”As the world continues to grapple with the Covid-19 pandemic and its severe effects on a growing number of people and countries, the momentum in our digital businesses remained strong in the third quarter. In addition to a good operational development in many of our companies, global equity markets have also increasingly allocated capital into tech stocks, resulting in significant multiple expansion currently supporting our net asset value development.”
Key Strategic Highlights
- Zalando raised its full-year 2020 outlook on the back of exceptionally strong and profitable growth in the third quarter
- Livongo and Teladoc announced the intention to merge their businesses, creating an unmatched, comprehensive platform for virtual healthcare delivery
- Invested in Common, a residential brand and tech-enabled managed rental housing marketplace in the US, and thereby broadening our Consumer Services portfolio towards business models that reflect broader consumer trends
- Made our first investment in the Nordic healthcare space through an investment in
Joint Academy , a Swedish digital health company specialised in the treatment of chronic joint pain - Our healthcare and online food companies see continued strong demand and inflow of new customers, with indications of a more lasting shift in consumption patterns
- Continued negative impacts from Covid-19 in our travel and emerging market businesses
Investment Management Activities
- We remain focused on re-allocating capital dynamically to ensure our portfolio remains balanced and vibrant. In the quarter, we invested
SEK 732m in total, including:SEK 232m intoVillageMD as part of the funding round led by Walgreens Boots AllianceSEK 184m into CommonSEK 131m intoJoint Academy SEK 114m into Omio, in connection with the company's convertible loan raise
- The extra dividend of
SEK 1.9bn from the Zalando selldown was distributed to shareholders during the quarter - We divested our 12% shareholding in Home24, generating net proceeds of
EUR 21m , and completed our Qliro Group exit by swapping our residual stake for shares in MatHem
Financial Position
- NAV of
SEK 107.9bn (SEK 388 per share), upSEK 20.3bn or 23% in the quarter, adding back paid dividend ofSEK 1.9bn - Net cash position of
SEK 3.0bn , corresponding to 2.9% of portfolio value by quarter-end. Adjusting for the dividends received from Tele2 in early October, our net cash position amounted toSEK 4.2bn
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, www.kinnevik.com.
Link to the audiocast: https://edge.media-server.com/mmc/p/xpb3qrkn
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:
SE: +46 8 566 426 51
US: +1 631 913 1422
Confirmation code: 64229483#
This information is information that
For further information, visit www.kinnevik.com or contact:
Phone +46 (0)70 762 00 50
Email press@kinnevik.com
Attachment
- Interim Report 1 January -
30 September 2020
© OMX, source