Glossary

Definitions of all Alternative Performance Measures used are found below

DEBT/EQUITY RATIO
Interest-bearing liabilities including interest-bearing provisions divided by shareholders’ equity

EQUITY RATIO
Shareholders’ equity as a percentage of total assets

INTERNAL RATE OF RETURN, IRR 
The annual rate of return calculated in quarterly intervals on a SEK basis that renders a zero net present value of (i) fair values at the beginning and end of the respective measurement period, (ii) investments and divestments, and (iii) cash dividends and dividends in kind

INVESTMENTS
All investments in listed and unlisted financial assets, including loans to portfolio companies

LEVERAGE
Net debt including net loans to investee companies as a percentage of portfolio value

NET ASSET VALUE, NAV
Net value of all assets on the balance sheet, equal to the shareholders’ equity

NET ASSET VALUE CHANGE 
Change in net asset value without adjustment for dividend paid or other transactions with shareholders 

NET CASH/(NET DEBT) 
Interest-bearing receivables (excluding net outstanding receivables relating to portfolio companies), short-term investments and cash and cash equivalents less interest-bearing liabilities including interest-bearing provisions and unpaid investments/divestments

NET INVESTMENTS
The net of all investments and divestments in listed and unlisted financial assets

PORTFOLIO VALUE
Total book value of fixed financial assets held at fair value through profit or loss

TOTAL SHAREHOLDER RETURN, TSR
Annualized total return of the Kinnevik B share on the basis of shareholders reinvesting all cash dividends, dividends in kind, and mandatory share redemption proceeds into the Kinnevik B share, before tax, on each respective ex-dividend date. The value of Kinnevik B shares held at the end of the measurement period is divided by the price of the Kinnevik B share at the beginning of the period, and the resulting total return is then recalculated as an annual rate