Interim report January March 2009

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Interim report January

Interim report January –––– March

March

March 200

200 2009

200

9

January 1

January 1January 1

January 1 –––– March 31,March 31,March 31, 200March 31,200200200999 9

• Group revenues amounted to SEK 311 M (283). This represents an increase of 9.8% compared with the same period in 2008. The increase is due to acquired operations.

• Operating loss in the Group amounted to SEK 33 M (30). Loss after net financial items amounted to SEK 35 M (-32).

• Loss for the period was SEK 18 M (-26). Earnings per share amounted to SEK -0.09 (-0.15) before and after dilution.

• The ICA Group’s revenues increased by 5.9%. Operating profit amounted to SEK 266 M (259).

Significant events after the end of the period Significant events after the end of the periodSignificant events after the end of the period Significant events after the end of the period

• Cervera acquired DUKA’s Swedish stores and NK Glas, Porslin & Kök that conducts operations at NK in Stockholm and Gothenburg.

• On April 28, 2009, Hakon Invest announced a cash offer to all shareholders in Hemtex as a result of Hakon Invest increasing its shareholding on April 24 to 34.6% of the shares and voting rights in Hemtex and therefore being obliged to make a mandatory offer. The offer is SEK 23 cash per share together with an add-on premium of SEK 4 cash per share to be payable if Hakon Invest reaches a shareholding exceeding 50% of the shares and votes in Hemtex.

Key figuresKey figuresKey figuresKey figures January January ---- MarchJanuary January March March March FullFullFullFull----yearyearyearyear SEK M 2009200920092009 2008200820082008 2008200820082008 GroupGroupGroupGroup

Revenues 311 283 1,184

Operating profit/loss -33 30 612

Profit/loss after financial items -35 -32 163

Profit/loss for the period -18 -26 170

Earnings per common share, SEK -0.09 -0.15 1.17 Earnings per C share, SEK -0.09 -0.15 1.17

Equity/assets ratio, % 93.4 94.6 94.9

Return on capital employed, % 1.8 8.2 1.8

Return on equity, % 2.0 8.4 1.9

Parent CompanyParent CompanyParent CompanyParent Company

Profit/loss for the period -9 -73 -57

Hakon Invest, which is listed on NASDAQ OMX Stockholm, conducts active and long-term investment operations in retail-oriented companies in the Nordic and Baltic regions. Hakon Invest owns 40% of ICA AB, one of the Nordic region’s leading food retail companies. Hakon Invest also has holdings in Forma Publishing Group, Kjell & Company, Hemma, Cervera, inkClub and Hemtex. Further information about Hakon Invest is available at www.hakoninvest.se

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President

President’s comments

’s comments

The year got off to a weak start for large sections of the retail sector which led to falling volumes. The gloomy picture painted by forecasters means that consumers continue to keep a tight hold on their wallets. This, combined with stricter granting of credits by the banks, has had a negative impact on both capital and consumer goods. The first quarter is also seasonally the weakest quarter in the year for several of our portfolio companies. Action programs under way within ICA, Cervera and Forma were charged against earnings. Taken overall, this means that Hakon Invest reports lower operating earnings for the first quarter compared with last year.

The ICA Group reports a strong trend in Sweden at the start of the year. Sales volumes rose as a result of successful price campaigns which, combined with lower logistics costs and reduced shrinkage, contributed to an improvement in earnings. To save costs, ICA will cut back some 100 positions in Sweden during the current quarter. At the same time, ICA’s Norwegian operations continue to show a considerable deficit, mainly due to intense price competition and ICA Norway’s takeover last year of an additional number of unprofitable franchise stores. The ongoing action program in Norway is proceeding according to plan. Cost-cutting measures mean that the number of employee positions will be reduced by approximately 200 during 2009. These measures are expected to have an effect towards the end of the year and taken together will result in an improvement in ICA Norway’s operating earnings for the full year 2009 compared with the previous year.

The significantly worsened economic situation in the Baltic countries had a negative impact on sales in Rimi Baltic’s stores during the quarter. To adjust operations to the prevailing business climate, the number of full-time

the quarter. This was mainly due to a number of price and sales activities as well as a favorable reception for the approximately 80 Supernetto stores that have been modernized.

I am pleased to note that three of our other portfolio companies report improved earnings compared with the previous year. Hemma is in a segment where the weak economy has a marked negative impact on sales, while the company’s management has taken strong action and reduced costs which achieved an improvement in earnings compared with the previous year. Kjell & Company and inkClub both continue to show good sales increases and improved earnings.

At the end of April we passed the limit for mandatory offers when we acquired a block of shares

corresponding to 8.2% of the votes in the home textiles chain Hemtex. As a consequence, Hakon Invest announced a mandatory cash offer for the remaining shares in Hemtex, worth SEK 23 per share as well as an add-on premium of SEK 4 per share which will be payable if we obtain more than 50% of the shares and votes. We regard this offer as competitive against the background of the share price trend in recent months and in view of the gradual decline in sales and profitability shown by Hemtex. We would like to increase our holding in Hemtex, but regardless of the outcome of this offer we will remain as an active and long-term owner in Hemtex.

