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Investment AB Kinnevik: Year-end release 2013

2/14/2014 8:00 AM

Highlights

·   Kinnevik invested SEK 179m in Lazada, a leading e-commerce company in South East Asia.

·  Kinnevik's affiliated company Bayport acquired Bayport Financial Services in South Africa and raised USD 137m in a directed share issue to existing as well as a new investor. Following closing of the transaction in January 2014 Kinnevik owns approximately 30% of the shares in Bayport.

·  In December, all of Kinnevik's 51.8 million shares in BillerudKorsnäs were divested for a total consideration of SEK 3.7 billion (SEK 72 per share). The majority of the shares were acquired by AMF, the Fourth Swedish National Pension Fund (AP4) and Alecta.

·   Zalando reported net sales of EUR 1,762m for 2013 compared to EUR 1,159m in 2012. The group reported an operating margin of slightly better than -7% (-7%). Margin pressure on the market and continued ramp-up costs for fulfilment and technology impacted the result.

· The Board proposes that the Annual General Meeting decides on a cash dividend of SEK 7.00 per share (6.50) corresponding to an increase of 8%.

· The guidance for investments is SEK 2-3 billion in 2014 compared to the SEK 2.4 billion that Kinnevik invested in 2013.

 

Financial results for the fourth quarter

·   The net asset value increased during the quarter by SEK 4,394m, and amounted to SEK 65,527m at the end of December, corresponding to SEK 236.29 per share.

·   Out of the increase in net asset value, SEK 2,258m consisted of an increase in fair value of listed holdings and SEK 2,196m of an assessed change in fair value of unlisted holdings, including a positive revaluation of Zalando of SEK 886m, Avito of SEK 742m and Bayport of SEK 204m.

·   The Group's total revenue amounted to SEK 421m (530) and the net profit per share was SEK 15.36 (loss of 4.77).

·   New investments amounted to SEK 388m, of which SEK 302m into Online.


Financial results for the year

·   The net asset value increased during the year by 11%, after paying a dividend of SEK 1,803m, to SEK 65,527m at the end of December.

·   The Group's total revenue amounted to SEK 1,541m (1,591) and the net profit per share was SEK 30.51 (loss of 10.77).

·   New investments amounted to SEK 2,422m, of which SEK 2,307m within Online.