Georgi Ganev, CEO of Kinnevik
- 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
- 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.
UK: +44 3333 000 804
US: +1 631 913 1422
SE: +46 8 566 426 51
Confirmation code: 23321031#