH QSJODJQMFT BQQMJFE JO UIJT SFQPSU BSF UIF TBNF BT UIPTF EFTDSJCFE JO UIF "OOVBM 3FQPSU
4UBSUJOH GSPN UIJT SFQPSU UIF BDDPVOUJOH TFHNFOUT DPO TJTU PG 1BQFS 1BDLBHJOH ,PSTOÊT 0UIFS PQFSBUJOH TVCTJ EJBSJFT GPSNFS QBSU PG /FX 7FOUVSFT BOE 1BSFOU \$PNQBOZ BOE PUIFS 5IF DIBOHF JT GVSUIFS EFTDSJCFE JO /PUF PO QBHF
Kinnevik Annual General Meeting 2011
5IF "OOVBM (FOFSBM .FFUJOH XJMM CF IFME PO .POEBZ .BZ BU BN BU UIF )PUFM 3JWBM .BSJBUPSHFU JO 4UPDLIPMN
'VSUIFS EFUBJMT PO IPX BOE XIFO UP SFHJTUFS BSF QVCMJT IFE PO ,JOOFWJLT XFCTJUF XXXLJOOFWJLTF
5IF #PBSE IBT QSPQPTFE UIBU UIF "OOVBM (FOFSBM .FFU JOH EFDJEF PO B DBTI EJWJEFOE PG 4&, QFS TIBSF
Financial reports
3FQPSUJOH EBUFT GPS +VMZ *OUFSJN 3FQPSU +BOVBSZ+VOF 0DUPCFS *OUFSJN 3FQPSU +BOVBSZ4FQUFNCFS
4UPDLIPMN "QSJM
.JB #SVOFMM -JWGPST 1SFTJEFOU BOE \$IJFG &YFDVUJWF 0GmDFS
5IJT *OUFSJN 3FQPSU IBT OPU CFFO TVCKFDU UP TQFDJmD SFWJFX CZ UIF \$PNQBOZT BVEJUPST
,JOOFWJL EJTDMPTFT UIF JOGPSNBUJPO JO UIJT ZFBSFOE SFMFBTF QVSTVBOU UP UIF 4XFEJTI 4FDVSJUJFT &YDIBOHF BOE \$MFBSJOH 0QFSBUJPOT "DU BOEPS UIF 4XFEJTI 'JOBODJBM *OTUSVNFOUT 5SBEJOH "DU 5IF JOGPSNBUJPO XBT TVCNJUUFE GPS QVCMJDBUJPO BU \$&5 PO "QSJM
For further information, please visit www.kinnevik.se or contact:
.JB #SVOFMM -JWGPST 1SFTJEFOU BOE \$IJFG &YFDVUJWF0GmDFS UFM
5PSVO -JU[ÏO *OGPSNBUJPO BOE *OWFTUPS 3FMBUJPOT UFM ? NPCJMF
Kinnevik was founded in 1936 and thus embodies more than seventy years of entrepreneurship under the same group of principal owners. Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The company's holdings of growth companies are focused around seven comprehensive business sectors; Paper & Packaging, Telecom & Services, Media, Online, Microfinancing, Agriculture and Renewable energy.
Kinnevik has a long history of investing in emerging markets which has resulted in a considerable exposure to consumer sectors in these markets. 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)
| 2011 | 2010 | |||
|---|---|---|---|---|
| 1 Jan | 1 Jan | 2010 | ||
| Note | 31 March | 31 March | Full year | |
| Revenue | 2 282 | 2 283 | 8 593 | |
| Cost of goods sold and services | -1 915 | -1 960 | -7 315 | |
| Gross profit/loss | 367 | 323 | 1 278 | |
| Selling, administration, research and development |
254 | 188 | 879 | |
| Operating margin | 13.6% | 9.8% | 12.3% | |
| Korsnäs Forestry | ||||
| Revenue | 261 | 248 | 1 0 3 0 | |
| FBITL IBT TUSPOH NBSLFU QPTJUJPOT JO NPCJMF UFMFQIPOZ JO 4DBOEJOBWJB UIF #BMUJDT 3VTTJB -BUJO "NFSJDB BOE 4VC 4BIBSBO "GSJDB UIPVHI JUT IPMEJOH JO .JMMJDPN BOE 5FMF *O UPUBM ,JOOFWJLT UFMFDPN BTTFUT DPWFS B UPUBM QPQVMBUJPO PG NJMMJPO QFPQMF BOE IBWF NJMMJPO TVCTDSJCFST JO DPVOUSJFT |
3 Millicom
1 .JMMJDPN PGGFST BGGPSEBCMF BOE FBTJMZ BDDFTTJCMF NPCJMF UFMFQIPOZ TFSWJDFT JO DPVOUSJFT JO -BUJO "NFSJDB BOE "GSJDB
| Jan-March | ||||
|---|---|---|---|---|
| Key data (USD m) | 2011 | 2010 | 2010 | |
| Revenue | 1 081 | 954 | 3 920 | |
| EBITDA | 509 | 451 | 1 841 | |
| Operating profit, EBIT | 311 | 259 | 1 042 | |
| Net profit | 230 | 156 | 5921) | |
| Number of mobile subscribers (million) | 39.8 | 35.1 | 38.6 | |
1) Excluding one-off items
.JMMJDPNT QFSGPSNBODF JO UIF mSTU RVBSUFS DPOmSNT JUT WB MVF DSFBUJPO TUSBUFHZ BOE JUT FGGFDUJWF JNQMFNFOUBUJPO JO JUT NBSLFUT -PDBM DVSSFODZ SFWFOVFT JODSFBTFE CZ ZFBS PO ZFBS XIJDI JT UIF IJHIFTU RVBSUFSMZ UPQ MJOF HSPXUI SBUF .JMMJDPN IBT SFQPSUFE TJODF 4BMFT JO -BUJO "NFSJDB BT B XIPMF HSFX CZ EPVCMF EJHJUT BOE JO \$FOUSBM "NFSJDB QSPWJOH UIBU .JMMJDPNT NPTU IJHIMZ QFOFUSBUFE NBSLFUT DBO TUJMM FOKPZ HPPE HSPXUI
5IFSF IBT CFFO B DPOUJOVFE JNQSPWFNFOU JO NPCJMF "316 XJUI B ZFBS PO ZFBS JODSFBTF JO 4PVUI "NFSJDB BOE OPUBCMZ B JODSFBTF JO \$FOUSBM "NFSJDB 5IF JOWFTU NFOUT NBEF JO ( BOE 7"4 BSF BMTP EFMJWFSJOH QPTJUJWF SFTVMUT
*O "GSJDB .JMMJDPNT SFWFOVFT HSFX CZ BOE DPO UJOVFE UP CF JNQBDUFE CZ UIF NBSLFU QSJDF SFEVDUJPOT JOUSPEVDFE JO UIF TFDPOE IBMG PG 5IFSF IBT CFFO OP GVSUIFS TJHOJmDBOU QSJDJOH BDUJWJUZ JO UIF mSTU RVBSUFS PG 'PS UIF (SPVQ BT B XIPMF .JMMJDPN JT DPOmEFOU PG
Kinnevik's holdings
NBJOUBJOJOH UPQ MJOF HSPXUI PG BSPVOE JO MPDBM DVS SFODZ JO
.JMMJDPN IBT BOOPVODFE JUT JOUFOUJPO UP DPOTPMJEBUF UIF MJTUJOH PG JUT TIBSFT POUP B TJOHMF FYDIBOHF /"4%"2 0.9 4UPDLIPMN JO PSEFS UP TJNQMJGZ JUT MJTUJOH PCMJHBUJPOT 5IF USBOTJUJPO PG UIF QSJNBSZ MJTUJOH BOE UIF 64 EFSFHJTU SBUJPO XIJDI .JMMJDPN JOUFOET UP JNQMFNFOU BT TPPO BT JU JT FMJHJCMF UP EP TP XJMM FMJNJOBUF TPNF PG UIF TJHOJmDBOU EFNBOET QMBDFE PO UIF DPNQBOZ SFMBUFE UP B EVBM MJTUJOH
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-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 9 573 | 9 527 | 40 164 |
| EBITDA | 2 457 | 2 358 | 10 284 |
| Operating profit, EBIT | 1 659 | 1 546 | 7 088 |
| Net profit | 1 213 | 1 268 | 6 928 |
| Number of subscribers (million) | 31.2 | 27.7 | 30.9 |
5IF mSTU UISFF NPOUIT PG IBWF DPOUJOVFE UP TIPX TUSPOH SFWFOVF HSPXUI JO 5FMFT NBJO NBSLFUT %VSJOH UIF RVBSUFS 5FMF GPDVTFE PO FYFDVUJOH BHBJOTU JUT TFU QFSGPS NBODF UBSHFUT
*O 2 5FMF 3VTTJB BEEFE DVTUPNFST JO BO JODSFBTJOHMZ DPNQFUJUJWF NBSLFU &#*5%" BNPVOUFE UP 4&, N FRVJWBMFOU UP BO &#*5%" NBSHJO PG
.PCJMF SFWFOVF JO 4XFEFO HSFX CZ BT DVTUPNFS EFNBOE GPS TNBSUQIPOFT BOE EBUB TFSWJDFT DPOUJOVFE UP JODSFBTF EVSJOH UIF RVBSUFS .PCJMF DVTUPNFS JOUBLF JO /PS XBZ XBT HPPE BNPVOUJOH UP
%VSJOH UIF RVBSUFS 5FMF JO ,B[BLITUBO QSFQBSFE GPS DPNNFSDJBM MBVODI UISPVHI JOUFOTJmFE FGGPSUT GPS JNQSP WJOH OFUXPSL RVBMJUZ BOE EJTUSJCVUJPO DBQBCJMJUJFT
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
5SBOTDPN SFQPSUFE SFWFOVF PG &63 N JO UIF mSTU RVBSUFS 5IF (SPVQT HSPTT NBSHJO XBT EPXO GSPN MBTU ZFBS 5IF NBSHJO FSPTJPO JT B DPOTFRVFODF PG BEEJUJPOBM TVQQPSU DPTUT JODVSSFE JO UIF /PSUI SFHJPO BOE JO *UBMZ JO UIF mSTU RVBSUFS /FU JODPNF XBT &63 N DPN QBSFE UP &63 N MBTU ZFBS 5SBOTDPN SFNBJOT GPDVTFE BOE JT NBLJOH QSPHSFTT PO UIF FYFDVUJPO PG USBOTGPSNJOH UIF CVTJOFTT XJUI UISFF NBJO QSJPSJUJFT GPS HSPXUI BEESFTTJOH OPOQFSGPSNJOH VOJUT QPSUGPMJP BOE UFDIOPMPHZ USBOTGPSNBUJPO
Kinnevik's holdings
Media
,JOOFWJLT NFEJB DPNQBOJFT IBWF PQFSBUJPOT JO B UPUBM PG NBSLFUT BOE B DPNCJOFE SFBDI PG NJMMJPO EBJMZ 57 WJFXFST JO .5( BOE NJMMJPO EBJMZ SFBEFST JO .FUSP
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
.5(T TBMFT BOE PQFSBUJOH QSPmUT BSF BU SFDPSE MFWFMT JO UIF mSTU RVBSUFS GPMMPXJOH TBMFT HSPXUI BU DPOTUBOU FY DIBOHF SBUFT BOE B JODSFBTF JO PQFSBUJOH JODPNF FYDMV EJOH BTTPDJBUFT "MM PG UIF CVTJOFTT TFHNFOUT EFMJWFSFE TBMFT HSPXUI BU DPOTUBOU FYDIBOHF SBUFT BOE UIF HSPVQ PQFSBUJOH NBSHJO JODSFBTFE UP FYDMVEJOH BTTPDJBUFT
5IF 4DBOEJOBWJBO 57 BEWFSUJTJOH NBSLFUT IBWF DPO UJOVFE UIFJS TUSPOH EFWFMPQNFOU XJUI QSJDF JODSFBTFT JO FBDI DPVOUSZ 5IF SFDPWFSZ JO BEWFSUJTJOH TQFOEJOH JO UIF FNFSHJOH NBSLFUT JT MBHHJOH BOE XJUI UIF FYDFQUJPO PG UIF #BMUJDT B SFUVSO UP TVTUBJOFE NBSLFU HSPXUI JT ZFU UP CF TFFO CVU .5( JT UBLJOH NBSLFU TIBSF JO BMNPTU BMM PG JUT PQFSBUJOH UFSSJUPSJFT
*O UIF mSTU RVBSUFS .5( MBVODIFE B OFX GSFF57 DIBOOFM JO UIF \$[FDI 3FQVCMJD JOUSPEVDFE TFWFSBM OFX )% DIBOOFMT BOE QSPEVDFE UIF mSTU MJWF % CSPBEDBTU PG B TQPSUT FWFOU JO 4DBOEJOBWJB MBVODIFE OFX QBZ57 DIBOOFMT JO "GSJDB BOE GVMMZ JOUSPEVDFE JUT 7JBQMBZ POMJOF POEFNBOE WJEFP TUSFBNJOH TFSWJDF UIBU JT BWBJMBCMF UP BOZ XFCDPOOFDUFE EFWJDF JO 4DBOEJOBWJB
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 | Full year | ||
|---|---|---|---|
| Key data (EUR m) | 2010 | 2010 | 20101) |
| Revenue | 55.2 | 47.7 | 206.5 |
| Operating profit, EBIT | -0.4 | -3.7 | 5.5 |
| Net result | -3.4 | -5.8 | 4.0 |
1) Excluding one-off items
.FUSP SFQPSUFE BO PQFSBUJOH MPTT PG &63 N JO UIF TFB TPOBMMZ XFBL mSTU RVBSUFS BO JNQSPWFNFOU PG &63 N ZFBSPOZFBS &#*5 JNQSPWFNFOUT JO 4XFEFO BOE %FONBSL DPOUSJCVUFE CZ &63 N FBDI
4USPOH TBMFT HSPXUI DPOUJOVFE JO \$IJMF VQ 3VTTJB VQ .FYJDP VQ BOE \$BOBEB VQ *O 'SBODF UIF POHPJOH DJSDVMBUJPO BOE QSJDF XBS JO UIF GSFF OFXTQBQFS JT BGGFDUJOH TBMFT OFHBUJWFMZ BOE TBMFT XFSF EPXO CZ .FUSP JT IPXFWFS NBJOUBJOJOH JUT QPTJUJPO BT UIF TFDPOE NPTU SFBE OFXTQBQFS JO 'SBODF
.FUSP MBVODIFE OFX FEJUJPOT JO (VBUFNBMB BOE 3JP EF +BOFJSP BOE \$BNQJOBT JO #SB[JM EVSJOH UIF RVBSUFS
Kinnevik's holdings
Online
\$POTVNFSSFMBUFE POMJOF TFSWJDFT BSF HSPXJOH TUSPOHMZ BOE ,JOOFWJL JT TFBSDIJOH GPS WBSJPVT UZQFT PG JOWFTUNFOUT UIBU XJMM CFOFmU GSPN IPVTFIPMET TQFOEJOH B HSPXJOH QSPQPS UJPO PG UIFJS UJNF BOE CVEHFU POMJOF 5IF NBJO GPDVT JT DPOTVNFSPSJFOUFE TFSWJDFT XJUI SFMBUJWFMZ QSPWFO CVTJOFTT DPODFQUT &YQBOTJPO JO DPOTVNFSSFMBUFE *OUFSOFU TFSWJDFT JT DBQJUBMJOUFOTJWF BOE DPNQFUJUJPO JO UIF NBSLFU JT UPVHI CVU BU UIF TBNF UJNF UIF HSPXUI QPUFOUJBM JT TJHOJmDBOU
CDON
\$%0/ HSPVQ JT B MFBEJOH FDPNNFSDF DPNQBOZ XJUI TPNF PG UIF NPTU XFMM LOPXO BOE BQQSFDJBUFE CSBOET JO UIF /PSEJD BSFB
| Jan-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 572 | 470 | 2 210 |
| Operating profit/loss, EBIT | 20 | 38 | 135 |
| Net profit | 13 | 25 | 90 |
\$%0/ HSPVQ SFWFOVFT XFSF VQ ZFBS PO ZFBS JO UIF mSTU RVBSUFS BOE HSPTT QSPmUT XFSF VQ XJUI B HSPTT NBSHJO PG EFTQJUF UIF BDDFMFSBUJOH NJHSBUJPO BXBZ GSPN NFEJB QSPEVDUT UPXBSET IJHIFS HSPXUI QSPEVDU DBUF HPSJFT TVDI BT DPOTVNFS FMFDUSPOJDT XIJDI HSFX UP CFDPNF UIF TFDPOE MBSHFTU QSPEVDU HSPVQ XJUIJO UIF &OUFSUBJONFOU TFHNFOU
