Investment AB Kinnevik: Year-end release 2012
· The Board proposes that the Annual General Meeting decides on a cash dividend of SEK 6.50 per share (5.50), corresponding to an increase of 18%.
· The guidance for investments is SEK 2-3bln in 2013 compared to the SEK 7.1bln that Kinnevik invested in 2012. A majority of the investments is expected to be in existing companies.
· Zalando, the largest online player in the fashion sector in Europe, reported sales of EUR 1.15bln for 2012 compared to EUR 510m in 2011 and reached break-even for the full year in Germany, Austria and Switzerland. The group reported an operating margin of -8% for 2012 compared to -12% in 2011 despite strong sales growth in core markets and continued investments into new markets. The numbers for 2012 are preliminary and unaudited.
Financial results for the fourth quarter
· The net asset value decreased by 1.7% during the quarter and amounted to SEK 58,769m at the end of December, corresponding to SEK 212 per share.
· The Group's total revenue amounted to SEK 530m (97) and the net loss per share was SEK 4.77 (profit of 18.05).
· The assessed change in fair value for unlisted asssets (including dividends received) amounted to a profit of SEK 699m of which SEK 486m related to Rocket Internet with portfolio companies and SEK 175m to Avito. Kinnevik received dividends of SEK 680m from Rocket Internet in the quarter.
· New investments amounted to SEK 2,646m in the fourth quarter, of which SEK 2,489m in Zalando.
· Profit from the sale of Korsnäs, which was finalised on 29 November, amounted to SEK 2.9bln. Net debt for the group was reduced by SEK 8.4bln as a result of the transaction.
Financial results for 2012
· The Group's total revenue amounted to
SEK 1,591m (330) and the net loss per share
was SEK 10.77 (profit of 21.11).
· The net asset value decreased by 5% to
SEK 58,769m at the end of the year.
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Source: Kinnevik via Thomson Reuters ONE