Net asset value is a measure of the shareholders’ total net worth in the Company, defined as the market value of the equities portfolio less interest-bearing net debt.
The equities portfolio is made up of large shareholdingsin Handelsbanken, SCA, Sandvik, Volvo, Skanska, ICA Gruppen, Ericsson and SSAB, all of in which Industrivärden serves as a long-term active owner. The equities portfolio, which is valued at the companies’ market prices as per December 31, 2016, had a market value of SEK 94,250 M (81,835). The market value of the equities portfolio corresponded to SEK 218 (189) per Industrivärden share.
Through available borrowing, Industrivärden increases its flexibility over time.
Industrivärden’s debt policy is that the debt-equities ratio shall be in the range of 0%–10%, but may periodically exceed or fall below this interval.
Interest-bearing net debt
The debt portfolio consists primarily of an exchangeable bond, bank borrowings, MTN programs and commercial paper. Interest-bearing net debt amounted to SEK 11.5 billion at year-end 2016 (12.6), corresponding to SEK 27 per Industrivärden share.