Bure Equity

Quarterly Report • Aug 19, 2020

Interim report January – June 2020

INTERIM REPORT JANUARY – JUNE 2020

• Net asset value was SEK 195.8 per share compared to SEK 196.6 at the beginning of the year, corresponding to a decrease of 0.4 per cent.
• Bure's net asset value was SEK 14,521M compared to SEK 13,563M at the beginning of the year.
• Total return on the Bure share was -4.2 per cent compared to the SIX Return Index that fell 4.1 per cent.
• Consolidated profit after tax amounted to SEK 21M (1,273). Earnings per share amounted to SEK 0.3 (18.5).

SECOND QUARTER 2020

• Net asset value was SEK 195.8 per share compared to SEK 146.7 at the beginning of the quarter, corresponding to an increase of 33.5 per cent.
• Bure conducted a SEK 1 billion directed share issue for institutional investors. Following the issue of 5.175 million shares, the total number of shares in Bure amounts to 74.147 million.
• Bure acquired 8.5 million shares in Cavotec for SEK 136.7M, increasing its holding to 36.2 per cent.
• Bure acquired 1.2 million shares in Mentice for SEK 51.7M, increasing its holding to 15.1 per cent.
• Bure subscribed its holding equivalent to SEK 17.5M in Ovzon's rights issue.
• Bure Growth acquired shares in BioLamina's rights issue for SEK 13.2M, increasing its holding to 30.6 per cent.
• In accordance with the annual general meeting's decision, an ordinary dividend of SEK 1.0 per share was paid, with payments totalling SEK 69M.

SUBSEQUENT EVENTS

• Net asset value amounted to SEK 204.0 per share on 18 August 2020, corresponding to an increase of 3.7 per cent since the beginning of the year.

Henrik Blomquist CEO

During the second quarter of the year, we faced a global health crisis in which the Covid-19 pandemic affected the world's economy extremely negatively. Uncertainty related to the market effects of Covid-19 was close to its peak in March and April, which resulted in exceptionally large fluctuations between the two quarters. The fall in Bure's net asset value in the first quarter -25.4 per cent – was as dramatic as its second quarter recovery, when it jumped 33.5 per cent, equivalent to approximately SEK 3.5 billion.

During the first six months of the year, growth in Bure's net asset value per share was marginally negative at -0.4 per cent. In the same period, the Six Return Index fell 4.1 per cent. Several of Bure's portfolio companies have so far experienced a limited corona effect, but uncertainty remains around the pandemic's continued development. In those companies that have been impacted, however, we are encouraged to see a cautious recovery. In the most recent quarter, Bure invested around SEK 210 million in existing portfolio companies. In particular, we increased our holdings in Cavotec and Mentice. Following these transactions, Bure's holdings in these companies stand at 36.2 per cent and 15.1 per cent, respectively.

In June, we conducted a new issue of Bure shares. My role as CEO is to continually attempt to develop Bure and to take advantage of business opportunities we see. Bure has a long history of successfully developing businesses and to ensure our existing management and investment structures have the capacity to expand their operations, we conducted a SEK 1 billion directed share issue. With the help of this capital injection, our ambition is to accelerate Bure's growth and thereby create value for our shareholders. The share issue was in line with Bure's calculated net asset value which is also extremely gratifying as this entails no value dilution for existing shareholders.

Bure's net asset value and holdings

			2019-12-31					2020-06-30
SEK M	% of capital	Net asset value	Value change, (+/-)1)	Investment	Disposal	Net asset value	% of net asset value	Net asset value per share,SEK
	Cavotec3)	36.2%	476	18	137	–	630	4.3%	8.5
	MedCap4)	20.0%	418	-7	–	-2	408	2.8%	5.5
	Mentice5)	15.1%	180	35	52	–	266	1.8%	3.6
2) L I	Mycronic	27.9%	5,056	-257	–	–	4,800	33.1%	64.7
S T	Ovzon6)	11.3%	311	-51	17	–	278	1.9%	3.7
E D	Vitrolife	19.0%	4,063	224	–	–	4,287	29.5%	57.8
	Xvivo Perfusion7)	15.7%	715	41	–	-3	753	5.2%	10.2
	Total listed holdings		11,219	3	206	-5	11,423	78.7%	154.1
U	Atle Investment Management	93.0%	86	0	2	0	87	0.6%	1.2
N L	Bure Growth8)	100.0%	1,132	–	13	–	1,146	7.9%	15.5
I S	Investment AB Bure9)	100.0%	189	-12	–	–	176	1.2%	2.4
T E	Mercuri International Group10)	90.4%	128	–	–	–	128	0.9%	1.7
D	Total unlisted holdings		1,535	-13	15	0	1,537	10.6%	20.7
	Total holdings		12,754	-10	221	-5	12,960	89.2%	174.8
T R E A	Cash and cash equivalents, short-term investments and
S U	other assets11)		809		753		1,561	10.8%	21.1
R Y	Total treasury		809		753		1,561	10.8%	21.1
	Total net asset value		13,563	-10	974	-5	14,521	100.0%	195.8

1) Change in value including exit gains/losses.

2) Bures number of shares at 30 June 2020: Cavotec 34,071,619, MedCap 2,956,017, Mentice 3,644,059, Mycronic 27,317,163, Ovzon 5,236,034, Vitrolife 20,573,285 and

Xvivo Perfusion 4,185,504.

3) Bure acquired 8.5 million shares for SEK 136.7M.

4) Bure divested 50,000 shares for SEK 2.5M in conjunction with the exercise of share options that resulted in an exit gain of SEK 1.5M.

5) Bure acquired 1.2 million shares in Mentice for SEK 51.7M.

6) Bure subscribed its holding equivalent to SEK 17.5M in Ovzon's rights issue.

7) Bure divested 20,000 shares in Xvivo Perfusion to Dag Andersson, CEO of Xvivo Perfusion, for SEK 2.9M, generating an exit gain of SEK 2.5M.

8) Bure acquired shares for SEK 13.2M in BioLamina's rights issue.

9) Refers to net assets.

10) Refers to the book value of equity and interest-bearing receivables.

11) Cash and cash equivalents, participations in funds and short-term investments in market-listed assets, other unlisted companies, interest-bearing receivables and other net assets.

Net asset value at 30 June 2020

NET ASSET VALUE CHANGES IN THE SECOND QUARTER OF 2020 WERE AS FOLLOWS

LISTED PORTFOLIO COMPANIES

Listed portfolio companies accounted for 78.7 per cent of net asset value compared to 82.7 per cent at the end of 2019. The value of listed portfolio companies increased SEK 203M to SEK 11,423M. Of this increase, value changes due to fluctuations in share prices accounted for SEK -1M, exit gains for SEK 4M, acquisitions SEK 206M, and divestments SEK 5M.

Value changes

Value changes due to changes in share prices during the first half of 2020 amounted to SEK -1M. Bure's comparative index, the SIX RX, registered a decrease of -4.1 per cent.

		Value changes and share price performance

Vitrolife	SEK 224M	5.5%
Xvivo Perfusion	SEK 39M	5.9%
Mentice	SEK 35M	-0.5%
Cavotec	SEK 18M	-0.5%
MedCap	SEK -9M	-0.7%
Ovzon	SEK -51M	-18.2%
Mycronic	SEK -257M	-5.1%
Total	SEK -1M

Acquisitions

Bure acquired 8.5 million shares in Cavotec for SEK 136.7M, increasing its holding to 36.2 per cent.

Bure acquired 1.2 million shares in Mentice for SEK 51.7M, increasing its holding to 15.1 per cent.

Bure subscribed its holding equivalent to SEK 17.5M in Ovzon's rights issue.

Divestments

Bure divested 50,000 shares in MedCap for SEK 2.5M in conjunction with the exercise of share options that generated an exit gain of SEK 1.5M. Bure divested 20,000 shares in Xvivo Perfusion to Dag Andersson, CEO of Xvivo Perfusion, for SEK 2.9M, generating an exit gain of SEK 2.5M.

Dividends received

Bure received a dividend from Mycronic of SEK 55M.

UNLISTED PORTFOLIO COMPANIES

Unlisted portfolio companies accounted for 10.6 per cent of net asset value compared to 11.3 per cent at the end of 2019. The value of unlisted portfolio companies was effectively unchanged, registering an increase of SEK 2M to SEK 1,537M.