\$%0/ DPOUJOVFE UP FYQBOE UIF CVTJOFTT JO MJOF XJUI JUT TUSBUFHZ JO UIF mSTU RVBSUFS CZ BDRVJSJOH GVSOJUVSF BOE JOUFSJPS EFTJHO SFUBJMFS 36.TF SPMMJOH PVU /FMMZDPN JO (FSNBOZ XJUI NBSLFU UFTUT JO UIF /FUIFSMBOET BOE "VTUSJB MBVODIJOH (ZNHSPTTJTUFO JO %FONBSL BT #PEZTUPSFEL BOE CSPBEFOJOH UIF BTTPSUNFOUT PG BMM POMJOF TUPSFT
5IF ZFBS PO ZFBS EFWFMPQNFOU JO TBMFT BOE QSPmUBCJMJUZ BMTP SFnFDUFE UIF MBVODI PG )FQQPDPN JO 4XFEFO JO 4FQ UFNCFS UIF BDRVJTJUJPO PG -FLNFSDPN BU UIF FOE PG UIF mSTU RVBSUFS PG MBTU ZFBS BOE UIF QBO/PSEJD FYUFOTJPO PG CPUI CSBOET
Online – non-listed holdings
,JOOFWJLT MBSHFTU OPOMJTUFE JOWFTUNFOUT XJUIJO POMJOF DPNQSJTF JOWFTUNFOUT JO 3PDLFU *OUFSOFU BOE JUT QPSUGPMJP DPNQBOJFT BT XFMM BT "WJUP
3PDLFU *OUFSOFU PXOT B QPSUGPMJP PG WBSJPVT FDPNNFSDF DPNQBOJFT BOE PUIFS DPOTVNFSPSJFOUFE POMJOF DPNQB OJFT JODMVEJOH UIF TIPF BOE GBTIJPO SFUBJMFS ;BMBOEP UIF HSPVQ EJTDPVOU DPNQBOZ (SPVQPO UIF NBUDI NBLJOH TJUF F%BSMJOH BOE UIF QSJDF DPNQBSJTPO TJUF 3
"WJUPSV JT UIF MFBEJOH POMJOF TFSWJDF GPS DMBTTJmFE BEWFSUJTJOH JO 3VTTJB XJUI NPSF UIBO NJMMJPO OFX DMBT TJmFET FWFSZ NPOUI BOE PWFS NJMMJPO VOJRVF NPOUIMZ WJTJUPST (SPXUI JT TUSPOH BOE UIF DPNQBOZ IBT EVSJOH UIF mSTU RVBSUFS DPOUJOVFE UP JOWFTU UP TUSFOHUIFO JUT MFBEJOH QPTJUJPO 3FWFOVFT QSJNBSJMZ EFSJWF GSPN BEWFSUJTJOH TBMFT PO UIF XFCTJUF
*O UIF mSTU RVBSUFS PG ,JOOFWJLT JOWFTUNFOUT XJUI JO POMJOF UPUBMMFE 4&, N JODMVEJOH 4&, N JO \$%0/
Microfinancing
4JNJMBS UP UIF NBOOFS JO XIJDI UFMFDPN EFWFMPQFE TUSPO HMZ JO FNFSHJOH NBSLFUT UISPVHI JOOPWBUJWF QSPEVDUT BOE EJTUSJCVUJPO OFUXPSLT ,JOOFWJL JT TFBSDIJOH GPS JOWFTUNFOU PQQPSUVOJUJFT JO UIF NJDSPmOBODJOH TFDUPS
BZQPSU B DPNQBOZ PGGFSJOH NJDSP DSFEJUT BOE mOBODJBM TFSWJDFT JO (IBOB 6HBOEB ;BNCJB 5BO[BOJB BOE #PUTXB OB JT ,JOOFWJLT MBSHFTU JOWFTUNFOU JO UIF NJDSPmOBODJOH TFDUPS (IBOB BOE ;BNCJB BSF UIF MBSHFTU NBSLFUT XIJMF BMTP UIF PUIFS DPVOUSJFT BSF EJTQMBZJOH SBQJE HSPXUI *O UIF mSTU RVBSUFS PG #BZQPSU FYQBOEFE JUT PQFSBUJPOT PVU PG UIF "GSJDBO DPOUJOFOU UISPVHI UIF BDRVJTJUJPO PG B NBKPSJUZ TUBLF JO UIF \$PMPNCJBO QBZSPMM EFEVDUJPO DPNQBOZ 'J.4"
BZQPSU XBT GPVOEFE JO BOE IBT HSPXO XJUI QSPmUBCJMJUZ JOUP B MFBEJOH "GSJDBO NJDSP DSFEJU DPNQBOZ 5IF DPNQBOZ IBT BCPVU DVTUPNFST BOE UIF QSPEVDU QPSUGPMJP JT DPOUJOVPVTMZ FYQBOEJOH QSJNBSJMZ XJUI MPBOT XJUI MPOHFS EVSBUJPO -PBOT BSF VTFE QSJNBSJMZ GPS mOBODJOH MBSHFS OPOSFDVSSFOU FYQFOTFT TVDI BT TDIPPM GFFT JOWFTU NFOU JO GBSNJOH PS GPS TUBSUJOH TNBMMFS DPNQBOJFT
.JDSPWFTU ** JT B GVOE GPDVTJOH PO FRVJUZ JOWFTUNFOUT JO NJDSP mOBODJOH DPNQBOJFT JO FNFSHJOH NBSLFUT 5IF GVOE IBT DVSSFOUMZ GPVS JOWFTUNFOUT PG XIJDI UXP JO *OEJB POF JO 1BSBHVBZ BOE POF JO 1FSV
Kinnevik's holdings
Agriculture
,JOOFWJLT JOWFTUNFOUT JO BHSJDVMUVSF DPNQSJTF PG TIBSFT JO #MBDL &BSUI 'BSNJOH UIF XIPMMZ PXOFE DPNQBOZ 3PMOZWJL JO 1PMBOE BOE PG UIF BHSJDVMUVSBM DPNQBOZ 3BX"HSP JO UIF 6LSBJOF
\$VSSFOU GPDVT JO BHSJDVMUVSF JT UP DPOUJOVF FYQBOTJPO JO MFTT EFWFMPQFE BSFBT XIFSF MBSHFS BDSFBHF DBO CF BDRVJSFE BU SFMBUJWFMZ MPX QSJDFT BOE EFWFMPQFE UP BDIJFWF IJHIFS QSPEVDUJWJUZ
Black Earth Farming
MBDL &BSUI 'BSNJOH XJUI TIBSFT MJTUFE PO /"4%"2 0.9 4UPDLIPMN JT B MFBEJOH BHSJDVMUVSBM DPNQBOZ XJUI PQFSB UJPOT JO 3VTTJB 5IF DPNQBOZ BDRVJSFT BOE DVMUJWBUFT BHSJ DVMUVSBM MBOE JO UIF GFSUJMF #MBDL &BSUI SFHJPO JO 4PVUIXFTU 3VTTJB
MBDL &BSUI 'BSNJOH IBT IFDUBSFT PG MBOE VOEFS JUT DPOUSPM PG XIJDI JT GVMMZ PXOFE XJUI PWFS IFDUBSFT JO QSPEVDUJPO JO "T B SFTVMU PG UIF TFWFSF ESPVHIU JO IBSWFTUFE WPMVNFT XFSF ,UPOOFT MFTT UIBO UIF ZFBS CFGPSF 5IF FYUSFNF XFBUIFS IBE B OFHB UJWF FGGFDU PO UIF SFTVMU GPS UIF ZFBS 4BMFT SFWFOVF GPS UIF GVMM ZFBS BNPVOUFE UP 64% N XIJDI SFQSFTFOUT B EFDMJOF DPNQBSFE UP MBSHFMZ EVF UP TJHOJmDBOUMZ MPXFS IBSWFTU WPMVNF 5IF PQFSBUJOH MPTT FYDMVEJOH OPO SFDVSSJOH FYQFOTF XBT 64% N
'PDVT JO XJMM CF UP JODSFBTF ZJFMET BOE DPOUJOVF UP JNQSPWF UIF FGmDJFODZ PG UIF PQFSBUJPOT 5IF NBOBHF NFOU UFBN IBT CFFO TUSFOHUIFOFE BOE UIF PVUMPPL GPS HSBJO QSJDFT JT QPTJUJWF XIJDI TIPVME DPOUSJCVUF UP BO JNQSPWFE PQFSBUJWF BOE mOBODJBM QFSGPSNBODF JO
Agriculture – non-listed holdings
,JOOFWJLT XIPMMZ PXOFE 1PMJTI BHSJDVMUVSBM DPNQBOZ 3PM OZWJL PQFSBUFT UIF #BSDJBOZ BOE 1PEMBXLJ GBSNT XJUI B UP UBM BSFB PG IFDUBSFT "MTP JO 1PMBOE UIF IBSWFTU ZJFME JO XBT MPXFS UIBO QSFWJPVT ZFBST EVF UP VOGBWPSBCMF XFBUIFS DPOEJUJPOT *O UFSNT PG SFTVMUT UIF MPXFS ZJFME XBT PGGTFU CZ QSJDF JODSFBTFT GPS HSBJO "T JO QSFWJPVT ZFBST B MBSHF QPSUJPO PG UIF ZFBST IBSWFTU XBT TUPSFE BOE XJMM CF TPME EVSJOH UIF mSTU IBMG PG
3BX"HSP DPOUSPMT BCPVU IFDUBSFT PG MFBTFE GBSN MBOE JO 6LSBJOF
Renewable energy
3FOFXBCMF FOFSHZ QSPEVDUJPO JT FYQFDUFE UP TFF TVCTUBOUJBM HSPXUI JO DPNJOH ZFBST FTQFDJBMMZ JO &VSPQF ESJWFO CZ &6 DPNNJUNFOUT UP SFOFXBCMF QSPEVDUJPO CZ #JPFO FSHZ JT PG TUSBUFHJD JOUFSFTU GPS ,JOOFWJL HJWFO TUSPOH &VSP QFBO HSPXUI FYQFDUBUJPOT JO DPNCJOBUJPO XJUI ,JOOFWJLT FYQFSJFODF GSPN BOE BDUJWJUJFT JO BHSJDVMUVSF BOE GPSFTUSZ 5IF TUSBUFHZ JT GPDVTFE BSPVOE UXP DPSF BSFBT o MBSHF TDBMF XPPE QFMMFUT QSPEVDUJPO BOE MPDBM FOFSHZ QSPEVDUJPO CB TFE PO CJPHBT BOE CJPNBTT \$FOUSBM BOE &BTUFSO &VSPQF JT UIF NBJO HFPHSBQIJDBM GPDVT XIFSF PQFSBUJPOT BSF DPOEVD UFE JO UIF UXP DPNQBOJFT -BUHSBO BOE 7JSFP &OFSHZ
| Latgran | Jan-Mar | Full year | |
|---|---|---|---|
| SEK m | 2011 | 2010 | 2010 |
| Revenue | 97 | 97 | 299 |
| EBIT | 14 | 20 | 54 |
| Deliveries, thousand tons | 88 | 74 | 237 |
| Production, thousand tons | 61 | 59 | 239 |
-BUHSBO DPOEVDUT QSPEVDUJPO PG QFMMFUT GSPN GPSFTU SBX NBUFSJBMT BU UIF DPNQBOZT UXP QSPEVDUJPO GBDJMJUJFT JO -BU WJB "MM QSPEVDUJPO JT FYQPSUFE UP TFWFSBM NBKPS JOEVTUSJBM DVTUPNFST JO 4DBOEJOBWJB BOE UIF SFTU PG /PSUIFSO &VSPQF %FNBOE GPS QFMMFUT SFNBJOFE GBWPSBCMF EVSJOH UIF RVBS UFS *ODSFBTFE DPTUT GPS SBX NBUFSJBM JO DPNCJOBUJPO XJUI VOGBWPVSBCMF DVSSFODZ NPWFNFOUT SFTVMUFE JO B EFDSFBTF JO PQFSBUJOH NBSHJO EPXO UP DPNQBSFE UP GPS UIF mSTU RVBSUFS PG
5IF QSPKFDU UP DPOTUSVDU B UIJSE QFMMFUT QMBOU JO 4PVUI FBTU -BUWJB GPS BQQSPYJNBUFMZ &63 N JT QSPHSFTTJOH BDDPSEJOH UP QMBO 5IF QMBOU XJMM IBWF B QMBOOFE BOOVBM QSPEVDUJPO PG BQQSPYJNBUFMZ UPOT GSPN JUT DPNNJT TJPOJOH EVSJOH UIF TFDPOE IBMG PG
*O +VOF 7JSFP &OFSHZ DPNNFODFE PQFSBUJPOT BJNFE BU CVJMEJOH PXOJOH BOE PQFSBUJOH GBDJMJUJFT UIBU QSP EVDF FOFSHZ GSPN SFOFXBCMF TPVSDFT *OJUJBMMZ UIF DPNQBOZ JT GPDVTJOH QSJNBSJMZ PO QSPKFDUT UP SFDPWFS FOFSHZ GSPN MBOEmMM HBT BOE PUIFS GPSNT PG XBTUF CBTFE CJPHBT (FP HSBQIJD GPDVT JT 1PMBOE BOE BEKBDFOU DPVOUSJFT %VSJOH UIF GPVSUI RVBSUFS DPOUSBDUT XFSF TJHOFE GPS UIF SFDPWFSZ PG CJPHBT XJUI B OVNCFS PG MBOEmMMT JO 1PMBOE *O 7JSFP XJMM CF JOWFTUJOH JO UIFTF GBDJMJUJFT BOE DPNNFODJOH UIF TBMF PG FOFSHZ BT XFMM BT FYQBOEJOH BDUJWJUJFT JO 1PMBOE BOE PUIFS DPSF HFPHSBQIJFT JO UIF SFHJPO
Parent Company and other
5IF BENJOJTUSBUJPO DPTUT XJUIJO UIF 1BSFOU \$PNQBOZ BOE UIF (SPVQT PUIFS DPNQBOJFT BNPVOUFE UP B OFU FYQFOTF PG 4&, N FYQFOTF PG BGUFS JOWPJDJOH GPS TFSWJDFT QFSGPSNFE
Risk Management
5IF (SPVQT mOBODJOH BOE NBOBHFNFOU PG mOBODJBM SJTLT JT DFOUSBMJ[FE XJUIJO ,JOOFWJLT mOBODF GVODUJPO BOE JT DPOEVDUFE PO UIF CBTJT PG B mOBODF QPMJDZ FTUBCMJTIFE CZ UIF #PBSE PG %JSFDUPST 5IF (SPVQT PQFSBUJPOBM SJTLT BSF QSJNBSJMZ FWBMVBUFE BOE NBOBHFE XJUIJO UIF QBSUJDVMBS CV TJOFTT BSFB BOE UIFO SFQPSUFE UP UIF ,JOOFWJL #PBSE
5IF (SPVQ IBT FTUBCMJTIFE B NPEFM GPS SJTL NBOBHF NFOU UIF BJNT PG XIJDI BSF UP JEFOUJGZ DPOUSPM BOE SFEVDF SJTLT 5IF JEFOUJmFE SJTLT BOE IPX UIFZ BSF NBOBHFE BSF SFQPSUFE UP UIF ,JOOFWJL #PBSE PO B RVBSUFSMZ CBTJT
,JOOFWJLT XIPMMZ PXOFE TVCTJEJBSZ ,PSTOÊT BDDPVOUT GPS NPTU PG UIF PQFSBUJPOBM SJTLT BOE UIFZ BSF NBJOMZ SFMB UFE UP NBSLFU EFWFMPQNFOU DVTUPNFST BOE TVQQMJFST BOE UIF SJTL GPS B NBKPS BDDJEFOU JO UIF QSPEVDUJPO QMBOUT
,JOOFWJL JT FYQPTFE UP mOBODJBM SJTLT NBJOMZ JO SFTQFDU PG DIBOHFT JO UIF WBMVF PG UIF TUPDL QPSUGPMJP DIBOHFT JO NBSLFU JOUFSFTU SBUFT FYDIBOHF SBUF SJTLT BOE MJRVJEJUZ BOE SFmOBODJOH SJTLT
5IF (SPVQ JT BMTP FYQPTFE UP QPMJUJDBM SJTLT TJODF UIF DPNQBOJFT ,JOOFWJL IBT JOWFTUFE JO IBWF B TVCTUBOUJBM QBSU PG UIFJS PQFSBUJPOT JO FNFSHJOH NBSLFUT TVDI BT -BUJO "NF SJDB 4VC4BIBSBO "GSJDB BOE 3VTTJB
'PS B NPSF EFUBJMFE EFTDSJQUJPO PG UIF \$PNQBOZT SJTLT BOE SJTL NBOBHFNFOU SFGFS UP UIF #PBSE PG%JSFDUPST SF QPSU BOE /PUF PG UIF "OOVBM3FQPSU
Accounting principles
5IF DPOTPMJEBUFE mOBODJBM TUBUFNFOUT BSF QSFQBSFE JO BDDPSEBODF XJUI UIF *OUFSOBUJPOBM 'JOBODJBM 3FQPSUJOH 4UBOEBSET *'34 BT BEPQUFE CZ UIF &6 5IJT SFQPSU XBT QSFQBSFE JO BDDPSEBODF XJUI UIF "OOVBM "DDPVOUT "DU BOE *"4 *OUFSJN 'JOBODJBM 3FQPSUJOH
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Kinnevik Annual General Meeting 2011
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Financial reports
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For further information, please visit www.kinnevik.se or contact:
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Kinnevik was founded in 1936 and thus embodies more than seventy years of entrepreneurship under the same group of principal owners. Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The company's holdings of growth companies are focused around seven comprehensive business sectors; Paper & Packaging, Telecom & Services, Media, Online, Microfinancing, Agriculture and Renewable energy.
