The year in brief
The value of the equities portfolio – adjusted for purchases and sales – decreased by SEK 11.9 billion to SEK 92.2 billion (107.3). The total return was –8%.
- In April shares in SSAB were sold for SEK 3.1 billion, for a favorable return.
- In November shares in ICA Gruppen were sold for SEK 1.7 billion for a favorable return, and a divestment was enabled of the remaining holding in May 2019.
- During the year, shares were bought in Handelsbanken for SEK 0.7 billion, in Sandvik for SEK 0.6 billion, and in Volvo for SEK 0.6 billion.
During the year, Industrivärden exercised an active ownership role in its portfolio companies with the goal of creating value over time.
Net asset value
Net asset value at year-end was SEK 196 per share (221), a decrease of 12% for the year and 9% including reinvested dividend.
Total return - Industrivärden shares
The total return was –11% for Industrivärden’s Class A shares and –9% for the Class C shares, compared with –4% for the total return index (SIXRX).
The debt-equities ratio was 7%, a decrease of 3 percentage points during the year.
The Board of Directors proposes a dividend of SEK 5.75 (5.50) per share.
A selection of strategic activities in portfolio companies
|Sandvik’s acquisitions in measurement technology as well as in round tools have strengthened and broadened Sandvik Machining Solutions’ customer offering. Sandvik Mining & Rock Technology expanded its important aftermarket business and created a leading offering for mines of the future that includes self-driving loaders and trucks, among other things. Sandvik has also invested in a new plant for making fine metal powders, strengthening its position in the rapidly growing market for metal powders and metal additive manufacturing. As part of the refinement of Sandvik’s operations, the company has divested remaining parts of its Other Operations business area, its welding wire business, and its ownership in the joint venture company Fagersta Stainless.|
|SCA’s expanded pulp mill in Östrand began operating in June 2018 according to plan. The mill will double the production capacity and is expected to be one of Europe’s most competitive and environment-friendly pulp mills. SCA also made investments in increasing production capacity for more refined products (white-top kraftliner) in Munksund while at the same time optimizing production of kraftliner at the mill in Obbola.|
|Based on a strategic review Skanska is carrying out extensive restructuring in order to focus and decentralize its operations for improved profitability, particularly in the construction operations. Skanska also has a clear ambition to grow its successful project business, which has shown good profitability over time.|