Kinnevik: Year-End Release 2019
”2019 was characterized by strong performance in our large listed companies and high activity in our portfolio including new and follow-on investments in exciting growth companies. We ended the year with a strong balance sheet providing us with the foundation needed to execute on our strategy”
Georgi Ganev, CEO of Kinnevik
2019: A YEAR OF PIVOTING OUR PORTFOLIO TOWARDS GROWTH
- Doubled down on our healthcare strategy by investing SEK 2.0bn into Livongo, Babylon, Cedar and VillageMD
- Built leadership position in Nordic online groceries by investing SEK 1.2bn into MatHem and Kolonial
- Distributed our entire SEK 16.5bn shareholding in Millicom to our shareholders, corresponding to SEK 60 per share
- Monetized a 5% stake in Zalando generating gross proceeds of SEK 5.9bn, with our retained shareholding amounting to SEK 30.8bn per end of 2019
- Amended our shareholder remuneration policy, ceasing to pay ordinary cash dividends in favor of paying out excess capital generated by our investment activities in the form of extraordinary dividends
- Full-year investments of SEK 4.6bn whereof SEK 1.6bn into two new growth companies and SEK 3.0bn in follow-on investments in the high-performing businesses of our unlisted and early growth portfolio, in line with our capital allocation framework
- Full-year divestments of SEK 6.2bn, whereof SEK 5.9bn from Zalando and SEK 128m from Westwing
FINANCIAL POSITION
- Net Asset Value of SEK 73.3bn (SEK 265 per share), down 1% in the quarter and up 31% in 2019, including dividends paid
- Net debt position of SEK 0.9bn, corresponding to a leverage of 1.3% of Portfolio Value by the end of 2019
ORGANIZATION
- Kinnevik has appointed Anna Stenberg as Chief People and Platform Officer, a new role in Kinnevik’s management team
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: 4
SE: 1
US:
Confirmation code: 83196960#
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 6 February 2020.
For further information, visit or contact:
Torun Litzén, Director Corporate Communications
Phone +46 (0)70 762 00 50
Email
Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. 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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