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Kinnevik’s Year-End Release 2021

03 feb 2022, 08:00 am · Regulatory information

”In 2021 we fundamentally shifted our portfolio towards younger, private growth companies. Through the distribution of Zalando, returns in our private companies of nearly 80 percent, and the active reallocation of capital within our portfolio, we ended the year with a more balanced set of growth companies, a portfolio with half of its capital invested in private businesses, and a stronger financial position than what we started the year with.”

Georgi Ganev, CEO of Kinnevik

Key Strategic Highlights

  • We invested USD 25m in Pleo’s USD 200m financing round to further build on our >10x return on investment to date
  • At another one of our software successes, TravelPerk raised USD 115m, of which 25m from us, at an 80 percent premium to last quarter's fair value - a testament to how the founder Avi Meir and his team steered the company through the pandemic
  • We continued to strengthen our growth portfolio through three new investments – Jobandtalent, a world leading digital temp staffing agency, Vay, a tech-enabled mobility company, and Nick's, a global food tech innovator
  • Mathem agreed to merge with Mat.se, Axfood’s online grocer business, and to enter into a long-term strategic supply agreement with Axfood’s purchasing and logistics company Dagab
  • VillageMD and Walgreens Boots Alliance closed their transformational transaction to expand their partnership
  • We launched updated Diversity & Inclusion targets for 2022 and published our first Sustainability-Linked Financing Framework

Investment Management Activities

  • We invested SEK 2,370m in the quarter - SEK 1,471m into our new companies Jobandtalent, Vay and Nick's, and SEK 899m in follow-ons focused on Cityblock, Pleo and TravelPerk
  • We reallocated significant capital within our growth portfolio by releasing SEK 5.3bn from Teladoc and VillageMD at returns exceeding 5x and 7x respectively
  • 2022 investments are expected to be in line with 2019-21 averages as we aim to maintain our investment momentum

Financial Position

  • NAV of SEK 72.4bn (SEK 260 per share), down SEK 3.5bn or 4.6% in the quarter and up more than SEK 10bn or 16.2% year-on-year (excluding Zalando)
  • Net cash position of SEK 5.4bn, corresponding to 8.0% of portfolio value by year-end

Events After the Quarter

  • In January, we invested USD 60m in Transcarent, the first comprehensive health and care experience company for self-insured employers

Organisation

  • In December, Samuel Sjöström was appointed Chief Strategy Officer and member of Kinnevik’s management team
  • Tatiana Shalalvand joined Kinnevik as Investment Director in January 2022

A conference call will be held today 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/mmc/p/ih9boimp

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 3333000804
US: +1 6319131422
SE: +46 856642651

Confirmation code: 59602555#