Investment AB Kinnevik interim report 1 January - 31 March 2013

19 Apr 2013, 8:00 AM

Highlights

·  On 27 March, Tele2 AB announced an agreement to sell their Russian operations to VTB Group. The transaction closed on 4 April. Following the divestment, the Board of Tele2 has proposed a share redemption program. As a result, Kinnevik is expected to receive approximately SEK 3.8bln during the second quarter.

·  As previously announced, financial investments are expected to be SEK 2-3bln in 2013. The parent company leverage after dividends, the redemption programme in Tele2 and with the above assumptions regarding investments is expected to be approximately SEK 2bln.

·  Kinnevik's sector split has been revised to better reflect our growth areas and now comprise "Telecom & Financial services", "Online", "Media" and "Industry and other investments".

Financial results for the first quarter

·  The net asset value decreased during the quarter by 3% to SEK 57,088m at the end of March corresponding to SEK 206 per share.

·  The Group's total revenue amounted to
SEK 370m (102) and the net loss per share
was SEK 5.83 (profit of 10.05).

·  The assessed change in fair value of unlisted holdings amounted to a loss of SEK 289m in the quarter, including a profit of SEK 127m relating to Avito and a loss of SEK 431m relating to negative exchange rate effects when translating investments in EUR to SEK. The valuation of Zalando is unchanged in EUR, but due to exchange rate effects the fair value in SEK decreased by SEK 276m.

·  New investments amounted to SEK 399m in the first quarter, of which SEK 384m within Online.

 

For further information, visit www.kinnevik.se or contact:

Torun Litzén, Director, Investor RelationsPhone +46 (0)8 562 000 83
Mobile +46 (0)70 762 00 83

Investment AB Kinnevik