Glossary and definitions

Change in value of stocks
For stocks held at both the start and end of the year, the change in market value consists of the difference in value between these two dates. For stocks sold during the year, the change in market value consists of the difference between the sales price of the shares and their value at the start of the year. For stocks acquired during the year, the change in market value consists of the difference between the cost of the shares and their value at the end of the year.

Discount to net asset value
The difference between net asset value per share and the stock price, measured in proportion to net asset value.

Dividend yield
Dividend per share in relation to the share price on December 31.

Earnings per share
Net income for the year divided by the total number of shares.

Interest-bearing net debt
Interest-bearing liabilities and pensions less cash and cash equivalents and interest-bearing receivables.

Market value of equities portfolio
The value of the equities portfolio based on market prices on the balance sheet date.

Net asset value
The market value of the equities portfolio less interest-bearing net debt.

Net asset value including reinvested dividends
To calculate the development of net asset value before dividends paid out, the dividends paid out by the Company are recalculated to take into account the performance of the listed portfolio. This gives a measure of how net asset value would have developed if Industrivärden had not paid any dividend.

Net debt-equity ratio
Interest-bearing net debt in relation to the market value of the equities portfolio.

Total return
Change in the share price taking into account reinvested dividends. The total return is compared against the return index (SIXRX), which indicates the price trend including reinvested dividends for stocks listed on the Stockholm Stock Exchange.