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Financial Targets

Kinnevik’s objective is to increase shareholder value, primarily through net asset value growth

 
Attractive returns

Kinnevik’s objective is to generate a long term total return to our shareholders in excess of our cost of capital. We aim to deliver an annual total shareholder return of 12-15% over the business cycle.

Comment on outcome for 2022
Kinnevik's total return to shareholders amounted to -56% for 2022. Per 31 December 2022, the five-year annualised total shareholder return was 5% and the ten-year annualised total shareholder return was 13%.

 

Low leverage

Given the nature of Kinnevik’s investments, our goal is to carry low leverage, not exceeding 10% of Portfolio Value.

Comment on outcome for 2022
Kinnevik had a net cash position of SEK 10.4bn per 31 December 2022, corresponding to 24% of Portfolio Value.

 

Shareholder remuneration

In September 2019, Kinnevik resolved to amend its shareholder remuneration policy. Kinnevik’s prior objective was to pay an annual dividend growing in line with dividends received from its investee companies and the cash flow generated from its investment activities. Going forward, Kinnevik will generate shareholder returns primarily through capital appreciation, and will seek to return excess capital generated by its investments to shareholders through extra dividends.

Comment on outcome for 2022
In line with the amended shareholder remuneration policy, Kinnevik did not pay a dividend for 2022.

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