VNV Global AB (publ) Financial Report for the Fourth Quarter and Twelve-Month Period 2020
Financial Report for the Fourth Quarter and Twelve-Month Period 2020
Net asset value (NAV) and financial results | Financial results for the fourth quarter 2020 | Key events during the quarter |
for the twelve-month period 2020 | Net result for the quarter was USD 177.29 mln (87.21). | October 1, 2020-December 31, 2020 |
The VNV Global AB (publ) ("VNV Global") group's net | Earnings per share were USD 1.86 (1.12). | On November 30, 2020, VNV Global announced that |
asset value was USD 1,080.23 million (mln) on December | USD 12.9 mln has been invested, through Piton Capital, | |
31, 2020 (December 31, 2019: 776.98), corresponding | in HungryPanda, the global leader in online Asian food | |
to USD 11.36 per share (December 31, 2019: 9.94). | delivery. HungryPanda is available to customers in | |
Given a SEK/USD exchange rate of 8.1772 the NAV | Australia, Canada, France, New Zealand, the UK and US. | |
was SEK 8,833.34 mln (December 31, 2019: 7,239.24) | On December 17, 2020, VNV Global announced that | |
and SEK 92.91 per share (December 31, 2019: 92.63), | it led a USD 100 mln financing in Babylon with a USD 35 | |
respectively. | mln investment. The full USD 100 mln round was invest- | |
The group's NAV per share in USD, adjusting for | ed in Babylon through Global Health Equity AB (publ) | |
the 2020 rights issue, increased by 22.2%. The value | ("Global Health Equity"), a newly established company | |
change in the portfolio is mainly driven by positive reval- | for this investment in Babylon. Following the transaction, | |
uations of Babylon and Gett, and negative revaluation of | VNV Global owns 37.4% of Global Health Equity. | |
BlaBlaCar. | During the fourth quarter 2020, VNV Global made | |
Net result for the period was USD 206.93 mln | follow-on investments of USD 7.4 mln in Voi and USD 6.0 | |
(January 1, 2019-December 31, 2019: 163.68). | mln in Booksy. | |
Earnings per share were USD 2.38 (2.08). |
Key events after the end of the period
An Extraordinary General Meeting in VNV Global held on January 13, 2021 resolved in accordance with the Board's proposals to amend the articles of association, to authorize repurchase of own shares, to authorize the issue of shares, and to issue new incentive shares to the participants of VNV Global's long-term incentive programs LTIP 2019 and LTIP 2020 as compensation for the dilutive effect of the rights issue 2020.
The Company will hold a telephone conference with an interactive presentation at 15:00 CET (09:00 a.m. ET) Thursday, January 28. For call-in details, see separate press release issued Monday, January 25, at www.vnv.global.
2
Management report
There we go, the last quarter of that very peculiar year is | |
done and dusted. A very volatile year where the overall | |
portfolio has weathered the storms well and where | |
Babylon and Voi have contributed a lot for obvious | |
reasons. Overall, the NAV per share was up 22% in | |
USD terms. We were very active in funding our port- | |
folio companies as well as engaging in a series of new | |
investments, especially through our newly started scout | |
program. We completed a rights issue during the sum- | |
mer, changed our name, moved home to Sweden after | |
22 years in the Atlantic. Feels super good. | |
As has been clear for a while our largest investments | |
today are Babylon, BlaBlaCar, Voi and Gett, and these | |
are naturally the largest contributors to the movement of | |
Per Brilioth, Managing Director | our share price in the short to medium term. We believe |
Photo: Tobias Ohls | all of them provide large upside potential. However, in the |
same way that these four holdings were small in relation | |
to Avito until early 2019, we believe there is plenty to look | |
forward to in the rest of the portfolio that overtime will | |
grow into a size where they also will be important con- | |
tributors. Three exciting next generation holdings in the | |
portfolio are SWVL, Dostavista and Booksy. While small | |
in the shadow of the four big ones today I believe they all | |
have the potential to double and then double again over | |
the next 3-4 years upon which they collectively could be | |
worth some USD 500 mln, and thus be very important | |
contributors to the share price. SWVL presented at our | |
CMD and I would encourage you to look at the founder | |
Mostafa Kandil's presentation. At our next CMD we will | |
endeavor to have both Booksy and Dostavista present. |
Many of you know that I am a tennis maniac, so here we go on me trying to map our portfolio in tennis players. Google, Facebook and Amazon are the super established stars like Federer, Nadal, Djokovic and Serena Williams. Our "old" darling of Avito is up there with those, maybe
a Dominic Thiem? We don't have those in our portfolio as we are looking for more emerging players with more upside movement. Babylon, BlaBlaCar, Voi and Gett are established but still have their best in front of them. Much like Zverev, Tsitsipas, Medvedev and Naomi Osaka, all top talents in the world but still to dominate. They will for sure win many many grand slams and each of them has the opportunity to become the biggest in the world, a number one.
Below our lead quartet of stars we have the nextgen crowd of SWVL, Dostavista and Booksy. In the tennis world these are Jannik Sinner, Sebastian Korda, Lorenzo Mussetti or Cori Gauff. Higher risk here, we don't know for certain that they will reach number one but they are for sure out there swinging with that ambition.
However, our portfolio is also full of juniors, players that are yet to even reach the top hundred. The best junior in the world is the Dane Holger Rune. On the girl side we find another Dane: Clara Tauson. We have a dozen Holger Runes and Clara Tausons in the portfolio. Look them up when you are next tuning in to a tennis tournament and you will be amazed how these teenagers play…
Booksy
During the quarter we participated in a new funding round at Booksy. We put in another USD 6 mln as part of a USD 70 mln round led by Cat Rock Capital. This funding round comes on the back of a 1500% revenue increase over the last three years and the recent merger with Versum. The Booksy app now has more than 13 million consumers actively using the app. We are super excited about Booksy and look forward to continue to support them over the coming years.
Voi
Voi pulled away from the rest of the European e-scooter crowd by killing it in the UK and thus became the target for US 800k gorilla investment capital. The company closed a USD 160 mln funding round led by Raine Growth.
We have invested in Voi since 2018 and we continue to be impressed by the speed at which the team is iterating and improving on product and operations. We see Voi as the winner in this multi-billion dollar industry and consider ourselves fully part of the team. We have won the most contracts with cities, we are winning against the competition in pretty much all markets and, with this financing round, we have the capital to deliver on our growth vision. 2021 will be an exciting year.
Through a combination of advanced e-scooter technology, increased rider adoption and better operational practices, Voi achieved significantly more rides per active scooter than ever before. By introducing swappable batteries, integrating more sustainable fleet management infrastructure and switching to renewable energy to power our operations wherever possible, Voi has reduced the already minimal environmental impact of e-scooters even further. This funding will help us to continue to offer an efficient and sustainable e-scooter service, while providing people with mobility they can rely on.
Babylon
During the quarter we announced a USD 100 mln financing in Babylon Holdings Limited ("Babylon") with a USD 35 mln investment, primarily in the form of convertible notes. The convertible notes are expected to convert into equity in connection with Babylon's next equity financ- ing. The full USD 100 mln round has been invested in Babylon through Global Health Equity AB (publ) ("Global Health Equity"), a newly established SPV to VNV Global. Following the transaction, VNV Global owns 37.4% of Global health Equity.
3
Management report
We are excited to invest additional capital in Babylon alongside other new investors. All in all, we have now invested almost USD 128 mln from our own balance sheet and another USD 65 mln have been invested from other investors in Babylon through Global Health Equity. This financing will allow Babylon to continue to fuel its strong growth that we have seen since their series C fundraising in 2019. We look forward to continuing to support Babylon and believe that the visibility into the company's vast potential will increase significantly over 2021 and beyond.
This raise is positive for VNV Global for a variety of reasons:
- Our largest holding gets funded.
- VNV Global shareholders enjoy the leverage from the compensation structure that we receive from the SPV.
- We establish yet another funding route for our portfo- lio companies which I believe will open up more later stage deal flow for us to look at.
2021
What does 2021 hold in store for us? Well the outlook certainly seems a little brighter than over the past 9 or so months. The vaccine rollout is starting to gain momentum and hopefully it helps bring us back to some sort of normality.
On the back of this improved outlook, we enter 2021 with a strong pipeline of potential investment opportuni- ties, both within the existing portfolio as well as in a few new names.
I am very excited by our portfolio, and sense strong performance both from the large contributors of 2020 and from the constituents that have had a slower year on the back of covid. The mobility plays that have been slowed on the back of covid are all in a strong position relative to their competitors and hence have opportunities to be aggressive in this hopefully last inning of the pandemic before the vaccine fights it down.
We are also seeing interesting new deal flow. Both in the existing macros but increasingly also in the intersection of network effects and climate change. We have done a couple of investments during the past year which fits here, they are small and we will be able to talk more about them later. My sense is that there are more to come. Companies that check the box of their product becoming better with every new user, high barriers to entry are being built and that are in demand because of their markets increasingly need to operate as climate efficiently as possible.
Thanks for being with us on this journey. And here's to either Medvedev, Tsitsipas, Zverev or Osaka reaching number one, to Lorenso Musseti, Sebastian Korda, Cori Gauff and especially Jannik Sinner going into top ten and most exciting to see the Danish youngsters beat up one of the established players and enter top 100.
Finally, here in the dawn of 2021 when we depart a dark period like then one we have been through and looking onto a brighter 2021, reciting Amanda Gorman's poem from last week seems relevant (also in many ways for the investment style we run):
"For there is always light,
if only we're brave enough to see it. If only we're brave enough to be it."
