AI assistant
Bure Equity — Interim / Quarterly Report 2022
Aug 19, 2022
2899_ir_2022-08-19_2ac69c1f-4775-43ef-9abd-6b34519faa31.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Interim report January – June 2022
Interim period January – June 2022
- Net asset value was SEK 196.7 per share compared to SEK 323.2 at the beginning of the year, which is equivalent to a reduction of 39.1 per cent.
- Bure's net asset value was SEK 14,582M compared to SEK 23 964M at the beginning of the year.
- Total return on the Bure share was -52.9 per cent compared to the SIX Return Index that fell 27.9 per cent.
- Group earnings after tax amounted to SEK -9,202M (3,679). Earnings per share amounted to SEK -124.2 (49.5).
Interim period April – June 2022
- Net asset value was SEK 196.7 per share compared to SEK 233.9 at the beginning of the quarter, which is equivalent to a reduction of 15.9 per cent.
- Atle Investment Management completed the acquisition of 51 per cent of HealthInvest Partners.
- Bure acquired 117,600 shares in Mentice's rights issue for SEK 9M.
- In accordance with the AGM's decision, an ordinary dividend of SEK 2.25 per share was paid, totalling SEK 166.8M.
Events after the end of the period
• Net asset value amounted to SEK 212.6 per share on 18 August 2022, which is equivalent to a reduction of 34.2 per cent since the beginning of the year.
Henrik Blomquist
CEO Bure Equity AB
Stock markets continued to perform negatively in the second quarter. The SIX Return index fell more than 17 per cent. The majority of Bure's listed portfolio companies lost value, which resulted in Bure's net asset value per share falling by 16 per cent in Q2. During the first six months of the year, Bure's net asset value per share thus decreased 39 per cent compared to the SIX Return, which fell by 28 per cent.
Gladly most of our portfolio companies reported strong interim results. Vitrolife, whose share price decreased the most during the quarter, took further steps to integrate Igenomix. "New" Vitrolife recorded 18 per cent organic growth and an EBITDA margin of 32.9 per cent. Mycronic reported stable turnover and order intake, with all divisions reporting double-digit operating margins.
Bure's unlisted portfolio companies also performed well. Allgon and ScandiNova increased turnover by roughly 15 per cent. However, Allgon's margin was slightly lower than the previous year, which was in part due to increases in component costs.
Cavotec faced the most severe challenges in the quarter with the lockdown of Shanghai for more than a month due to covid. This caused major disruption to Cavotec's production schedules and customer deliveries. In May, David Pagels was appointed as the new CEO of Cavotec.
High inflation and rising interest rates caused stock markets to revalue most sectors in the first six months of the year. Investors are currently looking for profitability, cash flow and predictability over growth and future potential. A fundamental component of Bure's company-building philosophy is profitable growth. We believe that profitable growth creates healthy and successful companies. Despite an uncertain future that is difficult to assess, I therefore feel considerable confidence in how our portfolio companies are addressing current market challenges.
Bure's net asset value and holdings
| 2021/12/31 | 2022/06/30 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 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 |
||
| ACQ Bure 3) | 20.0% | 761 | $-79$ | $\equiv$ | ÷, | 683 | 4.7% | 9.2 | |
| Cavotec | 35.4% | 681 | $-114$ | $\equiv$ | $-11$ | 556 | 3.8% | 7.5 | |
| L 2 | Mentice 4) | 14.7% | 359 | $-97$ | 9 | $\equiv$ | 271 | 1.9% | 3.7 |
| T. | Mycronic | 26.9% | 5,553 | $-1,766$ | $\overline{\phantom{a}}$ | $\overline{\phantom{m}}$ | 3,787 | 26.0% | 51.1 |
| $\mathbf S$ T |
Ovzon | 11.4% | 368 | $-106$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 262 | 1.8% | 3.5 |
| $\mathsf E$ | Vitrolife | 15.9% | 12,046 | $-6,987$ | ÷, | 5,059 | 34.7% | 68.2 | |
| D | Xvivo Perfusion | 14.8% | 1,216 | $-280$ | $\overline{\phantom{m}}$ | $\overline{\phantom{m}}$ | 937 | 6.4% | 12.6 |
| Total listed holdings | 20,985 | $-9,428$ | 9 | $-11$ | 11,555 | 79.2% | 155.8 | ||
| $\mathsf{U}$ | Allgon 5) | 92.4% | 746 | $\overline{4}$ | $\equiv$ | $-4$ | 746 | 5.1% | 10.1 |
| $\mathbf N$ L. |
Atle Investment Management 6) | 93.0% | 186 | 12 | 50 | $-2$ | 246 | 1.7% | 3.3 |
| т | Bure Growth 7) | 100.0% | 1,302 | 46 | 14 | $\equiv$ | 1,362 | 9.3% | 18.4 |
| $\overline{\mathbf{s}}$ $\mathsf T$ |
Investment AB Bure 8) | 176 | 14 | $\equiv$ | $-190$ | ||||
| E | Mercuri International 9) | 90.4% | 130 | $\equiv$ | $\equiv$ | $\overline{\phantom{m}}$ | 130 | 0.9% | 1.8 |
| D | Total unlisted holdings | 2,540 | 76 | 64 | $-197$ | 2,484 | 17.0% | 33.5 | |
| Total holdings | 23,525 | $-9,352$ | 73 | $-208$ | 14,039 | 96.3% | 189.3 | ||
| T $\mathbb{R}$ $\mathsf E$ $\boldsymbol{\mathsf{A}}$ $\mathbf S$ $\mathbf{u}$ ${\mathbf R}$ |
Cash and cash equivalents, short-term investments and other assets 10) Total treasury |
439 439 |
105 105 |
544 544 |
3.7% 3.7% |
7.3 7.3 |
|||
| Y | Total net asset value | 23,964 | $-9,352$ | 178 | $-208$ | 14,582 | 100.0% | 196.7 |
1) Change in value including exit gains/losses.
2) Bure's number of shares at 30 June 2022: ACQ Bure 7,000,000, Cavotec 33,321,619, Mentice 3,761,659, Mycronic 26,317,163,
Ovzon 5,861,034, Vitrolife 21,510,257 and Xvivo Perfusion 4,367,504. Bure has also 4,200,000 warrants in ACQ Bure.
3) Refers to stocks and warrants in ACQ Bure.
4) Bure subscribed for 117,600 shares in Mentice's rights issue for SEK 9M.
5) Bure divested 5 million shares in Allgon to AMIP AB – a company owned by Bure and the management and board of Allgon. Bure's direct and indirect holdings in Allgon amount to 92.4 per cent.