Acquisitions

Bure Growth acquired shares in BioLamina's rights issue for SEK 13.2M, increasing its holding to 30.6 per cent. Atle Investment Management made a conditional shareholder contribution of SEK 2.0M to Atle Investment Services.

Dividends received

Atle Investment Management received share dividends of SEK 4M from Fondita and SEK 13M in dividends from Alcur Fonder.

TREASURY

The value of assets in Treasury increased SEK 753M to SEK 1,561M primarily due to a share issue of SEK 1 billion. During the first half of 2020, Bure divested financial assets for SEK 5M and acquired financial assets for SEK 269M. The parent company received dividends from Mycronic and associated companies amounting to SEK 72M. Bure's dividend payments to shareholders totalled SEK 69M. Other changes totalling SEK -28M were due to value changes in short-term investments and administrative costs. Assets in treasury amounted to 10.8 per cent of net asset value compared to 6.0 per cent at the end of 2019.

THE BURE SHARE

The total number of shares in Bure is 74,146,921 following the issue of 5,175,000 shares in June 2020. The 2020 Annual General Meeting authorised the Bure Board of Directors to decide on the buyback of up to 10 per cent of the total number of outstanding shares. On 30 June 2020, no shares

had been repurchased.

Bure's share price on 30 June 2020 was SEK 202.2, equivalent to a total return of -4.2 per cent since the beginning of the year.

	18 Aug 2020	30 Jun 2020	31 Dec 2019	31 Dec 2018
Share price, SEK	251.8	202.2	212.0	108.4
Dividend per share, SEK	1.0	1.0	2.0	2.0
Total return since year-end1)	19.3%	-4.2%	97.9%	12.7%
Net asset value per share, SEK	204.0	195.8	196.6	137.1
Development of NAV per share	3.7%	-0.4%	43.5%	22.7%
SIX Return Index	3.2%	-4.1%	35.0%	-4.4%

1) Including dividends of SEK 1.00 per share for 2020 and SEK 2.00 per share for 2019 and 2018.

Increase in Bure's net asset value and market price per share

PORTFOLIO COMPANIES JANUARY – JUNE 2020 AND 2019

Listed, SEK M		2020	2019
	Net sales	860	1,061
	EBIT	39	42
	EBIT margin	4.5%	3.9%
	Holding	36.2%	27.1%
	Net sales	n/a	386
	EBIT	n/a	50
	EBIT margin	n/a	12.8%
	Holding	20.0%	22.3%
	Net sales	58	60
	EBIT	-19	-24
	EBIT margin	-32.2%	-39.3%
	Holding	15.1%	10.1%
	Net sales	1,822	2,225
	EBIT	336	723
	EBIT margin	18.4%	32.5%
	Holding	27.9%	27.9%
	Net sales	95	109
	EBIT	-12	-4
	EBIT margin	-12.6%	-4.0%
	Holding	11.3%	14.3%
	Net sales	543	693
	EBIT	110	226
	EBIT margin	20.3%	32.7%
	Holding	19.0%	19.0%
	Net sales	77	104
	EBIT	-13	0
	EBIT margin	-16.5%	0.1%
	Holding	15.7%	15.8%
Unlisted, SEK M1)		2020	2019
	Net sales	31	13
	EBIT	24	6
	EBIT margin	76.8%	46.0%
	Holding	93.0%	100.0%
	Net sales	-6	-2
	EBIT	-6	-2
	EBIT margin	n/m	n/m
	Holding	100.0%	100.0%
	Net sales	11	11
	EBIT	-8	4
	EBIT margin	n/m	32.6%
	Holding	100.0%	100.0%
	Net sales	113	170
	EBIT	-27	4
	EBIT margin	-23.7%	2.3%
	Holding	90.4%	99.1%

1) See page 9 and 10 for additional information.

Listed portfolio companies

Share of Bure's net asset value 4.3%

www.cavotec.com

Cavotec is a leading engineering group that designs and manufactures automated connection and electrification systems for ports, airports and industrial applications worldwide.

Key figures	Q2	Q2	6 mth	6 mth
EUR m	2020	2019	2020	2019	2019
Net sales	42	51	81	100	196
Operating expenses	-39	-49	-77	-96	-184
EBIT	2.8	2.5	3.6	3.9	12.3
EBIT margin	6.6%	4.8%	4.5%	3.9%	6.3%
Net financial items	-1.8	-0.2	-0.3	-0.7	-1.6
Profit/loss before tax	0.6	2.3	3.4	3.2	10.7
Income tax expense	-0.4	-0.9	-1.1	-1.0	-3.2
Profit/loss for the period	0.2	1.4	2.2	2.2	7.5
Net loan debt (-)/receivable (+)			-21	-19	-4
Total assets			206	227	211
Equity			108	102	108
Cash flow from operating activities			3	-2	14
Average no. of employees			767	803	769

Facts at 30 June 2020	Largest shareholders
NAV: SEK 630M	Bure Equity	36.2%
	Fjärde AP-fonden	9.8%
Acquisition date: 2014	Others	54.0%
Board member from Bure: Patrik Tigerschiöld, chairman

THE QUARTER IN BRIEF

• Revenues decreased 18 per cent to EUR 42M (51).
• Good control of costs resulted in an increase in operating profit to EUR 2.8M (2.5), corresponding to an operating margin of 6.6 per cent (4.8) and positive cashflow.
• Cavotec entered into a long-term financing agreement with a bank consortium led by Credit Suisse.
• All production units have been operational since the middle of April.
• Bure acquired 8.5 million shares in Cavotec for SEK 136.7M, increasing its holding to 36.2 per cent.
• The share price rose 22.5 per cent during the second quarter of 2020.

www.medcap.se

MedCap owns and develops companies with significant expansion potential in the Life Science sector.

Key figures1) SEK M	Q2 2020	Q2 2019	6 mth 2020	6 mth 2019	2019
Net sales	n/a	186	n/a	386	757
Operating expenses	n/a	-164	n/a	-337	-673
EBIT	n/a	22.3	n/a	49.6	84.6
EBIT margin	n/a	12.0%	n/a	12.8%	11.2%
Net financial items	n/a	-4.3	n/a	-7.9	-11.4
Profit/loss before tax	n/a	18.0	n/a	41.7	73.2
Income tax expense	n/a	-4.1	n/a	-8.9	-14.1
Profit/loss for the period continuing operations	n/a	13.8	n/a	32.8	59.1
Profit/loss for the period discontinued operations	n/a	0.5	n/a	-1.1	-1.5
Profit/loss for the period	n/a	14.3	n/a	31.7	57.6
Net loan debt (-)/receivable (+)			n/a	-284	-305
Total assets			n/a	794	849
Equity			n/a	313	334
Cash flow from operating activities			n/a	47	115
Average no. of employees			n/a	261	278

Facts at 30 June 2020	Largest shareholders
NAV: SEK 408M	Bengt Julander	20.0%
	Bure Equity	20.0%
Acquisition date: 2012	SEB Fonder	4.7%
Board member from Bure: Henrik Blomquist, board member	Others	55.3%

1) MedCap will publish the interim report on 19 August 2020.

• In April MedCap conducted a SEK 229M directed share issue to institutional investors.
• In May 2020, Karl Tobieson announced he was stepping down as CEO of MedCap. After the reporting period, Anders Dahlberg was appointed by the board as MedCap's new CEO.
• The share price fell 0.3 per cent during the second quarter of 2020.

net asset value 1.8%

Mentice develops and sells turn-key simulation solutions targeting the fast-growing market for endovascular procedures.