4
Investment portfolio
The VNV Global investment portfolio /December 31, 2020/
Category | Category | Category | Category | ||||||||
Mobility | Digital Health | Marketplace | Other | ||||||||
43.9% | 35.9% | 16.7% | 3.5% | ||||||||
Company | Company | Company | Company | ||||||||
BlaBlaCar | 15.0% | Babylon | 33.7% | Property Finder | 3.5% | Cash and cash equivalents | 2.0% | ||||
Voi | 10.8% | Numan | 0.8% | Hemnet | 3.4% | Glovo | 0.5% | ||||
Gett | 9.1% | Yoppie | 0.5% | Booksy | 2.9% | YouScan | 0.5% | ||||
Dostavista | 2.9% | Vezeeta | 0.4% | HungryPanda | 1.1% | Liquidity management | 0.2% | ||||
SWVL | 2.6% | Grace Health | 0.2% | Wallapop | 1.1% | Marley Spoon | 0.2% | ||||
OneTwoTrip | 2.2% | Napopravku | 0.2% | Inturn | 1.1% | VNV Pioneer | 0.1% | ||||
Monopoliya | 0.7% | DOC+ | 0.1% | HousingAnywhere | 1.0% | Olio | 0.1% | ||||
Shohoz | 0.6% | El Basharsoft | 0.9% | ||||||||
Merro | 0.6% | ||||||||||
JamesEdition | 0.3% | ||||||||||
Naseeb Networks | 0.3% | ||||||||||
Shwe Property | 0.1% | ||||||||||
Alva | 0.1% | ||||||||||
Dubicars | 0.1% | ||||||||||
JobNet | 0.1% | ||||||||||
Agente Imóvel | 0.1% |
5
Portfolio structure
- Net Asset Value
The investment portfolio stated at fair market value as at 12M 2020, is shown below.
/Expressed in USD thousands/ | |||||||||
Category | Company | Fair value, | Investments/ | Fair value | Valuation change | Fair value, | Percentage | Ownership | Valuation |
12/31/2020 | Disposals | change | per share | 12/31/2019 | weight | method | |||
Digital Health | Babylon | 353,541 | - | 153,541 | 77% | 200,000 | 29.8% | 10.6% | Revenue multiple |
Digital Health | Babylon1 | 45,729 | 35,229 | 10,500 | 30% | - | 3.9% | Revenue multiple | |
Mobility | BlaBlaCar | 178,482 | - | -30,972 | -15% | 209,454 | 15.0% | 8.7% | Revenue multiple |
Mobility | Voi | 128,627 | 17,366 | 8,827 | 7% | 102,434 | 10.8% | 25.5% | Latest transaction |
Mobility | Gett | 108,306 | 5,300 | 28,153 | 30% | 74,853 | 9.1% | 5.6% | Revenue multiple |
Marketplace | Property Finder | 41,235 | - | -6,649 | -14% | 47,883 | 3.5% | 9.5% | Revenue multiple |
Marketplace | Hemnet2 | 40,832 | - | 14,986 | 58% | 25,845 | 3.4% | 6.0% | EBITDA multiple |
Marketplace | Booksy | 34,957 | 5,999 | 16,027 | 127% | 12,931 | 2.9% | 10.4% | Latest transaction |
Mobility | SWVL | 30,382 | 7,002 | 7,378 | 43% | 16,002 | 2.6% | 12.5% | Revenue multiple |
Mobility | Dostavista | 29,025 | 1,000 | 16,464 | 131% | 11,561 | 2.4% | 16.5% | Revenue multiple |
Mobility | OneTwoTrip | 25,579 | - | -3,074 | -11% | 28,653 | 2.2% | 21.1% | Revenue multiple |
Marketplace | HungryPanda | 12,894 | 12,894 | - | 0% | - | 1.1% | 4.0% | Latest transaction |
Marketplace | Wallapop | 12,850 | - | 5,502 | 75% | 7,347 | 1.1% | 2.4% | Revenue multiple |
Marketplace | Inturn | 12,538 | 11,230 | 1,308 | 12% | - | 1.1% | 10.1% | Latest transaction |
Marketplace | HousingAnywhere | 11,683 | 3,315 | 2,003 | 26% | 6,366 | 1.0% | 29.4% | Latest transaction |
Other equity investments3 | 84,944 | 17,139 | 7,980 | 1% | 59,825 | 7.1% | |||
Other convertible notes3 | 9,193 | 1,642 | 385 | 0% | 7,167 | 0.8% | |||
Other | Liquidity management | 2,121 | -18,826 | 287 | 0% | 20,660 | 0.2% | ||
Investment portfolio | 1,162,916 | 99,290 | 232,645 | 830,982 | 98.0% | ||||
Other | Cash and cash equivalents | 23,321 | 18,855 | 2.0% | |||||
Total investment portfolio | 1,186,237 | 849,836 | 100.0% | ||||||
Borrowings | -98,362 | -68,582 | |||||||
Other net receivables/liabilities | -7,641 | -4,270 | |||||||
Total NAV | 1,080,234 | 776,984 |
- Holding through Global Health Equity AB.
- Indirect holding through YSaphis S.A. and Sprints Capital Rob R Partners S.A.
- For further details on the holdings, see Note 3.
6
Portfolio structure
- Net Asset Value
Change in financial assets at fair value through profit or loss per Q4 2020, is shown below.
/Expressed in USD thousands/ | |||||||||
Category | Company | Fair value, | Investments/ | Fair value | Valuation change | Fair value, | Percentage | Ownership | Valuation |
12/31/2020 | Disposals | change | per share | 09/30/2020 | weight | method | |||
Digital Health | Babylon | 353,541 | - | 66,170 | 23% | 287,371 | 29.8% | 10.6% | Revenue multiple |
Digital Health | Babylon1 | 45,729 | 35,229 | 10,500 | 30% | - | 3.9% | Revenue multiple | |
Mobility | BlaBlaCar | 178,482 | - | -11,669 | -6% | 190,151 | 15.0% | 8.7% | Revenue multiple |
Mobility | Voi | 128,627 | 7,366 | 44,150 | 53% | 77,111 | 10.8% | 25.5% | Latest transaction |
Mobility | Gett | 108,306 | - | 17,254 | 18% | 91,052 | 9.1% | 5.6% | Revenue multiple |
Marketplace | Property Finder | 41,235 | - | -2,909 | -7% | 44,143 | 3.5% | 9.5% | Revenue multiple |
Marketplace | Hemnet2 | 40,832 | - | 12,320 | 43% | 28,512 | 3.4% | 6.0% | EBITDA multiple |
Marketplace | Booksy | 34,957 | 5,999 | 14,430 | 102% | 14,528 | 2.9% | 10.4% | Latest transaction |
Mobility | SWVL | 30,382 | - | 3,945 | 15% | 26,437 | 2.6% | 12.5% | Revenue multiple |
Mobility | Dostavista | 29,025 | - | 16,464 | 131% | 12,561 | 2.4% | 16.5% | Revenue multiple |
Mobility | OneTwoTrip | 25,579 | - | 4,437 | 21% | 21,142 | 2.2% | 21.1% | Revenue multiple |
Marketplace | HungryPanda | 12,894 | 12,894 | - | 0% | - | 1.1% | 4.0% | Latest transaction |
Marketplace | Wallapop | 12,850 | - | 4,293 | 50% | 8,556 | 1.1% | 2.4% | Revenue multiple |
Marketplace | Inturn | 12,538 | - | - | 0% | 12,538 | 1.1% | 10.1% | Latest transaction |
Marketplace | HousingAnywhere | 11,683 | - | 1,721 | 17% | 9,962 | 1.0% | 29.4% | Latest transaction |
Other equity investments3 | 84,944 | 5,146 | 6,974 | 12% | 72,824 | 7.1% | |||
Other convertible notes3 | 9,193 | 7,600 | 131 | 0% | 1,463 | 0.8% | |||
Other | Liquidity management | 2,121 | -13,756 | 108 | 0% | 15,768 | 0.2% | ||
Investment portfolio | 1,162,916 | 60,478 | 188,319 | 914,119 | 98.0% | ||||
Other | Cash and cash equivalents | 23,321 | 80,599 | 2.0% | |||||
Total investment portfolio | 1,186,237 | 994,717 | 100.0% | ||||||
Borrowings | -98,362 | -88,966 | |||||||
Other net receivables/liabilities | -7,641 | -3,083 | |||||||
Total NAV | 1,080,234 | 902,669 |
- Holding through Global Health Equity AB.
- Indirect holding through YSaphis S.A. and Sprints Capital Rob R Partners S.A.
- For further details on the holdings, see Note 3.
7
Portfolio events
Investment activities during the twelve-month period During the twelve-month period 2020, net investments in financial assets, excluding liquidity management investments, were USD 121.68 mln (2019: 215.67) and proceeds from sales, excluding liquidity management investments, were USD 2.31 mln (2019: 539.87).
For further information about the portfolio companies please see: VNV Global's website
Current portfolio
During the fourth quarter of 2020, global markets have continued to see volatility on the back of the global outbreak of Covid-19 earlier in 2020. During the quarter most countries saw increased infection levels as well as reimposed restrictions but at the same time, positive news flow regarding vaccine development and roll out, kept market sentiment positive. VNV Global's portfolio companies, to various degrees, have seen direct and indirect effects on their operations due to Covid-19.
Babylon
During 2020, Babylon has continued to expand its services across markets and have also continued to see an elevated demand of their services on the back of Covid-
19. In the US, Babylon has launched clinical services to approx. 3 million Americans in California, New York, Iowa, Missouri and Nevada with more to come. Babylon also launched a partnership with Mount Sinai Health Partners to serve 8.6 million New Yorkers. Babylon also expanded its service in Southeast Asia to six additional countries, now covering nearly 10 million Prudential members.
Babylon also invested in Higi, a consumer health engagement company, to increase access to Babylon services through 10k community and retail units within 5 miles of over 75% of the US population.
In the UK, Babylon is now the largest and fastest growing GP practice with some 92k connected patients. During the fourth quarter 2020, Babylon delivered
11.5k daily consultations, up 49.4% yoy. Global regis- trations reached 6.7 million, up from 3.8 million as per year-end 2019.