) Atle acquired 51 per cent of HealthInvest Partner, paid additional purchase costs for Atle Investment Services and Humle Fonder, and submitted a conditional shareholder contribution to Atle Investment Management amounting to SEK 54M. Atle divested shares in Alcur Fonder and TIN Fonder to company employees for SEK 3M. The holding in Alcur Fonder was revalued by SEK 18M.
7) Bure Growth acquired shares for SEK 13M in My Driving Academy's rights issue. The holding in My Driving Academy was revalued by SEK 5M due to the acquisition. Bure Growth acquired shares in ScandiNova Systems for SEK 1M. The holding in ScandiNova Systems was revalued by SEK 40M. 8) Investment AB Bure divested to Sandahlsbolagen Sweden.
9) Fair value of equity and interest-bearing receivables.
10) 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.
Change in net asset value during 2022
Listed portfolio companies
Listed portfolio companies amounted to 79.2 per cent of net asset value compared to 87.6 per cent at the end of 2021. The total value of listed portfolio companies decreased SEK 9,430M to SEK 11,555M.
Value changes
Value changes due to fluctuations in share prices and exit gains and losses during the period amounted to SEK -9,428M.
Value changes in SEK M and share price performance 2022
| ACQ Bure (shares + warrants) | -79 | -10.2% |
|---|---|---|
| Mentice | -97 | -27.0% |
| Ovzon | -106 | -28.9% |
| Cavotec | -114 | -16.5% |
| Xvivo Perfusion | -280 | -23.0% |
| Mycronic | -1,766 | -31.8% |
| Vitrolife | -6,987 | -58.0% |
| Total | -9,428 |
Bure's comparative index, the SIX RX, fell 27.9 per cent.
Acquisitions
Bure acquired 117,600 shares in Mentice's rights issue for SEK 9M.
Divestments
Bure divested 750,000 shares in Cavotec to David Pagels, Cavotec CEO, for SEK 11M.
Unlisted portfolio companies
Unlisted portfolio companies amounted to 17.0 per cent of net asset value compared to 10.6 per cent at the end of 2021.
The value of unlisted portfolio companies decreased SEK 56M to SEK 2,484M.
Acquisitions and value changes
Atle acquired 51 per cent in HealthInvest Partners, paid additional purchase costs for Atle Investment Services and Humle Fonder, and submitted a conditional shareholder contribution to Atle Investment Management amounting to SEK 54M. The holding in Alcur Fonder was revalued by SEK 18M.
My Driving Academy acquired Mårtenssons and created Sweden's largest driving school. Bure Growth acquired shares for SEK 13M in My Driving Academy's rights issue. The holding in My Driving Academy was revalued by SEK 5M due to the acquisition.
Bure Growth acquired shares i ScandiNova Systems for SEK 2M. The holding in ScandiNova Systems was revalued by SEK 40M.
Divestments
Bure divested Investment AB Bure to Sandahlsbolagen Sweden.
Atle divested shares in Alcur Fonder and TIN Fonder to company employees for SEK 3M.
Dividends received
Atle Investment Management received dividends of SEK 116M from jointly-owned asset management companies.
Treasury
The value of assets in Treasury increased by SEK 105M to SEK 544M. During the period, Bure acquired financial assets for SEK 77M and sold financial assets for SEK 207M. The group received dividends of SEK 212M and paid dividends of SEK 167M. Other changes of SEK -71M were due to changes in working capital, value changes in short-term investments and administrative costs.
Assets in Treasury amounted to 3.7 per cent of net asset value compared to 1.8 per cent at the end of 2021.
The Bure share
The total number of shares in Bure amounts to 74,146,921. The 2022 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. As of 30 June 2022, no shares had been repurchased.
Bure's share price on 30 June 2022 was SEK 204.2, equivalent to a total return of -52.9 per cent since the beginning of 2022.
| 18 Aug 2022 |
30 Jun 2022 |
31 Dec 2021 |
31 Dec 2020 |
|
|---|---|---|---|---|
| Share price, SEK | 252.0 | 204.2 | 438.2 | 293.6 |
| Dividend per share, SEK | 2.25 | 2.25 | 2.0 | 1.0 |
| Total return since year-end 1) | -41.8% | -52.9% | 50.1% | 39.2% |
| Net asset value per share, SEK | 212.6 | 196.7 | 323.2 | 239.6 |
| Development of NAV per share | -34.2% | -39.1% | 34.9% | 21.8% |
| SIX Return Index | -19.3% | -27.9% | 39.3% | 14.8% |
1) Including dividends of SEK 2.25 per share for 2022, SEK 2.00 per share for 2021.
Increase in Bure's net asset value and market price per share
| Portfolio companies Jan – Jun 2022 and 2021 Listed SEK M |
2022 | 2021 | |
|---|---|---|---|
| Net sales | 0 | 0 | |
| EBIT | -5 | -3 | |
| EBIT margin | n/m | n/m | |
| Holding | 20.0% | 20.0% | |
| Net sales | 619 | 559 | |
| EBIT | -25 | 7 | |
| EBIT margin | -4.1% | 1.3% | |
| Holding | 35.4% | 36.2% | |
| Net sales | 98 | 79 | |
| EBIT | -23 | -18 | |
| EBIT margin | -23.7% | -22.8% | |
| Holding | 14.7% | 14.7% | |
| Net sales | 2,408 | 2,355 | |
| EBIT | 429 | 739 | |
| EBIT margin | 17.8% | 31.4% | |
| Holding | 26.9% | 26.9% | |
| Net sales | 178 | 70 | |
| EBIT | -26 | -62 | |
| EBIT margin | -14.8% | -87.5% | |
| Holding | 11.4% | 11.3% | |
| Net sales | 1,581 | 761 | |
| EBIT | 308 | 254 | |
| EBIT margin | 19.5% | 33.3% | |
| Holding | 15.9% | 19.0% | |
| Net sales | 187 | 118 | |
| EBIT | 9 | -6 | |
| EBIT margin | 4.7% | -5.2% | |
| Holding | 14.8% | 15.0% | |
| Unlisted SEK M | 2022 | 2021 | |
| Net sales | 312 | 262 | |
| EBIT | 49 | 35 | |
| EBIT margin | 15.6% | 13.4% | |
| Holding | 92.4% | 98.7% | |
| Net sales | 0 | 0 | |
| EBIT | 128 | 156 | |
| EBIT margin | n/m | n/m | |
| Holding | 93.0% | 93.0% | |
| Net sales | 0 | 0 | |
| EBIT | 46 | 32 | |
| EBIT margin | n/m | n/m | |
| Holding | 100.0% | 100.0% | |
| Net sales | 161 | 149 | |
| EBIT | 1 | 3 | |
| EBIT margin | 0.7% | 2.0% | |
| Holding | 90.4% | 90.4% | |
Listed portfolio companies
Share of Bure's net asset value: 4.7%
ACQ Bure is a Swedish acquisition company. ACQ's investment strategy is to identify and conduct the acquisition of a company that can create value for shareholders over time.
| Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
2021 |
|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 |
| -2 | -2 | -5 | -3 | -7 |
| -2 | -2 | -5 | -3 | -7 |
| n/m | n/m | n/m | n/m | n/m |
| 0 | 0 | 0 | 0 | 0 |
| -2 | -2 | -5 | -3 | -7 |
| 0 | 0 | 0 | 0 | 0 |
| -2 | -2 | -5 | -3 | -7 |
| 3,436 | 3,455 | 3,441 | ||
| 3,436 | 3,456 | 3,442 | ||
| 3,435 | 3,445 | 3,440 | ||
| -6 | 6 | -7 | ||
| 0 | 0 | 0 | ||
| Facts at 30 June 2022 | Largest shareholders | |
|---|---|---|
| NAV: SEK 683M1) | Bure Equity | 20.0% |
| Acquisition date: 2021 | AMF Pension & Fonder | 20.0% |
| Board member from Bure: | SEB Fonder & Stiftelse | 11.7% |
| Patrik Tigerschiöld, chairman | Others | 48.3% |
| Sarah McPhee, board member | ||
| 1) Relates to shares and warrants in ACQ Bure. |
The quarter in brief
• The share price fell 7.7 per cent in the second quarter 2022.
www.cavotec.com
Share of Bure's net asset value: 3.8%
Cavotec is a leading engineering group that designs and manufactures automated connection and electrification systems for ports, airports and industrial applications worldwide.
| Key figure EUR m |
Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
2021 |
|---|---|---|---|---|---|
| Net sales | 32 | 26 | 59 | 55 | 116 |
| Operating expenses | -33 | -26 | -61 | -54 | -117 |
| EBIT | -1 | 0 | -2 | 1 | -1 |
| EBIT margin | -3.0% | -1.6% | -4.1% | 1.3% | -0.6% |
| Net financial items | 3 | 0 | 4 | 1 | 3 |
| Profit/loss before tax | 2 | -1 | 1 | 2 | 3 |
| Income tax expense | 0 | 0 | 0 | 0 | -4 |
| Profit/loss for the period continuing operations |
2 | 0 | 1 | 2 | -1 |
| Profit/loss for the period discontinued operations |
-1 | 0 | -5 | -1 | -36 |
| Profit/loss for the period | 1 | -1 | -3 | 1 | -37 |
| Net loan debt (-)/ receivable (+) |
-24 | -18 | -15 | ||
| Total assets | 188 | 202 | 175 | ||
| Equity | 59 | 106 | 67 | ||
| Cash flow from operating activities |
2 | 3 | 1 | ||
| Average no. of employees | 616 | 540 | 815 |
| Facts at 30 June 2022 | Largest shareholders | |
|---|---|---|
| NAV: SEK 556M | Bure Equity | 35.4% |
| Acquisition date: 2014 | Others | 64.6% |
| Board member from Bure: | ||
| Patrik Tigerschiöld, chairman |
- Orders increased 98 per cent to EUR 153M.
- Net sales increased 23 per cent to EUR 32M (26).
- David Pagels appointed Cavotec CEO in April 2022.
- Cavotec received a shore power order for EUR 15.7M from a global shipping company.
- The share price increased 36.9 per cent in the second quarter 2022.
www.mentice.com
Share of Bure's net asset value: 1.9%
Mentice develops and sells turn-key simulation solutions targeting the fast-growing market for endovascular procedures.
| Key figure SEK m |
Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
2021 |
|---|---|---|---|---|---|
| Net sales | 45 | 46 | 98 | 79 | 185 |
| Operating expenses | -62 | -51 | -121 | -97 | -205 |
| EBIT | -17 | -5 | -23 | -18 | -20 |
| EBIT margin | -38.2% -11.0% -23.7% -22.8% -10.7% | ||||
| Net financial items | 0 | 0 | 0 | 0 | -2 |
| Profit/loss before tax | -17 | -5 | -24 | -18 | -21 |
| Income tax expense | -1 | 0 | -1 | 0 | -8 |
| Profit/loss for the period | -18 | -5 | -25 | -18 | -29 |
| Net loan debt (-)/ receivable (+) |
17 | 24 | -2 | ||
| Total assets | 319 | 241 | 262 | ||
| Equity | 170 | 146 | 137 | ||
| Cash flow from operating activities |
-7 | -5 | -5 | ||
| Average no. of employees | 117 | 100 | 104 |
| Facts at 30 June 2022 | Largest shareholders | ||
|---|---|---|---|
| NAV: SEK 271M | Karin Howell-Bidermann | 34.0% | |
| Acquisition date: 2019 | Bure Equity | 14.7% | |
| Board member from Bure: | Handelsbanken Fonder | 7.4% | |
| Gösta Johannesson, board member | Others | 43.9% |
The quarter in brief
- Orders were SEK 57M (40). Order book amounted to SEK 109M (68).
- Net sales decreased 3 per cent to SEK 45M (46).
- Operating profit was SEK-17M (-5).
- Mentice acquired all assets related to the Ankyras software solution from Spanish company Galgo Medical S.L. for SEK 19M. Mentice carried out a rights issue of SEK 60M. Bure subscribed for its pro rata share of the issue of SEK 9M.
- The share price fell 12.0 per cent in the second quarter 2022.
www.mycronic.com
Share of Bure's net asset value: 26.0%
Mycronic creates world-leading production equipment for electronics and display manufacturing.
| Key figure SEK m |
Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
2021 |
|---|---|---|---|---|---|
| Net sales | 1,273 | 1,064 | 2,408 | 2,355 | 4,635 |
| Operating expenses | -1,049 | -823 -1,979 | -1,616 -3,586 | ||
| EBIT | 224 | 241 | 429 | 739 | 1,049 |
| EBIT margin | 17.6% 22.7% 17.8% | 31.4% 22.6% | |||
| Net financial items | -2 | -1 | -3 | -1 | -2 |
| Profit/loss before tax | 222 | 240 | 426 | 738 | 1,046 |
| Income tax expense | -48 | -60 | -88 | -168 | -219 |
| Profit/loss for the period | 174 | 180 | 338 | 570 | 827 |
| Net loan debt (-)/ receivable (+) |
505 | 314 | 440 | ||
| Total assets | 6,637 | 6,153 | 6,136 | ||
| Equity | 4,214 | 3,610 | 3,997 | ||
| Cash flow from operating activities |
246 | 682 | 998 |
| Facts at 30 June 2022 | Largest shareholders | ||
|---|---|---|---|
| NAV: SEK 3,787M | Bure Equity | 26.9% | |
| Acquisition date: 2010 via | SEB Fonder | 10.6% | |
| Skanditek | Fjärde AP-fonden | 9.6% | |
| Board member from Bure: Patrik Tigerschiöld, chairman |
Others | 52.9% |
- Orders were SEK 1,203M (1,002), a 20 per cent increase. Total order book at the end of the period was SEK 2,146M (1,774).
