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Nordic IR conference Stockholm Strengthening the role of Investor Relations

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Nordic IR conference Stockholm Strengthening the role of Investor Relations

  1. 1. Listed Private Equity Arne Karlsson www.ratos.se NIR 17 June 2010 1
  2. 2. Definition of Investor Relations Investor relations i a strategic management I t l ti is t t i t responsibility that integrates finance, communication, marketing and securities law compliance to enable the most effective two-way communication between a company, company the financial community, and other community constituencies, which ultimately contributes to a company s company's securities achieving fair valuation. (Adopted by the NIRI Board of Directors, March 2003) 2
  3. 3. Strategic shift Listed → Unlisted √ Asset management → Holdings √ 2-4 years √ Retained profitability √ Successive revaluation S i l ti √ Tailored organisation √ Own deal flow √ Transparency √ 3
  4. 4. Process of change (1) Unlisted 10% Unlisted 92% Listed 90% Listed 8% January 1999 June 2001 4
  5. 5. Process of change (2) Holdings Holdings 44% 100% Asset management 56% January 1999 June 2001 5
  6. 6. Risk of drowning on the way? Highly Hi hl negative market and media i ti k t d di image - wrong strategy - no transparency - incompetent management - owner with focus other than profitability hf h h f bl - and so on Facts? - totally wrong! - but… 6
  7. 7. Get a grip Ratos! The market rejects Ratos Ratos must make a commitment 7
  8. 8. Risk of drowning on the way? Highly Hi hl negative market and media i ti k t d di image - wrong strategy - no transparency - incompetent management - owner with focus other than profitability hf h h f bl - and so on Facts? - totally wrong! - but… Risk: no opportunity to complete pp y p 8
  9. 9. Info/IR Strategically St t i ll central part of problem management t l t f bl t - Info/IR first new recruitment! - straight into group management Enormous exchange/-d impact - never experienced such strategically central info effort - shift knowledge and perception - recreate confidence - rebuild brand (sauna effect!) But - multi-year project! y p j 9
  10. 10. Why is Info/IR important? (1) Creates C t accurate image of company/organisation t i f / i ti Transparency Credibility Building the brand g Coherent internal and external image Corporate culture Recruitment Feeler (critical examination) Etc. 10
  11. 11. Why is Info/IR important? (2) But: B t you cannot inform yourself to success!! ti f lf t !! - reality and profitability always control over time… - …and d not always catch up d do l h - IR function must not live its own life Business support - tools/means - strategically central! Info/IR < deals - form vs. content 11
  12. 12. Info/IR vs. CEO (1) For this teamwork to function - Info/IR must have near and close access to CEO… - …and vice versa d i - close cooperation with other central functions is also necessary Creates Info/IR unit that is … - in th k i the know - informed …and can manage Issue Management/Early Warning d I M /E l W i - interface, several units - catalyst! 12
  13. 13. Info/IR vs. CEO (2) Tube Mac T b M - background - tried to make use of Swedish media 13
  14. 14. Big blow g threatens Ratos Ratos sued for SEK 700m DI 070813 14
  15. 15. Info/IR vs CEO (2) Tube Mac T b M - background - tried to make use of Swedish media i d k f S di h di - effect the same day: Ratos share price rose… Keys - knowledge/facts - preparations (IM) - confidence (long time to build…) Info/IR integrated part of Ratos’s everyday life - Group management, Q g p, Kick-offs, etc. p g , group, 15
  16. 16. Good adviser to CEO? Group management G t Management – does not “monitor” info interests! Overall view Must not be too much of a gate keeper g p Most successful when not noticed (outwards)! Long-term Long term agenda setter not “media adaptable setter, media adaptable” 16
  17. 17. Strategic unit Business plan B i l - regard as an operating business area 17

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