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Kinnevik: Interim Report 1 January - 31 March 2016

27 April 2016, 8:01 AM

Operating companies' performance
  • Zalando's first quarter 2016 preliminary revenues grew  22.5-24.5% with an EBIT margin of 1.5-3.5%
  • Millicom's organic service revenue up 4% with an adjusted EBITDA margin of 36%, up 1.8 percentage points
  • Tele2 net sales down by 1% in the quarter with an EBITDA margin of 19%, mobile end-user service revenue up by 4%
  • MTG had net sales of SEK 3,826m in the quarter, representing 5% growth, a first quarter record

Kinnevik investment activities

  • New investments in focus sectors: USD 65m in Betterment, a digital wealth management company, and GBP 10m in babylon, a digital healthcare company
  • SEK 500m investment in Kinnevik shares successfully completed with 2.3 million shares bought back at an average of SEK 217 per share
  • Sale of 3.8% stake in Lazada for USD 57m announced on 12 April
  • On 26 April, Kinnevik committed to invest up to EUR 200m in a minimum EUR 300m capital increase in Global Fashion Group. Pre-funding has been provided by way of a EUR 50m shareholder loan during the first quarter. The balance is expected to be invested during the second quarter subject to other shareholders' participation and approval

Kinnevik financial position

  • Net Asset Value down by SEK 10.8bn to SEK 72.7bn. Reduction driven by a 13%, or SEK 8.5bn, decrease in the value of the public companies and by a 16%, or SEK 1.7bn, decrease in the value of the private companies primarily due to a write-down of Kinnevik's shares in Global Fashion Group by SEK 1.5bn
  • Proposed extraordinary cash distribution of SEK 18 per share, approximately SEK 5bn in aggregate, in addition to the ordinary dividend of SEK 7.75 per share, both subject to approval by the Annual General Meeting
  • Kinnevik ended the quarter with a net cash position of SEK 5.8bn
Press release

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Source: Kinnevik via Globenewswire