BlaBlaCar
Due to the different measures governments across Europe have introduced to limit the spread of Covid-19, BlaBlaCar has seen direct negative effects on the activity on their platform during 2020. In March, BlaBlaCar temporarily suspended all bus operations, on the back of this situation and is expected to resume operations as soon as practically. BlaBlaCar's main ride-sharing business has continued to operate, but given the measures in place across Europe during the second quarter, activity was very low in April/May. In June 2020, search intent on the BlaBlaCar platform in Spain and France recovered and surpassed levels during the same period in 2019. Recovery progressed throughout 2H20 but saw a slowdown due to second wave-related restrictions towards the end of 2020. BlaBlaCar has a strong financial position and has taken well balanced decisions during these volatile times, throughout 2020.
BlaBlaCar ended the fourth quarter with 102.0 mln members. During the fourth quarter of 2020 BlaBlaCar noted 20.7 mln passengers, which is a -42.7% decrease on the same quarter in 2019, but an increase of 44.8% compared with the third quarter 2020, severely impacted by new Covid-19 related lockdowns that effectively paused BlaBlaBus during November and December 2020.
Voi
During the fourth quarter 2020, Voi announced a new USD 160 mln funding round led by Raine Growth. VNV Global participated with a smaller ticket and remains the largest shareholder with 25.5% fully diluted. During the fourth quarter Voi continued to perform well and won several new licenses, primarily in the UK, where the company has a strong market leading position. Despite increased Covid-19 related restrictions during 4Q20 across Europe, Voi grew the number of rides by 50% compared to the same quarter 2019. Total number of rides were up 35% during the full year compared to the
full year 2019. At year-end 2020, Voi estimates that they have a pan-European market share of licensed scooters of >50%, including approx. 80% in the UK.
Gett
During the fourth quarter, Gett raised an addition USD
15 mln as an extension of the previously communicated USD 100 mln fundraising during 2020. Despite Covid- 19, the company performed according to its pre-Covid budget. Gett is continuing its transformation to become a B2B SaaS business solely focused on corporate ground transportation. With this transformation, Gett is less of a competitor to the consumer focused ride hailing businesses and is instead using their supply on its platform, e.g. Lyft in the US.
Booksy
During the fourth quarter 2020, Booksy closed a new larger USD 70 mln funding round, that significantly revalued the company compared to VNV Global's earlier mark. VNV Global participated with USD 6.0 mln in the round. The company has performed well during 2020 despite negative impact due to Covid-related restrictions.
New investments during the fourth quarter HungryPanda
During the fourth quarter, VNV Global invested, through Piton Capital, USD 12.9 mln in HungryPanda, the global leader in online Asian food delivery outside Asia. Hungry Panda is available to customers in Australia, Canada, France, New Zealand, the UK and US.
Liquidity management
The Company also has investments in money market funds, as part of its liquidity management operations. As per December 31, 2020, the liquidity management investments are valued at USD 2.12 mln (2019: 20.66), based on the latest NAV of each fund and bond's market value.
8
Financial information
The comparative last year figures presented in this financial report are attributable to the VNV Global Ltd. Group with VNV Global Ltd. as the former parent company.
Group - results for the twelve-month period 2020 and net asset value
During the period, the result from financial assets at fair value through profit or loss amounted to USD 232.64 mln (2019: 206.89) mainly derived from Babylon and Gett.
Net operating expenses (defined as operating expenses less other operating income) amounted to USD -9.92 mln (2019: -33.30). Last year's increase in net operating expenses is mainly related to one-time extraordinary bonus following the successful exit of Avito.
Net financial items were USD -15.38 mln (2019: -9.67), mainly related to SEK/USD appreciation.
Net result for the period was USD 206.93 mln (2019: 163.68).
Total shareholders' equity amounted to USD 1,080.23 mln on December 31, 2020 (December 31, 2019: 776.98).
Liquid assets
Cash and cash equivalents of the group amounted to USD 23.32 mln (December 31, 2019: 18.86). The liquid asset investments, USD 2.12 mln (2019: 20.66), are in money market funds, as part of its liquidity management operations.
Group - results for the fourth quarter 2020
During the fourth quarter, the result from financial assets at fair value through profit or loss amounted to USD
188.32 mln (2019: 93.43) related to general positive value changes in the entire portfolio, with the exception of BlaBlaCar.
Net operating expenses (defined as operating expenses less other operating income) amounted to USD -3.58 mln (2019: -4.55).
Net financial items were USD -7.04 mln (2019: -1.43), mainly related to SEK/USD appreciation.
Net result for the quarter was USD 177.29 mln (2019: 87.21).
Dividend proposal
The Board of Directors proposes no dividend to the shareholders for fiscal year 2020.
Covid-19 impact on the investment portfolio
During 2020, global markets have continued to see volatility on the back of the global outbreak of Covid-19 and everyday life in most cities and countries was disrupted due to the virus and related actions taken by governments to prevent further spread starting in late 1Q20. VNV Global's portfolio companies, to various degrees, have seen direct and indirect effects on their operations due to Covid-19 to date and differs from company to company. During 2020, mobility and travel-related businesses have, as an example, seen a direct negative effect given the significant impact on domestic and international travel (both ground and air) across the globe, while businesses in the digital health space currently are seeing unprecedented demand for their services and products. During the fourth quarter 2020, the vast majority of revaluations have been driven by expanding market multiples.
Risks and risk management
For a more detailed description of risks and risk manage- ment, please see the section "Business combinations under common control" within the financial report H1 2020.
9
Income statements
Group
/Expressed in USD thousands/ | 12M 2020 | 12M 2019 | Q4 2020 | Q4 2019 |
Result from financial assets at fair value through profit or loss¹ | 232,645 | 206,890 | 188,319 | 93,432 |
Other operating income | 286 | 336 | 37 | 114 |
Operating expenses | -10,210 | -33,641 | -3,621 | -4,667 |
Operating result | 222,721 | 173,585 | 184,735 | 88,879 |
Financial income and expenses | ||||
Interest income | 176 | 756 | 10 | 279 |
Interest expense | -5,370 | -5,234 | -1,581 | -1,212 |
Currency exchange gains/losses, net | -10,194 | -5,189 | -5,470 | -494 |
Net financial items | -15,388 | -9,667 | -7,041 | -1,427 |
Result before tax | 207,333 | 163,918 | 177,694 | 87,452 |
Taxation | -405 | -241 | -405 | -241 |
Net result for the financial period | 206,928 | 163,677 | 177,289 | 87,211 |
Earnings per share (in USD) | 2.38 | 2.08 | 1.86 | 1.12 |
Diluted earnings per share (in USD) | 2.35 | 2.07 | 1.83 | 1.11 |
1. Financial assets at fair value through profit or loss are carried at fair value. Gains or losses arising from changes in the fair value of the 'financial assets at fair value through profit or loss' category are presented in the income statement within 'Result from financial assets at fair value through profit or loss' in the period in which they arise.
Statement of comprehensive income | ||||
/Expressed in USD thousands/ | 12M 2020 | 12M 2019 | Q4 2020 | Q4 2019 |
Net result for the financial period | 206,928 | 163,677 | 177,289 | 87,211 |
Other comprehensive income for the period | ||||
Items that may be classified subsequently to profit or loss: | ||||
Currency translation differences | - | -45 | - | 74 |
Total other comprehensive income for the period | - | -45 | - | 74 |
Total comprehensive income for the period | 206,928 | 163,632 | 177,289 | 87,285 |
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Balance sheet
Group
/Expressed in USD thousands/ | 12/31/2020 | 12/31/2019 |
Non-current assets | ||
Tangible non-current assets | ||
Property, plant and equipment | 827 | 1,080 |
Total tangible non-current assets | 827 | 1,080 |
Financial non-current assets | ||
Financial assets at fair value through profit or loss | 1,162,916 | 830,982 |
Total financial non-current assets | 1,162,916 | 830,982 |
Current assets | ||
Cash and cash equivalents | 23,321 | 18,855 |
Tax receivables | 378 | 523 |
Other current receivables | 1,125 | 428 |
Total current assets | 24,824 | 19,806 |
Total assets | 1,188,567 | 851,868 |
/Expressed in USD thousands/ | 12/31/2020 | 12/31/2019 |
Shareholders' equity (including | ||
net result for the financial period) | 1,080,234 | 776,984 |
Non-current liabilities | ||
Interest bearing liabilities | ||
Long-term debts and leasing liabilities | 98,743 | 69,233 |
Total non-current liabilities | 98,743 | 69,233 |
Current liabilities | ||
Non-interest-bearing current liabilities | ||
Tax payables | 44 | 437 |
Other current liabilities and leasing liabilities | 4,952 | 1,503 |
Accrued expenses | 4,594 | 3,711 |
Total current liabilities | 9,590 | 5,651 |
Total shareholders' equity and liabilities | 1,188,567 | 851,868 |
11
Statement of Changes in Equity
Group
/Expressed in USD thousands/ | Note | Share capital | Additional paid in capital | Retained earnings | Total |
Balance at January 1, 2019 | 14 | - | 876,695 | 876,709 | |
Net result for the period January 1, 2019 to December 31, 2019 | - | - | 163,677 | 163,677 | |
Other comprehensive income for the period | |||||
Currency translation differences | - | - | -45 | -45 | |
Total comprehensive income for the period January 1, 2019 to December 31, 2019 | - | - | 163,632 | 163,632 | |
Transactions with owners: | |||||
Redemption program | - | - | -215,310 | -215,310 | |
Value of employee services: | |||||