- Net sales increased by 20 per cent to 1,273M (1,064).
- Operating profit amounted to SEK 224M (241), which corresponds to an operating margin of 17.6 per cent (22.7).
- The board decided to review the possible listing of Axxon, the core of the High Volume division, on the STAR market on the Shanghai Stock Exchange and allowing a minority of the shares to be traded.
- The share price fell 18.2 per cent in the second quarter 2022.
www.ovzon.com
Share of Bure's net asset value: 1.8%
Ovzon offers a revolutionary mobile broadband service via satellite that combines high data speeds with high degrees of mobility.
| Key figure SEK m |
Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
2021 |
|---|---|---|---|---|---|
| Net sales | 78 | 33 | 178 | 70 | 191 |
| Operating expenses | -87 | -64 | -204 | -132 | -305 |
| EBIT | -9 | -31 | -26 | -62 | -113 |
| EBIT margin | -11.3% -93.1% -14.8% -87.5% -59.2% | ||||
| Net financial items | 25 | -8 | 31 | 12 | 29 |
| Profit/loss before tax | 16 | -39 | 5 | -50 | -84 |
| Income tax expense | 0 | 0 | 0 | 0 | 0 |
| Profit/loss for the period | 16 | -39 | 4 | -50 | -84 |
| Net loan debt (-)/ receivable (+) |
-79 | 7 | 82 | ||
| Total assets | 1,967 | 1,619 | 1,853 | ||
| Equity | 1,436 | 1,263 | 1,450 | ||
| Cash flow from operating activities |
-82 | -70 | -77 | ||
| Average no. of employees | 40 | 35 | 36 |
| Facts at 30 June 2022 | Largest shareholders | ||
|---|---|---|---|
| NAV: SEK 262M | Investment AB Öresund | 11.9% | |
| Acquisition date: 2018 | Bure Equity | 11.4% | |
| Board member from Bure: | Futur Pension | 9.7% | |
| Patrik Tigerschiöld, board member | Others | 67.0% |
The quarter in brief
- Net sales increased 135 per cent to SEK 78M (33).
- Operating profit was SEK -9M (-31).
- Delivery of SATCOM-as-a-Service to the Italian Fire and Rescue Service commenced.
- Ovzon received a renewed order worth USD 1.8M from U.S. DOD for SATCOM-as-a-Service.
- The share price fell 11.9 per cent in the second quarter 2022.
www.vitrolife.com
Share of Bure's net asset value:34.7%
Vitrolife is an international medtech group that develops, produces, and markets fertility treatment products.
| Key figure SEK m |
Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
2021 |
|---|---|---|---|---|---|
| Net sales | 829 | 382 | 1,581 | 761 | 1,681 |
| Operating expenses | -654 | -271 -1,273 | -507 -1,245 | ||
| EBIT | 175 | 111 | 308 | 254 | 435 |
| EBIT margin | 21.1% 29.1% 19.5% | 33.3% 25.9% | |||
| Net financial items | -6 | -1 | -26 | 4 | 25 |
| Profit/loss before tax | 169 | 110 | 283 | 258 | 460 |
| Income tax expense | -39 | -23 | -70 | -53 | -116 |
| Profit/loss for the period | 130 | 86 | 213 | 205 | 344 |
| Net loan debt (-)/ receivable (+) |
-1,899 | 1,084 -1,852 | |||
| Total assets | 19,907 | 2,514 19,429 | |||
| Equity | 15,991 | 2,151 15,341 | |||
| Cash flow from operating activities |
270 | 277 | 384 | ||
| Average no. of employees | 1,147 | 412 | 478 | ||
| Facts at 30 June 2022 | Largest shareholders | |
|---|---|---|
| NAV: SEK 5,059M | William Demant Invest A/S | 28.7% |
| Acquisition date: 2010 | Bure Equity | 15.9% |
| via Skanditek | EQT | 4.5% |
| Board member from Bure: | Others | 50.9% |
| Henrik Blomquist, board member |
- Net sales increased 117 per cent to SEK 829M (382), of which organic growth 18 per cent.
- Operating profit before depreciation (EBITDA) amounted to SEK 273M (134), corresponding to a margin of 33 per cent (35).
- Operating profit was SEK 175M (111), corresponding to a margin of 21.1 per cent (29.1).
- The share price fell 24.5 per cent in the second quarter 2022.
www.xvivoperfusion.com
Share of Bure's net asset value:6.4%
Xvivo Perfusion is a medical technology company dedicated to extending the life of all major organs so transplant teams around the world can save more lives.
| Key figure SEK m |
Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
2021 |
|---|---|---|---|---|---|
| Net sales | 94 | 59 | 187 | 118 | 258 |
| Operating expenses | -90 | -69 | -178 | -124 | -277 |
| EBIT | 4 | -9 | 9 | -6 | -18 |
| EBIT margin | 4.4% -15.8% | 4.7% | -5.2% | -7.2% | |
| Net financial items | 6 | -1 | 8 | 4 | 25 |
| Profit/loss before tax | 10 | -11 | 17 | -2 | 7 |
| Income tax expense | -3 | 2 | -4 | 0 | 1 |
| Profit/loss for the period | 8 | -9 | 12 | -3 | 8 |
| Net loan debt (-)/ receivable (+) |
311 | 306 | 393 | ||
| Total assets | 1,585 | 1,149 | 1,543 | ||
| Equity | 1,346 | 1,011 | 1,285 | ||
| Cash flow from operating activities |
-11 | -3 | -12 |
| Facts at 30 June 2022 | Largest shareholders | |
|---|---|---|
| NAV: SEK 937M | Bure Equity | 14.8% |
| Acquisition date: Lex Asea | Fjärde AP-fonden | 9.3% |
| distribution from Vitrolife in 2012 | Robur Fonder | 8.2% |
| Board member from Bure: | Others | 67.7% |
| Gösta Johannesson, chairman |
- Net sales increased 59 per cent to SEK 94M (59). Sales in local currencies increased 44 per cent.
- Operating profit was SEK 4M (-9), corresponding to a margin of 4.4 per cent (-15.8).
- Xvivo submitted an IDE application to the FDA in the US ahead of an American cardiac preservation study.
- The share price fell 20.4 per cent in the second quarter 2022.