Kinnevik has a long history of investing in emerging markets which has resulted in a considerable exposure to consumer sectors in these markets. 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)
| 2011 | 2010 | |||
|---|---|---|---|---|
| 1 Jan | 1 Jan | 2010 | ||
| Note | 31 March | 31 March | Full year | |
| Revenue | 2 282 | 2 283 | 8 593 | |
| Cost of goods sold and services | -1 915 | -1 960 | -7 315 | |
| Gross profit/loss | 367 | 323 | 1 278 | |
| Selling, administration, research and development |
10 | 11 | 47 | |
| Korsnäs Group | ||||
| Revenue | 2 1 3 5 | 2 159 | 8 1 7 8 | |
| FBITPN PGGFST BGGPSEBCMF BOE FBTJMZ BDDFTTJCMF NPCJMF UFMFQIPOZ TFSWJDFT JO DPVOUSJFT JO -BUJO "NFSJDB BOE "GSJDB |
| Jan-March | ||||
|---|---|---|---|---|
| Key data (USD m) | 2011 | 2010 | 2010 | |
| Revenue | 1 081 | 954 | 3 920 | |
| EBITDA | 509 | 451 | 1 841 | |
| Operating profit, EBIT | 311 | 259 | 1 042 | |
| Net profit | 230 | 156 | 5921) | |
| Number of mobile subscribers (million) | 39.8 | 35.1 | 38.6 | |
1) Excluding one-off items
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Kinnevik's holdings
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Tele2
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| Jan-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 9 573 | 9 527 | 40 164 |
| EBITDA | 2 457 | 2 358 | 10 284 |
| Operating profit, EBIT | 1 659 | 1 546 | 7 088 |
| Net profit | 1 213 | 1 268 | 6 928 |
| Number of subscribers (million) | 31.2 | 27.7 | 30.9 |
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Transcom
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Kinnevik's holdings
Media
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Modern Times Group MTG
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Metro
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| Jan-Dec | Full year | ||
|---|---|---|---|
| Key data (EUR m) | 2010 | 2010 | 20101) |
| Revenue | 55.2 | 47.7 | 206.5 |
| Operating profit, EBIT | -0.4 | -3.7 | 5.5 |
| Net result | -3.4 | -5.8 | 4.0 |
1) Excluding one-off items
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Kinnevik's holdings
Online
\$POTVNFSSFMBUFE POMJOF TFSWJDFT BSF HSPXJOH TUSPOHMZ BOE ,JOOFWJL JT TFBSDIJOH GPS WBSJPVT UZQFT PG JOWFTUNFOUT UIBU XJMM CFOFmU GSPN IPVTFIPMET TQFOEJOH B HSPXJOH QSPQPS UJPO PG UIFJS UJNF BOE CVEHFU POMJOF 5IF NBJO GPDVT JT DPOTVNFSPSJFOUFE TFSWJDFT XJUI SFMBUJWFMZ QSPWFO CVTJOFTT DPODFQUT &YQBOTJPO JO DPOTVNFSSFMBUFE *OUFSOFU TFSWJDFT JT DBQJUBMJOUFOTJWF BOE DPNQFUJUJPO JO UIF NBSLFU JT UPVHI CVU BU UIF TBNF UJNF UIF HSPXUI QPUFOUJBM JT TJHOJmDBOU
CDON
\$%0/ HSPVQ JT B MFBEJOH FDPNNFSDF DPNQBOZ XJUI TPNF PG UIF NPTU XFMM LOPXO BOE BQQSFDJBUFE CSBOET JO UIF /PSEJD BSFB
| Jan-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 572 | 470 | 2 210 |
| Operating profit/loss, EBIT | 20 | 38 | 135 |
| Net profit | 13 | 25 | 90 |
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Online – non-listed holdings
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Microfinancing
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Kinnevik's holdings
Agriculture
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Black Earth Farming
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Agriculture – non-listed holdings
,JOOFWJLT XIPMMZ PXOFE 1PMJTI BHSJDVMUVSBM DPNQBOZ 3PM OZWJL PQFSBUFT UIF #BSDJBOZ BOE 1PEMBXLJ GBSNT XJUI B UP UBM BSFB PG IFDUBSFT "MTP JO 1PMBOE UIF IBSWFTU ZJFME JO XBT MPXFS UIBO QSFWJPVT ZFBST EVF UP VOGBWPSBCMF XFBUIFS DPOEJUJPOT *O UFSNT PG SFTVMUT UIF MPXFS ZJFME XBT PGGTFU CZ QSJDF JODSFBTFT GPS HSBJO "T JO QSFWJPVT ZFBST B MBSHF QPSUJPO PG UIF ZFBST IBSWFTU XBT TUPSFE BOE XJMM CF TPME EVSJOH UIF mSTU IBMG PG
3BX"HSP DPOUSPMT BCPVU IFDUBSFT PG MFBTFE GBSN MBOE JO 6LSBJOF
Renewable energy
3FOFXBCMF FOFSHZ QSPEVDUJPO JT FYQFDUFE UP TFF TVCTUBOUJBM HSPXUI JO DPNJOH ZFBST FTQFDJBMMZ JO &VSPQF ESJWFO CZ &6 DPNNJUNFOUT UP SFOFXBCMF QSPEVDUJPO CZ #JPFO FSHZ JT PG TUSBUFHJD JOUFSFTU GPS ,JOOFWJL HJWFO TUSPOH &VSP QFBO HSPXUI FYQFDUBUJPOT JO DPNCJOBUJPO XJUI ,JOOFWJLT FYQFSJFODF GSPN BOE BDUJWJUJFT JO BHSJDVMUVSF BOE GPSFTUSZ 5IF TUSBUFHZ JT GPDVTFE BSPVOE UXP DPSF BSFBT o MBSHF TDBMF XPPE QFMMFUT QSPEVDUJPO BOE MPDBM FOFSHZ QSPEVDUJPO CB TFE PO CJPHBT BOE CJPNBTT \$FOUSBM BOE &BTUFSO &VSPQF JT UIF NBJO HFPHSBQIJDBM GPDVT XIFSF PQFSBUJPOT BSF DPOEVD UFE JO UIF UXP DPNQBOJFT -BUHSBO BOE 7JSFP &OFSHZ
| Latgran | Jan-Mar | Full year | |
|---|---|---|---|
| SEK m | 2011 | 2010 | 2010 |
| Revenue | 97 | 97 | 299 |
| EBIT | 14 | 20 | 54 |
| Deliveries, thousand tons | 88 | 74 | 237 |
| Production, thousand tons | 61 | 59 | 239 |
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Parent Company and other
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Risk Management
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Accounting principles
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Kinnevik Annual General Meeting 2011
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Financial reports
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For further information, please visit www.kinnevik.se or contact:
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Kinnevik was founded in 1936 and thus embodies more than seventy years of entrepreneurship under the same group of principal owners. Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The company's holdings of growth companies are focused around seven comprehensive business sectors; Paper & Packaging, Telecom & Services, Media, Online, Microfinancing, Agriculture and Renewable energy.
Kinnevik has a long history of investing in emerging markets which has resulted in a considerable exposure to consumer sectors in these markets. 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)
| 2011 | 2010 | |||
|---|---|---|---|---|
| 1 Jan | 1 Jan | 2010 | ||
| Note | 31 March | 31 March | Full year | |
| Revenue | 2 282 | 2 283 | 8 593 | |
| Cost of goods sold and services | -1 915 | -1 960 | -7 315 | |
| Gross profit/loss | 367 | 323 | 1 278 | |
| Selling, administration, research and development |
264 | 199 | 926 | |
| Operating margin | 12.4% | 9.2% | 11.3% | |
| Return on operational capital | 13.2% | 10.3% | 11.9% | |
| Cash flow data | Jan-March | |||
| ---------------------------------------- | ------- | ----------- | ------- | -- |
| Key data (USD m) | 2011 | 2010 | 2010 | |
| Revenue | 1 081 | 954 | 3 920 | |
| EBITDA | 509 | 451 | 1 841 | |
| Operating profit, EBIT | 311 | 259 | 1 042 | |
| Net profit | 230 | 156 | 5921) | |
| Number of mobile subscribers (million) | 39.8 | 35.1 | 38.6 | |
1) Excluding one-off items
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Kinnevik's holdings
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Tele2
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| Jan-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 9 573 | 9 527 | 40 164 |
| EBITDA | 2 457 | 2 358 | 10 284 |
| Operating profit, EBIT | 1 659 | 1 546 | 7 088 |
| Net profit | 1 213 | 1 268 | 6 928 |
| Number of subscribers (million) | 31.2 | 27.7 | 30.9 |
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Transcom
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Kinnevik's holdings
Media
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Modern Times Group MTG
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Metro
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| Jan-Dec | Full year | ||
|---|---|---|---|
| Key data (EUR m) | 2010 | 2010 | 20101) |
| Revenue | 55.2 | 47.7 | 206.5 |
| Operating profit, EBIT | -0.4 | -3.7 | 5.5 |
| Net result | -3.4 | -5.8 | 4.0 |
1) Excluding one-off items
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Kinnevik's holdings
Online
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CDON
\$%0/ HSPVQ JT B MFBEJOH FDPNNFSDF DPNQBOZ XJUI TPNF PG UIF NPTU XFMM LOPXO BOE BQQSFDJBUFE CSBOET JO UIF /PSEJD BSFB
| Jan-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 572 | 470 | 2 210 |
| Operating profit/loss, EBIT | 20 | 38 | 135 |
| Net profit | 13 | 25 | 90 |
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Online – non-listed holdings
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Microfinancing
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Kinnevik's holdings
Agriculture
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Agriculture – non-listed holdings
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Renewable energy
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| Latgran | Jan-Mar | Full year | |
|---|---|---|---|
| SEK m | 2011 | 2010 | 2010 |
| Revenue | 97 | 97 | 299 |
| EBIT | 14 | 20 | 54 |
| Deliveries, thousand tons | 88 | 74 | 237 |
| Production, thousand tons | 61 | 59 | 239 |
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Parent Company and other
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Risk Management
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Accounting principles
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Kinnevik Annual General Meeting 2011
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Financial reports
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For further information, please visit www.kinnevik.se or contact:
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Kinnevik was founded in 1936 and thus embodies more than seventy years of entrepreneurship under the same group of principal owners. Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The company's holdings of growth companies are focused around seven comprehensive business sectors; Paper & Packaging, Telecom & Services, Media, Online, Microfinancing, Agriculture and Renewable energy.
Kinnevik has a long history of investing in emerging markets which has resulted in a considerable exposure to consumer sectors in these markets. 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)
| 2011 | 2010 | |||
|---|---|---|---|---|
| 1 Jan | 1 Jan | 2010 | ||
| Note | 31 March | 31 March | Full year | |
| Revenue | 2 282 | 2 283 | 8 593 | |
| Cost of goods sold and services | -1 915 | -1 960 | -7 315 | |
| Gross profit/loss | 367 | 323 | 1 278 | |
| Selling, administration, research and development |
||||
| FBITDA------------------------------ | ------- | ----------- | ------- | -- |
| Key data (USD m) | 2011 | 2010 | 2010 | |
| Revenue | 1 081 | 954 | 3 920 | |
| EBITDA | 509 | 451 | 1 841 | |
| Operating profit, EBIT | 311 | 259 | 1 042 | |
| Net profit | 230 | 156 | 5921) | |
| Number of mobile subscribers (million) | 39.8 | 35.1 | 38.6 | |
1) Excluding one-off items
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Kinnevik's holdings
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Tele2
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| Jan-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 9 573 | 9 527 | 40 164 |
| EBITDA | 2 457 | 2 358 | 10 284 |
| Operating profit, EBIT | 1 659 | 1 546 | 7 088 |
| Net profit | 1 213 | 1 268 | 6 928 |
| Number of subscribers (million) | 31.2 | 27.7 | 30.9 |
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Transcom
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Kinnevik's holdings
Media
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Modern Times Group MTG
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Metro
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| Jan-Dec | Full year | ||
|---|---|---|---|
| Key data (EUR m) | 2010 | 2010 | 20101) |
| Revenue | 55.2 | 47.7 | 206.5 |
| Operating profit, EBIT | -0.4 | -3.7 | 5.5 |
| Net result | -3.4 | -5.8 | 4.0 |
1) Excluding one-off items
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Kinnevik's holdings
Online
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CDON
\$%0/ HSPVQ JT B MFBEJOH FDPNNFSDF DPNQBOZ XJUI TPNF PG UIF NPTU XFMM LOPXO BOE BQQSFDJBUFE CSBOET JO UIF /PSEJD BSFB
| Jan-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 572 | 470 | 2 210 |
| Operating profit/loss, EBIT | 20 | 38 | 135 |
| Net profit | 13 | 25 | 90 |
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Online – non-listed holdings
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Kinnevik's holdings
Agriculture
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Agriculture – non-listed holdings
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Renewable energy
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| Latgran | Jan-Mar | Full year | |
|---|---|---|---|
| SEK m | 2011 | 2010 | 2010 |
| Revenue | 97 | 97 | 299 |
| EBIT | 14 | 20 | 54 |
| Deliveries, thousand tons | 88 | 74 | 237 |
| Production, thousand tons | 61 | 59 | 239 |
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Parent Company and other
5IF BENJOJTUSBUJPO DPTUT XJUIJO UIF 1BSFOU \$PNQBOZ BOE UIF (SPVQT PUIFS DPNQBOJFT BNPVOUFE UP B OFU FYQFOTF PG 4&, N FYQFOTF PG BGUFS JOWPJDJOH GPS TFSWJDFT QFSGPSNFE
Risk Management
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Accounting principles
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Kinnevik Annual General Meeting 2011
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Financial reports
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For further information, please visit www.kinnevik.se or contact:
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Kinnevik was founded in 1936 and thus embodies more than seventy years of entrepreneurship under the same group of principal owners. Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The company's holdings of growth companies are focused around seven comprehensive business sectors; Paper & Packaging, Telecom & Services, Media, Online, Microfinancing, Agriculture and Renewable energy.
