Interim report January – September 2021

  • Net asset value was SEK 305.9 per share compared to SEK 239.6 at the beginning of the year, corresponding an increase of 27.7 per cent.
  • Bure’s net asset value was SEK 22,681M compared to SEK 17,763M at the beginning of the year.
  • Total return on the Bure share was 24.4 per cent, while the SIX Return Index increased 24.0 per cent.
  • Group earnings after tax amounted to SEK 5,081M (2,536). Earnings per share amounted to SEK 68.4 (35.7).

Interim report July – September 2021

  • Net asset value was SEK 305.9 per share compared to SEK 287.0 at the beginning of the quarter, corresponding to an increase of 6.6 per cent.
  • Vitrolife entered into an agreement to acquire 100 per cent of shares in Igenomix for EUR 1,25M (SEK 12.7 billion). During the quarter, a directed rights issue of SEK 3.6 billion was made to part-finance the acquisition. Bure acquired shares for SEK 41M from the issue. Igenomix is a global leader in female health and tests for reproductive genetics for IVF clinics. The transaction was financed with rights issues, cash and cash equivalents, and bank credits. Bure also entered into an agreement to acquire shares in Vitrolife from the sellers of Igenomix for SEK 305M.
  • Bure acquired shares in Ovzon’s rights issue for SEK 32M.
  • Bure divested shares in MedCap for SEK 279M.

Subsequent events

  • Net asset value amounted to 310.6 per share on 10 November 2021, corresponding to an increase of 29.6 per cent since the beginning of the year.
  • Vitrolife held an extraordinary general meeting which voted to approve the Board’s proposal for a non-cash issue of approximately SEK 6.4 billion for partial financing of the Igenomix acquisition.
  • In October 2021, XVIVO entered into an agreement to acquire Star Teams Inc. in the United States, for an initial purchase price of USD 12.6M plus a potential additional purchase price of up to USD 13.8M. Star Team collects and delivers organs to transplant centres around the US. The acquisition was financed through a directed rights issue, which raised SEK 250M before transaction costs. Bure acquired shares in the rights issue for SEK 15 million.

Comments from the CEO

Bure’s net asset value per share increased 6.6 per cent during the quarter, while the SIX RX Index increased 1.8 per cent. However, there were fairly significant net asset value changes throughout the period. Performance was especially strong during the summer, although in September we saw a modest decline in the stock market which affected several of Bure’s listed companies.

Our portfolio companies’ quarterly reports were broadly in line with expectations. Vitrolife continued to perform strongly. All of Vitrolife’s business areas reported growth, but sales increased most in the Technology business unit, by 81 per cent. Vitrolife’s acquisition of Igenomix was well received by the stock market. The share increased 29.9 per cent during the quarter, making it the single largest driver of the increase in Bure’s net asset value. However, the transaction is yet to receive final regulatory approval, which is expected in the fourth quarter. With the acquisition, Vitrolife’s ownership structure will be strengthened with, for example, a number of new major Swedish institutions participating in the financing of the acquisition.

In September, the remaining shares in MedCap were divested. With the transaction, Bure has sold its entire holding of three million shares for approximately SEK 600M. The majority of the investment in MedCap was made 9 years ago, in 2012. Since then, Bure has been represented on the MedCap board and it is gratifying to note that this has been a successful investment for Bure with an annual return, known as IRR, of around 37 per cent.

Lastly, after the end of the period, net asset value per share has increased and to date has risen by 33.9 per cent.

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

This information is information that Bure Equity AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2021-11-11 08:30 CET.

Attachments

Interim Q3 2021

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