Kinnevik: Interim report 1 January – 31 March 2021
“Kinnevik started 2021 from a position of strength across our portfolio, and we continued to build on that platform during the first quarter. Our planned distribution of our shares in Zalando will enable Kinnevik to take a step-change in our strategic transformation, further increasing our focus on our younger growth portfolio.”
Georgi Ganev, CEO of Kinnevik
Key Strategic Highlights
- We proposed distributing Zalando to Kinnevik’s shareholders
- We participated with USD 30m in Cityblock's funding round
- Material uplift in the valuation of Cedar in connection with the company's USD 200m fundraise
- Material uplift in the valuation of VillageMD as a result of strong operational performance and expanding multiples
- We invested USD 70m into Vivino, the leading online wine marketplace and wine app
- Our NAV was negatively impacted by lower valuations in emerging markets and soft share price performance in Zalando
- Kinnevik ranked as #1 in Sweden and #62 globally in Equileap’s Global Report on Gender Equality, and we published our TCFD Report including a scenario analysis on climate change
Investment Management Activities
- We invested SEK 1,006m in the quarter, including:
- SEK 586m into Vivino
- SEK 255m into Cityblock
- SEK 66m into TravelPerk
- Further, we released SEK 196m from the divestment of shares in Alliance Data that was received as part of the sale of Bread in Q4 2020, generating a realized IRR in excess of 30 percent
Financial Position
- NAV of SEK 117.8bn (SEK 424 per share), up SEK 6.1bn or 5% in the quarter
- Net cash position of SEK 3.9bn, corresponding to 3.4% of portfolio value by quarter-end
Events After the Quarter
- In April, Kinnevik announced its participation with NOK 200m in a funding round by Kolonial.no / Oda, emerging as the largest shareholder and introducing new partners Softbank and Prosus
Annual General Meeting
- Chairman Dame Amelia Fawcett and Deputy Chairman Henrik Poulsen have decided not to seek re-election to the Board after captaining Kinnevik's transformation over the last years, and Wilhelm Klingspor has elected to step down after a tenure of more than 20 years as Board Director
- James Anderson proposed as new Chairman of the Board, and Harald Mix proposed as new Director of the Board
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,
Link to the audiocast:
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:
US:
SE:
Confirmation code: 33385260#
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 22 April 2021.
For further information, visit or contact:
Torun Litzén, Director Corporate Communications
Phone +46 (0)70 762 00 50
Email
Kinnevik’s ambition is to be Europe’s leading listed growth investor, and we back the best digital companies to make people’ lives better and 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.
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