Cervera has signed an agreement to acquire DUKA’s Swedish stores and NK Glas, Porslin & Kök. As a result of this deal Cervera will strengthen its position considerably in the Swedish market.

Overall, I would emphasize that Hakon Invest is very well equipped in the prevailing business climate and that we see several opportunities for us and our holdings

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Significant events in

Significant events in January

January

January ––––

January

March

March 2

2

200

2

00

009

9

In January 2009 Hakon Invest acquired an additional 33% in the portfolio company Cervera. This increased the holding from 48% to 81% of the capital and votes in Cervera. Hakon Invest paid SEK 33 M in cash for the additional shares. As a result of the increased holding, Cervera has been reported as a subsidiary in the Hakon Invest Group since January 2009.

Hakon Invest has undertaken to subscribe for shares corresponding to its share in Hemtex’s current new issue, corresponding to 26.4% of the number of shares. In addition, Hakon Invest has made a commitment to guarantee the surplus portion for which other major owners have not undertaken to subscribe. The subscription period for the new issue runs through May 13, 2009. The total amount of the Hemtex new issue is SEK 164 M including costs.

In January 2009, the Swedish Tax Agency decided not to grant ICA respite for the payment of

SEK 742 M attributable to the County Administrative Court’s decision in December 2008 not to approve interest deductions of SEK 1,795 M for the period 2001-2003. ICA has appealed against this decision but paid the amount in February 2009.

Significant events after the

end of the period

Cervera Cervera Cervera

Cervera acqacqacquiresacquiresuiresuires D D D DUKAUKA’’’’s UKAUKAs s s SwedishSwedishSwedishSwedish storesstoresstoresstores

Cervera, which has been a subsidiary of the Hakon Invest Group since January 2009, is purchasing most of DUKA’s Swedish stores as well as NK Glas, Porslin & Kök. The seller is CG Duka Retail AB.

Following completion of this acquisition, Cervera will carry out a new issue. The proceeds from the new issue will be used, among other things, to build up stocks and convert the DUKA stores taken over and

existing Cervera stores to Cervera’s new store concept during autumn 2009.

This transaction requires approval from the Swedish Competition Authority and is conditional on the property being transferred to Cervera no later than June 2009.

Mandatory offer for Mandatory offer forMandatory offer for

Mandatory offer for Hemtex Hemtex Hemtex Hemtex

Hakon Invest acquired 2,394,000 shares in Hemtex on April 24, 2009, corresponding to 8.2% of the shares and votes in the company, at a price of SEK 23 per share. Hakon Invest’s holding subsequently amounted to 10,149,138 shares, corresponding to 34.6% of the shares and votes in Hemtex. As a consequence, on April 28, 2009, Hakon Invest announced a cash offer in compliance with the rules on mandatory offers to the remaining shareholders in Hemtex.

Hakon Invest is offering SEK 23 cash per share in Hemtex as well as an add-on premium of SEK 4 cash per share if the offering results in Hakon Invest reaching a shareholding exceeding 50% of the shares and voting rights. The offering of SEK 23 per share corresponds to an offer premium of 22.0% compared with the volume-weighted average share price during the 30 trading days prior to April 24, when Hakon Invest was obliged to make a mandatory offer. The offering of SEK 27, i.e. including the add-on premium, corresponds to an offer premium of 43.3% compared with the volume-weighted average share price during the 30 trading days prior to April 24, 2009.

At the price of SEK 23 per share the offering1_means that all the shares in Hemtex are valued at

SEK 945 M while the value at the price of SEK 27 per share for all shares amounts to SEK 1,109 M.

The offer document is scheduled for publication on Tuesday, May 26, 2009. The acceptance period is then expected to be May 28 – June 22, 2009.

1_{Including the additional shares following full subscription of the}

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Settlement is expected to commence on about June 29, 2009.

Hemtex’s ongoing new issue is expected to proceed unaffected by Hakon Invest’s offer.

ICA ICAICA ICA

At the end of April, ICA carried out one of its biggest-ever price campaigns in the Swedish market. The campaign was financed jointly by ICA AB and the Swedish ICA retailers.

Group

Revenues and profit

January 1 January 1January 1

January 1 –––– March 31,March 31,March 31, 200March 31, 200 2009 20099 9

Consolidated revenues amounted to SEK 311 M (283), of which revenues from Forma comprised SEK194 M (207), from Hemma SEK 59 M (76) and from Cervera SEK 58 M (-).

