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Kinnevik’s Year-End Release 2022

02 Feb 2023, 08:00 am · Regulatory information

”Inflation and increasing interest rates have led to a steep decline in investor risk appetite after two years of abundance. This has particularly affected valuations of growth companies, and had a significant negative impact on Kinnevik’s net asset value in 2022. With measures taken to improve profitability and prolong runways, our companies are entering 2023 with more resilient financial plans. This combined with our own solid financial position, long-term view, and active ownership approach, enables us to remain firmly focused on the continued execution of our strategy.”

Georgi Ganev, CEO of Kinnevik

Key Events

  • Kinnevik led a private placement in Recursion, a clinical-stage biotechnology company industrializing drug discovery, and invested in Mews, a hospitality management system designed to simplify and automate all operations for modern hoteliers and their guests
  • H2 Green Steel, the Swedish venture aiming to produce green steel in a fully integrated, digitalized and circular plant, was added to our emerging portfolio within climate tech
  • Oda raised NOK 1.5bn in new capital from new investors, with participation from Kinnevik, as it continues its geographic expansion
  • Kinnevik received double recognition for our leadership in sustainability – we were the only firm awarded the highest category in Honordex Inclusive Index Report 2022, and one of the top performing companies in Sweden in a sustainability ranking by Lund University

Investment Management Activities

  • We invested SEK 2.6bn during the fourth quarter, including:
    • SEK 843m into Recursion
    • SEK 436m into Mews
    • SEK 275m into H2 Green Steel
    • SEK 471m into Oda
  • In full year 2022, we invested SEK 5.7bn in aggregate and released a total of SEK 7.0bn through sell-downs in Tele2 and Teladoc

Financial Position

  • NAV of SEK 52.9bn (SEK 189 per share), down SEK 5.1bn or 9% in the quarter and SEK 19.5bn or 27% for the full year
  • Net cash position of SEK 10.4bn, corresponding to 24% of portfolio value by year-end

A conference call will be held today at 10.00 CET to present the results.

Link to the webcast (listen only): https://edge.media-server.com/mmc/p/x9iygeu8

Those who wish to ask questions during the conference call are welcome to register via the below link. Participants will receive dial-in numbers and confirmation code upon registration. Please make sure to register and dial in a few minutes before the call begins.

Link to conference call (for participants): https://register.vevent.com/register/BIc2fff370613c42c584d2b65d222631c0

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014). The information was submitted for publication, through the agency of the contact person set out below, at 2023-02-02 08:00 CET.

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. 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 healthcare, software, marketplaces and climate tech. 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.

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