Investor comments on reportings in the media concerning the costs of the party in connection with our 100 year celebration
Investor turns 100 years and will in conjunction with this host an open house-like mingle with a joint theme exhibition, at Investor's wholly-owned Grand Hôtel.
The mingle and theme exhibition at Grand Hôtel should be seen in light of that this is a unique event to celebrate our first 100 years. We use this opportunity to showcase our portfolio companies and their innovations that will carry on into the future. We are very proud of this.
For this purpose we use Investor's own hotel. We are transparent and we have openly reported our budget for this to be SEK 10 million. But over half of the budget, i.e. 50%, is used to build the exhibition areas for the companies, their innovations, to tell the story of Swedish industrial history throughout our first hundred years, and technology-related material for the exhibition areas.
A quarter of the budget, i.e. 25%, is further used to rent all areas of the hotel for the evening. The costs for Investor will of course in reality be less due to the fact that we are the sole owner of the hotel, so we keep costs and revenues within our own group. But nevertheless we have been open and transparent that this is included as a subtotal in our budget, when questions have been posed.
Finally, a quarter of the sum is budgeted for finger-food, drinks and presentation of Swedish culture. It's not a sit-down or formal dinner, but an open house-mingling event. The performers booked for the celebration are singers and choir members and orchestras. Since this is not a formal sit-down dinner, it is not possible to determine an exact cost for each individual guest. But all such sums are considerably lower than what has now been reported in the media.
We are proud that we turn a 100 years old and we of course want to, together with our portfolio companies and network, shed light on our long-term ownership, which has been to the benefit for both our companies' ability to innovate, and the development of society as a whole.
Several companies such as Atlas Copco has been in our portfolio since its inception in 1916.
The aim of the theme exhibition is to showcase our portfolio companies and their innovations and how they meet the challenges of tomorrow.
The theme of the exhibition is INNOVATION AND IMPACT and all of our 19 holdings will showcase their latest innovations under three themes, Industry 4.0, Sustainable Cities and Life Science and Care.
Guests for the celebration mainly include Investor's employees in Sweden and abroad, as well as many representatives of Investor's holdings. This is by far the majority of our guests. In addition, we have invited our Swedish and international networks and business contacts. Guests are invited together with their spouse/partner as it is a 100-year anniversary celebration.