Kinnevik: Interim Report 1 January - 30 September 2019
”In the third quarter, Kinnevik took important steps in executing our strategy and we made significant investments in our healthcare portfolio. I am excited about the next chapter for Kinnevik and I am convinced that we have the portfolio, the team and the pipeline to execute our strategy”
Georgi Ganev, CEO of Kinnevik
KEY STRATEGIC HIGHLIGHTS
- Completed a sell-down of a 5% stake in Zalando, generating gross proceeds of SEK 5.9bn
- Announced the intention to distribute Kinnevik’s entire Millicom shareholding to our shareholders
- Amended our shareholder remuneration policy to cease paying ordinary cash dividends in favor of paying out excess capital generated by our investment activities in the form of extraordinary dividends
INVESTMENT MANAGEMENT ACTIVITIES
- Total investments of SEK 2,108m during the quarter, whereof
- SEK 825m in connection with Livongo’s IPO, increasing our ownership stake to 14%
- SEK 726m for a 10% ownership stake in VillageMD, a leading US based provider of primary care
- SEK 296m in Babylon’s funding round, bringing our ownership stake to 16% on a fully diluted basis
- Net asset value of SEK 92.0bn (SEK 334 per share), up SEK 3.0bn or 3% during the quarter, primarily driven by positive share price development in Zalando and Tele2, and partially offset by weaker share price performance in GFG and Millicom
- Net debt position decreased by SEK 4.9bn to SEK 0.8bn, mainly as a consequence of the sell-down in Zalando and the extraordinary dividend from Tele2, resulting in leverage of 0.9% of Portfolio Value by the end of the quarter
- Kinnevik has appointed Erika Söderberg Johnson as Chief Financial Officer, starting at the latest on 6 April 2020
A conference call will be held today at 10.00 CEST to present the results. The presentation will be held in English and also be made available via audiocast on Kinnevik’s website, www.kinnevik.com.
Link to the audiocast: https://edge.media-server.com/mmc/p/9svoa9sx
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.
UK: +44 3333 000 804
SE: +46 8 566 426 51
US: +1 631 913 1422
Confirmation code: 77215761#
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 CEST on 24 October 2019.
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Corporate Communications
Phone +46 (0)70 762 00 50
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.