Ratos' Interim Report January-September 2001

I N T E R I M R E P O R T Jan - Sept 2001 · Pre-tax profit SEK 2,129m (1,775) · Earnings per share SEK 25.49 (21.32) · Total return on Ratos shares +10% · Acquisition of 25% of Dynal Biotech · Sweden On Line divested Important events The offer from Lindab Intressenter to acquire Lindab was completed during the period. As a result, Ratos's holding in Lindab Intressenter rose from 43% to 49%. The follow-on investment amounted to SEK 133m and Ratos has invested a total of SEK 1,066m in Lindab Intressenter. In July, Ratos concluded an agreement to acquire 25% of the Norwegian biotechnology company Dynal Biotech and this deal was finalised on 16 October. The purchase price for Ratos's stake amounted to NOK 242m. This investment was made in partnership with Nordic Capital. Dynal Biotech is the world leader in research, development and production of magnetic and non-magnetic small, completely spherical polymer beads and markets a broad product range based on its technology. The company's sales totalled SEK 353m in 2000 with good profitability. Dynal Biotech is consolidated in Ratos from 1 October 2001. During the period, the holding in Sweden On Line was sold to Telenor. The purchase price for the entire company amounted to SEK 195m. Ratos's holding was 50%. The deal resulted in Ratos incurring an exit loss of SEK 28m. The holding in Svedala, comprising 2,300,000 shares, was sold when all the conditions for Metso's offer had been met. The sale provided Ratos with an exit gain of SEK 184m. The decision made at Ratos's Annual General Meeting on 5 April to reduce Ratos's share capital by SEK 8,222,500, corresponding to 657,800 shares, gained legal force in September. After the reduction the number of shares amounts to 80,662,626, of which repurchased shares owned by Ratos at 30 September 2001 amount to 1,704,400. Results The Group's profit before tax amounted to SEK 2,129m (1,775). This result includes profits and share of profits from the holdings of SEK 188m. Share of profits in associated companies includes goodwill amortisation for each company. The total goodwill amortisation in the Group and associated companies amounted to SEK 169m (84) during the period. More detailed information about the earnings trend in the companies is provided in the table on page 16. The holdings in Hilton, Telelogic and Telia Overseas are not reported as associated companies. The global economy continued to weaken in the third quarter with a marked negative impact in the second half of September following the terrorist attacks in the US. As was the case earlier in the year, however, the picture for Ratos's holdings is mixed. Some sectors and geographical markets have experienced a fall in demand, in some cases dramatic, while other sectors maintained a high level or, in some cases, even showed good growth. Taken overall the development for Ratos's holdings was positive. In the first nine months of the year total pro forma EBITA (earnings before interest, tax, items affecting comparability and amortisation, excluding funds received from Alecta in 2000) for the subsidiaries and associated companies owned by Ratos at 30 September 2001 increased by approximately 22%. Taking Ratos's different stakes in the holdings into account, pro forma EBITA increased by approximately 7%. Major improvements in EBITA compared with the same period in the previous year were reported by Arcorus, Camfil, Dahl, Hilding Anders, HL Display and Telia Overseas. Capona also had a positive EBITA trend. An unchanged positive EBITA level was reported by DIAB, Esselte (before items affecting comparability) and Haendig. Lindab's EBITA was less favourable than in 2000 in the first half of the year, but slightly better earnings were achieved in the third quarter compared with the same period last year. Lindab Intressenter is consolidated in Ratos as of 1 July 2001. A still positive but weaker EBITA compared with the same period in the previous year was reported by Atle Industri, Gadelius, Haglöfs, Intervect and Superfos. DataVis, Exceed, Kronans Droghandel, Martinsson, Programmera, Q-Labs and Telelogic reported a loss, in some cases partly due to ongoing action programmes. The major changes in the composition of Ratos's portfolio, which have been carried out in stages during the year, mean that the comparisons between the years reported above are not reflected in the consolidated profit and loss account. Ratos's results Profit/ Of which Profit/ Ratos's share of goodwill share of Ratos's profits amortisatio profits n SEKm holding, % 2001, Q 1-3 2001, Q 1-3 2000, Q 1-3 Holding Arcorus 49 21 -2 Atle Industri 50 -5 -5 Camfil 30 13 -6 2 Capona 47 44 -1 43 Dahl 44 118 0 75 DataVis 44 -12 -3 -7 DIAB 48 2 -12 Esselte 17 -19 0 22 Exceed 100 -13 -5 25 Gadelius 50 0 -3 Haendig 49 2 -2 Haglöfs 100 -1 -1 Hilding Anders 27 26 -2 HL Display 29 13 -1 Intervect 50 -10 -1 Kronans Droghandel 49 -10 -4 