Kinnevik: Interim Report 1 January - 30 June 2014

18 Jul 2014, 8:40 AM

Highlights 

  • Lorenzo Grabau assumed the role of CEO of Kinnevik on 1 May. Kinnevik will focus on building a select number of leading digital consumer brands through key partnerships around the world.
  • Compared to the first half of 2013, Kinnevik's proportional share of its investee companies' revenues grew by 10% with E-commerce & Marketplaces growing 38%.
  • Based on preliminary numbers for the first half of 2014, Zalando reached revenues of EUR 1,020-1,060m and recorded an operating profit during the second quarter, resulting in an operating result around breakeven for the first half of 2014.
  • In May, Bigfoot I and Bigfoot II shares were transferred from Rocket Internet to Kinnevik, increasing its direct ownership by 5.5% in Bigfoot I and 4.6% in Bigfoot II.
  • In June, Rocket Internet's legal form was transformed into a German stock corporation (AG).
  • On 30 June, Kinnevik had a net cash position of SEK 1.1bln in the parent company. Revised guidance for new investments for the full year 2014 is SEK 1.0-1.5bln.
  • Kinnevik was included in the OMXS30 index on 1 July.

Q2

  • The net asset value increased during the quarter by 4% corresponding to SEK 2,326m, after a dividend paid of SEK 1,941m, and amounted to SEK 68,509m at the end of June, corresponding to SEK 247 per share.
  • The increase in net asset value was driven by a positive change in fair value of SEK 5,325m related to the unlisted holdings and a negative change in fair value of SEK 775m related to the listed holdings, net of dividends received.
  • Profit per share amounted to SEK 15.02 (0.62).
  • New investments amounted to SEK 140m, of which SEK 132m into E-commerce & Marketplaces.
  • The share price increased 19% to SEK 284.80 at the end of June.

 H1

  • The net asset value increased during the first half year by SEK 2,982m.
  • Profit per share amounted to SEK 17.52 (loss of 5.21).
  •  New investments amounted to SEK 616m, of which SEK 514m into E-commerce & Marketplaces.