Kinnevik: Year-End Release 2018
"My first year as CEO of Kinnevik has been a year of continued transformation where we have executed on a strategically important merger and made ten new investments in our focus areas"
Georgi Ganev, CEO of Kinnevik
KEY PORTFOLIO DEVELOPMENTS
- Tele2 has continued to execute on its strategy by completing transformational mergers in Sweden and the Netherlands, as well as exercising the put option relating to the joint venture in Kazakhstan
- On 9 January 2019, Millicom completed the listing of the company's shares on the Nasdaq Stock Market in New York, allowing the company to reach a broader investor base as well as improving the liquidity of the stock
INVESTMENT MANAGEMENT ACTIVITIES
- Total investments of SEK 392m in the fourth quarter, whereof SEK 227m in Travelperk, an end-to-end platform allowing businesses to efficiently manage corporate travel, SEK 111m in Livongo, and SEK 54m in other existing assets
- In relation to the Tele2 / Com Hem merger, Kinnevik received SEK 1.2bn in cash and SEK 3.6bn in Tele2 shares in exchange for its shares in Com Hem
- On 14 February 2019 Kinnevik announced that it has committed to invest SEK 0.9bn into MatHem, Sweden's leading independent online grocery retailer, resulting in a 38% ownership stake for Kinnevik
- Net asset value of SEK 70.5bn (SEK 256 per share), down SEK 8.2bn or 10% during the quarter, driven by negative share price development in Zalando and other e-commerce assets, partially offset by Tele2 and Millicom
- Net debt position decreased by SEK 1.2bn to SEK 2.9bn, as a consequence of the Tele2 / Com Hem merger as well as Kinnevik receiving the second tranche of Millicom's annual dividend during the quarter, resulting in leverage of 4% of Portfolio Value by the end of the year
2018 DIVIDEND RECOMMENDATION
- Kinnevik's Board of Directors recommends an ordinary dividend of SEK 8.25 per share for 2018 equivalent to a dividend yield of 3.9%. The Annual General Meeting will be held on 6 May 2019
A conference call will be held today, 14 February 2019, at 10.00 CET to present the results.
Link to the audiocast: https://edge.media-server.com/m6/p/qmfqcfxs
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.
UK: +44 203 364 5374
SE: +46 8 505 564 74
US: +1 855 753 2230
This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 14 February 2019.
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Corporate Communications
Phone +46 (0)70 762 00 50
Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to build digital businesses that provide more and better choice. We do this by working in partnership with talented founders and management teams to create, develop and invest in fast growing businesses in developed and emerging markets. We believe in delivering both shareholder and social value by building companies that contribute positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.