Lindab 49 33 0 Martinsson 50 -1 -1 Programmera 46 -7 -2 Q-Labs 40 -15 -5 Scandic Hotels (until 31 0 18 -2 74 March) Superfos 33 -9 -1 -3 Sweden On Line 50 0 -1 Telelogic 8 - Telia Overseas 9 - Total profit/share of 188 231 profits Exit result DataVis -1 Industri Kapital 47 56 Exercise of options -7 Scandic Hotels 1 751 39 Sweden On Line -28 Telelogic 602 Total exit result 1 770 689 Profit from holdings 1 958 920 Profit from asset management 265 897 Net expenses -94 -42 Consolidated profit before 2 129 1 775 tax Earnings per share Earnings per share amounted to SEK 25.49 (21.32) at 30 September 2001. Central income and expenses Total administrative expenses amounted to SEK 76m (44) of which personnel costs amounted to SEK 25m (19) and other expenses, including costs in connection with acquisition processes, amounted to SEK 51m (25, including SEK 11m funds from Alecta). Net financial items amounted to SEK -18m (2). Cash flow from operating activities and investing activities for the period was SEK 1 977m (301) and liquid assets amounted to SEK 462m (67) at the end of the period. Net asset value At 30 September 2001, Ratos reported a net asset value (NAV) of SEK 8,722m corresponding to SEK 110 per share. The reported NAV comprises the consolidated book value of the unlisted holdings and the market value of the listed holdings. Unlisted holdings accounted for 83% of total NAV. Reported net asset value 30 September 2001 SEKm Holding Arcorus 323 Atle Industri 611 Camfil 481 Capona 420 Dahl 694 DataVis 230 DIAB 692 Esselte 216 Exceed 92 Gadelius 215 Haendig 170 Haglöfs 104 Hilding Anders 400 Hilton 505 HL Display 203 Industri Kapital 449 Intervect 209 Kronans Droghandel 406 Lindab 1 069 Martinsson 155 Programmera 98 Q-Labs 175 Superfos 352 Telelogic 76 Telia Overseas 328 Total holdings 8 673 Asset management 109 Property 60 Liquid assets and -120 other Net asset value 8 722 Net asset 110 value/share Reporting the Atle acquisition At the beginning of May, Ratos and the British company 3i acquired Atle via a 50/50-owned company. The Atle holdings are to be divided between Ratos and 3i in accordance with agreements between the parties. The transfer of the companies to Ratos and 3i had not been fully completed at the end of the third quarter, since the conditions for some transfers were not yet met. The financial implications of the agreements are that Ratos acquires shares in 12 companies. Some of these are to be owned by both Ratos and 3i. In addition, 3i alone acquires 85 holdings from Atle. The remaining Atle holdings will be placed in Atle Industri, to be owned equally by Ratos and 3i. This interim report is based on the financial implications of the agreements. This means that, among other things, share of profits for May-September, in all the companies to be held by Ratos, are consolidated in Ratos's nine-month results. Ratos shares At 30 September 2001, the total return on Ratos B shares amounted to 10% compared with -30% for the SIX Return Index. At 9 November 2001, the total return on Ratos B shares was 24% compared with -21% for the SIX Return Index. Consolidated tax expense Ratos's consolidated tax expense currently comprises the company's share of associated companies' tax. Property tax is not reported as tax in the profit and loss account but is included as an operating cost. Accounting principles This interim report is prepared in accordance with the Swedish Financial Accounting Standards Council's recommendation No. 20 Interim Reports, which applies from 2001. Starting in 2001, an additional number of new recommendations issued by the Swedish Financial Accounting Standards Council have come into force. These recommendations have not had any effect on the Ratos Group's net profit and financial position with the exception of recommendation No. 9 Income Taxes. This effect is reported as a changed accounting principle at the beginning of 2000 in accordance with RR 5, Reporting of change in accounting principle. This principle has subsequently been applied. Otherwise the same accounting principles and calculation methods are used in this Interim Report as in the most recently published annual report. Tax The parent company is taxed according to the rules for investment companies. This means that, among other things, capital gains are not liable to tax. For this reason, the Swedish Financial Accounting Standards Council's new recommendation will not have any effect on the accounts of the parent company. The fiscal loss carry-forwards in Ratos's subsidiaries amounted to just over SEK 400m at 31 December 2000. The possibility to offset these against future profits is generally uncertain since Ratos's strategy is not to own subsidiaries, only associated companies, and to own holdings for a limited period. In the associated companies owned by Ratos the loss carry-forwards are valued to the extent they exist and that it is judged they can be utilised in the foreseeable