Key figures	Q2	Q2	6 mth	6 mth
SEK M	2020	2019	2020	2019	2019
Net sales	24	32	58	60	153
Operating expenses	-39	-45	-77	-83	-177
EBIT	-15.1	-12.7	-18.7	-23.5	-24.5
EBIT margin	-62.1%		-39.3% -32.2% -39.3%		-16.0%
Net financial items	2.3	-0.9	-0.7	-1.7	-1.8
Profit/loss before tax	-12.9	-13.6	-19.5	-25.2	-26.2
Income tax expense	1.8	2.8	3.4	5.8	5.6
Profit/loss for the period	-11.1	-10.8	-16.1	-19.4	-20.6
Net loan debt (-)/receivable (+)			36	67	33
Total assets			178	205	187
Equity			109	128	126
	Cash flow from operating activities			-4	-38
Average no. of employees			n/a	79	88

Facts at 30 June 2020	Largest shareholders
NAV: SEK 266M	Karin Howell-Bidermann	36.0%
Acquisition date: 2019	Bure Equity	15.1%
	Handelsbanken Fonder	6.2%
Board member from Bure: Gösta Johannesson, board member	Others	42.7%

THE QUARTER IN BRIEF

• Orders in the second quarter of 2020 decreased to SEK 28M (35). Combined order book value at the end of the period was SEK 41M (51).
• Net sales during the second quarter of 2020 were SEK 24M (32) which corresponds to a decrease of 25 per cent. Sales were negatively impacted by Covid-19.
• Operating profit amounted to SEK -15.1M (-12.7).
• Bure acquired 1.2 million shares in Mentice for SEK 51.7M, increasing its holding to 15.1 per cent.
• The share price increased 63.0 per cent during the second quarter of 2020.

net asset value 33.1% Share of Bure's

Share of Bure's

www.mentice.com www.mycronic.com

Mycronic creates world-leading production equipment for electronics and display manufacturing.

Key figures SEK M	Q2 2020	Q2 2019	6 mth 2020	6 mth 2019	2019
Net sales	1,086	1,120	1,822	2,225	4,307
Operating expenses	-805	-803	-1,486	-1,502	-3,183
EBIT	281	317	336	723	1,124
EBIT margin	25.9%	28.3%	18.4%	32.5%	26.1%
Net financial items	-2	0	-3	-2	-2
Profit/loss before tax	279	317	333	721	1,122
Income tax expense	-64	-72	-78	-164	-263
Profit/loss for the period	215	245	255	558	859
Net loan debt (-)/receivable (+)			467	539	337
Total assets			5,403	4,471	4,800
Equity			3,234	2,692	2,987
Cash flow from operating activities			267	224	545
Average no. of employees			1,483	1,320	1,349

Facts at 30 June 2020	Largest shareholders
NAV: SEK 4,800M	Bure Equity	27.9%
Acquisition date: 2010 via	SEB Fonder	10.3%
Skanditek	Fjärde AP-fonden	9.4%
Board member from Bure: Patrik Tigerschiöld, chairman	Others	52.4%

• Orders in the second quarter of 2020 decreased to SEK 651M (901).
• The Assembly Solutions business unit received orders valued at SEK 540M (685). Orders for the Pattern Generators unit totalled SEK 111M (216). Combined order book value at the end of the period was SEK 2,425M (1,301).
• Net sales during the second quarter of 2020 were SEK 1,086M (1,120) which corresponds to a decrease of 3 per cent. Net sales include delivery of a Prexision 10, which at the request of the customer was made in the second quarter instead of the fourth quarter of this year as planned.
• Operating profit amounted to SEK 281M (317), which corresponds to an operating margin of 25.9 per cent (28.3).
• The share price increased 45.1 per cent during the second quarter of 2020.

Share of Bure's net asset value 1.9%

www.ovzon.com

Ovzon offers a revolutionary mobile broadband service via satellite that combines high data speeds with high degrees of mobility.

Key figures	Q2	Q2	6 mth	6 mth
SEK M	2020	2019	2020	2019	2019
Net sales	35	56	95	109	232
Operating expenses	-52	-65	-107	-114	-220
EBIT	-17.3	-9.0	-12.0	-4.4	11.4
EBIT margin	-49.5%	-16.2%	-12.6%	-4.0%	4.9%
Net financial items	-37.7	-0.9	-9.3	15.7	27.4
Profit/loss before tax	-55.0	-10.0	-21.3	11.4	38.8
Income tax expense	3.1	-2.9	3.1	-2.9	-9.6
Profit/loss for the period	-51.9	-12.9	-18.2	8.4	29.2
Net loan debt (-)/receivable (+)			546	688	250
Total assets			1,448	825	892
Equity			1,359	771	796
Cash flow from operating activities			-49	-3	10
Average no. of employees			29	23	25

Facts at 30 June 2020	Largest shareholders
NAV: SEK 278M	Investment AB Öresund	11.8%
	Bure Equity	11.3%
Acquisition date: 2018	AFA Försäkring	9.2%
Board member from Bure: Patrik Tigerschiöld, board member	Others	67.7%

THE QUARTER IN BRIEF

• Net sales during the second quarter of 2020 decreased to SEK 35M (56). Ovzon's sales and marketing activities declined due to Covid-19, which reduced travelling and resulted in the cancellation of trade fairs.
• Ovzon and Airbus Defense and Space have entered into a partnership agreement in which Airbus as a reseller will include Ovzon's innovative satellite communication services in its portfolio.
• Ovzon conducted a directed share issue worth SEK 350M and a rights issue of SEK 154M. Bure subscribed its holding equivalent to SEK 17.5M in Ovzon's rights issue.
• The share price increased 24.1 per cent during the second quarter 2020.

www.vitrolife.com

Vitrolife is an international medtech group that develops, produces, and markets fertility treatment products.

Key figures SEK M	Q2 2020	Q2 2019	6 mth 2020	6 mth 2019	2019
Net sales	209	381	543	693	1,480
Operating expenses	-193	-258	-433	-466	-992
EBIT	16.4	122.9	110.2	226.5	487.9
EBIT margin	7.8%	32.3%	20.3%	32.7%	33.0%
Net financial items	-5.0	-0.7	5.3	6.2	4.7
Profit/loss before tax	11.4	122.2	115.5	232.7	492.7
Income tax expense	0.2	-27.2	-23.8	-52.1	-108.9
Profit/loss for the period	11.6	95.0	91.7	180.6	383.8
Net loan debt (-)/receivable (+)			754	367	660
Total assets			2,203	1,953	2,139
Equity			1,888	1,603	1,798
Cash flow from operating activities			89	134	413
Average no. of employees			405	388	398

Facts at 30 June 2020	Largest shareholders
NAV: SEK 4,287M	William Demant Invest A/S 26.1%
Acquisition date: 2010 via	Bure Equity	19.0%
Skanditek	Morgan Stanley Investment
Board member from Bure:	Management	4.9%
Henrik Blomquist, board member	Others	50.0%

• Net sales during the second quarter of 2020 decreased 45 per cent to SEK 209M (381). In local currencies, net sales registered an organic decrease of 45 per cent. Sales were negatively impacted by Covid-19 which reduced demand. Demand was considerably stronger towards the end of the quarter compared to the beginning of the period.
• Operating profit before depreciation (EBITDA) amounted to SEK 40M (146), corresponding to a marginal of 19 per cent (38). Currency fluctuations affected operating profit before depreciation (EBITDA) negatively by SEK 4M.
• Operating profit amounted to SEK 16.4M (122.9), corresponding to an operating margin of 7.8 per cent (32.3).
• The share price increased 45.4 per cent during the second quarter of 2020.

Share of Bure's net asset value 5.2%

www.xvivoperfusion.com

Xvivo Perfusion is an international medtech company that develops solutions for organ, tissue and cells during transplantation procedures.

Key figures SEK M	Q2 2020	Q2 2019	6 mth 2020	6 mth 2019	2019
Net sales	30	56	77	104	221
Operating expenses	-43	-55	-90	-104	-217
EBIT	-12.7	1.9	-12.7	0.1	3.9
EBIT margin	-41.8%	3.4%	-16.5%	0.1%	1.8%
Net financial items	-6.0	0.5	0.5	2.0	1.4
Profit/loss before tax	-18.8	2.5	-12.2	2.0	5.3
Income tax expense	2.7	-0.2	2.7	-0.1	-0.4
Profit/loss for the period	-16.0	2.2	9.5	1.9	4.9
Net loan debt (-)/receivable (+)			131	191	154
Total assets			620	644	634
Equity			570	574	578
Cash flow from operating activities			12	21	30
Average no. of employees			60	45	53

Facts at 30 June 2020	Largest shareholders
NAV: SEK 753M	Bure Equity	15.7%
Acquisition date: Lex Asea	Swedbank Robur Fonder	8.2%
distribution from Vitrolife in 2012	Eccenovo AB	5.8%
Board member from Bure: Gösta Johannesson, chairman	Others	70.4%

• Net sales during the second quarter of 2020 decreased 46 per cent to SEK 30M (56). This decrease equates to 47 per cent in local currencies. The Covid-19 pandemic had considerable impact on sales and product mix during the quarter. On key markets the company has seen a degree of recovery, in the US from May and in Europe from June.
• Operating profit before depreciation (EBITDA) amounted to SEK -5.5M (8.1), corresponding to a marginal of -18 per cent (14).
• Operating profit amounted to SEK -12.7M (1.9), corresponding to an operating margin of -41.8 per cent (3.4).
• Dag Andersson was appointed president and CEO. XVIVO Perfusion's founder and former CEO, Magnus Nilsson, remains at the company as Senior Advisor to work primarily on R&D.
• The share price increased 81.6 per cent during the second quarter of 2020.

