Net asset value was SEK 230.6 per compared to SEK 196.6 at the beginning of the year, corresponding to an increase of 17.3 per cent.
Bure's net asset value was SEK 17,096M compared to SEK 13,563M at the beginning of the year.
Total return on the Bure share was 33.9 per cent compared to the SIX Return Index which increased 8.2 per cent.
Consolidated profit after tax amounted to SEK 2,536M (1,641). Earnings per share amounted to SEK 35.7 (23.8).
Third quarter 2020
Net asset value was SEK 230.6 per share compared to SEK 195.8 at the beginning of the quarter, corresponding to an increase of 17.7 per cent.
Bure purchased 137,000 shares for SEK 32.3M in Xvivo Perfusion's directed share issue.
Bure Growth acquired 25,000 shares in Yubico for SEK 9.0M.
Subsequent events
Net asset value amounted to SEK 217.2 per share on 4 November 2020, corresponding to an increase of 10.4 per cent since the beginning of the year.
Bure Growth acquired 0.3 million shares in BioLamina for SEK 53.2M and increased its holding to 44.8 per cent.
Atle Investment Management signed an agreement on the acquisition of Humle Småbolagsfond and Humle Sverigefond.
Comments from the CEO
During the third quarter, the majority of our portfolio companies registered robust increases in value despite the ongoing pandemic, continued restrictions, and reduced economic activity. The listed portfolio increased in value by approximately SEK 2,500M, or 22 per cent. This increase was also reflected in Bure's net asset value per share, which registered an overall increase of 17.7 per cent during the quarter.
The stock market's recovery from the heavy losses of February and March continued into the third quarter. The Six Return Index increased 12.9 per cent, and in September - perhaps surprisingly - returned to the same high levels seen prior to the outbreak of corona.
During the quarter, portfolio company Xvivo Perfusion acquired Dutch company Organ Assist. Similar to Xvivo, Organ Assist is present in the transplant segment, although is primarily focused on organs such as kidneys and the liver. Xvivo currently has products and solutions for heart and lung transplants, and with the acquisition, it will be the first company in the world that has products in all the major organ groups. This transaction was partly financed by Xvivo making a directed rights issue totalling SEK 500M in which Bure invested around SEK 32M.
At the time of writing, we are seeing a considerable and partly unforeseen increase in the number of people infected with corona. This increase has, amongst other things, resulted in new restrictions and lockdowns in many large European cities. Unfortunately, this means that it is too early to say that we are past the worst and that we are returning to a normalised market situation. It is reasonable to assume that corona will continue to have a negative impact going forward. However, our portfolio companies have so far shown great skill in managing the crisis and thereby adapting to prevailing market conditions.
Bure Equity AB (publ)
For more information, contact
Henrik Blomquist, CEO
henrik.blomquist@bure.se
Telephone: +46 (0) 8-614 00 20
Max Jonson, CFO
max.jonson@bure.se
Telephone +46 (0) 8-614 00 20
Attachments
Interim Report January - September 2020
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Bure Equity AB published this content on 05 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2020 07:46:01 UTC
Bure Equity AB is a Sweden-based investment company. The Company specializes in long-term owning, developing, as well as disposing listed and unlisted operating entities. Its holding portfolio comprises eight firms: Cavotec, an engineering group that delivers power transmission, distribution and control technologies to a range of areas; MedCap, which owns and develops companies involved in the Life Science sector; Mycronic, which designs and manufactures laser-based pattern generators that are used in the flexible electronics production; PartnerTech, providing product development, as well as production, logistics and aftermarket services; Vitrolife, a developer and producer of solutions for fertility treatment; XVIVO Perfusion AB, which focuses on organ, tissue and cell preservation in relation with transplantation; Investment AB Bure, which owns and manages leasing of locomotives; and Mercuri International, which offers sales and management training consultancy.