Operating loss in the Hakon Invest Group amounted to SEK 33 M (30). The decline was mainly due to a lower share of profits of ICA AB of SEK -30 M due to higher tax costs as well as restructuring costs in Forma of SEK -23 M. The increased holding in Cervera as of January 2009 also contributed to the fall in earnings. Hemma, InkClub and Kjell & Company reported a higher operating profit than in the same period last year.

Net financial items amounted to SEK -2 M (-62), of which change in value of shares in Hemtex amounted to SEK 5 M and results from investment management to SEK -3 M. During January – March the Six Portfolio Return Index fell 1.4%.

Loss after net financial items amounted to SEK 35 M (-32). Positive income tax of SEK 17 M (6) was reported for the period.

Loss for the period was SEK 18 M (-26). Earnings per share amounted to SEK -0.09 (-0.15).

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Development in the holdings

Key figures Key figuresKey figures

Key figures JanuaryJanuaryJanuaryJanuary –––– MarchMarchMarchMarch 200 200 2009 200999

Company Company Company

Company ICAICAICAICA FormaFormaFormaForma Kjell & CoKjell & Co Kjell & CoKjell & Co Hemma Hemma Hemma Hemma Cervera Cervera Cervera Cervera InkClubInkClubInkClubInkClub

Revenues 2009 22,559 194 127 59 58 122 2008 21,299 207 96 76 70 108 Operating profit/loss 2009 266 -45 6 -3 -15 15 2008 259 -18 0 -6 -11 9

Cash flow from operating activities -364 6 -6 -16 -46 6

Cash flow from investing activities -373 -4 -2 0 -6 0

Assets 40,970 585 142 295 229 214

Equity 13,550 87 50 141 59 174

Interest-bearing net debt 3,1831) ₂₂₀ ₀ ₆₆ ₈₀ _-137

Participating interest, % 40% 2) _100% _50%3) _89% _81% _50%3)

Hakon Invest’s investment 200 102 151 120 431

Acquisition year 1999 2006 2006 2006 2007

1)_{Interest-bearing net debt for ICA is exclusive of ICA Bank.} 2) _{Hakon Invest and Royal Ahold have joint control of ICA AB through an} agreement requiring unanimity for all decisions made by general meetings and the Board of Directors.

3)_{Hakon Invest and the other major owners have joint control of the company} through an agreement.

ICA ICAICA ICA

During the first quarterthe first quarterthe first quarterthe first quarter the ICA Group’s revenues increased by 5.9% to SEK 22,559 M (21 299). At constant exchange rates, revenues increased by 2.9%.

The ICA Group’s operating profit amounted to SEK 266 M (259). Capital gains from property sales are included in earnings with SEK 15 M (34).

ICA Sweden’s operating profit rose to SEK 378 M (297). Operating profit improved due to increased sales as well as lower costs for logistics and shrinkage. Among other things, efficiency was improved in the fully automated distribution center in Helsingborg. At the same time, higher costs of goods caused by the weaker Swedish krona, had a negative impact during the quarter.

ICA Norway’s operating loss worsened to SEK 300 M (-216). The decline in earnings was mainly due to lower store margins due to greater price pressure in the market. A larger number of owned stores and higher costs in the stores, mainly attributable to the ongoing action program, also had a negative impact during the quarter.

Rimi Baltic’s operating loss was SEK 43 M (6). The less satisfactory operating result was due to lower sales as a result of falling consumption in the Baltic countries as well as higher fixed costs related to the company having more stores than in the same period last year.

ICA Bank’s operating profit rose to SEK 38 M (21) due to improved net interest.

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ICA Real Estate’s operating profit amounted to SEK 234 M (236). This result included capital gains from property sales of SEK 5 M (34). The improvement in operating profit excluding capital gains was due to higher rental revenue.

ICA Group Functions reports an operating loss of SEK 41 M (-85). The operating result includes a capital gain of SEK 10 M (0) from the sale of properties. The comparative figure for the previous year includes a one-time bonus to employees of SEK -35 M.

Forma Forma Forma Forma

During the first quarterfirst quarterfirst quarter Forma’s revenues fell to first quarter SEK 194 M (207). The decrease is due to discontinued operations within Forma Books and lower advertising revenues within Forma Magazine.

Operating loss worsened to SEK 45 M (-18).This included restructuring costs in Sweden and Finland relating to staff cutbacks of SEK -23 M (-7). The ”Kattis” television program with Kattis Ahlström as presenter was launched during the first quarter. This venture was expanded with a magazine with the same name in April. Costs for the new concept were charged against operating profit for the first quarter.

Kjell Kjell Kjell

Kjell & Company& Company& Company& Company

During the first quarterfirst quarterfirst quarterfirst quarter Kjell & Company’s revenues amounted to SEK 127 M (96), corresponding to a sales increase of 32%. Sales in comparable stores rose 12%.

Operating profit amounted to SEK 6 M (0). A higher gross margin due to a higher proportion of direct imports and lower costs in relation to sales contributed to the improved profitability.

