Interim Report, January 1 - March 31, 2002

January 1 - March 31, 2002 Industrivärden's stock Total return 1) as per April -10%, Total Return Index 30, 2002: -10% Price trend as per April 30, -15%, General Index -12% 2002: Net asset value As per April 30, 2002: SEK 172 per share Change since start of -16% year: As per March 31, 2002: SEK 193 per share As per December 31, SEK 204 per 2001: share Listed portfolio Value at April 30, 2002: SEK 32,587 M Change in value since start -14%, General Index - of year: 12% Value at March 31, 2002: SEK 38,086 M Value at December 31, 2001: SEK 40,535 M * In early April the holding in the Danish pharmaceutical company Lundbeck was sold. The total sales price was SEK 2.4 billion, generating a capital gain of approximately SEK 1.5 billion. * At the end of April an agreement was made on the sale of the wholly owned door automation company Besam to the Assa Abloy lock group. The sales price, which will be paid in cash, is approximately SEK 3.1 billion, generating a capital gain of approximately SEK 2.3 billion. ABOUT INDUSTRIVÄRDEN Industrivärden is one of the Nordic region's leading holding companies, with ownership in a concentrated selection of listed companies with good development potential. Industrivärden's business mission is to create shareholder value based on a professional investment operation and active ownership. The goal is to generate high growth in net asset value over time. High growth in asset values enables Industrivärden to deliver a total return which, over time, is higher than the average for the Stockholm Stock Exchange. During the last five-year period, Industrivärden has achieved this goal by a good margin. CEO's COMMENTS The downward trend in the stock markets that characterized 2001 has continued into the current year. During the first four months of 2002, the Stockholm Stock Exchange General Index fell by 12%, and Industrivärden's share price by 15%. The net asset value decreased by 6.1 billion which is largely attributable to our holdings in Ericsson and Skandia, which during the same period lost a combined total of SEK 7.3 billion in value. This decline was partly compensated by our holdings in SCA, Sandvik and Skanska, which had favorable price trends during the period, with a combined growth in value of SEK 1.7 billion. The fall in Ericsson's stock price has affected Industrivärden's portfolio composition, and the two largest holdings as per April 30 were Handelsbanken and SCA. In late April Industrivärden announced that it supports and intends to subscribe for its share of Ericsson's proposed rights issue. We continue to stand by our belief in Ericsson's long-term profit and growth potential. Despite the difficult trend in the stock market, we have carried out a couple of rewarding deals thus far during the year. Among other things, we sold our holding in Lundbeck. In our judgment Lundbeck was highly valued, while at the same time we felt our opportunities for active influence were limited. Industrivärden sold the holding for SEK 2.4 billion, generating a capital gain of approximately SEK 1.5 billion. At the end of April we sold Besam to the Assa Abloy lock group. For a number of years, Industrivärden has helped develop Besam to a leading global company in automatic door systems. The sales price is approximately SEK 3.1 billion, generating a capital gain of approximately SEK 2.3 billion. This entails an improvement in Industrivärden's net asset value of SEK 5 per share. Anders Nyrén ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/05/02/20020502BIT00350/wkr0001.doc The Full Report http://www.waymaker.net/bitonline/2002/05/02/20020502BIT00350/wkr0002.pdf The Full Report