- Share-based remuneration | - | - | 3,200 | 3,200 | |
- Share-basedlong-term incentive program | - | - | 2,739 | 2,739 | |
Buy-back of own shares | - | - | -53,986 | -53,986 | |
Total transactions with owners | - | - | -263,357 | -263,357 | |
Balance at December 31, 2019 | 14 | - | 776,970 | 776,984 | |
Balance at January 1, 2020 | 14 | - | 776,970 | 776,984 | |
Net result for the period January 1, 2020 to December 31, 2020 | - | - | 206,928 | 206,928 | |
Other comprehensive income for the period | |||||
Currency translation differences | - | - | - | - | |
Total comprehensive income for the period January 1, 2020 to December 31, 2020 | - | - | 206,928 | 206,928 | |
Transactions with owners: | |||||
Rights issue | 180 | 99,039 | - | 99,219 | |
Rights issue, cost | - | -3,994 | - | -3,994 | |
Bonus share issue | 775 | - | -775 | - | |
Value of employee services: | |||||
- Share-basedlong-term incentive program | 6 | 28 | - | 1,069 | 1,097 |
Total transactions with owners | 983 | 95,045 | 294 | 96,322 | |
Balance at December 31, 2020 | 997 | 95,045 | 984,192 | 1,080,234 |
12
Cash flow statements
Group
/Expressed in USD thousands/ | 12M 2020 | 12M 2019 | Q4 2020 | Q4 2019 |
Operating activities | ||||
Result before tax | 207,333 | 163,918 | 177,694 | 87,452 |
Adjustment for: | ||||
Interest income | -176 | -756 | -10 | -279 |
Interest expense | 5,370 | 5,234 | 1,581 | 1,212 |
Currency exchange gains/-losses | 10,194 | 5,189 | 5,470 | 494 |
Depreciation | 384 | 335 | 121 | 82 |
Result from financial assets at fair value through profit or loss | -232,645 | -206,890 | -188,319 | -93,432 |
Other non-cash adjustments | 1,253 | 7,126 | -1,224 | 2,576 |
Change in current receivables | -549 | 253 | -629 | 123 |
Change in current liabilities | 1,300 | -116 | 2,082 | -208 |
Net cash used in operating activities | -7,536 | -25,707 | -3,234 | -1,980 |
Investments in financial assets | -134,710 | -279,609 | -74,696 | -76,247 |
Sales of financial assets | 36,861 | 584,955 | 15,835 | 19,630 |
Dividend and coupon income | 1,222 | 3,065 | 1,100 | - |
Tax paid | -577 | -169 | -130 | -57 |
Net cash flow used in/from operating activities | -104,740 | 282,535 | -61,125 | -58,654 |
Investment activities | ||||
Net cash flow used in investment activities | - | - | - | - |
Financing activities | ||||
Rights issue, net | 95,225 | - | - | - |
Proceeds from borrowings | 15,551 | 65,012 | - | 65,012 |
Repayment of borrowings | - | -91,205 | - | - |
Interest paid for borrowings | -4,688 | -3,113 | -1,293 | - |
Repayment of lease liabilities | -302 | -343 | -79 | -84 |
Redemption program including transaction fees | - | -215,310 | - | - |
Proceeds from LTIP and options issued to employees | - | 1,118 | - | - |
Buy back of own shares | - | -53,986 | - | - |
Net cash flow from/used in financing activities | 105,786 | -297,827 | -1,372 | 64,928 |
Change in cash and cash equivalents | 1,046 | -15,292 | -62,497 | 6,274 |
Cash and cash equivalents at beginning of the period | 18,855 | 40,303 | 80,599 | 10,590 |
Exchange gains/losses on cash and cash equivalents | 3,420 | -6,156 | 5,219 | 1,991 |
Cash and cash equivalents at end of period | 23,321 | 18,855 | 23,321 | 18,855 |
13
Income statement
Parent
/Expressed in SEK thousands/ | 12M 2020 | 12M 2019 | Q4 2020 | Q4 2019 |
Result from financial assets at fair value through profit or loss | 1,472 | - | -4,252 | - |
Other operating income | 13,172 | 57,908 | 378 | 7,300 |
Operating expenses | -44,718 | -57,024 | -10,783 | -6,867 |
Operating result | -30,074 | 884 | -14,657 | 433 |
Financial income and expenses | ||||
Interest income | 19,692 | - | 8,855 | - |
Interest expense | -28,047 | - | -12,826 | - |
Currency exchange gains/losses, net | -5,141 | - | -9,451 | - |
Net financial items | -13,496 | - | 13,422 | - |
Result after financial items | -43,570 | 884 | -28,079 | 433 |
Appropriations | ||||
Group contribution | 604 | - | 604 | - |
Taxation | - | -569 | - | -569 |
Net result for the financial period | -42,966 | 315 | -27,475 | -136 |
Statement of comprehensive income | ||||
/Expressed in SEK thousands/ | 12M 2020 | 12M 2019 | Q4 2020 | Q4 2019 |
Net result for the financial period | -42,966 | 315 | -27,475 | -136 |
Total other comprehensive income for the period | - | - | - | - |
Total comprehensive income for the period | -42,966 | 315 | -27,475 | -136 |
14
Balance sheet
Parent
/Expressed in SEK thousands/ | 12/31/2020 | 12/31/2019 |
Non-current assets | ||
Tangible non-current assets | ||
Property, plant and equipment | 1,184 | 1,501 |
Total tangible non-current assets | 1,184 | 1,501 |
Financial non-current assets | ||
Shares in subsidiaries | 7,442,432 | - |
Financial assets at fair value through profit or loss | - | - |
Receivables from Group companies | 603,033 | 10,675 |
Total financial non-current assets | 8,045,465 | 10,675 |
Current assets | ||
Cash and cash equivalents | 166,558 | 1,194 |
Tax receivable | 3,076 | 2,507 |
Other current receivables | 934 | 1,944 |
Total current assets | 170,568 | 5,645 |
Total assets | 8,217,217 | 17,821 |
/Expressed in SEK thousands/ | 12/31/2020 | 12/31/2019 |
Shareholders' equity (including | ||
net result for the financial period) | 7,404,915 | 14,008 |
Non-current liabilities | ||
Interest bearing liabilities | ||
Long-term debts | 804,330 | - |
Total non-current liabilities | 804,330 | - |
Current liabilities | ||
Non-interest-bearing current liabilities | ||
Other current liabilities | 5,749 | 2,098 |
Accrued expenses | 2,223 | 1,715 |
Total current liabilities | 7,972 | 3,813 |
Total shareholders' equity and liabilities | 8,217,217 | 17,821 |
15
Statement of Changes in Equity
Parent
/Expressed in SEK thousands/ | Note | Share capital | Additional paid in capital | Retained earnings | Total |
Balance at January 1, 2019 | 100 | 43,430 | -32,055 | 11,475 | |
Net result for the period January 1, 2019 to December 31, 2019 | - | - | 315 | 315 | |
Total comprehensive income for the period January 1, 2019 to December 31, 2019 | - | - | 315 | 315 | |
Transactions with owners: | |||||
Shareholders contribution | - | 2,218 | - | 2,218 | |
Total transactions with owners | - | 2,218 | - | 2,218 | |
Balance at December 31, 2019 | 100 | 45,648 | -31,740 | 14,008 | |
Balance at January 1, 2020 | 100 | 45,648 | -31,740 | 14,008 | |
Net result for the period January 1, 2020 to December 31, 2020 | - | - | -42,966 | -42,966 | |
Total comprehensive income for the period January 1, 2020 to December 31, 2020 | - | - | -42,966 | -42,966 | |
Transactions with owners: | |||||
Reclassification due to redomestication | - | -45,648 | 45,648 | - | |
Rights issue | 1,585 | 869,950 | - | 871,535 | |
Rights issue, cost | - | -35,264 | - | -35,264 | |
Bonus share issue | 7,823 | - | -7,823 | - | |
Shareholder contribution | - | - | 6,596,075 | 6,596,075 | |
Value of employee services: | |||||
- Share-basedlong-term incentive program | 6 | 263 | - | 1,264 | 1,527 |
Total transactions with owners | 9,670 | 789,038 | 6,635,164 | 7,433,872 | |
Balance at December 31, 2020 | 9,770 | 834,686 | 6,560,458 | 7,404,915 |
16
Notes to the financial statements
⁄ Expressed in USD thousand unless indicated otherwise ⁄
Note 1
General information
VNV Global AB (publ) was incorporated in Stockholm on March 11, 2005. The common shares of VNV Global are listed on Nasdaq Stockholm, Mid Cap segment, with the ticker VNV. The common shares of VNV Global replaced the Swedish Depository Receipts representing shares in VNV Global Ltd. with effect as from June 29, 2020, in connection with the transfer of domicile of the group from Bermuda to Sweden.
As of December 31, 2020, the VNV Global Group consists of the Swedish parent company VNV Global AB (publ), three direct wholly owned subsidiar- ies, two indirect wholly owned companies through its subsidiaries and one controlled Dutch cooperative.
The financial year is January 1-December 31.
Parent company
The parent company VNV Global AB (publ) is a Swedish limited liability com- pany, incorporated in Sweden and operating under Swedish law. VNV Global AB (publ) owns directly or indirectly all the companies in the Group. The net result for the year was SEK -42.97 mln (2019: 0.31). Financial assets at fair value through profit or loss refers to liquidity management investments. The parent company had eight employees per December 31, 2020.
Accounting principles
This interim report has, for the Group, been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The financial reporting for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for legal enti- ties, issued by the Swedish Financial Reporting Board.
Under Swedish company regulations it is not allowed to report the Parent Company results in any other currency than Swedish Krona or Euro and consequently the Parent Company's financial information is reported in Swedish Krona and not the Group's reporting currency of US Dollar.
The capital reorganisation within the Group where VNV Global AB (publ) has become the new parent company is a transaction under common control. As such, the transaction is excluded from business combinations under IFRS 3 and will not affect the consolidated financial statements of the VNV Group. The accounting principles in the Financial report H1 2020/ section "Business combination under common control" sets out the principles for the Group and the Parent company.
The comparative figures for the consolidated financial statements presented in this financial report are attributable to the VNV Global Ltd. Group with VNV Global Ltd. as the former parent Company.
Note 2
Related party transactions
During the period, VNV Global has recognized the following related party transactions:
Operating expenses | Current liabilities | |||
12M 2020 | 12M 2019 | 12M 2020 | 12M 2019 | |
Key management and | ||||
Board of Directors1 | -3,183 | -20,080 | - | - |
1. Compensation paid or payable includes salary and accrued bonus to the management and remuneration to the Board members.
VNV Global has entered into agreements with Keith Richman, Victoria Grace and Josh Blachman, all Directors of VNV Global, for consultancy services above and beyond their duties as Directors in the Company in relation to current or prospective investments. The gross annual cost per contract is USD 0.1 mln.