Kinnevik has a long history of investing in emerging markets which has resulted in a considerable exposure to consumer sectors in these markets. 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)
| 2011 | 2010 | |||
|---|---|---|---|---|
| 1 Jan | 1 Jan | 2010 | ||
| Note | 31 March | 31 March | Full year | |
| Revenue | 2 282 | 2 283 | 8 593 | |
| Cost of goods sold and services | -1 915 | -1 960 | -7 315 | |
| Gross profit/loss | 367 | 323 | 1 278 | |
| Selling, administration, research and development |
415 | 347 | 1528 | |
| Change in working capital | $-59$ | 125 | 113 | |
| Cash flow from operations | 279 | 300 | 1 3 1 4 | |
| Investments in tangible fixed assets | $-97$ | $-129$ | $-604$ | |
| Production, thousand tons | 278 | 261 | 1019 | |
| Deliveries, thousand tons | 259 | 269 | 1 0 2 1 |
Korsnäs Industrial's sales volume divided per product Jan-Mar 2011
Numbers in brackets refer to Jan-March 2010.
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| Explanation items in changes in EBIT (SEK m) | Jan-Mar |
|---|---|
| FBIT 2010PQ MJOF HSPXUI PG BSPVOE JO MPDBM DVS SFODZ JO |
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Tele2
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| Jan-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 9 573 | 9 527 | 40 164 |
| EBITDA | 2 457 | 2 358 | 10 284 |
| Operating profit, EBIT | 1 659 | 1 546 | 7 088 |
| Net profit | 1 213 | 1 268 | 6 928 |
| Number of subscribers (million) | 31.2 | 27.7 | 30.9 |
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Transcom
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Kinnevik's holdings
Media
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Modern Times Group MTG
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Metro
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| Jan-Dec | Full year | ||
|---|---|---|---|
| Key data (EUR m) | 2010 | 2010 | 20101) |
| Revenue | 55.2 | 47.7 | 206.5 |
| Operating profit, EBIT | -0.4 | -3.7 | 5.5 |
| Net result | -3.4 | -5.8 | 4.0 |
1) Excluding one-off items
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.FUSP MBVODIFE OFX FEJUJPOT JO (VBUFNBMB BOE 3JP EF +BOFJSP BOE \$BNQJOBT JO #SB[JM EVSJOH UIF RVBSUFS
Kinnevik's holdings
Online
\$POTVNFSSFMBUFE POMJOF TFSWJDFT BSF HSPXJOH TUSPOHMZ BOE ,JOOFWJL JT TFBSDIJOH GPS WBSJPVT UZQFT PG JOWFTUNFOUT UIBU XJMM CFOFmU GSPN IPVTFIPMET TQFOEJOH B HSPXJOH QSPQPS UJPO PG UIFJS UJNF BOE CVEHFU POMJOF 5IF NBJO GPDVT JT DPOTVNFSPSJFOUFE TFSWJDFT XJUI SFMBUJWFMZ QSPWFO CVTJOFTT DPODFQUT &YQBOTJPO JO DPOTVNFSSFMBUFE *OUFSOFU TFSWJDFT JT DBQJUBMJOUFOTJWF BOE DPNQFUJUJPO JO UIF NBSLFU JT UPVHI CVU BU UIF TBNF UJNF UIF HSPXUI QPUFOUJBM JT TJHOJmDBOU
CDON
\$%0/ HSPVQ JT B MFBEJOH FDPNNFSDF DPNQBOZ XJUI TPNF PG UIF NPTU XFMM LOPXO BOE BQQSFDJBUFE CSBOET JO UIF /PSEJD BSFB
| Jan-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 572 | 470 | 2 210 |
| Operating profit/loss, EBIT | 20 | 38 | 135 |
| Net profit | 13 | 25 | 90 |
\$%0/ HSPVQ SFWFOVFT XFSF VQ ZFBS PO ZFBS JO UIF mSTU RVBSUFS BOE HSPTT QSPmUT XFSF VQ XJUI B HSPTT NBSHJO PG EFTQJUF UIF BDDFMFSBUJOH NJHSBUJPO BXBZ GSPN NFEJB QSPEVDUT UPXBSET IJHIFS HSPXUI QSPEVDU DBUF HPSJFT TVDI BT DPOTVNFS FMFDUSPOJDT XIJDI HSFX UP CFDPNF UIF TFDPOE MBSHFTU QSPEVDU HSPVQ XJUIJO UIF &OUFSUBJONFOU TFHNFOU
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Online – non-listed holdings
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Microfinancing
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Kinnevik's holdings
Agriculture
,JOOFWJLT JOWFTUNFOUT JO BHSJDVMUVSF DPNQSJTF PG TIBSFT JO #MBDL &BSUI 'BSNJOH UIF XIPMMZ PXOFE DPNQBOZ 3PMOZWJL JO 1PMBOE BOE PG UIF BHSJDVMUVSBM DPNQBOZ 3BX"HSP JO UIF 6LSBJOF
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Black Earth Farming
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MBDL &BSUI 'BSNJOH IBT IFDUBSFT PG MBOE VOEFS JUT DPOUSPM PG XIJDI JT GVMMZ PXOFE XJUI PWFS IFDUBSFT JO QSPEVDUJPO JO "T B SFTVMU PG UIF TFWFSF ESPVHIU JO IBSWFTUFE WPMVNFT XFSF ,UPOOFT MFTT UIBO UIF ZFBS CFGPSF 5IF FYUSFNF XFBUIFS IBE B OFHB UJWF FGGFDU PO UIF SFTVMU GPS UIF ZFBS 4BMFT SFWFOVF GPS UIF GVMM ZFBS BNPVOUFE UP 64% N XIJDI SFQSFTFOUT B EFDMJOF DPNQBSFE UP MBSHFMZ EVF UP TJHOJmDBOUMZ MPXFS IBSWFTU WPMVNF 5IF PQFSBUJOH MPTT FYDMVEJOH OPO SFDVSSJOH FYQFOTF XBT 64% N
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Agriculture – non-listed holdings
,JOOFWJLT XIPMMZ PXOFE 1PMJTI BHSJDVMUVSBM DPNQBOZ 3PM OZWJL PQFSBUFT UIF #BSDJBOZ BOE 1PEMBXLJ GBSNT XJUI B UP UBM BSFB PG IFDUBSFT "MTP JO 1PMBOE UIF IBSWFTU ZJFME JO XBT MPXFS UIBO QSFWJPVT ZFBST EVF UP VOGBWPSBCMF XFBUIFS DPOEJUJPOT *O UFSNT PG SFTVMUT UIF MPXFS ZJFME XBT PGGTFU CZ QSJDF JODSFBTFT GPS HSBJO "T JO QSFWJPVT ZFBST B MBSHF QPSUJPO PG UIF ZFBST IBSWFTU XBT TUPSFE BOE XJMM CF TPME EVSJOH UIF mSTU IBMG PG
3BX"HSP DPOUSPMT BCPVU IFDUBSFT PG MFBTFE GBSN MBOE JO 6LSBJOF
Renewable energy
3FOFXBCMF FOFSHZ QSPEVDUJPO JT FYQFDUFE UP TFF TVCTUBOUJBM HSPXUI JO DPNJOH ZFBST FTQFDJBMMZ JO &VSPQF ESJWFO CZ &6 DPNNJUNFOUT UP SFOFXBCMF QSPEVDUJPO CZ #JPFO FSHZ JT PG TUSBUFHJD JOUFSFTU GPS ,JOOFWJL HJWFO TUSPOH &VSP QFBO HSPXUI FYQFDUBUJPOT JO DPNCJOBUJPO XJUI ,JOOFWJLT FYQFSJFODF GSPN BOE BDUJWJUJFT JO BHSJDVMUVSF BOE GPSFTUSZ 5IF TUSBUFHZ JT GPDVTFE BSPVOE UXP DPSF BSFBT o MBSHF TDBMF XPPE QFMMFUT QSPEVDUJPO BOE MPDBM FOFSHZ QSPEVDUJPO CB TFE PO CJPHBT BOE CJPNBTT \$FOUSBM BOE &BTUFSO &VSPQF JT UIF NBJO HFPHSBQIJDBM GPDVT XIFSF PQFSBUJPOT BSF DPOEVD UFE JO UIF UXP DPNQBOJFT -BUHSBO BOE 7JSFP &OFSHZ
| Latgran | Jan-Mar | Full year | |
|---|---|---|---|
| SEK m | 2011 | 2010 | 2010 |
| Revenue | 97 | 97 | 299 |
| EBIT | 14 | 20 | 54 |
| Deliveries, thousand tons | 88 | 74 | 237 |
| Production, thousand tons | 61 | 59 | 239 |
-BUHSBO DPOEVDUT QSPEVDUJPO PG QFMMFUT GSPN GPSFTU SBX NBUFSJBMT BU UIF DPNQBOZT UXP QSPEVDUJPO GBDJMJUJFT JO -BU WJB "MM QSPEVDUJPO JT FYQPSUFE UP TFWFSBM NBKPS JOEVTUSJBM DVTUPNFST JO 4DBOEJOBWJB BOE UIF SFTU PG /PSUIFSO &VSPQF %FNBOE GPS QFMMFUT SFNBJOFE GBWPSBCMF EVSJOH UIF RVBS UFS *ODSFBTFE DPTUT GPS SBX NBUFSJBM JO DPNCJOBUJPO XJUI VOGBWPVSBCMF DVSSFODZ NPWFNFOUT SFTVMUFE JO B EFDSFBTF JO PQFSBUJOH NBSHJO EPXO UP DPNQBSFE UP GPS UIF mSTU RVBSUFS PG
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Parent Company and other
5IF BENJOJTUSBUJPO DPTUT XJUIJO UIF 1BSFOU \$PNQBOZ BOE UIF (SPVQT PUIFS DPNQBOJFT BNPVOUFE UP B OFU FYQFOTF PG 4&, N FYQFOTF PG BGUFS JOWPJDJOH GPS TFSWJDFT QFSGPSNFE
Risk Management
5IF (SPVQT mOBODJOH BOE NBOBHFNFOU PG mOBODJBM SJTLT JT DFOUSBMJ[FE XJUIJO ,JOOFWJLT mOBODF GVODUJPO BOE JT DPOEVDUFE PO UIF CBTJT PG B mOBODF QPMJDZ FTUBCMJTIFE CZ UIF #PBSE PG %JSFDUPST 5IF (SPVQT PQFSBUJPOBM SJTLT BSF QSJNBSJMZ FWBMVBUFE BOE NBOBHFE XJUIJO UIF QBSUJDVMBS CV TJOFTT BSFB BOE UIFO SFQPSUFE UP UIF ,JOOFWJL #PBSE
5IF (SPVQ IBT FTUBCMJTIFE B NPEFM GPS SJTL NBOBHF NFOU UIF BJNT PG XIJDI BSF UP JEFOUJGZ DPOUSPM BOE SFEVDF SJTLT 5IF JEFOUJmFE SJTLT BOE IPX UIFZ BSF NBOBHFE BSF SFQPSUFE UP UIF ,JOOFWJL #PBSE PO B RVBSUFSMZ CBTJT
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Accounting principles
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5IF BDDPVOUJOH QSJODJQMFT BQQMJFE JO UIJT SFQPSU BSF UIF TBNF BT UIPTF EFTDSJCFE JO UIF "OOVBM 3FQPSU
4UBSUJOH GSPN UIJT SFQPSU UIF BDDPVOUJOH TFHNFOUT DPO TJTU PG 1BQFS 1BDLBHJOH ,PSTOÊT 0UIFS PQFSBUJOH TVCTJ EJBSJFT GPSNFS QBSU PG /FX 7FOUVSFT BOE 1BSFOU \$PNQBOZ BOE PUIFS 5IF DIBOHF JT GVSUIFS EFTDSJCFE JO /PUF PO QBHF
Kinnevik Annual General Meeting 2011
5IF "OOVBM (FOFSBM .FFUJOH XJMM CF IFME PO .POEBZ .BZ BU BN BU UIF )PUFM 3JWBM .BSJBUPSHFU JO 4UPDLIPMN
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Financial reports
3FQPSUJOH EBUFT GPS +VMZ *OUFSJN 3FQPSU +BOVBSZ+VOF 0DUPCFS *OUFSJN 3FQPSU +BOVBSZ4FQUFNCFS
4UPDLIPMN "QSJM
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For further information, please visit www.kinnevik.se or contact:
.JB #SVOFMM -JWGPST 1SFTJEFOU BOE \$IJFG &YFDVUJWF0GmDFS UFM
5PSVO -JU[ÏO *OGPSNBUJPO BOE *OWFTUPS 3FMBUJPOT UFM ? NPCJMF
Kinnevik was founded in 1936 and thus embodies more than seventy years of entrepreneurship under the same group of principal owners. Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The company's holdings of growth companies are focused around seven comprehensive business sectors; Paper & Packaging, Telecom & Services, Media, Online, Microfinancing, Agriculture and Renewable energy.