Hemma HemmaHemma Hemma

During the first quarterfirst quarterfirst quarterfirst quarter Hemma reported revenues of SEK 59 M (76). A lower number of stores and a weaker market for white goods were factors behind this decline.

Operating loss amounted to SEK 3 M (-6). Cost savings and discontinuation of unprofitable stores meant that Hemma improved its earnings compared with the first quarter a year ago.

Cervera CerveraCervera Cervera

During the first quarterfirst quarterfirst quarterfirst quarter Cervera’s revenues amounted to SEK 58 M (70). The decrease in revenues is partly due to the weak business climate. Two new stores were opened in March; one in Entré 1 in Malmö and one in Häggvik outside Stockholm.

Operating loss amounted to SEK 15 M (-11). Lower revenues and investments in new stores were charged against earnings

In January 2009, Hakon Invest increased its holding in Cervera from 48% to 81%, through acquisition of existing shares.

inkClub inkClubinkClub inkClub

During the first quarterfirst quarterfirst quarterfirst quarter inkClub’s revenues amounted to SEK 122 M (108), corresponding to a sales increase of almost 14%. The increase was mainly attributable to higher sales of ink products.

Operating profit rose to SEK 15 M (9), due to higher sales. During the quarter inkClub launched batteries as a new product category under the

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Hemtex HemtexHemtex Hemtex

Hemtex’s net sales for the first nine months of the split financial year May 2008 – April 2009 amounted to SEK 1,118 M (1,284), a decrease of 13% compared with the same period in the previous year. Operating profit for the nine-month period fell to SEK 28 M (174).

Financial position

At March 31, 2009, the Group’s cash and cash equivalents and the current value of short-term investments amounted to SEK 1,479 M compared with SEK 1,495 M at December 31, 2008.

At March 31 financial investments were allocated as follows: 16% equities, 51% fixed-income securities, 24% hedge funds and 9% cash and cash equivalents.

The Hakon Invest Group’s non-current financial liabilities amounted to SEK 32 M at the end of the period compared with SEK 39 M at December 31, 2008.

The equity/assets ratio at the end of the period was 93.4% compared with 94.9% at December 31, 2008.

Cash flow

Cash flow from operating activities amounted to SEK -62 M (-33).

Cash flow from investing activities amounted to SEK -25 M (-27). Changes in short-term investments are included with SEK 6 M (247), while acquisition of shares in Cervera and investments and sales of non-current assets are included with SEK -31 M (-274).

Cash and cash equivalents decreased to SEK 126 M at March 31, 2009, compared with SEK 172 M at December 31, 2008.

Risks and uncertainties

Hakon Invest works with a number of basic principles for managing risks in different parts of its operations. This is regulated and managed via a formal work plan for the President and the Board. All investments are inherently uncertain and ahead of each investment Hakon Invest carries out a careful evaluation designed to identify and if possible reduce the risks that may be associated with the investment. The most comprehensive risk within Hakon Invests is the financial development of the individual portfolio companies, where a worst case scenario is the loss of our entire investment in a company. The holding in ICA AB constitutes a significant part of the company’s assets and is therefore of particular importance for an assessment of Hakon Invest. Via ICA, Hakon Invest also has significant exposure to the Nordic and Baltic food retail sector. A less favorable business climate or political decisions, such as raised taxes, are factors that could have a negative impact on ICA’s sales and earnings.

Hakon Invest’s financial policy stipulates how financial risks are to be managed and limited. The policy also provides a framework for management of financial assets, which is conducted both internally and externally. More information about Hakon Invest’s risk management is provided on pages 18 – 20 and 70 – 71of the 2008 Annual Report. No significant changes have occurred since the annual report was published.

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Parent Company

Revenues and profit

January JanuaryJanuary

January 111––––March1 MarchMarch 31, March31, 31, 20031, 2002002009999

The Parent Company’s revenues amounted to SEK 0 M (0) during the period.

Operating loss was SEK 12 M (-14). Loss after financial items amounted to SEK 9 M (-73).

Net financial items amounted to SEK 3 M (-59), of which change in value of shares in Hemtex

accounted for SEK 5 M and return on investments for SEK -2 M.

Loss after net financial items amounted to SEK 9 M (-73). Income tax for the period was SEK 0 M (0). Loss for the period was SEK 9 M (-73).

Financial position

The Parent Company’s cash and cash equivalents and the current value of short-term investments at March 31, 2009, amounted to SEK 1,443 M compared with SEK 1,465 M at December 31, 2008.

The Parent Company has no non-current financial liabilities, SEK 0 M (0).

The equity/assets ratio at the end of the period was 99.0% compared with 98.9% at December 31, 2008.