Unlisted portfolio companies
www.allgon.se
Share of Bure's net asset value: 5.1%
Allgon is a world-leading actor in industrial radio remote controls. The company develops, manufactures, and delivers industrial radio remote control solutions for customers worldwide.
| Key figure SEK m |
Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
2021 |
|---|---|---|---|---|---|
| Net sales | 156 | 132 | 312 | 262 | 527 |
| Operating expenses | -138 | -111 | -263 | -227 | -467 |
| EBIT | 18 | 21 | 49 | 35 | 60 |
| EBIT margin | 11.3% 15.7% 15.6% | 13.4% 11.4% | |||
| Net financial items | -2 | -2 | -3 | -19 | -21 |
| Profit/loss before tax | 16 | 19 | 46 | 16 | 39 |
| Income tax expense | -3 | -4 | -7 | -8 | -4 |
| Results from ongoing operations |
13 | 16 | 39 | 8 | 35 |
| Results from discontinued operations |
– | 39 | – | 40 | 40 |
| Profit/loss for the period | 13 | 55 | 39 | 48 | 75 |
| Net loan debt (-)/ receivable (+) |
-170 | -179 | -210 | ||
| Total assets | 813 | 709 | 737 | ||
| Equity | 424 | 334 | 365 | ||
| Cash flow from operating activities |
31 | 17 | 40 | ||
| Average no. of employees | 369 | 361 | 360 |
| Facts at 30 June 2022 | Largest shareholders | |
|---|---|---|
| NAV: SEK 746M | Bure Equity | 92.4% |
| Acquisition date: 2021 | Management and board | |
| Board member from Bure: | of Allgon | 7.6% |
| Sophie Hagströmer, chairman | ||
| Trolle Sahlström, board member |
The quarter in brief
- Net sales increased 19 per cent to SEK 156M (132).
- Operating profit was SEK 18M (21), corresponding to a margin of 11.3 per cent (15.7).
www.atle.se
Share of Bure's net asset value: 1.7%
Atle Investment Management invests in financial services and assets. The company owns 30.4 per cent of Alcur Fonder, 100 per cent of Atle Investment Services, 20.1 per cent of Fondbolaget Fondita, 51.0 per cent of HealthInvest Partners, 100 per cent of Humle Fonder, 35.2 per cent of Teknik Innovation Norden Fonder (TIN Fonder) and holdings in equity funds.
| Key figure SEK m |
Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
2021 |
|---|---|---|---|---|---|
| Net sales | 0 | 0 | 0 | 0 | 0 |
| Dividends | 0 | 0 | 116 | 93 | 98 |
| Fair value of financial assets |
18 | 64 | 16 | 65 | 58 |
| Management costs | -3 | -1 | -4 | -2 | -5 |
| EBIT | 15 | 63 | 128 | 156 | 151 |
| Net financial items | -1 | 0 | -1 | -1 | -1 |
| Profit/loss before tax | 15 | 63 | 127 | 156 | 150 |
| Income tax expense | 0 | 0 | 0 | 0 | 0 |
| Profit/loss for the period | 15 | 63 | 127 | 156 | 150 |
| Net loan debt (-)/ receivable (+)2) |
-64 | -14 | -12 | ||
| Total assets | 281 | 234 | 229 | ||
| Equity | 198 | 193 | 187 | ||
| Cash flow from operating activities |
114 | 93 | 95 | ||
| Average no. of employees | 1 | 1 | 1 |
1) Of which, SEK 81M is liable to the Parent Company as at 30 June 2022.
| Facts at 30 June 2022 | Largest shareholders | |
|---|---|---|
| NAV: SEK 246M | Bure Equity | 93.0% |
| Acquisition date: Established 2014 | Gustav Ohlsson | 7.0% |
| Board member from Bure: | ||
| Henrik Blomquist, chairman | ||
| Oskar Hörnell, board member | ||
| Sarah McPhee, board member |
- Managed capital in Alcur Fonder, Atle Investment Services, Fondita, HealthInvest Partners, Humle and TIN Fonder decreased to SEK 33 billion compared to SEK 44 billion at the beginning of the year.
- Atle acquired 51 per cent in HealthInvest Partner, paid additional purchase costs for Atle Investment Services and Humle Fonder, and submitted a conditional shareholder contribution to Atle Investment Management amounting to SEK 54M in total. Atle divested shares in Alcur Fonder and TIN Fonder to company employees for SEK3M. The holding in Alcur Fonder was revalued by SEK 18M.
www.bure.se
Share of Bure's net asset value: 9.3%
Bure Growth is a wholly owned company that invests in development companies. The company owns 46.5 per cent of BioLamina, 30.4 per cent of My Driving Academy Sweden, 28.0 per cent of ScandiNova Systems and 17.6 per cent of Yubico.
| Key figure SEK m |
Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
2021 |
|---|---|---|---|---|---|
| Net sales | 0 | 0 | 0 | 0 | 0 |
| Fair value of financial assets |
40 | 21 | 46 | 32 | 32 |
| Administrative expense | 0 | 0 | 0 | 0 | 0 |
| EBIT | 40 | 21 | 46 | 32 | 32 |
| Net financial items | 0 | 0 | 0 | 0 | 0 |
| Profit/loss before tax | 40 | 21 | 46 | 32 | 32 |
| Income tax expense | 0 | 0 | 0 | 0 | 0 |
| Profit/loss for the period | 40 | 21 | 46 | 32 | 32 |
| Net loan debt (-)/ receivable (+)2) |
-449 | -426 | -435 | ||
| Total assets | 1,362 | 1,294 | 1,303 | ||
| Equity | 894 | 848 | 848 | ||
| Cash flow from operating activities |
0 | 0 | 0 | ||
| Average no. of employees | 0 | 0 | 0 |
1) Of which, SEK 449M is liable to the Parent Company as at 30 June 2021.
| Facts at 30 June 2022 | Largest shareholders | |
|---|---|---|
| NAV: SEK 1,362M | Bure Equity | 100.0% |
| Acquisition date: Established 2015 | ||
| Board member from Bure: | ||
| Henrik Blomquist, chairman | ||
| Sophie Hagströmer, board member | ||
| Max Jonson, board member |
The quarter in brief
- Bure Growth acquired shares for SEK 13M in My Driving Academy's rights issue. The holding in My Driving Academy was revalued by SEK 5M due to the acquisition.