The costs for the long-term incentive programs (LTIP 2018, LTIP 2019 and LTIP 2020) for the management amounted to USD 0.9 mln, excluding social taxes and bonus payments, during the twelve-month period 2020. See details of LTIP 2018, LTIP 2019 and LTIP 2020 in Note 6.
Note 3
Fair value estimation
The fair value of financial instruments is measured by level of the following fair value measurement hierarchy
- Quoted prices (unadjusted) in active markets for identical assets or liabili- ties (level 1).
- Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).
- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
See Financial report H1 2020/section "Business combination under control: Accounting policies" for more information.
The following table presents the group's assets that are measured at fair value at December 31, 2020.
Level 1 | Level 2 | Level 3 | Total balance | |
Financial assets at | ||||
fair value through | ||||
profit or loss | 4,191 | 246,243 | 912,482 | 1,162,916 |
Total assets | 4,191 | 246,243 | 912,482 | 1,162,916 |
The following table presents the group's assets that are measured at fair value at December 31, 2019.
Level 1 | Level 2 | Level 3 | Total balance | |
Financial assets at | ||||
fair value through | ||||
profit or loss | 20,828 | 384,914 | 425,240 | 830,982 |
Total assets | 20,828 | 384,914 | 425,240 | 830,982 |
17
Notes to the financial statements
The following table presents the group's changes of financial assets in level 3.
12M | |
Opening balance January 1, 2020 | 425,240 |
Transfers from level 3 | -2,447 |
Transfers to level 3 | 296,095 |
Change in fair value and other | 193,594 |
Closing balance December 31, 2020 | 912,482 |
Q4 | |
Opening balance October 1, 2020 | 765,764 |
Transfers from level 3 | -26,261 |
Transfers to level 3 | 47,789 |
Change in fair value and other | 125,190 |
Closing balance December 31, 2020 | 912,482 |
During the fourth quarter of 2020, VNV invested an additional USD 35.2 mln in Babylon through Global Health Equity AB which was already classified as a level 3 investment and Dostavista has been transferred from level 2 to level 3. The level 3 investments are either based on valuation models, usually using EBITDA and revenue multiples of comparable listed peers or transactions that include more uncertainty given the time elapsed since it closed or structure of the transactions.
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.
The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as
little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level
2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
Investments in assets that are not traded on any market will be held at fair value determined by recent transactions made at prevailing market condi- tions or different valuation models depending on the characteristics of the company as well as the nature and risks of the investment. These different techniques may include discounted cash flow valuation (DCF), exit-multiple valuation, also referred to as Leveraged Buyout (LBO) valuation, asset-based valuation as well as forward-looking multiples valuation based on compa- rable traded companies. Usually, transaction-based valuations are kept unchanged for a period of 12 months unless there is cause for a significant change in valuation. After 12 months, the Group usually derives fair value for non-traded assets through any of the models described above.
The validity of valuations based on a transaction is inevitably eroded over time, since the price at which the investment was made reflects the condi- tions that existed on the transaction date. At each reporting date, possible changes or events subsequent to the relevant transaction are assessed and if this assessment implies a change in the investment's fair value, the valuation is adjusted accordingly. No significant events in the portfolio companies, which have had an impact on the valuations, has occurred since the latest transactions except as described below. The transaction-based valuations are also frequently assessed using multiples of comparable traded compa- nies for each unlisted investment or other valuation models when warranted.
The outstanding convertible notes are valued at nominal value including accrued interest, which is deemed to correspond to fair value.
VNV Global follows a structured process in assessing the valuation of its unlisted investments. VNV Global evaluates company specific and external data relating to each specific investment on a monthly basis. The data is then assessed at monthly and quarterly valuation meetings by senior manage- ment. If internal or external factors are deemed to be significant further assessment is undertaken and the specific investment is revalued to the best fair value estimate. Revaluations are approved by the Board of Directors in connection with the Company's financial reports.
Babylon
As per December 31, 2020, VNV Global values its 10.6% direct ownership in Babylon, based on a forward-looking EV/Revenue model, at USD 353.5. mln. VNV Global has invested USD 92.6 mln in the company and it is classi-
fied as a level 3 investment. VNV Global has also invested USD 35.2 mln in Babylon through Global Health Equity AB and values its indirect exposure, classified as a level 3 investment, to USD 45.7 mln. On the back of Covid-19 the company has seen higher demand of its services and signed a number of new deals and expanded existing contracts.
The peer group includes 9 digital health related companies including Teladoc, PA Good Doctor and Oak Street Health, to name a few. The unadjusted median multiple of the peer group is 12.1x. The multiple used in the model has been discounted significantly to reflect the higher uncertainty in VNV Global's forward-looking revenue estimate compared with the more mature companies in the peer group. The revaluation during the fourth quarter 2020 is primarily driven by the expansion of market multiples.
BlaBlaCar
As per December 31, 2020, VNV Global values its 8.7% ownership in BlaBlaCar, based on a forward-looking EV/Revenue model, at USD 178.5 mln. VNV Global has invested USD 122.4 mln in the company and it is classified as a level 3 investment. The model looks at EV/Revenue multiples for a peer group including high margin marketplace businesses such as Auto Trader, REA Group, Head Hunter, to name a few that has been adjusted to better reflect BlaBlaCar's business model which comprise of both a high margin C2C market place and lower margin bus operations. The model has also been adjusted to reflect the direct negative impact of Covid-19 expected on the back of Covid-19.Short-term impacts include suspended bus operations across Europe because of city and nation-widelock-downs. The unadjusted median multiple of the peer group is 11.9x. The revaluation during the fourth quarter 2020 is primarily driven by a revised near-term sales forecast on the downside and FX movement on the upside.
Voi
As per December 31, 2020, VNV Global values Voi based on the latest funding round closed in December 2020. As per December 31, 2020, VNV Global has invested USD 78.1 mln in Voi Technology, the leading European free-floating electric scooter sharing service and owns 25.5% of the company on a fully diluted basis and classified as a level 2 investment. Voi performs well despite Covid-19 and expects continued growth in 2021. The company's long-term potential remains strong. The revaluation during the fourth quarter 2020 is driven by the recently closed transaction.
18
Notes to the financial statements
Gett
As per December 31, 2020, VNV Global values Gett based on a forward- looking revenue multiple-based valuation at USD 108.3 mln. VNV Global owns 5.6% of Gett on a fully diluted basis and deems the revenue multiple valuation, accounting for the company's preference structure is the best fair value estimate. The company is classified as a level 3 investment. Gett is on track to become cashflow positive despite Covid-19 impacts during 2021. The revaluation during the fourth quarter 2020 is primarily driven by a revised near-term sales forecast on the downside and market multiples expansion on the upside.
Property Finder
As per December 31, 2020, VNV Global values Property Finder at USD 41.2 mln based on a forward-looking revenue multiple-based valuation, classified as a level 3 investment. VNV Global owns 9.5% of Property Finder on a fully diluted basis and deems the revenue multiple valuation is the best fair value estimate. The unadjusted median multiple of the listed peer group is 12.0x.
Hemnet (through YSaphis S.A. and Sprints Capital Rob R Partners S.A.) As per December 31, 2020, Hemnet is valued at USD 40.8 mln and is classified as a level 3 investment, based on a forward-looking EV/EBITDA valuation model. EV/EBITDA is used as Hemnet is a mature and profitable company compared to many other investments in the VNV Global portfolio. The peer group's median multiple is 29.6x. The revaluation during the fourth quarter 2020 is primarily driven by an updated forward-looking EBITDA forecast.
Booksy
As per December 31, 2020, Booksy is valued at USD 34.9 mln and is classified as a level 2 investment based on the latest funding round closed in December 2020. The revaluation during the fourth quarter 2020 is driven by the recently closed transaction.
SWVL
As per December 31, 2020, SWVL is valued at USD 30.3 mln and is classified as a level 3 investment based on a forward-looking EV/revenue valuation model, although the latest transaction was in February 2020 where VNV Global invested USD 7.0 mln. The EV/Revenue valuation model looks at expected revenue, adjusted for Covid-19 related impacts, and the peer group consists of listed mobility and delivery business where the unadjusted median multiple of the peer group is 5.3x. The revaluation during the fourth quarter 2020 is primarily driven by expanding market multiples.
Dostavista
As per December 31, 2020, Dostavista is valued at USD 29.0 mln and is classified as a level 3 investment based on a forward-looking EV/revenue valuation model. The company has been developing according to plan and seen accelerating activity on the back of Covid-19. The revaluation during the fourth quarter 2020 is primarily driven by an updated sales forecast following good performance throughout 2020.
OneTwoTrip
As per December 31, 2020, OneTwoTrip is classified as a level 3 investment based on a forward-looking peer multiples model, valued at USD 25.6 mln. VNV Global owns 21.1% of the company on a fully diluted basis. Current global travel restrictions has had negative impact to the company. The unadjusted median multiple of the peer group is 5.1x. The revaluation during the fourth quarter 2020 is primarily driven by a revised near-term sales forecast on the downside and multiple expansion on the upside.
HungryPanda
As per December 31, 2020, HungryPanda, a leading food delivery marketplace for authentic Asian cuisine outside China, is valued at USD 12.9 mln and is classified as a level 2 investment based on a transaction in the company in 4Q20.
Wallapop
As per December 31, 2020, Wallapop is classified as a level 3 investment. VNV Global's indirect stake in the company is valued at USD 12.8 mln. As per December 31, 2020, VNV Global values its indirect investment into Wallapop as per a forward-looking revenue valuation model. The peer group's median multiple is 9.2x. The revaluation during the fourth quarter 2020 is primarily driven by a revised sales forecast on the upside and a multiple contraction on the downside.
Inturn
As per December 31, 2020, Inturn, a SaaS-enabled marketplace for excess inventory for retail and FMCG (fast-moving consumer goods), is valued at USD 12.5 mln and is classified as a level 2 investment based on a transaction in the company in 3Q20.
