eng

Year-End release 2002

12/31/2002 10:33 AM

Net turnover for 2002 amounted to MSEK 6,110, which may be compared with MSEK 6,120 in the previous year. Operating income amounted to MSEK 1,365 (345). Costs relating to severance pay and restructuring amounted to MSEK 27 (315) during the year. The operating income includes income from corporate development and income from sales of securities of MSEK 775 (23), of which MSEK 752 relates to capital gains on the sale of some of Korsnäs's forest holdings. After adjustment for these non-recurring items, the operating income amounted to MSEK 617 (637).
 
In view of the overall depressed state of the stock market Kinnevik's Board has decided to bring the booked value of listed securities into line with their listed value as at December 31, 2002. This involved a write down of MSEK 3,663 in the value of the Group's portfolio of listed securities. The write down does not reflect the Board's expectations regarding the portfolio's long-term future value and return.
 
The result after financial items was a loss of MSEK 3,946 (loss 462). Kinnevik's interest in the losses of associated companies and other securities amounts to MSEK 4,921, which has been charged against the result and includes write downs of MSEK 3,898.
 
The loss per share amounted to SEK 65.28 (loss 9.06).
 
Cash flow from current operations amounted to MSEK 791, which may be compared with MSEK 568 in the previous year. The Group's net interest bearing debt decreased from MSEK 7,553 to MSEK 6,820 as at December 31, 2002.
 
The market value of the Group's holdings of listed securities amounted to MSEK 8,001 at December 31, 2002. On February 12, 2003 the value amounted to MSEK 8,412, which corresponds to SEK 134 per Kinnevik share.
 
The Board proposes that shareholders be paid a cash dividend of SEK 4 per share.
 
FINANCIAL REPORTS
It is expected that the annual report for 2002 will be distributed at the end of March 2003 and will be made available to the public at the company's head office and on the website, www.kinnevik.se.

The interim report for January-March 2003 will be published on April 25, 2003.

Stockholm, February 13, 2003
The Board
This report has not been subject to specific review by the company's auditors.