Unlisted portfolio companies

Key figures SEK M

Norden Fonder.

Atle Investment Management koncern

financial operations and assets.

Q2 2020

Atle Investment Management is a subsidiary that invests in

The company owns 30.9 per cent of Alcur Fonder AB, 100 per cent of Atle Investment Services, 20.1 per cent of Fondbolaget Fondita and 37.4 per cent of Teknik Innovation

Revenue/value adjustments 22.0 6.9 31.2 12.6 33.6 Operating expenses -3.0 -4.2 -7.3 -6.8 -15.1 EBIT 19.0 2.7 24.0 5.8 18.5 EBIT margin 86.4% 39.0% 76.8% 46.0% 55.0% Net financial items 0.0 0.0 0.0 0.0 0.0 Profit/loss before tax 19.0 2.7 24.0 5.8 18.5 Income tax expense 0.0 0.0 0.0 0.0 0.0 Profit/loss for the period 19.0 2.7 24.0 5.8 18.5

Net loan debt (-)/receivable (+) 5 30 8 Total assets 98 101 88 Equity 94 101 87 Cash flow from operating activities 15 9 8 Average no. of employees 4 4 4

1) Of which, SEK 3.2M is liable to the Parent Company as at 30 June 2020.

Facts at 30 June 2020 Largest shareholders

NAV: SEK 87M Bure Equity 93.0% Acquisition date: Established 2014 Gustav Ohlsson 7.0%

Q2 2019 6 mth 2020 6 mth 2019 2019

Share of Bure's

www.atle.se www.bure.se

Bure Growth is a wholly owned company that invests in development companies. The company owns 30.6 per cent in BioLamina, 23.7 per cent in Life Genomics, 25.1 per cent in My Driving Academy Sweden, 27.8 per cent in ScandiNova Systems and 18.7 per cent in Yubico.

Bure Growth koncern

Key figures SEK M	Q2 2020	Q2 2019	6 mth 2020	6 mth 2019	2019
Revenue/value adjustments	-3.4	0.1	-6.0	-2.2	486.2
Operating expenses	0.0	0.0	0.0	0.0	0.0
EBIT	-3.4	0.1	-6.0	-2.2	486.2
EBIT margin		n/m 100.0%	n/m		n/m 100.0%
Net financial items	0.0	0.0	0.0	0.0	0.1
Profit/loss before tax	-3.4	0.1	-6.0	-2.2	486.3
Income tax expense	0.0	0.0	0.0	0.0	0.0
Profit/loss for the period	-3.4	0.1	-6.0	-0.2	486.3
Net loan debt (-)/receivable (+)			-366	-222	-353
Total assets			1,125	557	1,127
Equity			739	262	755
Cash flow from operating activities			0	0	0
Average no. of employees			0	0	0

1) Of which, SEK 367.1M is liable to the Parent Company as at 30 June 2020.

Facts at 30 June 2020	Largest shareholders
NAV: SEK 1,146M	Bure Equity	100.0%
Acquisition date: Established 2015
Board member from Bure: Henrik Blomquist, chairman Max Jonson, board member

THE QUARTER IN BRIEF

Board member from Bure: Patrik Tigerschiöld, chairman Henrik Blomquist, board member Max Jonson, board member

• Revenues/value changes during the second quarter of 2020 of SEK 22.0M (6.9) relate to participations in Alcur Fonder, Fondbolaget Fondita, and Teknik Innovation Norden Fonder, and revenues in the Atle Investment Services subsidiary. The increase in revenue is due to increased assets under management and performance fees.
• Atle divested shares in Alcur Fonder to an employee in Alcur, decreasing its holding from 32.5 per cent till

THE QUARTER IN BRIEF

• Revenues/value changes during the second quarter of 2020 of SEK -6.0M relate to participations in BioLamina, Life Genomics, My Driving Academy, and ScandiNova Systems.
• Bure Growth acquired shares in BioLamina's rights issue for SEK 13.2M, increasing its holding to 30.6 per cent.

30.9 per cent.

Share of Bure's net asset value 1.2%

www.bure.se

Investment AB Bure is a wholly owned subsidiary that owns and manages the lease of locomotives. The business was established in January 2013.

Key figures	Q2	Q2	6 mth	6 mth
SEK M	2020	2019	2020	2019	2019
Net sales	5.4	5.7	10.7	11.4	22.2
Operating expenses	-13.3	-5.4	-18.7	-7.7	-11.4
EBIT	-7.9	0.3	-8.0	3.7	10.8
EBIT margin	n/m	4.4%	-74.9%	32.6%	48.8%
Net financial items	-0.9	-0.9	-1.8	-1.7	-3.4
Profit/loss before tax	-8.8	-0.6	-9.9	2.0	7.4
Income tax expense	0.0	0.0	0.0	0.0	0.0
Profit/loss for the period	-8.8	-0.6	-9.9	2.0	7.4
Net loan debt (-)/receivable (+)			-91	-94	-87
Total assets			182	189	195
Equity			61	65	71
Cash flow from operating activities			-3	12	21
Average no. of employees			0	0	0

1) Of which, SEK 113.5M is liable to the Parent Company as at 30 June 2020.

Facts at 30 June 2020	Largest shareholders
NAV: SEK 176M1)	Bure Equity	100.0%
Acquisition date: Established 2012
Board member from Bure: Henrik Blomquist, chairman Philip Nyblaeus, board member
1) Refers to net assets in Investment AB Bure.

THE QUARTER IN BRIEF

• Net sales during the second quarter of 2020 was SEK 5.4M (5.7).
• Operating profit before depreciation was SEK -4.3M (1.6).
• Operating profit was SEK -7.9M (0.3).
• During the quarter, the company leased an average of 4.5 locomotives to RailCare. Performance has been affected by costs for a major overhaul of the locomotives.

www.mercuri.se

Mercuri International is Europe's leading sales and management training consultancy and is present worldwide.

Key figures SEK M	Q2 2020	Q2 2019	6 mth 2020	6 mth 2019	2019
Net sales	44	88	113	170	347
Operating expenses	-63	-84	-139	-166	-337
EBIT	-19.0	4.0	-26.7	4.0	9.9
EBIT margin	-42.8%	4.5%	-23.7%	2.3%	2.9%
Net financial items	-5.6	0.6	-1.9	0.2	-2.5
Profit/loss before tax	-24.6	4.6	-28.6	4.2	7.4
Income tax expense	-0.2	-0.3	-0.8	-0.7	-5.1
Profit/loss for the period	-24.8	4.3	-29.4	3.5	2.3
Net loan debt (-)/receivable (+)			-77	-39	-80
Total assets			308	333	354
Equity			133	164	163
Cash flow from operating activities			14	-7	-13
Average no. of employees			221	202	216

1) Of which, SEK 29.8M is liable to the Parent Company as at 30 June 2020.

Facts at 30 June 2020	Largest shareholders
NAV: SEK 128M1)	Bure Equity	90.4%
Acquisition date: 1998	Others	9.6%
Board member from Bure:

Henrik Blomquist, chairman

1) Relates to book value of equity and interest-bearing receivables.

• During the second quarter of 2020, sales for Mercuri were severely impacted by Covid-19. Despite the implementation of cost saving measures, profits also decreased due to the pandemic. Operating profit was SEK -19.0M (4.0) with margins of -42.8 per cent (4.5).
• During 2020, demand for digital and virtual solutions has increased which has resulted in sales in these segments have more than doubled compared to the previous year.

