Kinnevik’s Interim Report 1 January – 30 June 2022

11 Jul 2022, 8:00 AM · Regulatory information

”As we close out the first half of 2022, our environment is radically different to where we were one year ago. The aftermath of the covid pandemic with inflationary pressure, challenged supply chains and rising interest rates, exacerbated by the war in Europe, has put strong pressure on the valuations in our pocket of growth equity markets. Whereas we last year highlighted that multiple expansion was supporting our net asset value, we now face a significant reversal of that trend. With our long-term view on business building and our strong financial position, we are firmly focused on supporting our most promising companies through this downturn, and on continuously taking stock of the investment opportunities emerging in the prevailing market environment. With this said, the correction in the economic environment is likely to have a negative impact on those of our companies that are less resilient.”

Georgi Ganev, CEO of Kinnevik

Key Events

  • We made a follow-on investment in Budbee, valuing the company at SEK 7.3bn, supporting its continued strong organic and profitable growth. We also participated in Mathem’s funding round valuing the company at SEK 2.3bn, in line with our first quarter 2022 valuation
  • We divested 27% of our shareholding in Tele2 for SEK 6.0bn, providing us with additional financial strength at a time of market uncertainty, ensuring we have a net cash runway through 2024, and allowing us flexibility to time our capital deployment
  • We published Kinnevik’s inaugural Climate Progress Report to follow up on our climate targets for the portfolio. Between 2020 and 2021, the emissions-reporting companies in Kinnevik’s portfolio have decreased their emissions intensity by 11%, reaching our annual target of 7% by a wide margin

Investment Management Activities

  • We invested a more modest SEK 0.5bn during the quarter, reflective of the current funding environment, of which SEK 155m into Mathem and SEK 115m into Budbee
  • For the first half of 2022, we invested SEK 2.1bn in aggregate

Financial Position

  • NAV of SEK 61.1bn (SEK 218 per share), down SEK 6.7bn or 10% in the quarter and SEK 11.3bn or 16% year-to-date
  • Net cash position of SEK 13.6bn, including the proceeds from our Tele2 sell-down and received dividends, corresponding to 28% of portfolio value by quarter-end

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/cyho68wv

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.

Dial-in numbers:
UK: +44 3333 000 804
US: +1 631 913 1422
SE: +46 8 566 426 51

Confirmation code: 23321031#

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014) and the Securities Markets Act (Sw. lagen (2007:528) om värdepappersmarknaden). The information was submitted for publication, through the agency of the contact person set out below, at 2022-07-11 08:00 CEST.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik’s ambition is to be Europe’s leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. 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.

Kinnevik uses cookies

to make the website work in a good way. Cookies are used, among other things, to save your settings, analyze how you surf and adapt content to suit you and certain cookies come from companies we work with. You can change your consent at any time on the Personal data & Cookies page.