future. Any capitalisation will thus affect the shareholders' equity of the associated companies. In this way, the Swedish Financial Accounting Standards Council's new recommendation will have an effect on Ratos's consolidated accounts which is also shown in the table specifying change in shareholders' equity. Holdings Arcorus · Strong sales and earnings development for both Hägglunds Drive and GS Hydro · Hägglunds wins SEK 15m order for the offshore industry in the US as well as a breakthrough in the world's largest sugar market, Brazil · GS Hydro obtained a major contract from Avesta Polarit Stainless · Lidan Marine received a large order from McGregor for hydraulic winch systems Arcorus is a newly formed group, made up of Hägglunds Drives, GS Hydro and Lidan Marine. The Group is a leading international supplier of complete hydraulic drive systems, hydraulic motors, winches and pipe laying systems. The main focus is industrial, marine and offshore applications. Ratos's holding in Arcorus amounts to 49% and the consolidated book value in Ratos was SEK 323m on 30 September. Atle Industri · Less favourable earnings for approximately two-thirds of the companies compared with the same period last year, mainly due to the weaker Swedish krona and the economic downturn · Stable trend for the two largest holdings, Centralsug and Moving Atle Industri comprises a portfolio of 17 companies operating in trading, the engineering industry and waste management, of which 14 are wholly owned. Seven of the companies account for 75% of Ratos's book value. These companies are AKA Tempcold (distributes cooling products), Näsström (hydraulic products wholesaler), Moving (materials handling systems), Nordhydraulic (hydraulic valves), Elpress (electrical connectors), Pressmaster Tool (press tools) and Centralsug (systems for waste management). Ratos's holding in Atle Industri amounts to 50% and the consolidated book value in Ratos was SEK 611m on 30 September. Camfil · Good sales trend, primarily in Europe · Weaker demand in the industrial segment in the US · Strong growth in the gas turbine segment Camfil is the world leader in clean air technology and air filter production. The Group has its head office in Trosa, Sweden, and is represented by subsidiaries and local agents in more than 50 countries. Camfil has approximately 2,200 employees. Ratos's holding in Camfil amounts to 30% and the consolidated book value was SEK 481m on 30 September. Capona · Recent external disturbances had a limited impact on Capona's earnings · Rental income rose 12% during the period · Third-quarter earnings per share after tax increased by 21% to SEK 1.38 · Profit after net financial items for 2001 is expected to exceed SEK 125m Capona, which owns and actively manages hotel properties, is one of the leading hotel property companies in the Nordic region. Capona was formed in 1997 when PriFast and Diligentia merged their hotel operations into a joint company. The portfolio comprises 42 hotel properties, 32 in Sweden and the remainder in other Nordic countries. Most of Capona's rental agreements are sales-based. Ratos's holding in Capona amounts to 47%. The market value of the Capona holding on 30 September was SEK 420m. Dahl · Continued strong earnings improvement · Growing markets in Norway, Sweden, Denmark and Finland. Weak market in Poland · Improved operating margin due to, among other things, greater cost efficiency and positive market development · Cash flow remains strong Dahl is the leading wholesaler for heating, plumbing, water and sanitation products in the Nordic region. The Group has a leading position in Denmark, Sweden, Norway and Poland, as well as a strong position in Finland. The company was listed in 1996 and in 1999 Ratos and co-investor EQT effected a buy-out of Dahl from the stock exchange via a leveraged holding company. Ratos's holding in Dahl amounts to 44% and the consolidated book value was SEK 694m on 30 September. DataVis · Weak earnings trend due to the continued downturn in the telecom sector · Increased sales focus in all parts of operations during the period led to several new assignments · The company continued to implement the refocusing of its operations to systems development and systems integration within the Business Solutions and Telecom business areas DataVis is an IT consulting company with high competence within systems development and systems integration. DataVis offers qualified consulting services in the Business Solutions and Telecom business areas. The company was started in 1990 and has some 270 employees. Ratos's holding in DataVis amounts to 44% and the consolidated book value was SEK 230m on 30 September. DIAB · Strong sales development in Europe · Weaker demand in the pleasure boats segment in the US · Continued investment to extend production capacity · New products for the wind power industry strengthen competitiveness DIAB is a niche company within composite