Interim report January – June 2020

	Bure is an investment company, which means that the Group's composition of subsidi aries and associated companies varies in line with its acquisitions and divestitures. Since this makes the Group's consolidated statements difficult to analyse, the development and financial position of the companies should also be analysed on an individual basis. More detailed information on portfolio companies are presented on pages 5–10.
GROUP
Results for the second quarter of 2020	Consolidated income from operating and investment activities was SEK 3,581M (-540). Subsidiaries' net sales amounted to SEK 51M (97). Dividends amounted to SEK 55M (99). Exit gains were SEK 2M (0).
	Capital gains/losses from short-term investments were SEK 0M (0).
	Fair value changes amounted to SEK 3,456M (-741) of which listed portfolio companies accounted for SEK 3,435M: Cavotec SEK 109M, MedCap SEK -1M, Mentice SEK 105M, Mycronic SEK 1,492M, Ovzon SEK 55M, Vitrolife SEK 1,339M and Xvivo Perfusion SEK 337M and value changes in short-term investments of SEK 20M.
	Shares in profits of associated companies amounted to SEK 18M (4).
	Consolidated operating profit for the period amounted to SEK 3,486M (-646).
	Net financial items amounted to SEK -5M (0).
	Consolidated profit after financial items amounted to SEK 3,481M (-646).
	Profit after tax amounted to SEK 3,481M (-646).
	Other comprehensive income included translation differences of SEK -17M (2).
Results for January – June 2020	Consolidated operating income from operating and investment activities was SEK 219M (1,472). Subsidiaries' net sales amounted to SEK 126M (185).
	Dividends amounted to SEK 55M (99).
	Exit gains totalled SEK 4M (606).
	Capital gains/losses from short-term investments were SEK 3M (-43).
	Fair value changes amounted to SEK 7M (615) of which listed portfolio companies accounted for SEK -1M: Cavotec SEK 18M, MedCap SEK -9M, Mentice SEK 35M, Mycronic SEK -257M, Ovzon SEK -51M, Vitrolife SEK 224M and Xvivo Perfusion SEK 39M and value changes in short-term investments of SEK 8M.
	Shares in profits of associated companies amounted to SEK 23M (7).
	Consolidated operating profit for the period amounted to SEK 23M (1,269). Net financial items amounted to SEK -1M (6).
	Consolidated profit after financial items amounted to SEK 22M (1,274). Profit after tax amounted to SEK 21M (1,273).
	Other comprehensive income included translation differences of SEK -11M (6).
Financial position	Consolidated equity at the end of the period amounted to SEK 14,500M (10,604) and the equity/assets ratio stood at 99 per cent (98). At the end of the period, the Group had report ed net loan receivables of SEK 1,294M (816), which consisted of interest-bearing assets of SEK 1,361M (871) and interest-bearing liabilities of SEK 67M (55). Consolidated equity per share at the end of the period amounted to SEK 195.56 compared to SEK 196.79 per share on 31 December 2019.

PARENT COMPANY

Results for the second quarter of 2019	Profit after tax was SEK 3,515M (-549). Dividends amounted to SEK 71M (204). Exit gains amounted to SEK 2M (0). Capital gains/losses from short-term investments were SEK 0M (0). Fair value changes amounted to SEK 3,456M (-741), of which listed portfolio companies accounted for SEK 3,435M: Cavotec SEK 109M, MedCap SEK -1M, Mentice SEK 105M, Mycronic SEK 1,492M, Ovzon SEK 55M, Vitrolife SEK 1,339M and Xvivo Perfusion SEK 337M and value changes in other companies and short-term investments of SEK 20M. Administrative costs amounted to SEK 15M (13). Net financial items totalled SEK 2M (1).
Results for January – June 2020	Profit after tax was SEK 58M (1,368). Dividends amounted to SEK 71M (204). Exit gains amounted to SEK 4M (606). Capital gains/losses from short-term investments were SEK 3M (-43). Fair value changes amounted to SEK 7M (615), of which listed portfolio companies accounted for SEK -1M: Cavotec SEK 18M, MedCap SEK -9M, Mentice SEK 35M, Mycronic SEK -257M, Ovzon SEK -51M, Vitrolife SEK 224M and Xvivo Perfusion SEK 39M and value changes in other companies and short-term investments of SEK 8M. Administrative costs amounted to SEK 28M (22). Net financial items totalled SEK 3M (7).
Financial position	Equity in the Parent Company at the end of the period amounted to SEK 13,637M (10,180), and the equity/assets ratio was 100 per cent (100). At the end of the period, the Parent Company had a reported net loan receivables of SEK 1,454M (844), which consisted of interest-bearing assets of SEK 1,456M (847) and interest-bearing liabilities of SEK 2M (2). External interest-bearing receivables amounted to SEK 1,310M (703). Receivables from subsidiaries totalled SEK 510M (439).
Group acquisitions and divestments	Bure acquired 8.5 million shares in Cavotec for SEK 136.7M, increasing its holding to 36.2 per cent. Bure acquired 1.2 million shares in Mentice for SEK 51.7M, increasing its holding to 15.1 per cent. Bure subscribed its holding equivalent to SEK 17.5M in Ovzon's rights issue. Bure Growth acquired shares in BioLamina's rights issue for SEK 13.2M, increasing its holding to 30.6 per cent. Bure divested 50,000 shares in MedCap for SEK 2.5M in conjunction with the exercise of share options, generating an exit gain of SEK 1.5M. Bure divested 20,000 shares in Xvivo Perfusion to Dag Andersson, the CEO of Xvivo Perfusion, for SEK 2.9M, generating an exit gain of SEK 2.5M.
Group loss carryforwards	Group loss carryforwards at the beginning of the year amounted to SEK 972M, SEK 660M of which related to the parent company. In Sweden, losses amounted to SEK 893M, and are perpetual. The deferred tax asset based on loss carryforwards in the Group has been valued at SEK 7M (7).
Currency exposure	The majority of consolidated revenue is denominated in SEK and EUR. Underlying costs are generally incurred in the same currency as revenues, thereby limiting transaction exposure. Since the Group has investments outside Sweden via its subsidiaries, the consolidated balance sheets and income statements are subject to translation differences arising from the translation of foreign subsidiaries' accounts. Listed portfolio companies that generate a substantial proportion of their sales outside Sweden are subject to currency exposure primarily in EUR and USD.
Related party transactions	No related party transactions were conducted during the period.

Ownership structure	Bure's largest shareholders on 30 June 2020 were Patrik Tigerschiöld with 10.4 per cent, the Björkman family including foundations with 8.4 per cent, Fjärde AP-fonden 7,9 per cent and Nordea Investment Funds with 7.3 per cent. According to Euroclear, the number of share holders on 30 June 2020 was 40,054.
Subsequent events	No significant events occurred after the balance sheet date that could significantly affect the evaluation of the financial information in this report.
Significant risks and uncertainties	through a balance between operational and financial risk. Bure's 2019 annual report has not been reviewed by the Group's auditors.	In view of the rapid on the financial markets, special emphasis is placed on monitoring the effects of Bure's investments and their valuations. Bure has a number of basic principles regarding the management of risk. Bure's financial policy states that the Parent Company shall be essentially debt-free. Furthermore, each portfolio company shall be financially independent from the Parent Company, which means that the Parent Company is not financially liable for portfolio companies' obligations, and that portfolio companies are responsible for their own financing. Financing of respective portfolio companies shall be appropriate to each company's specific circumstances, such that overall risk is managed provides a detailed description of the Group's risk exposure and risk management in the administration report and in Note 21. Bure's assessment is that no significant risks have arisen other than those described in the annual report and in this interim report. This interim report
	Stockholm den 19 August 2020
	Bure Equity AB (publ)
Patrik Tigerschiöld (Chairman)	Carl Björkman	Carsten Browall

Bengt Engström Charlotta Falvin Sarah McPhee

Henrik Blomquist (CEO)

Financial calendar	Interim report January – September 2020 Year-end report 2020	5 November 2020 25 February 2020
For additional	Henrik Blomquist, CEO	+46 (0)8-614 00 20
information contact	Max Jonson, CFO	+46 (0)8-614 00 20