HousingAnywhere
As per December 31, 2020, HousingAnywhere is valued at USD 11.7 mln and classified as a level 2 investment. The valuation of the company is in line with the valuation as per the third quarter 2020.
Liquidity management (Level 1)
As per December 31, 2020, VNV Global owns USD 2.12 mln in money market funds and bonds as part of the Company's liquidity management operations. The funds and bonds are quoted daily and the fair value as per December 31, 2020, is the last published NAV as per end of December 2020.
Current liabilities
The book value for interest-bearing loans, accounts payable and other financial liabilities are deemed to correspond to the fair values.
19
Notes to the financial statements
The following table presents the group's sensitivity in level 3 valuations.
/Expressed in USD thousands/
Company | Investment amount | Ownership, % | Sensitivity valuation | Benchmark | ||||||
-15% | -10% | 2020 | +10% | +15% | ||||||
Babylon | 92,562 | 10.6 | 300,510 | 318,187 | 353,541 | 388,895 | 406,572 | Revenue multiple | ||
Babylon1 | 35,413 | 38,869 | 41,156 | 45,729 | 50,301 | 52,588 | Revenue multiple | |||
BlaBlaCar | 122,425 | 8.7 | 151,710 | 160,634 | 178,482 | 196,330 | 205,254 | Revenue multiple | ||
Gett | 57,880 | 5.6 | 92,060 | 97,475 | 108,306 | 119,137 | 124,552 | Revenue multiple | ||
Property Finder | 24,655 | 9.5 | 35,049 | 37,111 | 41,235 | 45,358 | 47,420 | Revenue multiple | ||
Hemnet2 | 10,118 | 6.0 | 34,707 | 36,748 | 40,832 | 44,915 | 46,956 | EBITDA multiple | ||
SWVL | 23,004 | 12.5 | 25,824 | 27,344 | 30,382 | 33,420 | 34,939 | Revenue multiple | ||
Dostavista | 12,561 | 16.5 | 24,671 | 26,122 | 29,025 | 31,927 | 33,378 | Revenue multiple | ||
OneTwoTrip | 20,654 | 21.1 | 21,742 | 23,021 | 25,579 | 28,137 | 29,416 | Revenue multiple | ||
Wallapop | 9,059 | 2.4 | 10,922 | 11,565 | 12,850 | 14,135 | 14,777 | Revenue multiple | ||
El Basharsoft (Wuzzuf and Forasna) | 3,801 | 23.7 | 7,780 | 8,238 | 9,153 | 10,068 | 10,526 | Revenue multiple | ||
Monopoliya | 9,372 | 9.1 | 6,997 | 7,409 | 8,232 | 9,055 | 9,466 | Gross Profit multiple | ||
Shohoz | 7,004 | 15.5 | 5,985 | 6,337 | 7,041 | 7,745 | 8,097 | Revenue multiple | ||
Merro | 8,763 | 22.6 | 5,601 | 5,931 | 6,590 | 7,249 | 7,578 | Revenue multiple | ||
YouScan3 | 8,094 | 33.2 | 4,680 | 4,955 | 5,506 | 6,057 | 6,332 | Revenue multiple | ||
JamesEdition | 3,341 | 27.6 | 3,528 | 3,735 | 4,150 | 4,566 | 4,773 | Revenue multiple | ||
Naseeb Networks (Rozee and Mihnati) | 4,500 | 24.3 | 3,061 | 3,241 | 3,601 | 3,961 | 4,141 | Revenue multiple | ||
DOC+ | 8,000 | 26.7 | 1,275 | 1,350 | 1,500 | 1,650 | 1,725 | Revenue multiple | ||
Agente Imóvel | 2,000 | 27.3 | 638 | 676 | 751 | 826 | 864 | Revenue multiple | ||
Total level 3 | 463,206 | 775,610 | 821,234 | 912,482 | 1,003,731 | 1,049,355 |
- Holding through Global Health Equity AB.
- Indirect holding through YSaphis S.A. and Sprints Capital Rob R Partners S.A.
- Reflects VNV Global's indirect shareholding in YouScan through a 33.2% holding in Kontakt East Holding AB, which owns 63% of YouScan.
20
Notes to the financial statements
Change in financial assets at fair value through profit or loss per 12M 2020 /Expressed in USD thousands/
Category | Company | Opening balance | Investments/ | FV change | Closing balance | Valuation method |
01/01/2020 | (disposals), net | 12/31/2020 | ||||
Digital Health | Babylon | 200,000 | - | 153,541 | 353,541 | Revenue multiple |
Digital Health | Babylon1 | - | 35,229 | 10,500 | 45,729 | Revenue multiple |
Mobility | BlaBlaCar | 209,454 | - | -30,972 | 178,482 | Revenue multiple |
Mobility | Voi | 102,434 | 17,366 | 8,827 | 128,627 | Latest transaction |
Mobility | Gett | 74,853 | 5,300 | 28,153 | 108,306 | Revenue multiple |
Marketplace | Property Finder | 47,883 | - | -6,649 | 41,235 | Revenue multiple |
Marketplace | Hemnet2 | 25,845 | - | 14,986 | 40,832 | EBITDA multiple |
Marketplace | Booksy | 12,931 | 5,999 | 16,027 | 34,957 | Latest transaction |
Mobility | SWVL | 16,002 | 7,002 | 7,378 | 30,382 | Revenue multiple |
Mobility | Dostavista | 11,561 | 1,000 | 16,464 | 29,025 | Revenue multiple |
Mobility | OneTwoTrip | 28,653 | - | -3,074 | 25,579 | Revenue multiple |
Marketplace | HungryPanda | - | 12,894 | - | 12,894 | Latest transaction |
Marketplace | Wallapop | 7,347 | - | 5,502 | 12,850 | Revenue multiple |
Marketplace | Inturn | - | 11,230 | 1,308 | 12,538 | Latest transaction |
Marketplace | HousingAnywhere | 6,366 | 3,315 | 2,003 | 11,683 | Latest transaction |
Marketplace | El Basharsoft (Wuzzuf and Forasna) | 8,630 | 16 | 507 | 9,153 | Revenue multiple |
Digital Health | Numan | 1,064 | 3,635 | 4,321 | 9,020 | Latest transaction |
Mobility | Monopoliya | 9,372 | - | -1,140 | 8,232 | Gross Profit multiple |
Mobility | Shohoz | 7,004 | - | 37 | 7,041 | Revenue multiple |
Marketplace | Merro | 7,652 | -1,222 | 159 | 6,590 | Revenue multiple |
Other | YouScan3 | 3,867 | - | 1,639 | 5,506 | Revenue multiple |
Digital Health | Yoppie | 1,481 | 2,383 | 1,524 | 5,388 | Latest transaction |
Digital Health | Vezeeta | 3,156 | - | 1,213 | 4,369 | Latest transaction |
Marketplace | JamesEdition | 3,359 | - | 791 | 4,150 | Revenue multiple |
Marketplace | Naseeb Networks (Rozee and Mihnati) | 3,528 | - | 73 | 3,601 | Revenue multiple |
Digital Health | Grace Health | 1,073 | 995 | 689 | 2,758 | Latest transaction |
Other | Marley Spoon | 168 | - | 1,902 | 2,071 | Listed company |
Digital Health | Napopravku | - | 2,031 | - | 2,031 | Latest transaction |
Other | VNV Pioneer | - | 1,567 | -0 | 1,567 | Latest transaction |
Digital Health | DOC+ | 3,556 | 250 | -2,306 | 1,500 | Revenue multiple |
Marketplace | Shwe Property | 1,435 | - | - | 1,435 | Latest transaction |
Marketplace | Alva | - | 1,191 | 32 | 1,223 | Latest transaction |
Marketplace | Dubicars | 508 | 400 | 147 | 1,056 | Latest transaction |
Other | Olio | - | 822 | 52 | 874 | Latest transaction |
Marketplace | JobNet | 719 | 75 | -2 | 792 | Latest transaction |
Marketplace | Agente Imóvel | 2,800 | - | -2,049 | 751 | Revenue multiple |
Marketplace | CarZar | 451 | -507 | 56 | - | N/A |
Other | Glovo | - | 5,503 | 335 | 5,837 | Latest transaction |
Mobility | Dostavista, convertible debt | - | 5,000 | 67 | 5,067 | Convertible |
Mobility | Shohoz, convertible debt | - | 2,000 | 22 | 2,022 | Convertible |
Marketplace | El Basharsoft, convertible debt | - | 1,600 | 70 | 1,670 | Convertible |
Marketplace | Naseeb Networks, convertible debt | 212 | - | 20 | 232 | Convertible |
Marketplace | HousingAnywhere, convertible debt | 562 | -374 | 14 | 202 | Convertible |
Marketplace | Inturn, convertible debt | 5,062 | -5,230 | 168 | - | Convertible |
Digital Health | Napopravku, convertible debt | - | -31 | 31 | - | Convertible |
Digital Health | Numan, convertible debt | 1,332 | -1,324 | -9 | - | Convertible |
Other | Liquidity management | 20,660 | -18,826 | 287 | 2,121 | |
Total investment portfolio | 830,982 | 99,290 | 232,645 | 1,162,916 |
- Holding through Global Health Equity AB.
- Indirect holding through YSaphis S.A. and Sprints Capital Rob R Partners S.A.
- Reflects VNV Global's indirect shareholding in YouScan through a 33.2% holding in Kontakt East Holding AB, which owns 63% of YouScan.