materials and sandwich technology. The key applications are hulls and decks for large pleasure boats, wings for wind power stations and components for trains, buses, aircraft and space rockets. Ratos's holding in DIAB amounts to 48% and the consolidated book value was SEK 692m on 30 September. Esselte · Cash flow from operations during the period amounted to SEK 374m (38) · Net debt was decreased by SEK 224m due to reduced stock levels · Operating profit amounted to SEK 57m (56) during the period despite a weaker market · A lower operating profit is expected in the fourth quarter compared with the previous year due to the deteriorated economic climate Esselte is the world's leading supplier of office products. Strong brands within the Group include Dymo, Pendaflex, Leitz, Esselte and Curtis. Ratos's holding in Esselte amounts to 17% of the capital and 30% of the voting rights. The market value of Ratos's holding in Esselte was SEK 216m on 30 September. Exceed · Continued weak demand for air freight services. Declining growth in the sea freight market · Earnings were charged with costs for IT investments, expansion in Finland and Denmark, and the effects of resignation of employees in two small units · Continued good profitability in the Swedish air/sea freight business · Strong growth in Finland · Investment in Denmark continues. New office opened in Billund Exceed is one of the leading companies in Nordic air and sea freight. The company has been in the Ratos Group since 1990. The Group employs approximately 275 people and has operations in Sweden, Denmark and Finland. The Conmel Group's logistics division was acquired in 2000. Ratos's holding in Exceed amounts to 100% and the consolidated book value was SEK 92m on 30 September. Gadelius · Continued positive earnings but some decline in sales has occurred · The subsidiary Rena House Sweden K.K. was sold · Greater focus on the medical-technical business area which now forms a separate division · Hans Porat takes over as new President and CEO on 1 March 2002 Gadelius is a Japanese trading house with its roots in Sweden from 1890 and operations in Japan since 1907. Today, Gadelius is a distributor of high-tech products with a focus on niche products with a high knowledge content within areas such as IT, medical technology, construction, machines for the packaging and food industry, as well as exports of mechanical and electronic components to European industry. Ratos's holding in Gadelius amounts to 50% and the consolidated book value in Ratos was SEK 215m on 30 September. Haendig · Pressure on margins due to weak Swedish krona · Intensive efforts to enhance capital and cost efficiency, including relocation of warehouse from Denmark · Recently acquired Finnish company Penope developing according to plan · Continued streamlining of operations. Bath business area to form a company on 1 January 2002 Haendig is a comprehensive distributor to end users in the DIY market and industry. Sales are conducted via retailers in the building and hardware sectors, hypermarkets, heating, ventilation and sanitation suppliers, as well as agricultural suppliers in Sweden, Norway, Denmark and Poland. The company has experienced strong growth in the past year through acquisitions. The head office is in Halmstad, Sweden, and the company has subsidiaries in Norway, Sweden, Denmark and Poland. Ratos's holding in Haendig amounts to 49% and the consolidated book value in Ratos was SEK 170m on 30 September. Haglöfs · Continued strong sales growth and order bookings. The focus on markets outside the Nordic area, started in 2000, is proceeding according to plan · Lower earnings due to major planned costs for the build-up of new markets · Successful and acclaimed launch of the "Genius" tent series · Product development and marketing organisation strengthened Haglöfs develops, produces and markets equipment and clothing for active outdoor life. Haglöfs' Outstanding Outdoor Equipment brand includes rucksacks, sleeping bags, tents, shoes and clothes. The Group is market leader in Sweden and also holds strong positions in the other Nordic countries. Sales are conducted via retailers such as sports shops and outdoor specialists. Ratos's holding in Haglöfs amounts to 100% and the consolidated book value in Ratos was SEK 104m on 30 September. Hilding Anders · Continued favourable development during the period. Sales were unaffected by the terrorist attacks · Sales in the UK increased by approximately 10% compared with the same period last year · Successful turn-around for the French company Wifor · Successful launch of the Hilding Blue Collection bed collection contributed to a strong increase in sales Hilding Anders is today Europe's largest manufacturer of sprung-mattress beds. The company also manufactures mattresses and mattress covers. One of Europe's largest bed manufacturers, The Slumberland Group, with factories throughout Europe, was acquired in