Statement of financial position, Group

Operating income Net sales 50.6 96.5 126.3 185.4 Other operating income 0.2 0.4 1.6 2.9 Dividends: Portfolio companies 54.6 99.4 54.6 99.4 Other companies – – – – Short-term investments – – – –
Exit gains/losses 2.2 – 3.6 605.6
Capital gains/losses on short-term investments 0.0 – 2.7 -43.3
Fair value:
Portfolio companies 3,435.4 -744.8 -1.0 555.3 3,016.3
Other companies 0.0 0.0 0.0 0.0
Short-term investments 20.2 4.0 7.7 59.9
Shares in profit/loss of associates 18.2 4.2 23.3 6.9
Total operating income 3,581.4 -540.2 218.9 1,472.2 4,648.0
Operating expenses
Other external expenses -35.1 -37.0 -72.3 -70.2
Personnel costs -52.7 -61.8 -109.1 -119.4
Depreciation and impairment of property, plant and equipment -2.5 -2.5 -4.8 -5.0
Depreciation of right of use assets -3.9 -3.7 -7.9 -7.3
Depreciation and impairment of Intangible assets -0.7 -0.4 -1.1 -0.7
-0.4 -0.6 -0.9 -1.0 Other operating expenses
Total operating expenses -95.3 -106.0 -196.2 -203.6
Operating profit/loss 3,486.1 -646.2 22.8 1,268.6 4,234.8
Interest income and similar profit/loss items -4.2 4.7 2.2 10.9
Interest expenses and similar profit/loss items -0.7 -4.2 -3.3 -5.4
Profit/loss after financial items 3,481.2 -645.7 21.6 1,274.1 4,233.9
Tax on income for the period -0.2 -0.3 -0.8 -0.7
Income for the period 3,480.9 -646.0 20.8 1,273.4 4,228.8
Other comprehensive income Items that can be subsequently re-entered onto the income
statement
Translation differences -17.1 1.5 -10.7 5.7
Other comprehensive income for the period, after tax -17.1 1.5 -10.7 5.7
Total income for the period 3,463.9 -644.5 10.2 1,279.1 4,248.3
Profit/loss attributable to non-controlling interests -1.1 0.0 -1.2 0.0
Profit/loss attributable to owners of the Parent Company 3,482.0 -646.0 22.0 1,273.4 4,227.3
Comprehensive income attributable to non-controlling interests -1.1 0.0 -1.2 0.0
Comprehensive income attributable to owners of the Parent Company 3,464.9 -644.5 11.3 1,279.1 4,246.7
Average number of shares outstanding, thousands1) 69,711 68,972 69,342 68,972
Attributable to owners of the Parent Company, SEK 49.95 -9.37 0.32 18.46
Earnings per share, SEK1) 49.95 -9.37 0.32 18.46

1) No dilutive effect at 30 June 2020 and 2019 or at 31 December 2019.

Statement of financial position, Group

	30 June	30 June	31 December
SEK M	2020	2019	2019
Assets
Intangible assets	129.1	100.5	127.3
of which goodwill	120.4	98.7	119.8
Property, plant and equipment	197.0	199.6	200.7
Financial assets	12,662.4	9,336.1	12,452.4
Inventories	0.1	0.3	0.1
Current receivables	122.1	82.3	126.5
Prepaid expenses and accrued income	27.8	46.1	26.4
Short-term investments	195.4	137.3	142.3
Cash and cash equivalents	1,357.7	865.4	710.5
Total assets	14,691.7	10,767.7	13,786.0
of which, interest-bearing assets1)	1,360.7	870.6	714.8
Equity and liabilities
Equity attributable to owners of the Parent Company	14,482.0	10,602.2	13,553.6
Equity attributable to non-controlling interests	18.0	1.3	19.1
Total equity	14,500.0	10,603.6	13,572.7
Non-current liabilities	80.1	52.8	86.2
Current liabilities	111.5	111.4	127.2
Total liabilities	191.6	164.1	213.3
Total equity and liabilities	14,691.7	10,767.7	13,786.0
of which, interest-bearing liabilities1)	66.8	54.9	67.2

1) See note 5.

Statement of changes in equity, Group

Group SEK M	Share capital	Other contributed capital	Reserves	Retained earnings incl. profit for the year	Non controlling interests	Total equity
Opening balance equity at 1 January 2019	535.5	714.6	-57.2	8,268.2	1.3	9,462.4
Profit/loss for the year	–	–	–	4,227.3	1.5	4,228.8
Other comprehensive income	–	–	19.5	–	–	19.5
Cash dividend	–	–	–	-137.9	–	-137.9
Cancellation of shares	-2.8	–	–	–	–	-2.8
Bonus issue	2.8	–	–	–	–	2.8
Divestment of shares in group companies	–	–	–	-16.4	16.4	0.0
Closing balance equity at 31 December 2019	535.5	714.6	-37.7	12,341.2	19.1	13,572.7
Opening balance equity at 1 January 2020	535.5	714.6	-37.7	12,341.2	19.1	13,572.7
Profit/loss for the period	–	–	–	22.0	-1.2	20.8
Other comprehensive income	–	–	-10.7	–	–	-10.7
Cash dividend	–	–	–	-69.0	–	-69.0
Rights issue	40.2	945.9	–	–	–	986.1
Closing balance equity at 30 June 2020	575.7	1,660.5	-48.3	12,294.2	18.0	14,500.0

Statement of cash flows, Group

	Q2	Q2	6 mth	6 mth	Full year
SEK M	2020	2019	2020	2019	2019
Cash flow from operating activities before change in working capital	25.4	96.2	35.0	674.5	683.4
Cash flow from change in working capital	-37.2	-14.6	-15.3	20.7	15.9
Cash flow from operating activities	-11.8	81.6	19.7	695.2	699.2
Cash flow from investing activities	-256.3	-122.9	-277.5	-87.2	-248.6
Cash flow from financing activities	917.4	-145.2	915.8	-145.6	-156.9
Cash flow for the period	649.3	-186.7	657.9	462.5	293.8
Cash and cash equivalents at beginning of period	725.6	1,050.5	710.5	397.2	39 397.2
Cash flow for the period	649.3	-186.7	657.9	462.5	293.8
Translation differences	-17.1	1.5	-10.7	5.7	19.5
Cash and cash equivalents at end of period	1,357.7	865.4	1,357.7	865.4	710.5

Income statement, Parent Company

SEK M	Q2 2020	Q2 2019	6 mth 2020	6 mth 2019	Full year 2019
OPERATING INCOME
Investing activities
Dividends:
Portfolio companies	54.6	99.4	54.6	99.4	99.4
Other companies	16.2	105.0	16.2	105.0	131.8
Short-term investments	–	–	–	–	–
Exit gains/losses	2.5	–	3.9	605.6	608.9
Capital gains/losses on short-term investments	0.0	–	2.7	-43.3	-43.3
Fair value:
Portfolio companies	3,435.4	-744.8	-1.0	555.3	3,016.3
Other companies	0.0	0.0	0.0	0.0	11.0
Short-term investments	20.2	4.0	7.7	59.9	60.9
Other income	0.0	0.3	0.1	0.6	0.7
Total operating income	3,528.9	-536.0	84.2	1,382.7	3,885.7
Operating expenses
Personnel costs	-9.7	-8.1	-16.1	-12.3	-24.4
Other external expenses	-5.2	-4.6	-11.4	-8.1	-17.8
Depreciation of property, plant and equipment	0.0	-0.1	0.0	-0.2	-0.5
Depreciation of rights of use assets	-0.5	-0.5	-1.0	-1.0	-2.0
Total operating expenses	-15.4	-13.3	-28.5	-21.6	-44.8
Operating profit/loss	3,513.5	-549.3	55.7	1,361.1	3,841.0
Financial income and expenses
Interest income and similar profit/loss items	1.6	1.2	2.8	7.7	10.0
Interest expenses and similar profit/loss items	0.0	-0.5	-0.2	-0.7	-1.3
Total financial income and expenses	1.6	0.7	2.6	7.0	8.7
Profit/loss before tax	3,515.1	-548.6	58.3	1,368.1	3,849.7
Income tax expense	0.0	0.0	0.0	0.0	0.0
Profit/loss for the period1)	3,515.1	-548.6	58.3	1,368.1	3,849.7
Average basic number of shares, thousands2)	69,711	68,972	69,342	68,972	68,972
Basic earnings per share, SEK2)	50.42	-7.95	0.84	19.84	55.82
Average number of employees	7	6	7	6	6

1) Corresponds to comprehensive income

1) No dilutive effect at 30 June 2020 and 2019 or at 31 December 2019.

Statement of financial position, Parent Company

	30 June	30 June	31 December
SEK M	2020	2019	2019
Assets
Property, plant and equipment	4.4	4.9	5.3
Financial assets	11,572.6	8,908.9	11,369.6
Current receivables	575.6	443.7	507.6
Prepaid expenses and accrued income	3.2	3.0	5.2
Short-term investments	195.4	137.3	142.3
Cash and cash equivalents	1,306.8	697.8	657.7
Total assets	13,658.1	10,195.5	12,687.8
of which, interest-bearing assets1)	1,456.3	846.8	805.7
Equity and liabilities
Equity	13,637.0	10,179.9	12,661.5
Non-current liabilities	6.7	7.7	12.3
Current liabilities	14.3	7.8	13.9
Total equity and liabilities	13,658.1	10,195.5	12,687.8
of which, interest-bearing liabilities1)	2.1	2.4	3.1
1) See note 5.