- Bure Growth acquired shares in ScandiNova Systems for SEK 2M. The holding in ScandiNova Systems was revalued by SEK 40M.
www.mercuri.se
Share of Bure's net asset value: 0.9%
Mercuri International is a leading sales and management training consultancy and is present worldwide.
| Key figure SEK m |
Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
2021 |
|---|---|---|---|---|---|
| Net sales | 88 | 82 | 161 | 149 | 303 |
| Operating expenses | -83 | -77 | -160 | -146 | -296 |
| EBIT | 5 | 5 | 1 | 3 | 7 |
| EBIT margin | 5.5% | 6.3% | 0.7% | 2.0% | 2.3% |
| Net financial items | 2 | -2 | 2 | -2 | -4 |
| Profit/loss before tax | 6 | 4 | 3 | 1 | 3 |
| Income tax expense | -1 | -2 | -2 | -2 | -4 |
| Profit/loss for the period | 5 | 2 | 1 | -1 | -1 |
| Net loan debt (-)/ receivable (+)1) |
-103 | -100 | -79 | ||
| Total assets | 332 | 319 | 320 | ||
| Equity | 109 | 101 | 105 | ||
| Cash flow from operating activities |
-21 | 6 | 31 |
1) Of which, SEK 32M is liable to the Parent Company as at 30 June 2021.
| Facts at 30 June 2022 | Largest shareholders | |
|---|---|---|
| NAV: SEK 130M1) | Bure Equity | 90.4% |
| Acquisition date: 1998 | Others | 9.6% |
| Board member from Bure: |
Henrik Blomquist, chairman
1) Fair value of equity and interest-bearing receivables.
- Sales increased 8 per cent to SEK 88M (82).
- EBIT was SEK 5M (5) and EBIT margin was 5.5 per cent (6.3).
Interim Report January – June 2022
Bure is an investment entity, which means that the holdings 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 6–11.
Consolidation principles from 1January 2021
As of the beginning of the first quarter of 2021, the Board of Directors of Bure has judged that the criteria for IFRS 10 investment entity - have been met and decided to classify the company as an investment entity.
An investment company does not consolidate subsidiaries in accordance with IFRS 10 Consolidated Financial Statements and does not apply IFRS 3 Business Combinations, with the exception of subsidiaries that are active in investment activities. An investment entity values portfolio companies at fair value in accordance with IFRS 9 Financial Instruments.
Since 1 January 2021, the Bure Group consists of the parent company Bure Equity AB, Atle Investment Management AB, and Bure Growth AB. For more information, please see Note 1 – Accounting principles.
GROUP Results for the second quarter of 2022
Group earnings from investment activities amounted to SEK -2,555M (3,969). Subsidiaries' net sales were SEK 0M (0). Dividends amounted to SEK 96M (98). Fair value changes from financial assets amounted to SEK -2,653M (3,869). Operating profit for the period was SEK -2,590M (3,937). Net financial items amounted to SEK 4M (1). Profit after financial items was SEK -2,586M (3,938). Profit after tax was SEK -2,586M (3,938). Other comprehensive income included translation differences of SEK 0M (0).
Results for January – June 2022
Group earnings from investment activities amounted to SEK -9,156M (3,724). Subsidiaries' net sales amounted to SEK 0M (0). Dividends amounted to SEK 212M (192). Fair value changes from financial assets amounted to SEK -9,372M (3,530).
Operating profit for the period was SEK -9,207M (3,677). Net financial items amounted to SEK 6M (2). Profit after financial items was SEK -9,202M (3,679). Profit after tax was SEK -9,202M (3,679). Other comprehensive income included translation differences of 0M (0).
Financial position
Group equity at the end of the period amounted to SEK 14,579 M (21,272) and the equity to assets ratio was 100 per cent (100). At the end of the period, the group had reported net receivables of SEK 478M (624), which consisted of interest-bearing assets of SEK 482M (626) and interest-bearing liabilities of SEK 4M (3). Group equity per share amounted to SEK 196.6, compared to SEK 323.1 per share on December 31, 2021.
PARENT COMPANY Results for the second quarter of 2022
Earnings from investment activities was SEK -2,507M (3,938). Dividends amounted to SEK 202M (153). Fair value changes from financial assets amounted to SEK -2,712M (3,784). Administrative costs amounted to SEK 32M (31). Net financial items amounted to SEK 4M (1). Profit after tax was SEK -2,536M (-3,909).
Results for January – June 2022
Earnings from investment activities was SEK 9,227M (3,588). Dividends amounted to SEK 202M (153). Fair value changes from financial assets amounted to SEK -9,433M (3,434). Administrative costs amounted to SEK 48M (45).
Net financial items amounted to SEK 6M (3). Profit after tax was SEK -9,269M (-3,546).
Financial position
Equity in the Parent Company at the end of the period amounted to SEK 13,509M (20,253) and the equity to assets ratio was 100 per cent (100). At the end of the period, the Parent Company had a reported net receivables of SEK 542M (595), which consisted of interest-bearing assets of 545M (598) and interestbearing liabilities of SEK 4M (3). Receivables from Atle Investment Management and Bure Growth amounted to SEK 530M (468).
Group acquisitions and disposals
Bure acquired 117,600 shares in Mentice's rights issue for SEK 9M.
Atle acquired 51 per cent in HealthInvest Partners, paid additional purchase costs for Atle Investment Services and Humle Fonder, and submitted a conditional shareholder contribution to Atle Investment Management amounting to SEK 54M.
My Driving Academy acquired Mårtenssons and created Sweden's largest driving school. Bure Growth acquired shares for SEK 13M in My Driving Academy's rights issue. Bure Growth acquired shares in ScandiNova Systems for SEK 2M.
Bure divested Investment AB Bure to Sandahlsbolagen Sweden.
Bure divested 750,000 shares in Cavotec to David Pagels, Cavotec CEO, for SEK 11M.
Group loss carryforward
Group loss carryforward at the end of 30 June 2022 amounted to SEK 732M, of which SEK 713M pertained to the Parent Company. Losses attributable to Sweden amounted to SEK 732M and are perpetual.
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.
Related party transactions
ACQ Bure AB (publ.) is a Swedish acquisition company listed on the Nasdaq Stockholm. Bure's holding in ACQ Bure amounts to 20 per cent. Since 21 December 2020, Henrik Blomquist, (CEO of Bure Equity), has served as CEO of ACQ Bure on a consulting basis, Max Jonson, (CFO of Bure Equity), has served as CFO on a consulting basis and Oskar Hörnell (Investment Manager of Bure Equity) has served as a consultant of ACQ Bure. Bure Equity also assists ACQ Bure with investment advisory services. Contracts are entered into on market terms. Bure Equity did not invoice ACQ Bure during the first quarter of 2021. Bure Equity has invoiced ACQ Bure since the beginning of the second quarter of 2021. No other transactions with related parties have taken place during the period.
Ownership structure
Bure's largest shareholders on 30 June 2022 were Patrik Tigerschiöld including related parties with 10.4 per cent, AMF Pension & Fonder 9.6 per cent, the Björkman family including foundations with 8.2 per cent, Fjärde AP-fonden 7.8 per cent and SEB Fonder 6.7 per cent. According to Euroclear, the number of shareholders on 30 June 2022 was 59,518.
