The year in brief

Active ownership in portfolio companies

• Follow through on long-term growth plans.
• Handle more normalized demand.
• Continued focus on capacity adjustment and cost-cutting.

Net asset value

• Net asset value at year-end was SEK 149 (111) per share, an increase of 37% (87%) for the year including reinvested dividends.

Total return

• The total return for Industrivärden’s Class A shares was 48%, which was 21 percentage points better than for the return index.
• During the last ten years, the average annual total return for the Class C shares was 7%, which exceeded the return index by 1 percentage points per year.

Equity transactions during the year

• Stocks were purchased for SEK 5,644 M (1,245) and sold for SEK 3,097 M (1,645).
• Stocks were purchased for a net total of SEK 2,547 M (–400), with growth in value of 41% at year-end.

Large purchases of shares in Volvo

• Additional purchases of shares in Volvo for SEK 1,770 M, corresponding to 2.2% of the votes, at an average purchase price of SEK 78/share.
• The result of a total return swap for acquisition of shares in Volvo amounted to SEK 257 M.

Sale of Munters

• The holding in Munters was sold for SEK 843 M; the total return during Industrivärden’s ownership was 50%.

Short-term trading

• In January 2010 Industrivärden issued five year convertible bonds worth EUR 500 M, and in January 2011 Industrivärden issued additional six-year convertible bonds valued at EUR 550 M in order to obtain lowcost financing with the opportunity to issue new equity.

Proposed dividend

• The Board of Directors proposes a dividend of SEK 4.00 (3.00) per share, which corresponds to a dividend yield of 3.3% (3.4%) for the Class A shares.