Share information

Share capital in Hakon Invest amounts to

At the end of the period the number of C shares amounted to 82,067,892 and the number of outstanding common shares was 78,624,244. Common shares and C shares carry the same voting rights. While common shares have an unlimited dividend entitlement, C shares do not carry

entitlement to cash profit distribution, to the extent the Annual General Meeting decides on cash dividends. Such entitlement may include C shares in 2016 at the earliest. C shares carry entitlement to profit distribution through distribution in kind. Hakon Invest’s holding of treasury shares amounts to 225,300 common shares, of which 128,200 shares were repurchased in March 2007 and 97,100 in March 2008.

Related----party transactions

party transactions

No significant transactions between Hakon Invest and related parties took place during the period.

Other informati

Other information

on

At Hakon Invest’s 2009 Annual General Meeting, held on Wednesday, April 22, all members of the Board were re-elected: Lars Otterbeck (Chairman), Anders Fredriksson, Cecilia Daun Wennborg, Jan-Olle Folkesson, Magnus Moberg, Jan Olofsson and Thomas Strindeborn. The Annual General Meeting adopted the proposed guidelines for remuneration to senior executives and decided on a performance-based incentive program for management. The Meeting also adopted the proposal on a performance-related incentive program for other employees. In accordance with the proposal, the Meeting resolved on repurchases and requisite transfers of treasury shares.

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Key figures for

Key figures for Hakon

Hakon

Hakon Invest

Invest

January January ---- MarchJanuary January March March March FullFullFullFull----yearyearyearyear 2009200920092009 2008200820082008 2008200820082008

Gross margin, % 32.1 36.1 35.7

Operating margin, % -10.5 10.6 51.7

Net margin, % -5.8 -9.4 14.4

Return on equity, % 2.0 8.4 1.9

Return on capital employed, % 1.8 8.2 1.8

Equity/assets ratio, % 93.4 94.6 94.9

ShareShareShare Share

Earnings per common share, SEK -0.09 -0.15 1.17

Earnings per C share, SEK -0.09 -0.15 1.17

Share price at the end of the period, SEK 68.75 138.75 89.25

Dividend per share, SEK 5.00

Dividend, M 393

Dividend ratio, % n/a

Equity per share, SEK 60.72 60.36 59.21

Cash flow per share, SEK -0.29 -0.35 -0.69

Number of common shares 78,624,244 78,624,244 78,624,244

Number of C shares 82,067,892 82,067,892 82,067,892

Number of shares at the end of the period 160,692,136 160,692,136 160,692,136 Average number of shares 1) _{160,692,136 160,784,359} _160,713,190

1) Before and after dilution

Definitions DefinitionsDefinitions Definitions

Capital employed Capital employed Capital employed

Capital employed Balance sheet total less non-interest bearing liabilities and provisions.

Cash flow per share Cash flow per share Cash flow per share

Cash flow per share Cash flow for the period divided by the average number of shares outstanding. Dividend payout ratio

Dividend payout ratioDividend payout ratio

Dividend payout ratio Dividend as a percentage of the Parent Company’s profit for the period.

Earnings per common share Earnings per common shareEarnings per common share

Earnings per common share Profit for the period, excluding minority interests, divided by the average number of shares outstanding.

Earnings per C share Earnings per C share Earnings per C share

Earnings per C share Same definition as in the case of earnings per common share, since common shares and C shares provide entitlement to equal participation in earnings and shareholders’ equity. The C share does not, however, give entitlement to a cash dividend, as opposed to the common share.

Equity/assets ratio Equity/assets ratioEquity/assets ratio

Equity/assets ratio Equity including minority interests as a percentage of the balance sheet total.

Equity per share Equity per shareEquity per share

Equity per share Equity excluding minority interests divided by the total number of shares outstanding. Gross margin

Gross marginGross margin

Gross margin Gross profit as a percentage of revenues. Net margin

Net marginNet margin

Net margin Profit for the period as a percentage of revenues.

Operating margin Operating marginOperating margin

Operating margin Operating profit as a percentage of revenues.

Return on capital employed Return on capital employedReturn on capital employed

Return on capital employed Profit after financial items plus financial expenses, calculated on a rolling 12-month period as a percentage of average capital employed during the same period.

Return on equity Return on equityReturn on equity

Return on equity Profit for the period, excluding minority interests, calculated on the basis of a rolling 12-month period as a percentage of average equity excluding minority interests during the same period.