Statement of cash flows, Parent Company

	Q2	Q2	6 mth	6 mth	Full year
SEK M	2020	2019	2020	2019	2019
Cash flow from operating activities before change in working capital	61.8	189.3	54.1	754.5	765.2
Cash flow from change in working capital	-49.3	2.0	-51.7	38.0	36.7
Cash flow from operating activities	12.5	191.3	2.5	792.4	801.9
Cash flow from investing activities	-259.9	-199.2	-269.5	-155.0	-201.1
Cash flow from financing activities	916.6	-135.5	916.1	-135.5	-140.0
Cash flow for the period	669.2	-143.4	649.1	501.9	461.8
Cash and cash equivalents at beginning of period	637.6	841.2	657.7	195.9	195.9
Cash flow for the period	699.2	-143.4	649.1	501.9	461.8
Cash and cash equivalents at end of period	1,306.8	697.8	1,306.8	697.8	657.7

Statement of changes in equity, Parent Company

SEK M	Q2 2020	Q2 2019	6 mth 2020	6 mth 2019	Full year 2019
Opening balance, equity	9,204.8	10,866.5	12,661.5	8,949.8	8,949.8
Cancellation of shares	–	-2.8	–	-2.8	-2.8
Bonus issue	–	2.8	–	2.8	2.8
Cash dividend	-69.0	-137.9	-69.0	-137.9	-137.9
Rights issue	986.1	–	986.1	–	–
Profit/loss for the period	3,515.1	-548.6	58.3	1,368.1	3,849.7
Closing balance, equity	13,637.0	10,179.9	13,637.0	10,179.9	12,661.5

NOTE 1 – Accounting policies

Bure applies International Financial Reporting Standards (IFRS) as endorsed for application in the EU. This interim report has been prepared in compliance with IAS 34, Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2, Accounting for Legal Entities. The Group's accounting and valuation policies are described in Note 1 in the annual report 2019.

New accounting principles that took effect on 1 January 2020: New additional IFRS standards are judged to not have a significant impact on Bure's results or financial position. Bure continually updates its analysis of upcoming changes to accounting principles.

NOTE 2 – Segment reporting

Reporting by operating segment

Bure has previously accounted for segments in a similar manner and no changes have taken place in the basis for segmentation or in calculation of profit/loss in the segments compared to the previous year's annual report. Consolidation adjustments relating to positive and negative goodwill have been attributed to the respective companies. Transactions between the various segments are insignificant in scope and are equal to less than 0.1 per cent of total sales. Dormant companies or companies not classified as portfolio companies are reported under the heading "Other companies". No customer accounted for more than 10 per cent of net sales during the periods.

					Atle
	Mercuri		Investment AB Bure		Investment Management		Bure Growth		Other companies		Eliminations, etc.		Parent Company		Total
SEK M	Q2 2020	Q2 2019	Q 2 2020	Q 2 2019	Q 2 2020	Q 2 2019	Q 2 2020	Q 2 2019	Q 2 2020	Q 2 2019	Q 2 2020	Q 2 2019	Q 2 2020	Q 2 2019	Q 2 2020	Q 2 2019
Operating income
Total operating income	113	170	11	11	3	4	0	0	0	0	–	–	0	0	126	185
Profit/loss
Shares in profit/loss	1	–	–	–	28	9	-6	-2	–	–	–	–	–	–	23	7
Profit/loss by segment	-28	4	-8	5	-4	-3		–	–	–	–	–	0	1	-40	6
Administrative expenses	–	–	–	–	–	–	–	–	–	–	–	–	-28	-22	-28	-22
Fair value/impairment losses	–	–	–	–	–	–	–	–	–	–	–	–	7	615	7	615
Dividends	–	–	–	–	–	–	–	–	–	–	-16	-105	71	204	55	99
Exit gains/losses/capital gains/losses on short term investments	–	–	–	–	0	–	–	–	–	–	–	–	7	562	6	562
Operating profit/loss	-27	4	-8	5	24	6	-6	-2	0	0	-16	-105		56 1,361		23 1,269
Net financial items															-1	6
The period's income tax expense															-1	-1
Profit/loss for the period																21 1,273

					Atle
			Investment		Investment		Bure		Other		Eliminations,		Parent
		Mercuri	AB Bure		Management		Growth		companies		etc.		Company		Total
											30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun
SEK M	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
Assets	177	197	154	163	13	34	968	483	0	0	-516		-441 13,658 10,195 14,454 10,631
Equity in associates	17	16	–	–	85	68	135	53	–	–	–	–	–	–	238	136
Total assets	194	212	154	163	98	102	1,104	536	0	0	-516		-441 13,658 10,195 14,692 10,768
Liabilities
Unallocated liabilities	175	170	121	124	4	0	386	295	0	0	-516	-441	21	16	192	164
Total liabilities	175	170	121	124	4	0	386	295	0	0	-516	-441	21	16	192	164
Investments	12	2	0	0	0	0	0	0	–	–	–	–	0	0	12	2
Amortisation/depreciation	9	8	3	3	0	0	0	0	–	–	–	–	1	1	14	13

NOTE 2 – Segment reporting, cont.

IFRS 15 Revenue from Contracts with Customers is a new revenue standard that replaces existing standards and guidance on revenues. The standard does not have any material effect on the Group's net sales, either in terms of amounts or periodicity. From 1 January 2018, the Group classify revenue as: consultancy income, licensee income, and other income.

	Q2	Q2	6 mth	6 mth	Full year
SEK M	2020	2019	2020	2019	2019
Consultancy income	40	74	96	148	280
Licensing revenue	2	1	3	3	10
Other income	9	22	28	34	91
Net sales	51	97	126	185	382

Note 3 – Effects of changed estimates and assumptions

Key accounting estimates and assumptions are presented in Note 1 of the annual report for 2019. No changes have been made in these accounting estimates and assumptions that could have a material impact on this interim report.

NOTE 4 – Financial instruments

The Group's financial assets and liabilities are classified according to IFRS 13 under the following three categories.

Level 1: Listed prices on an active market for identical assets or liabilities.

Level 2: Other observable data for the asset or liability other than listed prices included in Level 1, either directly or indirectly.

Level 3: Data for the asset or liability that is not entirely based on observable market data.

Bure reports listed holdings at fair value with changes in value in the income statement (Level 1).

For investments in unlisted holdings (Level 3), in the first auditing instance Bure has made an active choice to use equity method in accordance with IAS 28 – Investments in Associates and Joint Ventures. Thus, holdings in unlisted associated companies Alcur Fonder AB, BioLamina AB, Fondbolaget Fondita Ab, Life Genomics AB, My Driving Academy Sweden AB, ScandiNova Systems AB and Teknik Innovation Norden Fonder AB have not been revaluated according to IFRS 9. The introduction of IFRS 9 requires other financial assets to be assessed on an ongoing basis. Atle Investment Services AB is a wholly-owned subsidiary of Atle Investment Management AB and is valued at book value.

In Bure's net asset value table, (see page 2), Bure has chosen to revalue all financial assets based on International Private Equity and Venture Capital Valuation (IPEV) guidelines. These guidelines outline various methods for the determination of the fair value of respective holdings. Considerable emphasis is placed on recent market transactions in the company, for example new share issues or the acquisition of existing shares. Transactions in comparable companies may also be used. Other valuation methods include discounting forecasted cash flow with relevant discount rates, and by applying valuation multiples such as EV/Sales, EV/EBITDA, EV/EBITA, EV/EBIT and PER adjusted for different market, operational and risk profiles. In general, an illiquidity discount for unlisted assets is also applied.

Valuation of unlisted assets at 30 June 2020.