Events after the balance sheet date
No events after the balance sheet date have occurred that significantly affect the assessment of the financial information in this report.
Significant risks and uncertainties
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 through a balance between operational and financial risk.
Bure's 2021 annual report provides a detailed description of the Group's risk exposure and risk management in the administration report and in Note 19. 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 has not been subject to review by the auditors.
Stockholm 19 August 2022
Bure Equity AB (publ)
Patrik Tigerschiöld (Chairman)
Carl Björkman Carsten Browall
Charlotta Falvin Sarah McPhee Birgitta Stymne Göransson
Henrik Blomquist (CEO)
Statement of comprehensive income
| SEK M | Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
Full year 2021 |
|---|---|---|---|---|---|
| Operating income | |||||
| Net sales | 0 | 0 | 0 | 0 | 0 |
| Dividends | 96 | 98 | 212 | 192 | 197 |
| Fair value financial assets | -2,653 | 3,869 | -9,372 | 3,530 | 6,235 |
| Other operating income | 2 | 1 | 4 | 2 | 5 |
| Total operating income | -2,555 | 3,969 | -9,156 | 3,724 | 6,437 |
| Operating expenses | |||||
| Other external expenses | -9 | -10 | -15 | -16 | -24 |
| Personnel costs | -25 | -22 | -34 | -30 | -51 |
| Amortization and write-downs of intangible and tangible fixed assets |
-1 | -1 | 2 | -1 | -4 |
| Total operating expenses | -35 | -32 | -52 | -47 | -79 |
| Operating profit/loss | -2,590 | 3,937 | -9,207 | 3,677 | 6,358 |
| Interest income and similar profit/loss items | 4 | 1 | 6 | 2 | 4 |
| Interest expenses and similar profit/loss items | 0 | 0 | 0 | 0 | -1 |
| Profit/loss after financial items | -2,586 | 3,938 | -9,202 | 3,679 | 6,362 |
| Tax on income for the period | 0 | 0 | 0 | 0 | 0 |
| Income for the period | -2,586 | 3,938 | -9,202 | 3,679 | 6,362 |
| Other comprehensive income | |||||
| Items that can be subsequently re-entered onto the income statement |
|||||
| Translation differences | 0 | 0 | 0 | 0 | 0 |
| Other comprehensive income for the period, after tax | 0 | 0 | 0 | 0 | 0 |
| Total income for the period | -2,586 | 3,938 | -9,202 | 3,679 | 6,362 |
| Profit/loss attributable to non-controlling interests | 1 | 4 | 9 | 11 | 10 |
| Profit/loss attributable to owners of | |||||
| the Parent Company | -2,587 | 3,934 | -9,211 | 3,668 | 6,352 |
| Comprehensive income attributable to | |||||
| non-controlling interests | 1 | 4 | 9 | 11 | 10 |
| Comprehensive income attributable to non-controlling interests |
-2,587 | 3,934 | -9,211 | 3,668 | 6,352 |
| Average number of shares outstanding, thousands1) | 74,147 | 74,147 | 74,147 | 74,147 | 74,147 |
| Earnings per share attributable to parent company share owners, SEK1) |
-34.89 | 53.05 | -124.22 | 49.47 | 85.67 |
1) No dilutive effect at 30 June 2022 and 2021 or at 31 December 2021.
Statement of financial position
| SEK M | 30 June 2022 |
30 June 2021 |
31 December 2021 |
|---|---|---|---|
| Assets | |||
| Intangible and tangible fixed assets | 30 | 24 | 24 |
| Financial assets valued at fair value via the income statement | 13,996 | 20,476 | 23,366 |
| Long-term interest-bearing receivables | 32 | 143 | 145 |
| Long-term non-interest-bearing receivables | 1 | 1 | 1 |
| Financial assets | 14,029 | 20,620 | 23,512 |
| Total fixed assets | 14,058 | 20,645 | 23,536 |
| Short-term interest-bearing receivables | 2 | 3 | 3 |
| Other non-interest-bearing receivables | 7 | 6 | 6 |
| Financial investments | 106 | 180 | 133 |
| Cash and cash equivalents | 448 | 480 | 326 |
| Total current assets | 563 | 670 | 467 |
| Total assets | 14,622 | 21,314 | 24,004 |
| of which, interest-bearing assets | 482 | 626 | 474 |
| Equity and liabilities | |||
| Equity attributable to owners of the Parent Company | 14,566 | 21,259 | 23,943 |
| Equity attributable to non-controlling interests | 14 | 13 | 13 |
| Total equity | 14,579 | 21,272 | 23,956 |
| Provisions | 19 | 19 | 19 |
| Non-current liabilities | 2 | 2 | 3 |
| Current liabilities | 21 | 21 | 26 |
| Total liabilities | 42 | 42 | 47 |
| Total equity and liabilities | 14,622 | 21,314 | 24,004 |
| of which, interest-bearing liabilities | 4 | 3 | 4 |
Statement of changes in equity
| 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 2021 | 576 | 1,660 | -60 | 15,507 | 20 | 17,702 |
| Adjustment transition to IFRS 10 investment entity | – | – | – | 58 | -14 | 44 |
| Adjusted opening balance as of January 1 2021 | 576 | 1,660 | -60 | 15,564 | 7 | 17,746 |
| Profit/loss for the year | – | – | – | 6,352 | 10 | 6,362 |
| Other comprehensive income | – | – | – | – | – | 0 |
| Cash dividend | – | – | – | -148 | – | -148 |
| Dividends paid to minority shareholders | – | – | – | – | -4 | -4 |
| Closing balance equity at 31 December 2021 | 576 | 1,660 | -60 | 21,768 | 13 | 23,956 |
| Opening balance equity at 1 January 2022 | 576 | 1,660 | -60 | 21,768 | 13 | 23,956 |
|---|---|---|---|---|---|---|
| Profit/loss for the period | – | – | – | -9,211 | 9 | -9,202 |
| Other comprehensive income | – | – | – | – | – | 0 |
| Cash dividend | – | – | – | -167 | – | -167 |
| Dividends paid to minority shareholders | – | – | – | – | -8 | -8 |
| Closing balance equity at 30 June 2022 | 576 | 1,660 | -60 | 12,391 | 14 | 14,579 |
Statement of cash flows
| Q2 | Q2 | 6 mth | 6 mth | Full year | |
|---|---|---|---|---|---|
| SEK M | 2022 | 2021 | 2022 | 2021 | 2021 |
