Kinnevik:Interim Report 1 January - 30 June 2019
”It was an eventful second quarter, during which we focused our efforts on continuing the shift in our portfolio towards growth companies. These efforts included supporting high-performers in our private portfolio, evaluating our Millicom stake and supporting the IPO of Global Fashion Group.”
Georgi Ganev, CEO of Kinnevik
KEY PORTFOLIO DEVELOPMENTS
- Global Fashion Group began trading on the Frankfurt Stock Exchange on 2 July. The company raised a total of c. EUR 200m, of which EUR 60m from Kinnevik, to fuel continued growth
- Livongo announced its intention to go public at a proposed price range corresponding to a fully diluted pre-money valuation of USD 2.1-2.4bn. Kinnevik has agreed to purchase additional shares at the IPO price from one of Livongo’s investors, and we have also indicated our interest in purchasing newly issued shares in the IPO
INVESTMENT MANAGEMENT ACTIVITIES
- Total investments of SEK 1,367m during the quarter, whereof SEK 632m in GFG, SEK 336m in Kolonial, SEK 156m in Monese, SEK 85m in Pleo and SEK 157m in other existing assets
- During the quarter Kinnevik announced an intention to divest and distribute the shareholding in Millicom. While the two-step divestment could not be concluded at terms we found agreeable, Kinnevik remains firmly committed to continuing to strengthen our financial position and evolve the portfolio towards a higher proportion of growth companies. Consequently, we continue to evaluate potential next steps in relation to our shareholding in Millicom
- Net asset value of SEK 89.0bn (SEK 323 per share), up SEK 4.7bn or 6% during the quarter, primarily driven by positive share price development in Zalando and Tele2, furthered by upwards revisions of the fair values of both Livongo and Babylon, partially offset by the decline in value of Global Fashion Group
- Net debt position increased by SEK 1.7bn to SEK 5.7bn, resulting in leverage of 6.0% of Portfolio Value
A conference call will be held today, 19 July 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/wyhqdzwo
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
Confirmation code: 73808843#
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 19 July 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.
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