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Financial statements

Condensed consol

Condensed consolidated statement of comprehensive income

idated statement of comprehensive income

January January ---- MarchJanuary January March March March FullFullFullFull----yearyearyear year

SEK M Note 2009200920092009 2008200820082008 2008200820082008

Revenues 2 311 283 1 184

Cost of goods sold -211 -181 -761

Gross profitGross profit Gross profitGross profit 100100 100100 102102102102 423423423423

Other operating income 10 5 17

Selling expenses -116 -92 -326

Administrative expenses -69 -52 -206

Other operating expense 0 0 0

Share of profit of companies accounted for

using the equity method 3 42 67 704

Operating profitOperating profit/lossOperating profitOperating profit/loss/loss /loss 2 ----3333 3333 3030 3030 612612612612

Net financial items -2 -62 -449

ProfitProfitProfit/lossProfit/loss/loss/loss after net financial items after net financial items after net financial items after net financial items 2 ----353535 35 ----323232 32 163163163163

Tax 17 6 7

ProfitProfit/lossProfitProfit/loss/loss/loss for the period for the period for the period for the period ----1818 1818 ----262626 26 170170170170

Other comprehensive incomeOther comprehensive incomeOther comprehensive income Other comprehensive income Change in revaluation reserve, net after tax 263 -64 13

Change in fair value reserve, net after tax 2 0 20

Change in hedge reserve, net after tax -8 0 0

Other comprehensive income for the periodOther comprehensive income for the period Other comprehensive income for the periodOther comprehensive income for the period 257257 257257 ----646464 64 33333333

Total comprehensive incomeTotal comprehensive income Total comprehensive incomeTotal comprehensive income 239239 239239 ----909090 90 203203203203

Profit for the perioProfit for the perioProfit for the period attributable to Profit for the period attributable to d attributable to d attributable to

Equity holders of the parent -15 -24 187

Minority -3 -2 -17

Total comprehensive income attributable to Total comprehensive income attributable to Total comprehensive income attributable to Total comprehensive income attributable to

Equity holders of the parent 242 -88 220

Minority -3 -2 -17

Earnings peEarnings peEarnings per share, before and after dilution (SEK)Earnings per share, before and after dilution (SEK)r share, before and after dilution (SEK)r share, before and after dilution (SEK)

Common share -0.09 -0.15 1.17

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Condensed consolidated statement of financial position

Mar, 31Mar, 31 Mar, 31Mar, 31 Dec 31,Dec 31,Dec 31,Dec 31,

SEK M Note 2009200920092009 2008200820082008 2008200820082008

ASSETSASSETSASSETS ASSETS

NonNonNon----current Noncurrent current current assetsassetsassetsassets

Goodwill 316 279 304

Other intangible assets 211 119 129

Interest in companies accounted for using the equity method 3 7,526 7,026 7,306

Other non-current assets 361 475 329

Total nonTotal nonTotal non----current assetsTotal noncurrent assetscurrent assetscurrent assets 8888,,,,414 414 414 414 7777,,,,899 899 899 899 8888,,,,068 068 068 068

Current assetsCurrent assetsCurrent assets Current assets

Short-term investments 1,353 1,695 1,323

Cash and cash equivalents 126 224 172

Other current assets 577 430 458

Total current assetsTotal current assetsTotal current assets Total current assets 2222,,,,056 056 056 056 2,,,,349 222349 349 349 1111,,,,953 953 953 953

TOTAL ASSETTOTAL ASSETSTOTAL ASSETTOTAL ASSETSSS 2 10101010,,,,470 470 470 470 10,,,,248 101010248 248 248 1010,,,,021 1010021 021 021

EQUITY AND LIABILITIESEQUITY AND LIABILITIESEQUITY AND LIABILITIES EQUITY AND LIABILITIES

Equity 9,778 9,696 9,515

Non-current liabilities 198 224 191

Current liabilities 494 328 315

TOTAL EQUITY AND LIABILITIESTOTAL EQUITY AND LIABILITIESTOTAL EQUITY AND LIABILITIES TOTAL EQUITY AND LIABILITIES 10101010,,,,470 470 470 470 10,,,,248 101010248 248 248 1010,,,,021 1010021 021 021

Conde

Condensed consolidated cash flow statement

nsed consolidated cash flow statement

January January ---- MarchJanuary January March March March FullFullFullFull----yearyearyearyear SEK M 20092009 20092009 2008200820082008 2008200820082008

Cash flow from operating activities -62 -33 468

Cash flow from investing activities -25 -27 -62

Cash flow from financing activities 41 3 -517

Cash flow for the periodCash flow for the periodCash flow for the period Cash flow for the period ----46 46 46 46 ----57 57 57 57 ----111 111 111 111

Cash and cash equivalents at January 1 172 281 281

Exchange differences in cash and cash equivalents 0 0 2

Cash and cash equivalents at the end of the periodCash and cash equivalents at the end of the periodCash and cash equivalents at the end of the period Cash and cash equivalents at the end of the period 126 126 126 126 224 224 224 224 172 172 172 172

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Condensed consolidated statement of changes in equity

Changes in condensed consolidated equity Changes in condensed consolidated equity Changes in condensed consolidated equity MChanges in condensed consolidated equity MMMarch arch arch arch 31, 200931, 200931, 200931, 2009

SEK M Attributable Attributable Attributable Attributable equity holders equity holders equity holders equity holders of the parent of the parent of the parent of the parent Attributable Attributable Attributable Attributable to minority to minority to minority

to minority TotalTotalTotalTotal

Opening equity January 1, 2009 9,515 0 9,515

Total comprehensive income 242 -3 239

Acquisitions - 24 24

Closing equityClosing equity Closing equityClosing equity 9999,,,,757 757 757 757 21 21 21 21 9999,,,,778 778 778 778

