Kinnevik: Interim Report 1 January - 30 June 2018

20 Jul, 2018, 07:00 AM · Regulatory information

"Business activity has continued at a high pace with transformative developments in our public portfolio, as well as new investments into three exciting private companies in our focus sectors."

Georgi Ganev, CEO of Kinnevik

KEY PORTFOLIO DEVELOPMENTS

  • An Extraordinary General Meeting in Kinnevik on 16 July resolved to distribute Kinnevik's shares in MTG to its shareholders in order to facilitate the European Commission's clearance of the proposed merger of Tele2 and Com Hem
  • Qliro Group announced a new strategic direction, where Qliro Financial Services, CDON Marketplace and Nelly will operate as three independent companies to highlight and increase shareholder value
  • Home24, the leading pure-play home & living e-commerce platform, was successfully listed on the Frankfurt Stock Exchange resulting in an increase in fair value of Kinnevik's stake of SEK 666m during the quarter

INVESTMENT MANAGEMENT ACTIVITIES

  • Total investments of SEK 789m in the second quarter, whereof SEK 345m in Livongo and SEK 288m in three new companies
    • SEK 80m for a 20% stake in Budbee, a Swedish last-mile logistics company
    • SEK 67m for a 13% ownership stake in Pleo, a Danish corporate payment card solution company
    • SEK 141m for an 8% stake in Cedar, a US based healthcare services company

FINANCIAL POSITION

  • Net asset value of SEK 96.4bn (SEK 350 per share), up SEK 3.1bn or 3% during the quarter, mainly driven by Zalando and Tele2
  • Net debt position increased by SEK 1.8bn to 2.9bn, driven by paid dividends and investment activity, corresponding to a leverage of 3% of portfolio value

A conference call will be held today, 20 July  2018, at 10.00 CET to present the results.

Link to the audiocast: https://edge.media-server.com/m6/p/wcvyzy7n


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 07.00 CET on 20 July 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.