Kinnevik has a long history of investing in emerging markets which has resulted in a considerable exposure to consumer sectors in these markets. 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)
| 2011 | 2010 | |||
|---|---|---|---|---|
| 1 Jan | 1 Jan | 2010 | ||
| Note | 31 March | 31 March | Full year | |
| Revenue | 2 282 | 2 283 | 8 593 | |
| Cost of goods sold and services | -1 915 | -1 960 | -7 315 | |
| Gross profit/loss | 367 | 323 | 1 278 | |
| Selling, administration, research and development |
199 | |||
| Delivery and production volumes and changed product mix |
33 | |||
| Sales prices including currency effects | 31 | |||
| Cost changes for energy | 68 | |||
| Cost changes for pulpwood and external pulp | $-51$ | |||
| Cost changes for chemicals | $-15$ | |||
| Change in fixed costs | -5 | |||
| Other | $\overline{4}$ | |||
| EBIT 2011 | Jan-March | Full year | ||
| --------------------------------- | ----------- | ----------- | -------- | |
| Key data (SEK m) | 2011 | 2010 | 2010 | |
| Revenue | 9 573 | 9 527 | 40 164 | |
| EBITDA | 2 457 | 2 358 | 10 284 | |
| Operating profit, EBIT | 1 659 | 1 546 | 7 088 | |
| Net profit | 1 213 | 1 268 | 6 928 | |
| Number of subscribers (million) | 31.2 | 27.7 | 30.9 |
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Transcom
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Kinnevik's holdings
Media
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Modern Times Group MTG
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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 | Full year | ||
|---|---|---|---|
| Key data (EUR m) | 2010 | 2010 | 20101) |
| Revenue | 55.2 | 47.7 | 206.5 |
| Operating profit, EBIT | -0.4 | -3.7 | 5.5 |
| Net result | -3.4 | -5.8 | 4.0 |
1) Excluding one-off items
.FUSP SFQPSUFE BO PQFSBUJOH MPTT PG &63 N JO UIF TFB TPOBMMZ XFBL mSTU RVBSUFS BO JNQSPWFNFOU PG &63 N ZFBSPOZFBS &#*5 JNQSPWFNFOUT JO 4XFEFO BOE %FONBSL DPOUSJCVUFE CZ &63 N FBDI
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Kinnevik's holdings
Online
\$POTVNFSSFMBUFE POMJOF TFSWJDFT BSF HSPXJOH TUSPOHMZ BOE ,JOOFWJL JT TFBSDIJOH GPS WBSJPVT UZQFT PG JOWFTUNFOUT UIBU XJMM CFOFmU GSPN IPVTFIPMET TQFOEJOH B HSPXJOH QSPQPS UJPO PG UIFJS UJNF BOE CVEHFU POMJOF 5IF NBJO GPDVT JT DPOTVNFSPSJFOUFE TFSWJDFT XJUI SFMBUJWFMZ QSPWFO CVTJOFTT DPODFQUT &YQBOTJPO JO DPOTVNFSSFMBUFE *OUFSOFU TFSWJDFT JT DBQJUBMJOUFOTJWF BOE DPNQFUJUJPO JO UIF NBSLFU JT UPVHI CVU BU UIF TBNF UJNF UIF HSPXUI QPUFOUJBM JT TJHOJmDBOU
CDON
\$%0/ HSPVQ JT B MFBEJOH FDPNNFSDF DPNQBOZ XJUI TPNF PG UIF NPTU XFMM LOPXO BOE BQQSFDJBUFE CSBOET JO UIF /PSEJD BSFB
| Jan-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 572 | 470 | 2 210 |
| Operating profit/loss, EBIT | 20 | 38 | 135 |
| Net profit | 13 | 25 | 90 |
\$%0/ HSPVQ SFWFOVFT XFSF VQ ZFBS PO ZFBS JO UIF mSTU RVBSUFS BOE HSPTT QSPmUT XFSF VQ XJUI B HSPTT NBSHJO PG EFTQJUF UIF BDDFMFSBUJOH NJHSBUJPO BXBZ GSPN NFEJB QSPEVDUT UPXBSET IJHIFS HSPXUI QSPEVDU DBUF HPSJFT TVDI BT DPOTVNFS FMFDUSPOJDT XIJDI HSFX UP CFDPNF UIF TFDPOE MBSHFTU QSPEVDU HSPVQ XJUIJO UIF &OUFSUBJONFOU TFHNFOU
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Online – non-listed holdings
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Microfinancing
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BZQPSU XBT GPVOEFE JO BOE IBT HSPXO XJUI QSPmUBCJMJUZ JOUP B MFBEJOH "GSJDBO NJDSP DSFEJU DPNQBOZ 5IF DPNQBOZ IBT BCPVU DVTUPNFST BOE UIF QSPEVDU QPSUGPMJP JT DPOUJOVPVTMZ FYQBOEJOH QSJNBSJMZ XJUI MPBOT XJUI MPOHFS EVSBUJPO -PBOT BSF VTFE QSJNBSJMZ GPS mOBODJOH MBSHFS OPOSFDVSSFOU FYQFOTFT TVDI BT TDIPPM GFFT JOWFTU NFOU JO GBSNJOH PS GPS TUBSUJOH TNBMMFS DPNQBOJFT
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Kinnevik's holdings
Agriculture
,JOOFWJLT JOWFTUNFOUT JO BHSJDVMUVSF DPNQSJTF PG TIBSFT JO #MBDL &BSUI 'BSNJOH UIF XIPMMZ PXOFE DPNQBOZ 3PMOZWJL JO 1PMBOE BOE PG UIF BHSJDVMUVSBM DPNQBOZ 3BX"HSP JO UIF 6LSBJOF
\$VSSFOU GPDVT JO BHSJDVMUVSF JT UP DPOUJOVF FYQBOTJPO JO MFTT EFWFMPQFE BSFBT XIFSF MBSHFS BDSFBHF DBO CF BDRVJSFE BU SFMBUJWFMZ MPX QSJDFT BOE EFWFMPQFE UP BDIJFWF IJHIFS QSPEVDUJWJUZ
Black Earth Farming
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Agriculture – non-listed holdings
,JOOFWJLT XIPMMZ PXOFE 1PMJTI BHSJDVMUVSBM DPNQBOZ 3PM OZWJL PQFSBUFT UIF #BSDJBOZ BOE 1PEMBXLJ GBSNT XJUI B UP UBM BSFB PG IFDUBSFT "MTP JO 1PMBOE UIF IBSWFTU ZJFME JO XBT MPXFS UIBO QSFWJPVT ZFBST EVF UP VOGBWPSBCMF XFBUIFS DPOEJUJPOT *O UFSNT PG SFTVMUT UIF MPXFS ZJFME XBT PGGTFU CZ QSJDF JODSFBTFT GPS HSBJO "T JO QSFWJPVT ZFBST B MBSHF QPSUJPO PG UIF ZFBST IBSWFTU XBT TUPSFE BOE XJMM CF TPME EVSJOH UIF mSTU IBMG PG
3BX"HSP DPOUSPMT BCPVU IFDUBSFT PG MFBTFE GBSN MBOE JO 6LSBJOF
Renewable energy
3FOFXBCMF FOFSHZ QSPEVDUJPO JT FYQFDUFE UP TFF TVCTUBOUJBM HSPXUI JO DPNJOH ZFBST FTQFDJBMMZ JO &VSPQF ESJWFO CZ &6 DPNNJUNFOUT UP SFOFXBCMF QSPEVDUJPO CZ #JPFO FSHZ JT PG TUSBUFHJD JOUFSFTU GPS ,JOOFWJL HJWFO TUSPOH &VSP QFBO HSPXUI FYQFDUBUJPOT JO DPNCJOBUJPO XJUI ,JOOFWJLT FYQFSJFODF GSPN BOE BDUJWJUJFT JO BHSJDVMUVSF BOE GPSFTUSZ 5IF TUSBUFHZ JT GPDVTFE BSPVOE UXP DPSF BSFBT o MBSHF TDBMF XPPE QFMMFUT QSPEVDUJPO BOE MPDBM FOFSHZ QSPEVDUJPO CB TFE PO CJPHBT BOE CJPNBTT \$FOUSBM BOE &BTUFSO &VSPQF JT UIF NBJO HFPHSBQIJDBM GPDVT XIFSF PQFSBUJPOT BSF DPOEVD UFE JO UIF UXP DPNQBOJFT -BUHSBO BOE 7JSFP &OFSHZ
| Latgran | Jan-Mar | Full year | |
|---|---|---|---|
| SEK m | 2011 | 2010 | 2010 |
| Revenue | 97 | 97 | 299 |
| EBIT | 14 | 20 | 54 |
| Deliveries, thousand tons | 88 | 74 | 237 |
| Production, thousand tons | 61 | 59 | 239 |
-BUHSBO DPOEVDUT QSPEVDUJPO PG QFMMFUT GSPN GPSFTU SBX NBUFSJBMT BU UIF DPNQBOZT UXP QSPEVDUJPO GBDJMJUJFT JO -BU WJB "MM QSPEVDUJPO JT FYQPSUFE UP TFWFSBM NBKPS JOEVTUSJBM DVTUPNFST JO 4DBOEJOBWJB BOE UIF SFTU PG /PSUIFSO &VSPQF %FNBOE GPS QFMMFUT SFNBJOFE GBWPSBCMF EVSJOH UIF RVBS UFS *ODSFBTFE DPTUT GPS SBX NBUFSJBM JO DPNCJOBUJPO XJUI VOGBWPVSBCMF DVSSFODZ NPWFNFOUT SFTVMUFE JO B EFDSFBTF JO PQFSBUJOH NBSHJO EPXO UP DPNQBSFE UP GPS UIF mSTU RVBSUFS PG
5IF QSPKFDU UP DPOTUSVDU B UIJSE QFMMFUT QMBOU JO 4PVUI FBTU -BUWJB GPS BQQSPYJNBUFMZ &63 N JT QSPHSFTTJOH BDDPSEJOH UP QMBO 5IF QMBOU XJMM IBWF B QMBOOFE BOOVBM QSPEVDUJPO PG BQQSPYJNBUFMZ UPOT GSPN JUT DPNNJT TJPOJOH EVSJOH UIF TFDPOE IBMG PG
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Parent Company and other
5IF BENJOJTUSBUJPO DPTUT XJUIJO UIF 1BSFOU \$PNQBOZ BOE UIF (SPVQT PUIFS DPNQBOJFT BNPVOUFE UP B OFU FYQFOTF PG 4&, N FYQFOTF PG BGUFS JOWPJDJOH GPS TFSWJDFT QFSGPSNFE
Risk Management
5IF (SPVQT mOBODJOH BOE NBOBHFNFOU PG mOBODJBM SJTLT JT DFOUSBMJ[FE XJUIJO ,JOOFWJLT mOBODF GVODUJPO BOE JT DPOEVDUFE PO UIF CBTJT PG B mOBODF QPMJDZ FTUBCMJTIFE CZ UIF #PBSE PG %JSFDUPST 5IF (SPVQT PQFSBUJPOBM SJTLT BSF QSJNBSJMZ FWBMVBUFE BOE NBOBHFE XJUIJO UIF QBSUJDVMBS CV TJOFTT BSFB BOE UIFO SFQPSUFE UP UIF ,JOOFWJL #PBSE
5IF (SPVQ IBT FTUBCMJTIFE B NPEFM GPS SJTL NBOBHF NFOU UIF BJNT PG XIJDI BSF UP JEFOUJGZ DPOUSPM BOE SFEVDF SJTLT 5IF JEFOUJmFE SJTLT BOE IPX UIFZ BSF NBOBHFE BSF SFQPSUFE UP UIF ,JOOFWJL #PBSE PO B RVBSUFSMZ CBTJT
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5IF (SPVQ JT BMTP FYQPTFE UP QPMJUJDBM SJTLT TJODF UIF DPNQBOJFT ,JOOFWJL IBT JOWFTUFE JO IBWF B TVCTUBOUJBM QBSU PG UIFJS PQFSBUJPOT JO FNFSHJOH NBSLFUT TVDI BT -BUJO "NF SJDB 4VC4BIBSBO "GSJDB BOE 3VTTJB
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Accounting principles
5IF DPOTPMJEBUFE mOBODJBM TUBUFNFOUT BSF QSFQBSFE JO BDDPSEBODF XJUI UIF *OUFSOBUJPOBM 'JOBODJBM 3FQPSUJOH 4UBOEBSET *'34 BT BEPQUFE CZ UIF &6 5IJT SFQPSU XBT QSFQBSFE JO BDDPSEBODF XJUI UIF "OOVBM "DDPVOUT "DU BOE *"4 *OUFSJN 'JOBODJBM 3FQPSUJOH
5IF BDDPVOUJOH QSJODJQMFT BQQMJFE JO UIJT SFQPSU BSF UIF TBNF BT UIPTF EFTDSJCFE JO UIF "OOVBM 3FQPSU
4UBSUJOH GSPN UIJT SFQPSU UIF BDDPVOUJOH TFHNFOUT DPO TJTU PG 1BQFS 1BDLBHJOH ,PSTOÊT 0UIFS PQFSBUJOH TVCTJ EJBSJFT GPSNFS QBSU PG /FX 7FOUVSFT BOE 1BSFOU \$PNQBOZ BOE PUIFS 5IF DIBOHF JT GVSUIFS EFTDSJCFE JO /PUF PO QBHF
Kinnevik Annual General Meeting 2011
5IF "OOVBM (FOFSBM .FFUJOH XJMM CF IFME PO .POEBZ .BZ BU BN BU UIF )PUFM 3JWBM .BSJBUPSHFU JO 4UPDLIPMN
'VSUIFS EFUBJMT PO IPX BOE XIFO UP SFHJTUFS BSF QVCMJT IFE PO ,JOOFWJLT XFCTJUF XXXLJOOFWJLTF
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Financial reports
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4UPDLIPMN "QSJM
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5IJT *OUFSJN 3FQPSU IBT OPU CFFO TVCKFDU UP TQFDJmD SFWJFX CZ UIF \$PNQBOZT BVEJUPST
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For further information, please visit www.kinnevik.se or contact:
.JB #SVOFMM -JWGPST 1SFTJEFOU BOE \$IJFG &YFDVUJWF0GmDFS UFM
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Kinnevik was founded in 1936 and thus embodies more than seventy years of entrepreneurship under the same group of principal owners. Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The company's holdings of growth companies are focused around seven comprehensive business sectors; Paper & Packaging, Telecom & Services, Media, Online, Microfinancing, Agriculture and Renewable energy.
Kinnevik has a long history of investing in emerging markets which has resulted in a considerable exposure to consumer sectors in these markets. 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)
| 2011 | 2010 | |||
|---|---|---|---|---|
| 1 Jan | 1 Jan | 2010 | ||
| Note | 31 March | 31 March | Full year | |
| Revenue | 2 282 | 2 283 | 8 593 | |
| Cost of goods sold and services | -1 915 | -1 960 | -7 315 | |
| Gross profit/loss | 367 | 323 | 1 278 | |
| Selling, administration, research and development |
264 |
Market
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Production
4 2 1 %VSJOH UIF mSTU RVBSUFS PG QSPEVDUJPO DPOUJOVFE BT TDIFEVMFE XJUIPVU BOZ NBKPS PQFSBUJOH QSPCMFNT 5IF mSTU RVBSUFS PG XBT OFHBUJWFMZ JNQBDUFE CZ B QSPEVDUJPO MPTT PG BQQSPYJNBUFMZ UPOT PG QBQFS BOE DBSUPOCPBSE QSPEVDUT EVF UP VOTDIFEVMFE PQFSBUJPOBM EJTSVQUJPOT JO UIF SFDPWFSZ CPJMFST JO CPUI (ÊWMF BOE 'SÚWJ
"T B SFTVMU PG FOFSHZ JOWFTUNFOUT JO (ÊWMF FOFSHZ DPTUT ESPQQFE TJHOJmDBOUMZ DPNQBSFE XJUI UIF DPSSFTQPOEJOH QFSJPE JO 5IF OFX FWBQPSBUJPO GBDJMJUZ JO (ÊWMF XIJDI XBT CSPVHIU JOUP QSPEVDUJPO JO .BZ IBT EF DSFBTFE PJM DPOTVNQUJPO XFMM JO MJOF XJUI UIF BOUJDJQBUFE TBWJOHT PG DVCJD NFUFST QFS ZFBS
'PMMPXJOH UIF JODSFBTF JO QSJDF GPS QVMQXPPE PO +BOVBSZ CZ 4&, NGVC EFQFOEJOH PO UIF SBOHF BOE DBUDINFOU BSFB UIF QSJDF SFNBJOFE VODIBOHFE EVSJOH UIF RVBSUFS 5IF QSJDF JODSFBTF JO QVMQXPPE XJMM IBWF B OF
Kinnevik's holdings
HBUJWF JNQBDU PO ,PSTOÊT PQFSBUJOH JODPNF CZ BQQSPYJNB UFMZ UISFF UP TJY NPOUIT EFMBZ 'PMMPXJOH UIF QSJDF JODSFBTF JO +BOVBSZ QVMQXPPE QSJDFT BSF TMJHIUMZ VOEFS UIF MFWFM UIBU QSFWBJMFE QSJPS UP UIF mOBODJBM DSJTJT JO
Distribution of operating costs Jan-Mar 2011
Excluding depreciation, Korsnäs Industrial. Numbers in brackets refer to Jan-Mar 2010.