Changes in condensed consolidated equity Changes in condensed consolidated equity Changes in condensed consolidated equity MChanges in condensed consolidated equity MMMarch 31, 2008arch 31, 2008arch 31, 2008arch 31, 2008

SEK M Attributable Attributable Attributable Attributable equity holders equity holders equity holders equity holders of the parent of the parent of the parent of the parent Attributable Attributable Attributable Attributable to minority to minority to minority

to minority TotalTotalTotalTotal

Opening equity January 1, 2008 9,795 - 9,795

Total comprehensive income -88 -2 -90

Purchase of treasury shares -10 - -10

Payment for call options 1 - 1

Closing equityClosing equityClosing equity Closing equity 9999,,,,698 698 698 698 ----2 2 2 2 9999,,,,696 696 696 696

Condensed Parent Company income statement

January January ---- MarchJanuary January March March March FullFullFullFull----yearyearyearyear SEK M 2009200920092009 2008200820082008 2008200820082008

Revenues 0 0 0

Administrative expenses -12 -14 -52

Operating lossOperating lossOperating loss Operating loss ----121212 12 ----141414 14 ----52525252

Result from financial investments 3 -59 1

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Condensed Parent company balance sheet

Mar 31, Mar 31, Mar 31,

Mar 31, Dec 31,Dec 31,Dec 31,Dec 31, SEK M 200200920020099 9 2002008200200888 2002008200200888 ASSETS ASSETS ASSETS ASSETS Non Non Non

Non----current assetscurrent assetscurrent assetscurrent assets

Interests in group companies 206 206 206

Interests in joint ventures 2,960 2,960 2,960

Other non-current assets 1,248 1,321 1,213

Total non Total non Total non

Total non----current assetscurrent assetscurrent assetscurrent assets 4444,,,,414 414 414 414 4,,,,487 444487 487 487 44,,,,379 44379 379 379 Current assets Current assets Current assets Current assets Short-term investments 1,352 1,695 1,323

Cash and cash equivalents 91 174 142

Other current assets 66 17 94

Total current assets Total current assets Total current assets

Total current assets 111,,,,509 1509 509 509 11,,,,886 11886 886 886 11,,,,559 11559 559 559 TOTAL ASSETS TOTAL ASSETS TOTAL ASSETS TOTAL ASSETS 555,,,,923 5923 923 923 66,,,,373 66373 373 373 55,,,,938 55938 938 938

EQUITY AND LIABILITIES EQUITY AND LIABILITIES EQUITY AND LIABILITIES

EQUITY AND LIABILITIES

Equity 5,863 6,311 5,872

Non-current liabilities 43 43 43

Current liabilities 17 19 23

TOTAL EQUITY AND LIABILITIES TOTAL EQUITY AND LIABILITIES TOTAL EQUITY AND LIABILITIES

TOTAL EQUITY AND LIABILITIES 555,,,,923 5923 923 923 66,,,,373 66373 373 373 55,,,,938 55938 938 938

N

Not

ot

oteeee 1

1 1 Accounting principles

1 Accounting principles

Accounting principles

This interim report is prepared according to the rules for interim reporting in the Swedish Annual Accounts Act and IAS 34 Interim Financial Reporting. The accounting principles and calculation methods applied are the same as those used in the most recent annual accounts and consolidated financial statements.

New accounting principles New accounting principlesNew accounting principles New accounting principles 2009 2009 2009 2009

Revised IAS 1 Presentation of Financial Statements is applied with effect from January 1, 2009. These amendments have affected consolidated accounts retroactively from December 31, 2007. The amendments mean, among other things, that income and expenses previously recognized directly in equity are now recognized in the statement of

comprehensive income as well as a new structure for

consolidated changes in equity. New and revised IFRS as well as interpretations issued by IFRIC have not had any effect on the financial position or earnings of the Group or the Parent Company.

In order to prepare financial reports in accordance with IFRS, management is required to make assessments and estimates and to make assumptions that affect the application of the accounting principles and the carrying amounts in the income statement and balance sheet. Estimates and assumptions are based on historical experience and are regularly reviewed. The results of these estimates and assumptions are then used to determine the recognized values of assets and liabilities. Fair value may deviate from these estimates.

