Industrifonden reported a record profit of SEK 737 million for the financial year 2010- 2011. This represents a significant increase compared with the previous year’s profit of SEK 156 million and is mainly due to successful divestments of shareholdings in portfolio companies, including in QlikTechnologies Inc. Investments increased to SEK 376 (219) million.
This is indicated in Industrifonden’s annual report for the financial year July 1, 2010-June 30, 2011. The profit of SEK 737 million (156) corresponds to a return on equity of 21.7 percent (5.1), exceeding the Board of Directors’ yield requirement.
The biggest event during the year was the sale of the Fund’s holding in Qlik Technologies Inc, a fast-growing software company specialized in business intelligence, which produced a gain of 40 times invested capital. Industrifonden also sold its holdings in Imdex Ltd, Hammarplast, Illuminate Labs and Transic, which increased Industrifonden’s revenue to SEK 1,041 million (321).
The Fund’s liquid assets increased to SEK 2,352 million (1,492) and equity rose to SEK 3,770 million (3,033).
During the financial year the Fund invested a total of SEK 376 million (219), of which SEK 208 million (30) was comprised of investments in 12 (2) companies that were new to Industrifonden and SEK 168 million (189) was comprised of follow-on investments in previous commitments.
“The year was characterized by an exceptional surplus and a very strong pace of investments,” said Industrifonden CEO Claes de Neergaard. “We are now exceptionally well-prepared financially with good opportunities for new investments in more Swedish growth companies.”
Industrifonden invests in small and medium sized Swedish companies with international growth potential. The Fund has assets of SEK 3.8 billion and investments in around 90 companies in technology, cleantech, life science and industry.