Investments and maintenance stoppages
5IF QSPKFDU QFSUBJOJOH UP B OFX CJPFOFSHZ GBDJMJUZ JO ,PST OÊT JOEVTUSJBM BSFB JT QSPHSFTTJOH XJUI (ÊWMF &OFSHJ "#T KPJOUMZ PXOFE DPNQBOZ #PNIVT &OFSHJ "# 5IF BJN PG UIF CJPFOFSHZ GBDJMJUZ JT UP BTTVSF EFMJWFSZ PG FOWJSPONFOUBMMZ GSJFOEMZ FMFDUSJDJUZ BOE TUFBN UP ,PSTOÊT QMBOU JO (ÊWMF GSPN BT XFMM BT EJTUSJDU IFBUJOH UP (ÊWMF &OFSHJT DVTUPNFST 5IF XPSL JT DPOUJOVJOH BT TDIFEVMFE BOE BMM NBJO DPNQPOFOUT IBWF CFFO QSPDVSFE XJUIJO UIF QSPKFDUT CVEHFU GSBNFXPSL 'PS ,PSTOÊT UIF JOWFTUNFOU JO PG UIF TIBSFT BOE EFCFOUVSF MPBOT JO #PNIVT XJMM BNPVOU UP BQQSPYJNBUFMZ 4&, N PG XIJDI 4&, N XBT QBJE EVSJOH /P QBZNFOU IBT CFFO NBEF EVSJOH UIF mSTU RVBSUFS PG *O BEEJUJPO UP UIF JOWFTUNFOU JO #PNIVT &OFSHJ ,PSTOÊT XJMM NBLF GVSUIFS FOFSHZ JOWFTUNFOUT PG BCPVU 4&, N JO UIF FYJTUJOH QMBOU GPS EFMJWFSZ PG XBTUF IFBU UP (ÊWMF &OFSHJ "# PG XIJDI 4&, N XBT QBJE EVSJOH BOE 4&, N EVSJOH UIF mSTU RVBSUFS PG
%VSJOH UIF GPVSUI RVBSUFS PG B EFDJTJPO XBT NBEF UP JOTUBMM B UIJSE TIFFU NBDIJOF JO 'SÚWJ GPS BQQSPYJNBUFMZ 4&, N \$PNNJTTJPOJOH JT TDIFEVMFE GPS 0DUPCFS
.BJOUFOBODF TIVUEPXOT BU UIF QMBOUT JO (ÊWMF BOE 'SÚWJ BSF TUBUFE JO UIF UBCMF CFMPX 5IF RVBSUFSMZ EJGGFSFODFT DPNQBSFE XJUI NBJOUFOBODF TIVUEPXOT JO DPOTJTU PG B TMJHIUMZ TIPSUFS TUPQ JO UIF TFDPOE RVBSUFS PG BOE UIVT MPXFS BOUJDJQBUFE QSPEVDUJPO MPTT DPNQBSFE XJUI UIF DPSSFTQPOEJOH RVBSUFS PG
| Implemented and planned maintenance stoppages |
2011 | 2010 |
|---|---|---|
| Korsnäs Gävle | Q4: 9 days | Q2: 2 days Q4: 9 days |
| Korsnäs Frövi | Q2: 8 days | Q2: 11 days |
Telecom & services
5 ,JOOFWJL IBT TUSPOH NBSLFU QPTJUJPOT JO NPCJMF UFMFQIPOZ JO 4DBOEJOBWJB UIF #BMUJDT 3VTTJB -BUJO "NFSJDB BOE 4VC 4BIBSBO "GSJDB UIPVHI JUT IPMEJOH JO .JMMJDPN BOE 5FMF *O UPUBM ,JOOFWJLT UFMFDPN BTTFUT DPWFS B UPUBM QPQVMBUJPO PG NJMMJPO QFPQMF BOE IBWF NJMMJPO TVCTDSJCFST JO DPVOUSJFT
3 Millicom
1 .JMMJDPN PGGFST BGGPSEBCMF BOE FBTJMZ BDDFTTJCMF NPCJMF UFMFQIPOZ TFSWJDFT JO DPVOUSJFT JO -BUJO "NFSJDB BOE "GSJDB
| Jan-March | ||||
|---|---|---|---|---|
| Key data (USD m) | 2011 | 2010 | 2010 | |
| Revenue | 1 081 | 954 | 3 920 | |
| EBITDA | 509 | 451 | 1 841 | |
| Operating profit, EBIT | 311 | 259 | 1 042 | |
| Net profit | 230 | 156 | 5921) | |
| Number of mobile subscribers (million) | 39.8 | 35.1 | 38.6 | |
1) Excluding one-off items
.JMMJDPNT QFSGPSNBODF JO UIF mSTU RVBSUFS DPOmSNT JUT WB MVF DSFBUJPO TUSBUFHZ BOE JUT FGGFDUJWF JNQMFNFOUBUJPO JO JUT NBSLFUT -PDBM DVSSFODZ SFWFOVFT JODSFBTFE CZ ZFBS PO ZFBS XIJDI JT UIF IJHIFTU RVBSUFSMZ UPQ MJOF HSPXUI SBUF .JMMJDPN IBT SFQPSUFE TJODF 4BMFT JO -BUJO "NFSJDB BT B XIPMF HSFX CZ EPVCMF EJHJUT BOE JO \$FOUSBM "NFSJDB QSPWJOH UIBU .JMMJDPNT NPTU IJHIMZ QFOFUSBUFE NBSLFUT DBO TUJMM FOKPZ HPPE HSPXUI
5IFSF IBT CFFO B DPOUJOVFE JNQSPWFNFOU JO NPCJMF "316 XJUI B ZFBS PO ZFBS JODSFBTF JO 4PVUI "NFSJDB BOE OPUBCMZ B JODSFBTF JO \$FOUSBM "NFSJDB 5IF JOWFTU NFOUT NBEF JO ( BOE 7"4 BSF BMTP EFMJWFSJOH QPTJUJWF SFTVMUT
*O "GSJDB .JMMJDPNT SFWFOVFT HSFX CZ BOE DPO UJOVFE UP CF JNQBDUFE CZ UIF NBSLFU QSJDF SFEVDUJPOT JOUSPEVDFE JO UIF TFDPOE IBMG PG 5IFSF IBT CFFO OP GVSUIFS TJHOJmDBOU QSJDJOH BDUJWJUZ JO UIF mSTU RVBSUFS PG 'PS UIF (SPVQ BT B XIPMF .JMMJDPN JT DPOmEFOU PG
Kinnevik's holdings
NBJOUBJOJOH UPQ MJOF HSPXUI PG BSPVOE JO MPDBM DVS SFODZ JO
.JMMJDPN IBT BOOPVODFE JUT JOUFOUJPO UP DPOTPMJEBUF UIF MJTUJOH PG JUT TIBSFT POUP B TJOHMF FYDIBOHF /"4%"2 0.9 4UPDLIPMN JO PSEFS UP TJNQMJGZ JUT MJTUJOH PCMJHBUJPOT 5IF USBOTJUJPO PG UIF QSJNBSZ MJTUJOH BOE UIF 64 EFSFHJTU SBUJPO XIJDI .JMMJDPN JOUFOET UP JNQMFNFOU BT TPPO BT JU JT FMJHJCMF UP EP TP XJMM FMJNJOBUF TPNF PG UIF TJHOJmDBOU EFNBOET QMBDFE PO UIF DPNQBOZ SFMBUFE UP B EVBM MJTUJOH
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-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 9 573 | 9 527 | 40 164 |
| EBITDA | 2 457 | 2 358 | 10 284 |
| Operating profit, EBIT | 1 659 | 1 546 | 7 088 |
| Net profit | 1 213 | 1 268 | 6 928 |
| Number of subscribers (million) | 31.2 | 27.7 | 30.9 |
5IF mSTU UISFF NPOUIT PG IBWF DPOUJOVFE UP TIPX TUSPOH SFWFOVF HSPXUI JO 5FMFT NBJO NBSLFUT %VSJOH UIF RVBSUFS 5FMF GPDVTFE PO FYFDVUJOH BHBJOTU JUT TFU QFSGPS NBODF UBSHFUT
*O 2 5FMF 3VTTJB BEEFE DVTUPNFST JO BO JODSFBTJOHMZ DPNQFUJUJWF NBSLFU &#*5%" BNPVOUFE UP 4&, N FRVJWBMFOU UP BO &#*5%" NBSHJO PG
.PCJMF SFWFOVF JO 4XFEFO HSFX CZ BT DVTUPNFS EFNBOE GPS TNBSUQIPOFT BOE EBUB TFSWJDFT DPOUJOVFE UP JODSFBTF EVSJOH UIF RVBSUFS .PCJMF DVTUPNFS JOUBLF JO /PS XBZ XBT HPPE BNPVOUJOH UP
%VSJOH UIF RVBSUFS 5FMF JO ,B[BLITUBO QSFQBSFE GPS DPNNFSDJBM MBVODI UISPVHI JOUFOTJmFE FGGPSUT GPS JNQSP WJOH OFUXPSL RVBMJUZ BOE EJTUSJCVUJPO DBQBCJMJUJFT
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
5SBOTDPN SFQPSUFE SFWFOVF PG &63 N JO UIF mSTU RVBSUFS 5IF (SPVQT HSPTT NBSHJO XBT EPXO GSPN MBTU ZFBS 5IF NBSHJO FSPTJPO JT B DPOTFRVFODF PG BEEJUJPOBM TVQQPSU DPTUT JODVSSFE JO UIF /PSUI SFHJPO BOE JO *UBMZ JO UIF mSTU RVBSUFS /FU JODPNF XBT &63 N DPN QBSFE UP &63 N MBTU ZFBS 5SBOTDPN SFNBJOT GPDVTFE BOE JT NBLJOH QSPHSFTT PO UIF FYFDVUJPO PG USBOTGPSNJOH UIF CVTJOFTT XJUI UISFF NBJO QSJPSJUJFT GPS HSPXUI BEESFTTJOH OPOQFSGPSNJOH VOJUT QPSUGPMJP BOE UFDIOPMPHZ USBOTGPSNBUJPO
Kinnevik's holdings
Media
,JOOFWJLT NFEJB DPNQBOJFT IBWF PQFSBUJPOT JO B UPUBM PG NBSLFUT BOE B DPNCJOFE SFBDI PG NJMMJPO EBJMZ 57 WJFXFST JO .5( BOE NJMMJPO EBJMZ SFBEFST JO .FUSP
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
.5(T TBMFT BOE PQFSBUJOH QSPmUT BSF BU SFDPSE MFWFMT JO UIF mSTU RVBSUFS GPMMPXJOH TBMFT HSPXUI BU DPOTUBOU FY DIBOHF SBUFT BOE B JODSFBTF JO PQFSBUJOH JODPNF FYDMV EJOH BTTPDJBUFT "MM PG UIF CVTJOFTT TFHNFOUT EFMJWFSFE TBMFT HSPXUI BU DPOTUBOU FYDIBOHF SBUFT BOE UIF HSPVQ PQFSBUJOH NBSHJO JODSFBTFE UP FYDMVEJOH BTTPDJBUFT
5IF 4DBOEJOBWJBO 57 BEWFSUJTJOH NBSLFUT IBWF DPO UJOVFE UIFJS TUSPOH EFWFMPQNFOU XJUI QSJDF JODSFBTFT JO FBDI DPVOUSZ 5IF SFDPWFSZ JO BEWFSUJTJOH TQFOEJOH JO UIF FNFSHJOH NBSLFUT JT MBHHJOH BOE XJUI UIF FYDFQUJPO PG UIF #BMUJDT B SFUVSO UP TVTUBJOFE NBSLFU HSPXUI JT ZFU UP CF TFFO CVU .5( JT UBLJOH NBSLFU TIBSF JO BMNPTU BMM PG JUT PQFSBUJOH UFSSJUPSJFT
*O UIF mSTU RVBSUFS .5( MBVODIFE B OFX GSFF57 DIBOOFM JO UIF \$[FDI 3FQVCMJD JOUSPEVDFE TFWFSBM OFX )% DIBOOFMT BOE QSPEVDFE UIF mSTU MJWF % CSPBEDBTU PG B TQPSUT FWFOU JO 4DBOEJOBWJB MBVODIFE OFX QBZ57 DIBOOFMT JO "GSJDB BOE GVMMZ JOUSPEVDFE JUT 7JBQMBZ POMJOF POEFNBOE WJEFP TUSFBNJOH TFSWJDF UIBU JT BWBJMBCMF UP BOZ XFCDPOOFDUFE EFWJDF JO 4DBOEJOBWJB
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 | Full year | ||
|---|---|---|---|
| Key data (EUR m) | 2010 | 2010 | 20101) |
| Revenue | 55.2 | 47.7 | 206.5 |
| Operating profit, EBIT | -0.4 | -3.7 | 5.5 |
| Net result | -3.4 | -5.8 | 4.0 |
1) Excluding one-off items
.FUSP SFQPSUFE BO PQFSBUJOH MPTT PG &63 N JO UIF TFB TPOBMMZ XFBL mSTU RVBSUFS BO JNQSPWFNFOU PG &63 N ZFBSPOZFBS &#*5 JNQSPWFNFOUT JO 4XFEFO BOE %FONBSL DPOUSJCVUFE CZ &63 N FBDI
4USPOH TBMFT HSPXUI DPOUJOVFE JO \$IJMF VQ 3VTTJB VQ .FYJDP VQ BOE \$BOBEB VQ *O 'SBODF UIF POHPJOH DJSDVMBUJPO BOE QSJDF XBS JO UIF GSFF OFXTQBQFS JT BGGFDUJOH TBMFT OFHBUJWFMZ BOE TBMFT XFSF EPXO CZ .FUSP JT IPXFWFS NBJOUBJOJOH JUT QPTJUJPO BT UIF TFDPOE NPTU SFBE OFXTQBQFS JO 'SBODF
.FUSP MBVODIFE OFX FEJUJPOT JO (VBUFNBMB BOE 3JP EF +BOFJSP BOE \$BNQJOBT JO #SB[JM EVSJOH UIF RVBSUFS
Kinnevik's holdings
Online
\$POTVNFSSFMBUFE POMJOF TFSWJDFT BSF HSPXJOH TUSPOHMZ BOE ,JOOFWJL JT TFBSDIJOH GPS WBSJPVT UZQFT PG JOWFTUNFOUT UIBU XJMM CFOFmU GSPN IPVTFIPMET TQFOEJOH B HSPXJOH QSPQPS UJPO PG UIFJS UJNF BOE CVEHFU POMJOF 5IF NBJO GPDVT JT DPOTVNFSPSJFOUFE TFSWJDFT XJUI SFMBUJWFMZ QSPWFO CVTJOFTT DPODFQUT &YQBOTJPO JO DPOTVNFSSFMBUFE *OUFSOFU TFSWJDFT JT DBQJUBMJOUFOTJWF BOE DPNQFUJUJPO JO UIF NBSLFU JT UPVHI CVU BU UIF TBNF UJNF UIF HSPXUI QPUFOUJBM JT TJHOJmDBOU
CDON
\$%0/ HSPVQ JT B MFBEJOH FDPNNFSDF DPNQBOZ XJUI TPNF PG UIF NPTU XFMM LOPXO BOE BQQSFDJBUFE CSBOET JO UIF /PSEJD BSFB
| Jan-March | Full year | ||
|---|---|---|---|
| Key data (SEK m) | 2011 | 2010 | 2010 |
| Revenue | 572 | 470 | 2 210 |
| Operating profit/loss, EBIT | 20 | 38 | 135 |
| Net profit | 13 | 25 | 90 |
\$%0/ HSPVQ SFWFOVFT XFSF VQ ZFBS PO ZFBS JO UIF mSTU RVBSUFS BOE HSPTT QSPmUT XFSF VQ XJUI B HSPTT NBSHJO PG EFTQJUF UIF BDDFMFSBUJOH NJHSBUJPO BXBZ GSPN NFEJB QSPEVDUT UPXBSET IJHIFS HSPXUI QSPEVDU DBUF HPSJFT TVDI BT DPOTVNFS FMFDUSPOJDT XIJDI HSFX UP CFDPNF UIF TFDPOE MBSHFTU QSPEVDU HSPVQ XJUIJO UIF &OUFSUBJONFOU TFHNFOU
\$%0/ DPOUJOVFE UP FYQBOE UIF CVTJOFTT JO MJOF XJUI JUT TUSBUFHZ JO UIF mSTU RVBSUFS CZ BDRVJSJOH GVSOJUVSF BOE JOUFSJPS EFTJHO SFUBJMFS 36.TF SPMMJOH PVU /FMMZDPN JO (FSNBOZ XJUI NBSLFU UFTUT JO UIF /FUIFSMBOET BOE "VTUSJB MBVODIJOH (ZNHSPTTJTUFO JO %FONBSL BT #PEZTUPSFEL BOE CSPBEFOJOH UIF BTTPSUNFOUT PG BMM POMJOF TUPSFT
