Interim Report January – June 2012

NET ASSET VALUE

  • The net asset value increased to SEK 146 per share, compared to SEK 142 per share at the beginning of the year. The increase corresponds to 7.3 percent compared to dividend adjusted comparable index (SIXRX) which increased by 7.0 percent. The net asset value on 20 August amounted to SEK 151 per share.1)

INDUSTRIAL OPERATIONS

Second quarter
* Orders received in the industrial operations increased to SEK 1,906 (1,870) m, which is an organic increase for comparable units of -1 percent adjusted for exchange effects.

  • Net sales in the industrial operations amounted to SEK 1,785 (1,773) m, an organic increase in comparable units of -2 percent adjusted for exchange effects.
  • Operating result amounted to SEK 173 (221) m, a decrease of 22 percent which corresponds to an operating

January to June
* Orders received in the industrial operations increased to SEK 3,710 (3,606) m, which is an organic increase for comparable units of 1 percent adjusted for exchange effects.

  • Net sales in the industrial operations amounted to SEK 3,520 (3,330) m, an organic increase in comparable units of 3 percent adjusted for exchange effects.
  • Operating result amounted to SEK 322 (391) m, a decrease of 18 percent which corresponds to an operating

GROUP
* Group result after net financial items amounted to SEK 722 (671) m.

  • Group result after tax amounted to SEK 650 (586) m, or SEK 4.08 (4.47) per share.2)
  • Net debt amounted to SEK 1,520 million at the end of June and was equal to 6.1 percent of the market value of

INVESTMENT PORTFOLIO
* During the first six months the investment portfolio’s value increased by 13.1 percent adjusted for dividends while the comparable index (SIXRX) increased by 7.0 percent.

EVENTS AFTER THE REPORT PERIOD
* Acquisition of 13.4 percent of shares in Diamorph.

 1) The calculation of the net asset value on 20 August 2012 was based on the value of the investment portfolio at 1 p.m. on 20 August and the wholly owned industrial operations was calculated with the same values as on 30 June.

 2) Lower earnings per share since the number of shares increased as a result of the fusion with SäkI in July 2011.