Year-end report 2014

Full year January – December 2014

  · Net asset value per share was SEK 46.09 at year-end, compared with SEK 33.47
at the previous year’s end.
  · The net asset value per share, adjusted for dividends of SEK 1.00 per share,
increased by 40.7 per cent during the year.
  · Bure’s net asset value was SEK 3,291M (2,545) at year-end.
  · The Six Return Index rose by 15.8 per cent.
  · Total return on the Bure share amounted to 43.0 per cent (21.0).
  · The Parent Company’s profit after income taxes amounted to SEK 953.1M
(503.5). Earnings per share amounted to SEK 12.72 (6.40).

Fourth quarter 2014

  · The net asset value per share increased by 13.1 per cent during the quarter.
  · The Six Return Index rose by 6.1 per cent.
  · Bure completed the acquisition of 20.1 per cent of Fondbolaget Fondita Ab in
Finland.
  · Bure Financial Services was established as the holding company for the
shareholdings in Catella (10.4 per cent) and Fondbolaget Fondita (20.1 per
cent).
  · Bure divested 1 million shares in Vitrolife, 300,000 shares in Xvivo
Perfusion and a smaller shareholding in PartnerTech to the management of
PartnerTech. Total proceeds amounted to SEK 172M.
  · Bure repurchased 4,108,043 shares during the quarter. Bure’s holding
thereafter amounts to a total of 4,684,068 of treasury shares, which represents
6.2 per cent of the total number of shares outstanding.

Subsequent events

  · The net asset value per share amounted to SEK 60,06 on 19 February 2015
which corresponds to an increase of 30.3 per cent since year-end.
  · The Board proposes that the AGM approves an ordinary dividend of SEK 1.00
per share.
  · After the end of the reporting period, Bure has repurchased 563,732 shares
for SEK 22.2M. Bure’s holdings of treasury shares increased as of 19 February
2015 to 5,247,800 shares, which is equal to 6.9 per cent the total number of
shares outstanding in the company.

This year’s increase in net asset value per share concluded at a fantastic 40.7
per cent. Strong gains in two of our long-term holdings, Mycronic (+100%) and
Vitrolife (+76%), are the main contributors. This fact is particularly
gratifying because it shows that long-term and persistent work really does pay
off. The Six Return Index ended at +15.8 per cent.
During the year we made two new portfolio company investments. In September, we
invested about SEK 200M in the listed engineering group, Cavotec. Cavotec is
active in a number of different market segments in which they market their
internally developed systems and products. Our ambition is to work with
management to take the next step in the company’s development. In addition to
the investment in Cavotec, we have also returned to the financial sector. We
have done this by acquiring 20 per cent of the Finnish fund manager, Fondita,
and 10 per cent of Catella. Fondita has an impressive history as one of the
leading independent equity fund managers in the Nordic countries. Since our
investment in March, Catella, which is a listed financial advisor and asset
manager, has developed very well with an increase of about 100 per cent. In
connection with these investments, we created a holding company for our
investments in the financial sector, Bure Financial Services AB.
In 2014, we continued to repurchase our own shares. In total we have repurchased
4.7 million shares, representing 6.2 per cent of the capital, at an average
price of SEK 30.55.
Thanks to the divestment of 1 million shares in Vitrolife in December, we once
again had about SEK 500M available for investment by year-end. Despite the
current historically high asset prices, we continue to focus and work on
evaluating new investments. We see, for example, many interesting situations in
which Bure can play a distinct role.
Finally, I want to comment on our exceptional start of the year. Bure’s net
asset value per share currently amounts to SEK 60,1 representing an increase of
30,3 percent. The main cause is the development of the share price of Mycronic,
which since year-end has risen by 100 per cent. I conclude that this is proof of
the great efforts by all employees at Mycronic!

Henrik Blomquist
CEO

For additional information contact
Henrik Blomquist, CEO +46 8 614 00 20
Max Jonson, CFO +46 8 614 00 20

The information in this interim report is subject to the disclosure requirements
of Bure Equity AB under the Swedish Securities Market Act and/or the Swedish
Financial Instruments Trading Act. This information was publicly communicated on
20 February 2015, 8:30 a.m. CET.