Kinnevik: Interim Report 1 January-30 June 2013

19 Jul 2013, 8:00 AM

Highlights for the second quarter

  • Kinnevik received SEK 3.8bln as a result of the share redemption program in Tele2.
  • Kinnevik exercised the option to acquire an additional 3.5% of the shares in Zalando for a total consideration of EUR 100m. The transaction will be closed in July.
  • Kinnevik subscribed to its pro-rata share in CDON Group's rights issue with a total investment of SEK 129m.

Revised dividend policy

  • The Kinnevik Board of Directors has revised Kinnevik's dividend policy. According to the updated policy, Kinnevik aims to pay a steadily increasing annual dividend. When adopting the policy, the current level of SEK 6.50 per share has been used as a starting point.

Financial results for the second quarter

  • The net asset value decreased during the quarter by SEK 1,553m, after a paid dividend of SEK 1,803m, and amounted to SEK 55,535m at the end of June corresponding to SEK 200.26 per share.
  • The Group's total revenue amounted to SEK 410m (549) and the net profit per share was SEK 0.62 (loss of 22.58).
  • The assessed change in fair value of unlisted holdings amounted to a profit of SEK 791m in the quarter, including a positive revaluation of Zalando of SEK 1,342m.
  • New investments amounted to SEK 1,055m in the second quarter, of which SEK 1,031m within Online.

Financial results for the first half year

  • The net asset value decreased during the first half year by 6% to SEK 55,535m at the end of June.
  • The Group's total revenue amounted to SEK 780m (651) and the net loss per share was SEK 5.21 (loss of 12.54).
  • New investments amounted to SEK 1,454m during the first half year, of which SEK 1,415m within Online including the SEK 876m invested in Zalando.