21
Notes to the financial statements
Note 4 | |||||||
Share capital | |||||||
Year | Event | Change in number | Total number | Quota value, | Change in | Total share | |
The Company's share capital amounts to SEK 9,770,154.66 and the number | |||||||
of shares to 97,701,547, distributed among 95,076,547 common shares, | of shares | of shares after | SEK | share capital, | capital after | ||
2,100,000 LTIP 2019 Incentive Shares and 525,000 LTIP 2020 Incentive | change | SEK | change, SEK | ||||
Shares. | |||||||
Jan 1, 2020 | Opening balance | - | 100,000 | 1.00 | - | 100,000 | |
2020 | Reversed share split/ | 79,230,456 | 79,230,456 | 0.10 | 7,823,046 | 7,923,045.60 | |
Share split and bonus issue1 | |||||||
2020 | Issuance of LTIP 2019 Incentive Shares2 | 2,100,000 | 81,330,456 | 0.10 | 210,000 | 8,133,045.60 | |
2020 | Issuance of LTIP 2020 Incentive Shares3 | 525,000 | 81,855,456 | 0.10 | 52,500 | 8,185,545.60 | |
2020 | Rights issue4 | 15,846,091 | 97,701,547 | 0.10 | 1,584,609 | 9,770,154,66 | |
Dec 31, 2020 | Closing balance | - | 97,701,547 | 0.10 | - | 9,770,154.66 |
- At the Company's annual general meeting on April 24, 2020, it was resolved to i) merge the Company's shares of 1,000:1, whereby the previous 1,000 shares were merged into one (1) share, ii) share split of 1:79,230,456, whereby one (1) existing share was divided into 79,230,456 shares, and iii) bonus issue whereby the Company's share capital was increased by SEK 7,823,045.60 through transfer of funds from unrestricted equity. The bonus issue was made without issue of new shares. The purpose was to adjust the number of outstanding shares in VNV Global AB prior to the change of domicile.
- The company issued LTIP 2019 Incentive Shares to VNV Global Ltd. as part of the Group's change of domicile. The subscription price amounted to SEK 0.1.
- The company issued LTIP 2020 Incentive Shares to VNV Global Ltd. as part of the Group's change of domicile. The subscription price amounted to SEK 0.1.
- In August 2020, the company completed a share issue whereby 15,846,091 new shares and 15,846,091 warrants were issued in units comprising one share and one warrant each for a consideration of SEK 55 per unit each. The transaction cost proceeds from the share issue was USD 3,994 thousand.
22
Notes to the financial statements
Note 5
Long-term debts
Bond 2019/2022
During the first quarter 2020, VNV Global carried out a subsequent issue of bonds in an amount of SEK 150 mln under the framework of its outstanding bond 2019/2022 with ISIN SE0013233541. The subsequent issue was priced at 102.75 per cent of par. Following the subsequent issue, the total amount outstanding under the Company's bond loan is SEK 800 mln.
Leasing liabilities
As per December 31, 2020, leasing liabilities are recognized with a provision of future long-term lease payments amounting to USD 0.4 mln.
Note 6
Long-term incentive programs (LTIP)
LTIP 2017/Completed | LTIP 2018 | LTIP 2019 | LTIP 2020 | |
Program measurement period | Jan 2017-Dec 2019 | Jan 2018-Dec 2020 | Jan 2019-Dec 2023 | Jan 2020-Dec 2024 |
Vesting period | May 2017-May 2020 | May 2018-May 2021 | Aug 2019-May 2024 | Jun 2020-May 2025 |
Maximum number of shares not adjusted for split and | ||||
redemption program Mar 2019 | 225,000 | 510,000 | 2,100,000 | 525,000 |
Maximum number of shares adjusted for split and | ||||
redemption program Mar 2019 | 330,750 | 742,350 | 2,100,000 | 525,000 |
Maximum dilution, adjusted for redemption program | 0.42% | 0.95% | 2.7% | 0.66% |
Common share price per grant day in SEK | 72.50 | 74.70 | 63.50 | 68.80 |
Common share price per grant day in USD | 8.25 | 8.59 | 6.60 | 7.44 |
Plan share price per grant day in SEK | - | - | 6.84 | 2.44 |
Plan share price per grant day in USD | - | - | 0.71 | 0.26 |
/LTIP share-based remuneration expense, | LTIP 2017/Completed | LTIP 2018 | LTIP 2019 | LTIP 2020 |
excluding social fees in USD mln/ | ||||
12m 2020 | - | 0.83 | 0.18 | 0.06 |
2019 | 0.71 | 0.83 | 0.09 | - |
2018 | 0.70 | 0.52 | - | - |
2017 | 0.45 | - | - | - |
Total | 1.86 | 1.97 | 0.23 | 0.06 |
23
Notes to the financial statements
There are three running long-termshare-based incentive programs for management and key personnel in the VNV Global Group. The 2018 program is linked to the long-term performance of the Company's Net Asset Value, the 2019 and 2020 programs are linked to the long-term performance of both the Company's Net Asset Value and of the VNV Global share price.
Outstanding program 2018
Participants in the 3-year 2018 program purchased shares in the Company. For each purchased share, participants are entitled to receive additional shares, so-called performance shares, free of charge, subject to fulfillment of performance conditions set by the Board of Directors based on the Company's Net Asset Value.
The rights to receive shares automatically convert into common shares at the end of the program at an exercise price of nil. The participants do not receive any dividends and are not entitled to vote in relation to the rights to receive shares during the vesting period. If a participant ceases to be employed by the Group within this period, the rights will be forfeited, except in limited circumstances that are approved by the board on a case-by-case basis.
The fair value of the shares on the grant date was calculated on the basis of the market price of the Company's share on the grant date per share without adjustment for any dividends during the vesting period.
Outstanding programs 2019 and 2020
Similarly, to the 2018 program, participants in the five-year 2019 and 2020 programs purchased shares in the Company.
For each purchased share, participants are entitled to subscribe for newly issued redeemable common shares (2019 and 2020 Plan Shares) in the Company. Depending on the performance of both the Company's Net Asset Value and of the VNV Global share price, the 2019 and 2020 Plan Shares will be redeemed or reclassified as ordinary common shares, provided certain performance conditions have been fulfilled. If the performance conditions have not been fulfilled, then the plan shares will be redeemed.
The participants will be compensated for dividends and other value transfers to the shareholders. The participants are also entitled to vote for their 2019 and 2020 Plan Shares during the measurement period.
If a participant ceases to be employed by the Group within this period, the plan shares will be redeemed, unless otherwise resolved by the Board on a case-by-case basis.
The fair value of the 2019 and 2020 Plan Shares on the grant date was calculated on the basis of the market price of the Company's shares on the grant date and prevailing market conditions by using a Monte Carlo Valuation Method.
To carry through the incentive program, the Company subsidized the subscription price payable by the incentive program participants for the 2019 Plan Shares. The subsidy for LTIP 2019 amounted to USD 2.6 mln and for LTIP 2020 the subsidy amounted to USD 0.3 mln, social fees excluded, for the cost of acquiring plan shares. The cost for financing and acquiring plan shares is expensed directly.
The Company also compensated participants for the tax impact arising from the fact that the subscription price was below fair market value. The cost of this subsidy, social fee excluded, amounts to USD 1 mln for LTIP 2019 and USD 0.01 mln for LTIP 2020 and will be expensed over five years, treated as vesting expense.
Completed program 2017
On March 24, 2020, the Board of Directors determined that the development of the Company's Net Asset Value over the performance measurement period of LTIP 2017 (January 1, 2017 through December 31, 2019), meets the so-called target level, whereby each savings share held by program participants throughout the vesting period (until March 31, 2020) was allocated of five performance shares free of charge. As a result, following adjustment for the redemption program of SEK 25 per share, participants in LTIP 2017 received a total of 330,750 shares in May 2020.
Accounting principles
In accordance with IFRS 2, the costs for the program, including social fees, will be reported over the income statement during the program's vesting period. The value is recognized in the income statement as a personnel cost on-line operating expenses, allocated over the vesting period with a corresponding increase in equity. The recognized cost corresponds to the fair value of the estimated number of shares that are expected to vest. This cost is adjusted in subsequent periods to reflect the actual number of vested shares. However, no adjustment is made when shares expire only because share price-related conditions do not reach the level.
Note 7
Events after the reporting period
An Extraordinary General Meeting in VNV Global held on January 13, 2021 resolved in accordance with the Board's proposals to amend the articles of association, to authorize repurchase of own shares, to authorize the issue of shares, and to issue new incentive shares to the participants of VNV Global's long-term incentive programs LTIP 2019 and LTIP 2020 as compensation for the dilutive effect of the rights issue 2020.
24
Key and Alternative
Performance Measures
Group
Alternative Performance Measures (APM) apply the European Securities and Markets Authority (ESMA) guidelines.
APMs are financial measures other than financial measures defined or specified by International Financial Reporting Standards (IFRS).
VNV Global regularly uses alternative performance measures to enhance comparability from period to period and to give deeper information and provide meaningful supplemental information to analysts, investors and other parties.
It is important to know that not all companies calculate alternative performance measures identically, therefore these measurements have limitations and should not be used as a substitute for measures of performance in accordance with IFRS.
Definitions of all APMs used are found below.
IFRS-defined performance measurements (not alternative performance measurements)
PerformanceDefinitions measurements
Earnings per share, USD When calculating earnings per share, the average number of shares is based on average outstanding common shares. 2019 and 2020 Plan Shares, issued to participants in the Company's 2019 and 2020 long-termshare-based Incentive programs (LTIP 2019 and 2020), are not treated as outstanding common shares and thus are not included in the weighted calcu- lation. The issue of 2019 and 2020 Plan Shares is however recognized as an
Alternative performance measurements
Performance | Definitions | Motives |
measurements | ||
Equity ratio, % | Equity ratio is defined as | The performance measure demon- |
Shareholders' equity in percent in | strates how much of the total assets | |
relation to total assets. | that have been financed with equity | |
for the assessment of the company's | ||
capital structure and financial risk. | ||
Net asset value, USD and | Net asset value is defined as the | The performance measure determines |
SEK | amount of shareholders' equity | the value of the company's net assets |
according to the balance sheet. | and thus shows the carrying amount of | |
the company enabling a comparison | ||
with the company's enterprise value. | ||
Net asset value per share, | Shareholders' equity divided by | An established performance mea- |
USD and SEK | total number of common shares at | sure for investment companies that |
the end of the period. | demonstrates the owners' share of the | |
company's total net assets per share | ||
and enables comparison with the com- | ||
pany's share price. |
increase in shareholders' equity.