SEK M	Net asset value	Valuation model	Group book value	Valuation model
Atle Investment Management	87.2 (95.3)		98.4 (79.0)
Alcur Fonder		DCF		Equity method
Fondbolaget Fondita		EV/EBIT multipel		Equity method
Atle Investment Services		Book value		Book value
Teknik Innovation Norden Fonder		Book value		Equity method
Bure Growth	1,145.7 (494.3)		1,124.0 (484.1)
BioLamina		Latest transaction. DCF		Equity method
Life Genomics		DCF		Equity method
My Driving Academy Sweden		Latest transaction. DCF		Equity method
ScandiNova Systems		Latest transaction		Equity method
Yubico		Latest transaction		Latest transaction

Note 5 – Financial position

Net loan receivable: Cash and cash equivalents, interest-bearing investments and interest-bearing current and non-current receivables minus interest-bearing current and non-current liabilities.

			Group			Parent company
SEK M	30 June 2020	30 June 2019	31 Dec 2019	31 Dec 2018	30 June 2020	30 June 2019	31 Dec 2019	31 Dec 2018
Cash and cash equivalents	1,357.7	865.4	710.5	397.2	1,306.8	697.8	657.7	195.9
+ Interest-bearing investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
+ Current interest-bearing receivables	1.5	2.8	2.3	2.5	148.0	146.5	146.0	146.2
+ Non-current interest-bearing receivables	1.5	2.5	2.0	3.0	1.5	2.5	2.0	3.0
Interest-bearing assets	1,360.7	870.6	714.8	402.7	1,456.3	846.8	805.7	345.1
- Current interest-bearing liabilities	5.4	1.3	4.6	2.1	–	–	–	–
- Current interest-bearing leasing liabilities	13.3	12.4	13.1	–	2.1	2.1	2.1	–
- Non-current interest-bearing liabilities	31.5	26.4	30.7	27.4	–	–	–	–
- Non-current interest-bearing leasing liabilities	16.6	14.9	18.8	–	0.0	0.3	1.0	–
Interest-bearing liabilities	66.8	54.9	67.3	29.5	2.1	2.4	3.1	0.0
Net loan receivable at end of period	1,293.9	815.7	647.5	373.2	1,454.3	844.4	802.6	345.1

Bure Equity finances subsidiaries' operations with its own capital and intra-group loans. The table below shows intra-group loans.

	Intra-group receivables
	30 June 2020	30 June 2019	31 Dec 2019	31 Dec 2018
Atle Investment Management	3.2	0.0	0.2	0.2
Bure Growth	367.1	294.9	353.6	218.4
Investment AB Bure	113.5	113.9	113.9	113.9
Mercuri International Group	29.8	29.8	29.8	29.8
Total	513.6	438.6	497.5	362.3

Note 6 – Pledged assets
	Group			Parent company
	30 June 2020	30 June 2019	31 Dec 2019	31 Dec 2018	30 June 2020	30 June 2019	31 Dec 2019	31 Dec 2018
Shares in subsidiaries and associates	28.1	87.2	27.1	84.8	–	–	–	–
Blocked bank accounts	0.5	0.5	0.4	0.4	–	–	–	–
Total pledged assets	28.6	87.7	27.5	85.3	–	–	–	–

Contingent liabilities in the Group amounted to SEK 0.0M (0.5) at 30 June 2020, and refer to sureties and guarantee commitments furnished by subsidiaries. There is no contingent consideration in the Group that is not reflected in the consolidated accounts.

Five-year overview

	30 June
Data per share1)	2020	2019	2018	2017	2016
Net asset value, SEK2)	195.8	196.6	137.1	111.7	101.7
Share price, SEK	202.2	212.0	108.4	98.3	103.5
Share price as a percentage of net asset value	103%	108%	79%	88%	102%
Parent Company basic equity per share, SEK	183.9	183.6	129.1	108.4	98.4
Parent Company equity per share excl. buybacks, SEK	183.9	183.6	129.8	108.4	98.4
Consolidated basic equity per share, SEK	195.6	196.8	136.5	112.5	102.4
Consolidated equity per share excl. buybacks, SEK	195.6	196.8	137.2	112.5	102.4
Parent Company basic earnings per share, SEK3)	0.8	55.8	23.2	12.0	15.7
Consolidated earnings per share, SEK3)	0.3	61.3	26.3	12.0	16.9
Number of shares, thousands	74,147	68,972	69,333	69,333	69,333
Number of shares excluding share buy-backs, thousands	74,147	68,972	68,972	69,333	69,333
Average basic number of shares, thousands	69,342	68,972	69,245	69,333	69,333
Key figures
Dividend, SEK per share	1.0	2.0	2.0	2.0	2.0
Of which, extraordinary dividend, SEK per share	–	–	0.5	0.5	1.0
Dividend yield	0.5%	0.9%	1.8%	2.0%	1.9%
Total return	-4.2%	97.9%	12.7%	-3.3%	54.7%
Market capitalisation, SEK M	14,993	14,622	7,516	6,812	7,176
Net asset value, SEK M	14,521	13,563	9,454	7,743	7,054
Return on equity	0.4%	35.6%	19.5%	11.6%	17.1%
Administrative expenses/Net asset value	0.39%	0.33%	0.55%	0.55%	0.66%
Parent Company profit and financial position
Exit gains/losses, SEK M	4	609	46	117	0
Profit/loss after tax, SEK M	58	3,850	1,609	834	1,086
Total assets, SEK M	13,658	12,688	8,976	7,528	6,835
Equity, SEK M	13,637	12,662	8,950	7,517	6,822
Equity/assets ratio	100%	100%	100%	100%	100%
Cash and cash equivalents and short-term investments, SEK M	1,502	800	461	799	873
Consolidated profit and financial position
Net sales, SEK M	126	382	416	443	455
Exit gains/losses, SEK M	4	607	45	228	0
Profit/loss after tax, SEK M	21	4,229	1,821	834	1,173
Total assets, SEK M	14,692	13,786	9,624	7,971	7,271
Equity, SEK M	14,500	13,573	9,462	7,802	7,101
Equity/assets ratio	99%	98%	98%	98%	98%
Net loan debt (-)/receivable (+), SEK M	1,294	648	373	678	669
Average number of employees	232	226	234	272	262

1) All historical data per share has been adjusted for shares in issue with a time-weighting factor as prescribed by IAS 33.

2) Net asset value consists of the market value of Bure's listed holdings and assessed market value of unlisted holdings or net assets in subsidiaries, short-term and financial investments and cash equivalents.

3) No dilutive effect at 30 June 2020.

This information was publicly communicated on 19 August 2020, 08:30 a.m. CEST.

Definitions

Administrative expenses /net asset value	Administrative expenses divided by net asset value at the end of the period.
Earnings per share	Profit after tax divided by the average number of shares outstanding during the period.
Diluted earnings per share	The Group uses net profit less the non-controlling interests' share of profit for the period.
Dividend yield	Profit after tax divided by the average number of shares outstanding during the period after dilution. The Group uses net profit less the non-controlling interests' share in profit for the period. The average number of shares after dilution is calculated in accordance with IFRS, IAS 33 Earnings per Share.
EBIT	The dividend proposed to the Annual General Meeting and extraordinary dividends paid during the year divided by the share price at the beginning of the period.
Equity/assets ratio	Operating profit after depreciation of tangible and intangible fixed assets.
Equity per share	Equity in relation to total assets.
Growth	Equity divided by the number of shares outstanding.
IRR	Increase in net sales in relation to net sales for the previous period. The key figure thus includes both organic and acquisition-driven growth.
Market capitalisation	Internal Rate of Return, (average annual return).
Net asset value	Share price multiplied by the total number of shares outstanding.
Net loan liability	The market value of Bure's listed holdings, the estimated market values of unlisted holdings or alternatively net asset values of subsidiaries, short-term investments and cash and cash equivalents.
Net loan receivable	Same definition as net loan receivable but used when interest-bearing liabilities exceed interest-bearing assets.
Return on equity	Financial interest-bearing assets minus interest-bearing liabilities.
Total return	Profit/loss after tax divided by average equity.
	The sum of the period's share price growth and reinvested dividends divided by the share price at the beginning of the period.

About Bure

Bure is a listed investment company that is quoted on Nasdaq Stockholm. On 30 June 2020 the portfolio consisted of eleven companies, of which seven are listed holdings.

Our business concept is to be a long-term principal owner of operating companies. Through far-reaching engagement and value-driving initiatives and activities, we support the portfolio companies in becoming successful in their respective businesses.

Our objective is to create a long-term sustainable total return for our shareholders and to be a competitive investment alternative in the market.

Bure's strategic cornerstones are: • Long-term approach

• Commitment and responsibility
• Adapted leadership
• Financial strength