5IF ZFBS PO ZFBS EFWFMPQNFOU JO TBMFT BOE QSPmUBCJMJUZ BMTP SFnFDUFE UIF MBVODI PG )FQQPDPN JO 4XFEFO JO 4FQ UFNCFS UIF BDRVJTJUJPO PG -FLNFSDPN BU UIF FOE PG UIF mSTU RVBSUFS PG MBTU ZFBS BOE UIF QBO/PSEJD FYUFOTJPO PG CPUI CSBOET
Online – non-listed holdings
,JOOFWJLT MBSHFTU OPOMJTUFE JOWFTUNFOUT XJUIJO POMJOF DPNQSJTF JOWFTUNFOUT JO 3PDLFU *OUFSOFU BOE JUT QPSUGPMJP DPNQBOJFT BT XFMM BT "WJUP
3PDLFU *OUFSOFU PXOT B QPSUGPMJP PG WBSJPVT FDPNNFSDF DPNQBOJFT BOE PUIFS DPOTVNFSPSJFOUFE POMJOF DPNQB OJFT JODMVEJOH UIF TIPF BOE GBTIJPO SFUBJMFS ;BMBOEP UIF HSPVQ EJTDPVOU DPNQBOZ (SPVQPO UIF NBUDI NBLJOH TJUF F%BSMJOH BOE UIF QSJDF DPNQBSJTPO TJUF 3
"WJUPSV JT UIF MFBEJOH POMJOF TFSWJDF GPS DMBTTJmFE BEWFSUJTJOH JO 3VTTJB XJUI NPSF UIBO NJMMJPO OFX DMBT TJmFET FWFSZ NPOUI BOE PWFS NJMMJPO VOJRVF NPOUIMZ WJTJUPST (SPXUI JT TUSPOH BOE UIF DPNQBOZ IBT EVSJOH UIF mSTU RVBSUFS DPOUJOVFE UP JOWFTU UP TUSFOHUIFO JUT MFBEJOH QPTJUJPO 3FWFOVFT QSJNBSJMZ EFSJWF GSPN BEWFSUJTJOH TBMFT PO UIF XFCTJUF
*O UIF mSTU RVBSUFS PG ,JOOFWJLT JOWFTUNFOUT XJUI JO POMJOF UPUBMMFE 4&, N JODMVEJOH 4&, N JO \$%0/
Microfinancing
4JNJMBS UP UIF NBOOFS JO XIJDI UFMFDPN EFWFMPQFE TUSPO HMZ JO FNFSHJOH NBSLFUT UISPVHI JOOPWBUJWF QSPEVDUT BOE EJTUSJCVUJPO OFUXPSLT ,JOOFWJL JT TFBSDIJOH GPS JOWFTUNFOU PQQPSUVOJUJFT JO UIF NJDSPmOBODJOH TFDUPS
BZQPSU B DPNQBOZ PGGFSJOH NJDSP DSFEJUT BOE mOBODJBM TFSWJDFT JO (IBOB 6HBOEB ;BNCJB 5BO[BOJB BOE #PUTXB OB JT ,JOOFWJLT MBSHFTU JOWFTUNFOU JO UIF NJDSPmOBODJOH TFDUPS (IBOB BOE ;BNCJB BSF UIF MBSHFTU NBSLFUT XIJMF BMTP UIF PUIFS DPVOUSJFT BSF EJTQMBZJOH SBQJE HSPXUI *O UIF mSTU RVBSUFS PG #BZQPSU FYQBOEFE JUT PQFSBUJPOT PVU PG UIF "GSJDBO DPOUJOFOU UISPVHI UIF BDRVJTJUJPO PG B NBKPSJUZ TUBLF JO UIF \$PMPNCJBO QBZSPMM EFEVDUJPO DPNQBOZ 'J.4"
BZQPSU XBT GPVOEFE JO BOE IBT HSPXO XJUI QSPmUBCJMJUZ JOUP B MFBEJOH "GSJDBO NJDSP DSFEJU DPNQBOZ 5IF DPNQBOZ IBT BCPVU DVTUPNFST BOE UIF QSPEVDU QPSUGPMJP JT DPOUJOVPVTMZ FYQBOEJOH QSJNBSJMZ XJUI MPBOT XJUI MPOHFS EVSBUJPO -PBOT BSF VTFE QSJNBSJMZ GPS mOBODJOH MBSHFS OPOSFDVSSFOU FYQFOTFT TVDI BT TDIPPM GFFT JOWFTU NFOU JO GBSNJOH PS GPS TUBSUJOH TNBMMFS DPNQBOJFT
.JDSPWFTU ** JT B GVOE GPDVTJOH PO FRVJUZ JOWFTUNFOUT JO NJDSP mOBODJOH DPNQBOJFT JO FNFSHJOH NBSLFUT 5IF GVOE IBT DVSSFOUMZ GPVS JOWFTUNFOUT PG XIJDI UXP JO *OEJB POF JO 1BSBHVBZ BOE POF JO 1FSV
Kinnevik's holdings
Agriculture
,JOOFWJLT JOWFTUNFOUT JO BHSJDVMUVSF DPNQSJTF PG TIBSFT JO #MBDL &BSUI 'BSNJOH UIF XIPMMZ PXOFE DPNQBOZ 3PMOZWJL JO 1PMBOE BOE PG UIF BHSJDVMUVSBM DPNQBOZ 3BX"HSP JO UIF 6LSBJOF
\$VSSFOU GPDVT JO BHSJDVMUVSF JT UP DPOUJOVF FYQBOTJPO JO MFTT EFWFMPQFE BSFBT XIFSF MBSHFS BDSFBHF DBO CF BDRVJSFE BU SFMBUJWFMZ MPX QSJDFT BOE EFWFMPQFE UP BDIJFWF IJHIFS QSPEVDUJWJUZ
Black Earth Farming
MBDL &BSUI 'BSNJOH XJUI TIBSFT MJTUFE PO /"4%"2 0.9 4UPDLIPMN JT B MFBEJOH BHSJDVMUVSBM DPNQBOZ XJUI PQFSB UJPOT JO 3VTTJB 5IF DPNQBOZ BDRVJSFT BOE DVMUJWBUFT BHSJ DVMUVSBM MBOE JO UIF GFSUJMF #MBDL &BSUI SFHJPO JO 4PVUIXFTU 3VTTJB
MBDL &BSUI 'BSNJOH IBT IFDUBSFT PG MBOE VOEFS JUT DPOUSPM PG XIJDI JT GVMMZ PXOFE XJUI PWFS IFDUBSFT JO QSPEVDUJPO JO "T B SFTVMU PG UIF TFWFSF ESPVHIU JO IBSWFTUFE WPMVNFT XFSF ,UPOOFT MFTT UIBO UIF ZFBS CFGPSF 5IF FYUSFNF XFBUIFS IBE B OFHB UJWF FGGFDU PO UIF SFTVMU GPS UIF ZFBS 4BMFT SFWFOVF GPS UIF GVMM ZFBS BNPVOUFE UP 64% N XIJDI SFQSFTFOUT B EFDMJOF DPNQBSFE UP MBSHFMZ EVF UP TJHOJmDBOUMZ MPXFS IBSWFTU WPMVNF 5IF PQFSBUJOH MPTT FYDMVEJOH OPO SFDVSSJOH FYQFOTF XBT 64% N
'PDVT JO XJMM CF UP JODSFBTF ZJFMET BOE DPOUJOVF UP JNQSPWF UIF FGmDJFODZ PG UIF PQFSBUJPOT 5IF NBOBHF NFOU UFBN IBT CFFO TUSFOHUIFOFE BOE UIF PVUMPPL GPS HSBJO QSJDFT JT QPTJUJWF XIJDI TIPVME DPOUSJCVUF UP BO JNQSPWFE PQFSBUJWF BOE mOBODJBM QFSGPSNBODF JO
Agriculture – non-listed holdings
,JOOFWJLT XIPMMZ PXOFE 1PMJTI BHSJDVMUVSBM DPNQBOZ 3PM OZWJL PQFSBUFT UIF #BSDJBOZ BOE 1PEMBXLJ GBSNT XJUI B UP UBM BSFB PG IFDUBSFT "MTP JO 1PMBOE UIF IBSWFTU ZJFME JO XBT MPXFS UIBO QSFWJPVT ZFBST EVF UP VOGBWPSBCMF XFBUIFS DPOEJUJPOT *O UFSNT PG SFTVMUT UIF MPXFS ZJFME XBT PGGTFU CZ QSJDF JODSFBTFT GPS HSBJO "T JO QSFWJPVT ZFBST B MBSHF QPSUJPO PG UIF ZFBST IBSWFTU XBT TUPSFE BOE XJMM CF TPME EVSJOH UIF mSTU IBMG PG
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Renewable energy
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|---|---|---|---|
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| Revenue | 97 | 97 | 299 |
| EBIT | 14 | 20 | 54 |
| Deliveries, thousand tons | 88 | 74 | 237 |
| Production, thousand tons | 61 | 59 | 239 |
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For further information, please visit www.kinnevik.se or contact:
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Kinnevik was founded in 1936 and thus embodies more than seventy years of entrepreneurship under the same group of principal owners. Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The company's holdings of growth companies are focused around seven comprehensive business sectors; Paper & Packaging, Telecom & Services, Media, Online, Microfinancing, Agriculture and Renewable energy.
Kinnevik has a long history of investing in emerging markets which has resulted in a considerable exposure to consumer sectors in these markets. 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)
| 2011 | 2010 | |||
|---|---|---|---|---|
| 1 Jan | 1 Jan | 2010 | ||
| Note | 31 March | 31 March | Full year | |
| Revenue | 2 282 | 2 283 | 8 593 | |
| Cost of goods sold and services | -1 915 | -1 960 | -7 315 | |
| Gross profit/loss | 367 | 323 | 1 278 | |
| Selling, administration, research and development costs |
-129 | -124 | -538 | |
| Other operating income | 25 | 59 | 326 | |
| Other operating expenses | -2 | -54 | -177 | |
| Operating profit/loss | 261 | 204 | 889 | |
| Dividends received | 2 | - | - | 3 105 |
| Change in fair value of financial assets | 2 | -101 | 6 671 | 9 899 |
| Interest income and other financial income | 19 | 17 | 60 | |
| Interest expenses and other financial expenses | -84 | -47 | -216 | |
| Profit/loss after financial items | 95 | 6 845 | 13 737 | |
| Taxes | -46 | -11 | -115 | |
| Net profit/loss for the period | 49 | 6 834 | 13 622 | |
| Of which attributable to: | ||||
| Equity holders of the Parent Company | 47 | 6 823 | 13 602 | |
| Non-controlling interest | 2 | 11 | 20 | |
| Earnings per share before dilution, SEK | 0.17 | 24.62 | 49.08 | |
| Earnings per share after dilution, SEK | 0.17 | 24.62 | 49.05 | |
| Average number of shares before dilution | 277 158 190 | 277 158 190 | 277 158 190 | |
| Average number of shares after dilution | 277 364 583 | 277 223 190 | 277 286 286 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (SEK m)
| 2011 1 Jan 31 March |
2010 1 Jan 31 March |
2010 Full year |
|
|---|---|---|---|
| Net profit/loss for the period | 49 | 6 834 | 13 622 |
| Other comprehensive income for the period | |||
| Translation differences | -8 | -15 | -50 |
| Cash flow hedging | -55 | -6 | 97 |
| Actuarial profit/loss | - | - | 6 |
| Tax attributable to other comprehensive income | 14 | 1 | -27 |
| Total other comprehensive income for the period | -49 | -20 | 26 |
| Total comprehensive income for the period | 0 | 6 814 | 13 648 |
| Total comprehensive income for the period attributable to: | |||
| Equity holders of the Parent Company | -2 | 6 805 | 13 634 |
| Non-controlling interest | 2 | 9 | 14 |
CONDENSED CONSOLIDATED CASH-FLOW STATEMENT (SEK m)
| 2011 | 2010 | ||
|---|---|---|---|
| 1 Jan | 1 Jan | 2010 | |
| 31 March | 31 March | Full year | |
| Operating profit | 261 | 204 | 889 |
| Adjustment for non-cash items | 147 | 132 | 610 |
| Taxes paid | -59 | -158 | -301 |
| Cash flow from operations before change in working capital | 349 | 178 | 1 198 |
| Change in working capital | -8 | 146 | 112 |
| Cash flow from operations | 341 | 324 | 1 310 |
| Acquisition of subsidiaries | -5 | - | -85 |
| Investments in tangible and biological fixed assets | -115 | -131 | -688 |
| Sales of tangible and biological fixed assets | - | - | 7 |
| Investments in intangible fixed assets | - | -7 | -29 |
| Investments in shares and other securities | -430 | -465 | -1 478 |
| Dividends received | - | 340 | 3 029 |
| Changes in loan receivables | 9 | - | -63 |
| Interest received | 6 | 9 | 23 |
| Cash flow from investing activities | -535 | -254 | 716 |
| Change in interest-bearing liabilities | 333 | -56 | -1 079 |
| Interest paid | -84 | -38 | -203 |
| Dividend paid | - | - | -831 |
| Cash flow from financing activities | 249 | -94 | -2 113 |
| Cash flow for the period | 55 | -24 | -87 |
| Exchange rate differences in liquid funds | 0 | 0 | 0 |
| Cash and short-term investments, opening balance | 150 | 237 | 237 |
| Cash and short-term investments, closing balance | 205 | 213 | 150 |
.