Diluted earnings per share When calculating diluted earnings per share, the average number of common
USDshares is adjusted to consider the effects of potential dilutive common shares that have been offered to employees, originating during the reported periods from share-based incentive programs. Dilutions from share-based incentive programs affect the number of shares and only occur when the incentive program performance conditions of the respective programs are fulfilled.
Weighted average number Weighted average number of common shares for the period. of shares outstanding
Net asset value/share adjusted for the February 2019 split and redemption program, USD
Net asset value development per share adjusted for the February 2019 split and redemption program, USD, %
Net asset value/share adjusted for the February 2019 split and redemption program is defined as equity increased by an amount corresponding to the redemption amount increased by the development in equity since the redemption date, divided by total number of outstanding common shares.
Change in net asset value per share in USD compared with previous accounting year, in percent, adjusted for the February 2019 split and redemption program
The net asset value cleared for effects of non-recurring items, e.g. redemption program 2019 which enables a true comparison with earlier periods.
A measure of profitability that shows the company's return and how the net asset value per share develops between different periods.
25
Key and Alternative
Performance Measures
Group
Key ratios
FY 2020 | FY 2019 | |
QTD Earnings per share /USD/ | 1.86 | 1.12 |
QTD Diluted earnings per share /USD/ | 1.83 | 1.11 |
YTD Earnings per share /USD/ | 2.38 | 2.08 |
YTD Diluted earnings per share /USD/ | 2.35 | 2.07 |
Number of common shares outstanding | 95,076,547 | 78,150,006 |
YTD Weighted average number of common shares | 87,113,773 | 78,787,830 |
YTD Weighted average number of common shares - diluted | 88,116,120 | 79,118,580 |
Alternative Performance Measures | ||
FY 2020 | FY 2019 | |
Equity ratio | 90.89% | 91.21% |
Net asset value /USD/ | 1,080,234,021 | 776,983,782 |
Net asset value /SEK/ | 8,833,340,408 | 7,239,235,595 |
Net asset value per share /USD/ | 11.36 | 9.94 |
Net asset value per share /SEK/ | 92.91 | 92.63 |
Net asset value per share adjusted for split and redemption program | ||
and rights issue /USD/ | 16.48 | 13.49 |
Net asset value per share development | 22% | 30% |
Reconciliation tables, VNV Global
FY 2020 | FY 2019 | |
Number of common shares outstanding | 95,076,547 | 78,150,006 |
Number of plan shares outstanding | 2,625,000 | 2,100,000 |
Total number of shares outstanding | 97,701,547 | 80,250,006 |
QTD | ||
Q4 2020 | Q4 2019 | |
QTD Weighted average number of common shares | 95,076,547 | 78,150,006 |
QTD Weighted average number of plan shares | 2,625,000 | 2,100,000 |
QTD Weighted average number of total shares | 97,701,547 | 80,250,006 |
QTD Weighted average number of common shares - diluted | 96,983,574 | 78,480,756 |
QTD Earnings per share /USD/ | ||
QTD Net result for the financial period | 177,289,231 | 87,211,201 |
QTD Weighted average number of common shares | 95,076,547 | 78,150,006 |
QTD Earnings per share /USD/ | 1.86 | 1.12 |
QTD Diluted earnings per share /USD/ | ||
QTD Net result for the financial period | 177,289,231 | 87,211,201 |
QTD Weighted average number of common shares - diluted | 96,983,574 | 78,480,756 |
QTD Diluted earnings per share /USD/ | 1.83 | 1.11 |
26
Key and Alternative
Performance Measures
Group
YTD
FY 2020 | FY 2019 | |
YTD Weighted average number of common shares | 87,113,773 | 78,787,830 |
YTD Weighted average number of plan shares | 2,625,000 | 2,100,000 |
YTD Weighted average number of total shares | 89,738,773 | 80,887,830 |
YTD Weighted average number of common shares - diluted | 88,116,120 | 79,118,580 |
YTD Earnings per share /USD/ | ||
YTD Net result for the financial period | 206,927,875 | 163,677,067 |
YTD Weighted average number of common shares | 87,113,773 | 78,787,830 |
YTD Earnings per share /USD/ | 2.38 | 2.08 |
YTD Diluted earnings per share /USD/ | ||
YTD Net result for the financial period | 206,927,875 | 163,677,067 |
YTD Weighted average number of common shares - diluted | 88,116,120 | 79,118,580 |
YTD Diluted earnings per share /USD/ | 2.35 | 2.07 |
Reconciliations of Alternative Performance Measures
FY 2020 | FY 2019 | |
Equity ratio | ||
Shareholders' equity /USD/ | 1,080,234,021 | 776,983,782 |
Total assets /USD/ | 1,188,567,831 | 851,867,898 |
Equity ratio | 90.89% | 91.21% |
Net asset value /USD/ | 1,080,234,021 | 776,983,782 |
Net asset value /SEK/ | ||
Net asset value /USD/ | 1,080,234,021 | 776,983,782 |
SEK/USD | 8.1772 | 9.3171 |
Net asset value /SEK/ | 8,833,340,408 | 7,239,235,595 |
Net asset value per share /USD/ | ||
Net asset value /USD/ | 1,080,234,021 | 776,983,782 |
Number of common shares outstanding | 95,076,547 | 78,150,006 |
Net asset value per share /USD/ | 11.36 | 9.94 |
Net asset value per share /SEK/ | ||
Net asset value /USD/ | 1,080,234,021 | 776,983,782 |
SEK/USD | 8.1772 | 9.3171 |
Net asset value /SEK/ | 8,833,340,408 | 7,239,235,595 |
Number of common shares outstanding | 95,076,547 | 78,150,006 |
Net asset value per share /SEK/ | 92.91 | 92.63 |
27
Key and Alternative
Performance Measures
Group
Reconciliations of Alternative Performance Measures (continued)
FY 2020 | FY 2019 | |
Net asset value per share adjusted for the rights issue August 3, 2020 | ||
/USD/ | ||
Net asset value /USD/ | 1,080,234,021 | - |
Rights issue /USD/ | -99,219,596 | - |
Rights issue, cost /USD/ | 3,994,335 | - |
Net asset value adjusted for rights issue /USD/ | 985,008,760 | - |
Number of common shares outstanding | 95,076,547 | - |
New shares issued August 3, 2020 | -15,846,091 | - |
Number of common shares before rights issue | 79,230,456 | - |
Net asset value adjusted for rights issue /USD/ | 985,008,760 | - |
Number of common shares before rights issue | 79,230,456 | - |
NAV per share adjusted for rights issue /USD/ | 12.43 | - |
Net asset value /USD/ | 1,080,234,021 | - |
Number of common shares outstanding | 95,076,547 | - |
NAV per share including rights issue /USD/ | 11.36 | - |
NAV per share adjusted for rights issue /USD/ | 12.43 | - |
NAV per share including rights issue /USD/ | 11.36 | - |
Rights issue effect on NAV per share, change /USD/ | 1.07 | - |
Rights issue effect on NAV per share, ratio | 1.09 | - |
Reconciliations of Alternative Performance Measures (continued)
FY 2020 | FY 2019 | |
Net asset value per share adjusted for the February 2019 split and | ||
redemption program /USD/ | ||
Net asset value /USD/ | 1,080,234,021 | 776,983,782 |
Split and redemption program /SEK/ | ||
Number of shares at redemption | 79,660,042 | 79,660,042 |
Redemption program /SEK 25 krona per share/ | 25 | 25 |
Redemption program /SEK/ | 1,991,501,050 | 1,991,501,050 |
Split and redemption program /USD/ | ||
SEK/USD redemption | 9.2678 | 9.2678 |
Redemption program /USD/ | 214,882,963 | 214,882,963 |
Price development per share /%/ | ||
Net asset value per share - opening value /USD/ | 7.57 | 7.57 |
Net asset value per share - closing value /USD/ | 11.36 | 9.94 |
Net asset value per share - development /USD/ | 50.09% | 31.34% |
February 2019 split and redemption program - adjusted for share | ||
price development /USD/ | 322,515,473 | 282,220,816 |
Number of shares at redemption | 79,660,042 | 79,660,042 |
Redemption share price /USD/ | 4.05 | 3.54 |
Rights issue effect on NAV per share, change /USD/ | 1.07 | - |
Net asset value per share /USD/ | 11.36 | 9.94 |
Net asset value per share adjusted for split and redemption program | ||
and rights issue /USD/ | 16.48 | 13.49 |
Net asset value development per share in USD /%/ | ||
Net asset value per share adjusted for split and redemption program | ||
and rights issue - opening value /USD/ | 13.49 | 10.37 |
Net asset value per share adjusted for split and redemption program | ||
and rights issue - closing value /USD/ | 16.48 | 13.49 |
Net asset value per share development | 22.17% | 30% |
28
Business combinations under common control
The comparative last year figures presented in this financial report are attributable to the VNV Global Ltd. Group with VNV Global Ltd. as the former parent Company. With VNV Global AB (publ) as the parent company, the applicable accounting policies as well as risks and risk management for the Group are outlined in the VNV Global H1 2020 report. The accounting policies for VNV Global AB (publ) as a stand-alone entity are outlined in the VNV Global AB (publ) annual report for 2019.
Upcoming Reporting Dates
VNV Global's report for the three-month period January 1, 2021-March 31, 2021, will be published on April 28, 2021.
Annual General Meeting and Annual Report 2020
The annual general meeting of VNV Global is planned to take place on Tuesday, May 4, 2021. The annual report will be available on the Company's website (www.vnv.global) from February 25, 2021.
Stockholm, Sweden, January 28, 2021 | ||
Lars O Grönstedt | Josh Blachman | Victoria Grace |
Chairman of the Board | Board member | Board member |
Ylva Lindquist | Keith Richman | Per Brilioth |
Board member | Board member | Managing Director and |
Board member |
For further information contact Per Brilioth or Björn von Sivers: Telephone: +46 8 545 015 50, www.vnv.global
This report has not been subject to review by the Company's auditors.
29
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Disclaimer
VNV Global AB (publ) published this content on 28 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2021 08:38:59 UTC.