Interim report January – March 2013


  • Net asset value increased by 10.8 per cent and amounted to SEK 30.0 per share at 31 March 2013.
  • Total net asset value was SEK 2,431M (2,115).
  • Locomotive leasing operations commenced at year-end 2012 and are proceeding according to plan.
  • Dividends of SEK 12M were received from Valot AB.
  • Changed accounting policies in the Parent Company.
  • Parent Company earnings per share amounted to SEK 2.96 (0.95).
  • Consolidated earnings per share totalled SEK 0.51 (0.26).


  • Bure’s net asset value per share at 19 April 2013 was SEK 29.8.


The year got off to a strong start on the global stock exchanges and the Dow Jones industrial average hit a new all-time high. The Swedish stock exchange has also shown robust development, with a focus on small and mid-sized companies.
At year-end we changed an important accounting policy in the Parent Company. In the future we will measure our holdings, but not our subsidiaries, at fair value. This means that Bure’s income statement for the Parent Company will be affected to a greater extent by share prices in our listed portfolio companies. Already in the first quarter of the year, this is clearly visible in our profit of SEK 228M. Of this total, share price growth in Micronic Mydata accounts for SEK 149M and in Vitrolife for SEK 60M. Through the adoption of this accounting policy, the Parent Company income statement will more directly reflect value development in our portfolio companies.

Another change in the first quarter report is that our locomotive leasing operations and ownership stake in the rail freight operator RushRail are reported together in Investment AB Bure.

In view of Bure’s large cash surplus, the Board has decided to appoint an investment council for management of the company’s cash and cash equivalents. At present, most of this cash has been invested in different types of fixed income funds. A portion has also been invested in liquid large cap equities on the Stockholm Stock Exchange .

In conclusion, I am very proud of Bures operating shift and shareholder value that Bure has created in the past five years. This will be my last interim report, since I am leaving the post of CEO in connection with the Annual General Meeting. My ongoing efforts to generate growth in net asset value for Bure’s shareholders will instead take place through my role on the Board.

Patrik Tigerschiöld
President and CEO

Patrik Tigerschiöld, CEO +46 8 614 00 20
Andreas Berglin, CFO +46 8 614 00 20

Interim report January – March 2013