Kinnevik: Interim report 1 January - 31 March 2019
”In line with our strategy to accelerate our private portfolio and double down on companies where we see strong potential, we invested SEK 0.9bn into MatHem and made follow-on investments in two of the Nordic companies that joined our portfolio last year - Budbee and Kolonial”
Georgi Ganev, CEO of Kinnevik
KEY PORTFOLIO DEVELOPMENTS
- Zalando announced its vision of being the starting point for fashion at their Capital Markets Day in late February, positioning its platform strategy where Zalando will scale by providing a platform with superior logistics and marketing services to its partners
- Millicom completed the listing of the company’s shares on the Nasdaq Stock Market in New York, and later in the quarter announced the acquisition of Telefonica’s operations in Panama, Costa Rica and Nicaragua, furthering the company’s already strong position in the region, and accelerating its FMC strategy
INVESTMENT MANAGEMENT ACTIVITIES
- Total investments of SEK 1,048m during the quarter, whereof
- SEK 889m in MatHem, Sweden’s leading independent online grocery retailer
- SEK 46m in Budbee and SEK 112m in other existing assets
- In April, Kinnevik has committed to invest another NOK 300m into Kolonial, whereof NOK 150m in the form of a convertible loan to the company and the remaining in secondary shares from early investors
- Net asset value of SEK 84.3bn (SEK 306 per share), up SEK 13.8bn or 20% during the quarter, primarily driven by positive share price development in Zalando as well as continued strong performance in Tele2
- Net debt position increased by SEK 1.1bn to SEK 4.0bn, mainly as a consequence of the investment in MatHem, resulting in leverage of 4.5% of Portfolio Value by the end of the quarter
A conference call will be held today, 26 April 2019, at 10.00 CET 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/m6/p/twx4xfi7
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 3333000804
SE: +46 856642651
US: +1 6319131422
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 26 April 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.