March 2001. Ratos's holding in Hilding Anders amounts to 27% and the consolidated book value in Ratos was SEK 400m on 30 September. Hilton · The terrorist attacks have had a negative impact on Hilton's share price · Positive six-month report with profit increases for both the hotel operations (+14%) and the betting and gaming business (+24%) · Continued integration of Scandic Hotels · Hilton's results for the third quarter will be published on 15 November 2001 Hilton Group plc is listed on the London Stock Exchange. Operations are divided into two operating areas: Ladbroke Betting and Gaming and Hilton International. Hilton International has 379 hotels in some 70 countries. Ratos's holding in Hilton amounts to approximately 1%. The market value of Ratos's holding in Hilton was SEK 505m on 30 September. HL Display · Continued strong sales growth. For the first time, sales exceeded SEK 1 billion on a rolling 12-months basis. · Strong improvement in earnings HL Display is one of Europe's leading suppliers of products and systems for in-store labelling, display and fittings for the retail trade and its suppliers. The company, which is among the 500 fastest growing companies in Europe, has operations throughout Europe as well as in Asia and the US. Ratos's holding in HL Display amounts to 29%. The market value of Ratos's holding in HL Display was SEK 203m on 30 September. Industri Kapital · Divestment in the third quarter of Noviant, Kongsberg Automotive and Guldfynd · Investment in data and telecommunications company CityLink Industri Kapital is an unlisted private equity company with assets under management of more than EUR 3 billion. Since its formation in 1989, Industri Kapital has completed some 40 investments in different sectors in Europe. Most of these investments were made in the engineering, trading and service industries. Investors in Industri Kapital's funds comprise major Nordic, European and American institutions and insurance companies. Ratos has invested in four funds: 1989, 1994, 1997 and 2000. Industri Kapital's estimation of the market value of Ratos's holding in Industri Kapital amounted to SEK 449m on 30 September. Intervect · Extensive action programme due to substantial fall in profitability · New CEO appointed for Alimak AB · Redundancies at Alimak in Skellefteå, Sweden · Continued integration of HEK and Alimak companies in countries including the US, France and Germany Intervect is a recently formed group comprising the Swedish industrial lift manufacturer Alimak and the Dutch work platform manufacturer HEK International, which was acquired by Alimak in 2000. The Group is the world leader in hoists and platforms for the construction and mining industries as well as for other industrial applications. The Group has a worldwide network of subsidiaries and distributors. Ratos's holding in Intervect amounts to 50% and the consolidated book value in Ratos was SEK 209m on 30 September. Kronans Droghandel · Less favourable consolidated earnings due to lower margins, higher IT costs, lost market shares in Norway and the start-up of new business areas in Sweden · Operations in Finland reported best period ever in terms of earnings · The profitable Swedish pharmacy business received two new assignments corresponding to SEK 500m in annual sales Kronans Droghandel is one of the largest and oldest distributors in the healthcare and pharmaceutical market in the Nordic region. A pure play logistics company, Kronans Droghandel handles products including pharmaceuticals, vaccines and medical-technical products. Suppliers are mostly multinational pharmaceutical companies and customers are pharmacies and the healthcare sector. Ratos's holding in Kronans Droghandel amounts to 49% and the consolidated book value in Ratos was SEK 406m on 30 September. Lindab · Higher sales and improved operating profit compared with the third quarter of 2000 · Continued good demand in the Ventilation business area. Trend towards weaker demand in the Profile business area · New Board appointed Lindab is an international group which develops, manufactures and markets thin-sheet metal products for the environmental and ventilation sectors, as well as a complete profile programme for the construction industry. Together with companies including Skandia Liv and the Sixth Swedish National Pension Fund, Ratos implemented a buy-out of Lindab from the stock exchange via a leveraged buy-out company, Lindab Intressenter. Ratos's holding in Lindab amounts to 49% and the consolidated book value in Ratos was SEK 1,069m on 30 September. Martinsson · Continued low demand in the market for IT products · Exit of market players is creating conditions for Martinsson to raise market share · Continued focus on servers and server-related services Martinsson is represented throughout Sweden and is a dedicated IT infrastructure company. Using its own consultants, together with products from world-leading