CONDENSED CONSOLIDATED BALANCE SHEET (SEK m)
| 2011 | 2010 | 2010 | |
|---|---|---|---|
| Note ASSETS |
31 March | 31 March | 31 Dec |
| Fixed assets | |||
| Intangible assets | 826 | 842 | 828 |
| Tangible and biological fixed assets | 6 339 | 6 333 | 6 385 |
| Financial assets accounted to fair value through profit and | |||
| loss 3 |
54 647 | 49 686 | 54 324 |
| - whereof interest-bearing | 179 | 115 | 188 |
| Financial assets held to maturity | 234 | 200 | 225 |
| Investments in companies accounted for using the equity | |||
| method | 126 | 44 | 126 |
| 62 172 | 57 105 | 61 888 | |
| Current assets | |||
| Inventories | 1 701 | 1 587 | 1 663 |
| Trade receivables | 923 | 905 | 829 |
| Tax receivables | 0 | 0 | 12 |
| Other current assets | 177 | 192 | 291 |
| Short-term investments | 4 | 11 | 5 |
| Cash and cash equivalents | 201 | 202 | 145 |
| 3 006 | 2 897 | 2 945 | |
| TOTAL ASSETS | 65 178 | 60 002 | 64 833 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | |||
| Equity attributable to equity holders of the Parent Company | 54 398 | 48 443 | 54 398 |
| Equity attributable to non-controlling interest | 29 | 47 | 27 |
| 54 427 | 48 490 | 54 425 | |
| Long-term liabilities | |||
| Interest-bearing loans | 7 450 | 7 747 | 7 081 |
| Provisions for pensions | 540 | 584 | 542 |
| Other provisions | 15 | 34 | 26 |
| Deferred tax liability | 1 079 | 1 068 | 1 107 |
| Other liabilities | 4 | 4 | 4 |
| 9 088 | 9 437 | 8 760 | |
| Short-term liabilities | |||
| Interest-bearing loans | 27 | 392 | 63 |
| Provisions | 38 | 64 | 39 |
| Trade payables | 996 | 957 | 981 |
| Income tax payable | 14 | 77 | 24 |
| Other payables | 588 | 585 | 541 |
| 1 663 | 2 075 | 1 648 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 65 178 | 60 002 | 64 833 |
CONDENSED REPORT OF CHANGES IN EQUITY FOR THE GROUP (SEK m)
| 2011 | 2010 | ||
|---|---|---|---|
| 1 Jan | 1 Jan | 2010 | |
| 31 March | 31 March | Full year | |
| Equity, opening balance | 54 425 | 41 675 | 41 675 |
| Total comprehensive income for the period | 0 | 6 814 | 13 648 |
| Acquisition from non-controlling interest | - | - | -71 |
| Dividend paid | - | - | -831 |
| Effect of employee share saving programme | 2 | 1 | 4 |
| Equity, closing amount | 54 427 | 48 490 | 54 425 |
| Equity attributable to the shareholders of the Parent Company |
54 398 | 48 443 | 54 398 |
| Equity attributable to non-controlling interest | 29 | 47 | 27 |
| 2011 | 2010 | 2010 | |
|---|---|---|---|
| KEY RATIOS | 31 March | 31 March | 31 Dec |
| Debt/equity ratio | 0.15 | 0.18 | 0.14 |
| Equity ratio | 84% | 81% | 84% |
| Net debt | 7 399 | 8 195 | 7 123 |
| 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. |
NOTES TO THE GROUP'S FINANCIAL STATEMENTS (SEK m)
Note 1 Condensed segment reporting
Kinnevik is a diversified company whose business consists of managing a portfolio of investments and to conduct operations through subsidiaries. The Kinnevik Group's accounting is, starting from this report, distributed on the following three accounting segments:
Paper & Packaging - Korsnäs (former Major Unlisted Holdings).
Other operating subsidiaries - Latgran, Rolnyvik, Vireo Energy, Relevant Traffic, Guider Media and Duego Technologies (former subsidiaries within New Ventures).
Parent Company & other - all other companies and financial assets (including change in fair value of financial assets earlier reported within Major Listed Holdings and New Ventures).
This distribution coincides with management's internal structure for controlling and monitoring the Group's operations. The comparative figures have been recalculated.
| Paper & | Other operating |
Parent company & |
Total | ||
|---|---|---|---|---|---|
| 1 Jan-31 Mar 2011 | packaging | subsidiaries | other | Eliminations | Group |
| Revenue | 2 135 | 169 | 6 | -28 | 2 282 |
| Operating costs | -1 741 | -150 | -24 | 28 | -1 887 |
| Depreciation | -151 | -6 | 0 | -157 | |
| Other operating income and expenses | 21 | 4 | -2 | 23 | |
| Operating profit/loss | 264 | 17 | -20 | 0 | 261 |
| Change in fair value of financial assets | 13 | -114 | -101 | ||
| Financial net | -40 | -1 | -24 | -65 | |
| Profit/loss after financial items | 237 | 16 | -158 | 0 | 95 |
| Investments in subsidiaries and financial fixed | |||||
| assets | 435 | 435 | |||
| Investments in tangible fixed assets | 97 | 18 | 115 |
| Other | Parent | |||||
|---|---|---|---|---|---|---|
| Paper & | operating | company & | Total | |||
| 1 Jan-31 Mar 2010 | packaging | subsidiaries | other | Eliminations | Group | |
| Revenue | 2 159 | 150 | 3 | -29 | 2 283 | |
| Operating costs | -1 812 | -128 | -19 | 29 | -1 930 | |
| Depreciation | -148 | -5 | -1 | -154 | ||
| Other operating income and expenses | 0 | 4 | 1 | 5 | ||
| Operating profit/loss | 199 | 21 | -16 | 0 | 204 | |
| Change in fair value of financial assets | 14 | 6 657 | 6 671 | |||
| Financial net | -20 | 3 | -13 | -30 | ||
| Profit/loss after financial items | 193 | 24 | 6 628 | 0 | 6 845 | |
| Investments in financial fixed assets | 33 | 432 | 465 | |||
| Investments in intangible fixed assets | 7 | 7 | ||||
| Investments in tangible fixed assets | 129 | 2 | 131 |
| Other | Parent | ||||
|---|---|---|---|---|---|
| Paper & | operating | company & | |||
| 1 Jan-31 Dec 2010 | packaging | subsidiaries | 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 |
| Dividend received | 4 | 3 101 | 3 105 | ||
| Change in fair value of financial assets | 64 | 9 835 | 9 899 | ||
| Financial net | -116 | -1 | -39 | -156 | |
| Profit/loss after financial items | 878 | 9 | 12 850 | 0 | 13 737 |
| Investments in subsidiaries and financial fixed | |||||
| assets | 115 | 1 448 | 1 563 | ||
| Investments in intangible fixed assets | 29 | 29 | |||
| Investments in tangible fixed assets | 604 | 82 | 2 | 688 | |
| Impairment of goodwill | -34 | -34 |
Note 2 Change in fair value of financial assets and dividends received
| 2011 | 2010 | ||
|---|---|---|---|
| 1 Jan | 1 Jan | 2010 | |
| 31 March | 31 March | Full year | |
| Listed holdings | |||
| Millicom | -1 476 | 4 124 | 5 961 |
| Tele2 | 840 | 1 396 | 4 776 |
| Transcom | -26 | -113 | -304 |
| MTG | 470 | 867 | 1 695 |
| Metro shares | -2 | 74 | 42 |
| Metro warrants | 14 | 186 | 28 |
| CDON | 45 | - | 4 |
| Black Earth Farming | 62 | 107 | 105 |
| Total listed holdings | -73 | 6 641 | 12 307 |
| Unlisted holdings | |||
| Paper & packaging | 13 | 14 | 68 |
| Online | -16 | 0 | 636 |
| Microfinancing | -25 | 16 | 1 |
| Agriculture | 0 | 0 | -8 |
| Total unlisted holdings | -28 | 30 | 697 |
| Total | -101 | 6 671 | 13 004 |
Note 3 Financial assets accounted at fair value through profit and loss
| 31 March 2011 | |||||||
|---|---|---|---|---|---|---|---|
| Class | Class | 2011 | 2010 | 2010 | |||
| A shares | B shares | 31 March | 31 March | 31 Dec | |||
| Listed holdings | |||||||
| Millicom | 37 835 438 | 22 834 | 24 290 | 24 309 | |||
| Tele2 | 18 507 492 | 116 988 645 | 19 755 | 16 327 | 18 915 | ||
| Transcom | 16 339 448 | 307 | 525 | 333 | |||
| MTG | 5 199 491 | 8 304 365 | 6 479 | 5 672 | 6 009 | ||
| Metro shares | 112 122 875 | 133 798 591 | 283 | 317 | 285 | ||
| Metro warrants | 388 | 531 | 374 | ||||
| CDON | 15 003 856 | 513 | - | 420 | |||
| Black Earth Farming | 31 087 097 | 886 | 765 | 824 | |||
| Total listed holdings | 51 445 | 48 427 | 51 469 | ||||
| Unlisted holdings | |||||||
| Paper & packaging | 575 | 511 | 561 | ||||
| Online | 2 057 | 524 | 1 708 | ||||
| Microfinancing | 329 | 153 | 348 | ||||
| Agriculture | 24 | 34 | 24 | ||||
| Parent Company & other | 217 | 37 | 214 | ||||
| Total unlisted holdings | 3 202 | 1 259 | 2 855 | ||||
| Total | 54 647 | 49 686 | 54 324 |
FINANCIAL KEY RATIOS MAJOR UNLISTED HOLDINGS (SEK m)
| 2011 Q1 |
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) |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||
| Korsnäs Industrial | 1 874 | 7 148 | 1 751 | 1 766 | 1 720 | 1 911 | 7 098 | 1 757 | 1 730 | 1 823 | 1 788 | 6 608 |
| Korsnäs Forestry | 261 | 1 030 | 247 | 252 | 283 | 248 | 941 | 264 | 185 | 317 | 175 | 788 |
| Total Korsnäs | 2 135 | 8 178 | 1 998 | 2 018 | 2 003 | 2 159 | 8 039 | 2 021 | 1 915 | 2 140 | 1 963 | 7 396 |
| Operating profit before depreciation (EBITDA) |
||||||||||||
| Korsnäs Industrial | 404 | 1 476 | 257 | 502 | 383 | 334 | 1 430 | 381 | 464 | 318 | 267 | 1 090 |
| Korsnäs Forestry | 11 | 52 | 12 | 17 | 10 | 13 | 32 | 13 | 8 | 4 | 7 | 34 |
| Total Korsnäs | 415 | 1 528 | 269 | 519 | 393 | 347 | 1 462 | 394 | 472 | 322 | 274 | 1 124 |
| Operating profit after de preciation (EBIT) |
||||||||||||
| Korsnäs Industrial | 254 | 879 | 105 | 352 | 234 | 188 | 826 | 231 | 315 | 165 | 115 | 472 |
| Korsnäs Forestry | 10 | 47 | 11 | 16 | 9 | 11 | 25 | 11 | 7 | 2 | 5 | 28 |
| Total Korsnäs | 264 | 926 | 116 | 368 | 243 | 199 | 851 | 242 | 322 | 167 | 120 | 500 |
| Operating margin | ||||||||||||
| Korsnäs Industrial | 13.6% | 12.3% | 6.0% | 19.9% | 13.6% | 9.8% | 11.6% | 13.1% | 18.2% | 9.1% | 6.4% | 7.1% |
| Korsnäs Forestry | 3.8% | 4.6% | 4.5% | 6.3% | 3.2% | 4.4% | 2.7% | 4.2% | 3.8% | 0.6% | 2.9% | 3.6% |
| Korsnäs | 12.4% | 11.3% | 5.8% | 18.2% | 12.1% | 9.2% | 10.6% | 12.0% | 16.8% | 7.8% | 6.1% | 6.7% |
| Operational capital em ployed |
||||||||||||
| Korsnäs Industrial | 7 678 | 7 457 | 7 545 | 7 423 | 7 392 | 7 402 | 7 411 | 7 332 | 7 345 | 7 443 | 7 476 | 7 746 |
| Korsnäs Forestry | 306 | 352 | 337 | 343 | 369 | 353 | 438 | 389 | 449 | 449 | 471 | 429 |
| Total Korsnäs | 7 984 | 7 809 | 7 882 | 7 766 | 7 761 | 7 755 | 7 849 | 7 721 | 7 794 | 7 892 | 7 947 | 8 175 |
| Return on operational capi tal employed |
||||||||||||
| Korsnäs Industrial | 13.2% | 11.8% | 5.6% | 19.0% | 12.7% | 10.2% | 11.1% | 12.6% | 17.2% | 8.9% | 6.2% | 6.1% |
| Korsnäs Forestry | 13.1% | 13.4% | 13.1% | 18.7% | 9.8% | 12.5% | 5.7% | 11.3% | 6.2% | 1.8% | 4.2% | 6.5% |
| Korsnäs | 13.2% | 11.9% | 5.9% | 19.0% | 12.5% | 10.3% | 10.8% | 12.5% | 16.5% | 8.5% | 6.0% | 6.1% |
| Production, thousand tons | 278 | 1 019 | 243 | 278 | 237 | 261 | 1 025 | 261 | 268 | 253 | 243 | 1 052 |
| Deliveries, thousand tons | 259 | 1 021 | 241 | 259 | 252 | 269 | 1 034 | 253 | 255 | 271 | 255 | 993 |
1) Excluding restructuring charges of SEK 71 m in Q4 2008.
CONDENSED PARENT COMPANY INCOME STATEMENT (SEK m)
| 2011 | 2010 | ||
|---|---|---|---|
| 1 Jan | 1 Jan | 2010 | |
| 31 March | 31 March | Full year | |
| Revenue | 4 | 5 | 19 |
| Administration costs | -19 | -18 | -83 |
| Other operating income | 1 | 1 | 4 |
| Operating loss | -14 | -12 | -60 |
| Dividends received | - | - | 1 445 |
| Result from financial assets | - | - | 531 |
| Net interest income/expense | 80 | 92 | 405 |
| Profit/loss after financial items | 66 | 80 | 2 321 |
| Taxes | -17 | 7 | -57 |
| Net profit/loss for the period | 49 | 87 | 2 264 |
CONDENSED PARENT COMPANY BALANCE SHEET (SEK m)
| 2011 | 2010 | 2010 | |
|---|---|---|---|
| 31 March | 31 March | 31 Dec | |
| ASSETS | |||
| Tangible fixed assets | 2 | 2 | 2 |
| Financial fixed assets | 42 599 | 40 843 | 42 545 |
| Short-term receivables | 18 | 32 | 551 |
| Cash and cash equivalents | 1 | 0 | 1 |
| TOTAL ASSETS | 42 620 | 40 877 | 43 099 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Equity | 37 022 | 35 827 | 36 972 |
| Provisions | 33 | 43 | 36 |
| Long-term liabilities | 5 465 | 4 580 | 5 216 |
| Short-term liabilities | 100 | 427 | 875 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 42 620 | 40 877 | 43 099 |
The Parent Company's liquidity, including short-term investments and unutilized credit facilities, totalled SEK 3,712 m at 31 March 2011 and SEK 4,051 m at 31 December 2010. The Parent Company's interest bearing external liabilities amounted to SEK 2,877 m (2,551) on the same dates.
Investments in tangible fixed assets amounted to SEK 0 m (0) during the period.
As of 31 March 2011 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), which is unchanged since 31 December 2010. The Board has authorization to repurchase a maximum of 10% of all shares in the Company. The Board has not used the authorization during the first quarter 2011. There are no convertibles or warrants in issue.