(14)

Not

Noteeee 2 Segment

2 Segment

2 Segment reporting

2 Segment

reporting

January January January January ---- March March March March

Publishing Publishing Publishing Publishing operations operations operations operations White goods White goods White goods White goods operations operations operations operations Home furnishings Home furnishingsHome furnishings Home furnishings operations operations operations operations Other, incl. Other, incl. Other, incl. Other, incl. Eliminations EliminationsEliminations

Eliminations TotalTotalTotalTotal SEK M 2009200920092009 2008200820082008 2009 200920092009 2008200820082008 20020020020099 99 2008200820082008 2009200920092009 2008 200820082008 2009200920092009 2008200820082008

External revenues 194 207 59 76 58 - - - 311 283

Operating profit/loss -45 -18 -3 -6 -15 - 30 54 -33 30

Profit/loss after financial items -48 -20 -4 -6 -17 - 34 -6 -35 -32

Profit/loss for the period -35 -15 -4 -6 -12 - 33 -5 -18 -26

Assets 585 582 295 339 229 - 9,361 9,327 10,470 10,248 Liabilities 497 459 167 202 171 - -143 -109 692 552 Investments 4 4 0 0 6 - 21 270 31 274 Depreciation 3 3 1 1 2 - 0 0 6 4

* Home furnishings operations were added in the first quarter of 2009 and refer to the operations in Cervera.

Not

Noteeee 3

3 3 Interests in companies accounted for using the equity

3 Interests in companies accounted for using the equity

Interests in companies accounted for using the equity

method

Book value Share of profit

Mar 31, January - March

M 200200200200999 9 20020020020088 88 200200200200999 9 200200200200888 8

ICA AB 6,969 6,386 38 71

Bra Förlag AB 7 6 0 0

Trade Press AS 10 10 0 0

Kjell & Co Elektronik AB 110 104 2 0

Cervera AB - 86 - -4

inkClub Development AB 430 434 2 0

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Not

Noteeee 4

4 4 Acquisitions

4 Acquisitions

Acquisitions

In January 2009 Hakon Invest acquired an additional 33% in the portfolio company Cervera. This increased the holding from 48% to 81% of the capital and votes in Cervera. Hakon Invest made a cash payment of SEK 33 M for the additional shares. As a result of the increased ownership stake, Cervera

is reported as a subsidiary of the Hakon Invest Group with effect from January 2009. The surplus value is allocated to brands and goodwill.

Cervera ABCervera ABCervera ABCervera AB

SEK M Carrying amount in Carrying amount in Carrying amount in Carrying amount in ac ac ac

acquired companyquired companyquired companyquired company

Value according to Value according to Value according to Value according to purchase price purchase price purchase price purchase price

allocation allocationallocation allocation

Brands 77

Other intangible assets 8 5

Property, plant and equipment 21 21

Financial assets 5 5

Inventories 131 131

Current receivables 36 36

Prepaid expenses and accrued income 22 22

Cash and cash equivalents 10 10

Deferred tax liabilities -20

Non-current liabilities -38 -38

Current liabilities -127 -127

Acquired identifiable net assets Acquired identifiable net assets Acquired identifiable net assets

Acquired identifiable net assets 68686868 122122 122122

Less minority -24

Change in interests in associates during the

holding period 0 10

Goodwill 12

Purchase price for shares in subsidiary 118

Acquisition costs 2

Total acquisition cost Total acquisition cost Total acquisition cost

Total acquisition cost 120120 120120

Acquisition cost for acquisitions during the

period 33

Cash and cash equivalents in acquired

subsidiary -10

Change in consolidated cash and cash equivalents Change in consolidated cash and cash equivalents Change in consolidated cash and cash equivalents Change in consolidated cash and cash equivalents at at at at acquisitions for the period

acquisitions for the period acquisitions for the period

acquisitions for the period 23232323

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The information in this interim report is such that Hakon Invest must disclose pursuant to the Swedish Securities Exchange and Clearing Operations Act and/or the Swedish Act on Trading in Financial Instruments. The information was submitted for publication at 08.00 CET on Wednesday, May 6, 2009. The interim report has not been reviewed by the company’s auditors.

Stockholm, May 6, 2009.

Claes-Göran Sylvén

President and CEO

For further information, please contact For further information, please contactFor further information, please contact For further information, please contact

President and CEO Claes-Göran Sylvén +46 8 55 33 99 64 CFO Göran Blomberg +46 8 55 33 99 99 Head of IR Pernilla Grennfelt +46 8 55 33 99 55

Press and analyst meeting Press and analyst meetingPress and analyst meeting Press and analyst meeting

At 10.30 CET on Wednesday, May 6, 2009, Hakon Invest will hold a press and analyst meeting in Salén Konferens at Norrlandsgatan 15 in Stockholm. Notify attendance at [email protected]. The press and analyst meeting will be webcast and can be followed at www.hakoninveset.se.

Financial calendar Financial calendarFinancial calendar Financial calendar

Interim report for January – June 2009 will be presented on Wednesday, August 19.

Interim report for January – September 2009 will be presented on Wednesday, November 4

Capital market day Capital market dayCapital market day Capital market day

Hakon Invest has decided to postpone until the autumn the capital market day, planned to be held at the end of May.

ICA AB ICA AB ICA AB ICA AB

ICA’s complete interim report can be accessed at