suppliers, the company can provide customised IT platforms. Customers are mainly medium-sized and large companies and organisations. Ratos's holding in Martinsson amounts to 50% and the consolidated book value in Ratos was SEK 155m on 30 September. Programmera · Closure of operations outside Stockholm completed during the period · The continued weak consulting market worsened earning capacity and some staff cuts were implemented · Merger with IT consulting company Giga Group completed and included in the accounts as of October Programmera/Giga is an IT consulting company which provides services within IT infrastructure, administration and systems development with a focus on the banking, financial services and insurance sectors. Ratos's holding in Programmera amounts to 46% and the consolidated book value in Ratos was SEK 98m on 30 September. Q-Labs · Revenues increased by a total of 17% in the period January- September compared with the same period last year · A further deterioration of the market situation in Scandinavia led to higher losses in the third quarter · Continued sales success in the German automotive industry · Improved profitability in the German and American operations Q-Labs is a world-leading consultant for services relating to improvement and quality assurance of software development. Ratos's holding in Q-Labs amounts to 40% and the consolidated book value in Ratos was SEK 175m on 30 September. Superfos · Less favourable earning capacity for Packaging due to a major loss of production in the US and the costs of closing a production unit in the UK · The sale of two factories in Sweden and the Netherlands contributed to lower sales for the Aerosols business area · Continued focus on production of thermoformed packaging · New factory in Pamplona, Spain, went into operation in July Superfos is a Danish group with international operations and 2,400 employees in 16 countries. The Group is organised in two operating areas: Packaging and Aerosols. Superfos Packaging develops, produces and sells thermoformed packaging to the food, chemical-technical and pharmaceutical industries. Superfos Aerosols is a significant European player in contract filling of aerosols. Ratos's holding in Superfos amounts to 33% and the consolidated book value in Ratos was SEK 352m on 30 September. Telelogic · Growth despite a further weakening in the market climate · Sales in the US affected by the terrorist attacks. Weaker demand in Europe as well · Continued strong development in Asia · SEK 250m new issue carried out Telelogic, which currently runs operations via subsidiaries in 12 countries and via distributors in a further 20 countries, is a market leader in development environments for technical software, primarily real time applications. By offering high-quality graphic development tools and related services, software development becomes faster, less staff intensive and more reliable. Telelogic is the world leader in its field. Ratos's holding in Telelogic amounts to 8%. The market value of Ratos's holding in Telelogic was SEK 76m on 30 September. Telia Overseas · Strong growth in number of subscribers, +53% since the beginning of the year · The number of subscribers now totals 1,280,000. The number of subscribers taking into account Telia Overseas' participations in each licence-owning company increased to 264,000 · Strong growth, particularly in India, Hong Kong and Uganda · Holdings in Namibia and Uganda show a positive earnings trend with a profit margin before tax of approximately 30% · Profit mainly due to capital gains from divestments Telia Overseas was formed in 1996 to acquire, develop and sell telecom licences, mainly for mobile telephony and communications networks in developing countries. The company goes in as a stakeholder together with local partners. Telia Overseas has associated companies all over the world. Ratos's holding in Telia Overseas amounts to 9% and the consolidated book value in Ratos was SEK 328m on 30 September Stockholm, 13 November 2001 RATOS AB (publ) Arne Karlsson CEO For additional information, please contact: Arne Karlsson, CEO, +46 8 700 17 00 Clara Bolinder-Lundberg, Head of Corporate Communications, +46 8 700 17 49 This report has not been reviewed by the auditors of Ratos AB (publ). Financial calendar Year-end report 2001 21 February 2002 Annual Report 2001 March 2002 Interim Report Jan-March 13 May 2002 Annual General Meeting 10 April 2002 Ratos is a listed private equity company. The business concept is to maximise shareholder value over time by investing in, developing and divesting primarily unlisted companies. Ratos thus offers stock market players a unique investment opportunity. The net asset value of Ratos's investments is nearly SEK 9 billion. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/11/13/20011113BIT00160/bit0001.doc The full report http://www.waymaker.net/bitonline/2001/11/13/20011113BIT00160/bit0001.pdf The full report