Kinnevik: Interim Report 1 January - 30 September 2018

25 Oct, 2018, 08:00 AM · Regulatory information

"Our telecom companies are executing transformational deals, and our investment activity has been high as we continue to deliver on our strategy to accelerate the development of our private portfolio"

Georgi Ganev, CEO of Kinnevik

KEY PORTFOLIO DEVELOPMENTS

  • The proposed merger between Tele2 and Com Hem was approved by EGMs held 21 September. Subsequently, the European Commission also approved the proposed merger, meaning that the transaction now can be finalized
  • On 7 October Millicom announced the acquisition of Cable Onda, the leading provider of telecom services in Panama. The acquisition strengthens Millicom's position in the region and connects the Central American and Colombian footprints
  • Westwing, the leading pure-play home & living e-commerce platform, was listed on the Frankfurt Stock Exchange on 9 October resulting in an increase in the fair value of Kinnevik's stake of SEK 243m during the quarter

INVESTMENT MANAGEMENT ACTIVITIES

  • Total investments of SEK 1,529m in the third quarter in six new companies, including:
    • SEK 443m in GoEuro, an online travel agency that aggregates all major modes of transport in Europe
    • SEK 328m in Kolonial.no, Norway's only pure-play online grocer
    • SEK 307m in Bread, a company providing purchase financing solutions for e-commerce merchants
  • Total divestments of SEK 312m in the third quarter, whereof SEK 273m attributable to Linio

FINANCIAL POSITION

  • Net asset value of SEK 78.8bn (SEK 286 per share), down SEK 17.6bn or 18% during the quarter, driven by Zalando as well as Kinnevik's distribution of its shares in MTG during the quarter, effectively transferring SEK 4.2bn or SEK 15 per Kinnevik share to shareholders
  • Net debt position increased, driven by investment activity, by SEK 1.2bn to 4.1bn, corresponding to a leverage of 5% of portfolio value

A conference call will be held today, 25 October 2018, at 10.00 CET to present the results.

Link to the audiocast: https://edge.media-server.com/m6/p/7jm52wxs

Those who wish to participate in the conference call are welcome to dial-in on the below numbers. To ensure that you are connected to the conference call, please dial in and register your attendance a few minutes before the conference call begins.

Dial-in numbers:
UK: +44 203 364 5374
SE: +46 8 505 564 74
US: +1 855 753 2230

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 25 October 2018.

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

Torun Litzén, Director Corporate Communications

Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to build digital businesses that provide more and better choice. We do this by working in partnership with talented founders and management teams to create, develop and invest in fast growing businesses in developed and emerging markets. We believe in delivering both shareholder and social value by building companies that contribute positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.