| Cash flow from operating activities before changes in working capital |
67 | 360 | 187 | 747 | 971 |
| Cash flow from changes in working capital | -4 | -9 | -5 | -6 | 8 |
| Cash flow from operating activities | 63 | 351 | 182 | 741 | 980 |
| Cash flow from investing activities | -26 | 18 | 116 | -1,275 | -1,670 |
| Cash flow from financing activities | -175 | -152 | -175 | -153 | -151 |
| Cash flow for the period | -139 | 217 | 122 | -687 | -841 |
| Cash and cash equivalents at beginning of period | 587 | 263 | 326 | 1,167 | 1,167 |
| Cash flow for the period | -139 | 217 | 122 | -687 | -841 |
| Translation differences | 0 | 0 | 0 | 0 | 0 |
| Cash and cash equivalents at end of period | 448 | 480 | 448 | 480 | 326 |
Income statement
| SEK M | Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
Full year 2021 |
|---|---|---|---|---|---|
| Investment activities | |||||
| Dividends | 202 | 153 | 202 | 153 | 153 |
| Fair value financial assets | -2,712 | 3,784 | -9,433 | 3,434 | 6,146 |
| Other income | 2 | 1 | 4 | 2 | 5 |
| Total income | -2,507 | 3,938 | -9,227 | 3,588 | 6,304 |
| Personnel costs | -24 | -21 | -32 | -29 | -49 |
| Other external expenses | -8 | -9 | -15 | -15 | -21 |
| Depreciation of property, plant and equipment | -1 | -1 | -1 | -1 | -2 |
| Total management costs | -32 | -31 | -48 | -45 | -72 |
| Operating profit/loss | -2,540 | 3,908 | -9,275 | 3,543 | 6,232 |
| Financial income and expenses | |||||
| Interest income and similar profit/loss items | 4 | 1 | 7 | 3 | 6 |
| Interest expenses and similar profit/loss items | 0 | 0 | 0 | 0 | -1 |
| Total financial income and expenses | 4 | 1 | 6 | 3 | 5 |
| Financial income and expenses | -2,536 | 3,909 | -9,269 | 3,546 | 6,237 |
| Tax on income for the period | 0 | 0 | 0 | 0 | 0 |
| Profit/loss for the period1) | -2,536 | 3,909 | -9,269 | 3,546 | 6,237 |
| Average basic number of shares, thousand 2) | 74,147 | 74,147 | 74,147 | 74,147 | 74,147 |
| Basic earnings per share, SEK | -34.20 | 52.72 | -125.01 | 47.82 | 84.12 |
| Average number of employees | 8 | 8 | 8 | 8 | 8 |
1) Corresponds to comprehensive income.
2) No dilutive effect at 30 June 2022 and 2021 or at 31 December 2021.
Statement of financial position
| SEK M | 30 June 2022 |
30 June 2021 |
31 December 2021 |
|---|---|---|---|
| Assets | |||
| Property, plant and equipment | 8 | 7 | 9 |
| Financial assets valued at fair value via the income statement | 12,400 | 19,002 | 21,893 |
| Shares in group companies | 21 | 21 | 21 |
| Long-term interest-bearing receivables | 32 | 143 | 145 |
| Long-term non-interest-bearing receivables | 1 | 1 | 1 |
| Financial assets | 12,453 | 19,168 | 22,060 |
| Total fixed assets | 12,462 | 19,175 | 22,069 |
| Short-term interest-bearing receivables | 83 | 3 | 44 |
| Other non-interest-bearing receivables | 458 | 475 | 442 |
| Short-term investments | 98 | 170 | 121 |
| Cash and cash equivalents | 431 | 452 | 296 |
| Total current assets | 1,070 | 1,100 | 903 |
| Total assets | 13,531 | 20,275 | 22,972 |
| of which, interest-bearing assets | 545 | 598 | 484 |
| Equity and liabilities | |||
| Total equity | 13,509 | 20,253 | 22,944 |
| Provisions | 0 | 0 | 0 |
| Non-current liabilities | 2 | 2 | 3 |
| Current liabilities | 20 | 21 | 25 |
| Total liabilities | 22 | 23 | 28 |
| Total equity and liabilities | 13,531 | 20,275 | 22,972 |
| of which, interest-bearing liabilities | 4 | 3 | 4 |
Statement of changes in equity
| Q2 | Q2 | 6 mth | 6 mth | Full year | ||
|---|---|---|---|---|---|---|
| SEK M | 2022 | 2021 | 2022 | 2021 | 2021 | |
| Equity at beginning of period | 16,211 | 16,492 | 22,944 | 16,855 | 16,855 | |
| Cash dividend | -167 | -148 | -167 | -148 | -148 | |
| Profit/loss for the period | -2,536 | 3,909 | -9,269 | 3,546 | 6,237 | |
| Closing balance, equity | 13,509 | 20,253 | 13,509 | 20,253 | 22,944 |
Statement of cash flows
| SEK M | Q2 2022 |
Q2 2021 |
6 mth 2022 |
6 mth 2021 |
Full year 2021 |
|---|---|---|---|---|---|
| Cash flow from operating activities before changes | |||||
| in working capital | 172 | 411 | 179 | 700 | 929 |
| Cash flow from changes in working capital | -5 | -3 | -6 | 0 | 7 |
| Cash flow from operating activities | 167 | 407 | 173 | 700 | 936 |
| Cash flow from investing activities | -34 | 28 | 130 | -1,262 | -1,656 |
| Cash flow from financing activities | -167 | -149 | -167 | -149 | -147 |
| Cash flow for the period | -35 | 287 | 135 | -711 | -867 |
| Cash and cash equivalents at beginning of period | 465 | 165 | 296 | 1,163 | 1,163 |
| Cash flow for the period | -35 | 287 | 135 | -711 | -867 |
| Cash and cash equivalents at end of period | 431 | 452 | 431 | 452 | 296 |
Multi-year overview
| 30 June | |||||
|---|---|---|---|---|---|
| Data per share 1) | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net asset value, SEK2) | 196.7 | 323.2 | 239.6 | 196.6 | 137.1 |
| Share price, SEK | 204.2 | 438.2 | 293.6 | 212.0 | 108.4 |
| Share price as a percentage of net asset value | 104% | 136% | 123% | 108% | 79% |
| Parent Company basic equity per share, SEK | 182.2 | 309.4 | 226.8 | 183.6 | 129.1 |
| Parent Company equity per share excl. buybacks, SEK | 182.2 | 309.4 | 226.8 | 183.6 | 129.8 |
| Investment entity basic equity per share, SEK | 196.6 | 323.1 | 238.7 | 196.8 | 136.5 |
| Investment entity equity per share excl. buybacks, SEK | 196.6 | 323.1 | 238.7 | 196.8 | 137.2 |
| Parent Company basic earnings per share, SEK3) | -125.0 | 84.1 | 45.2 | 55.8 | 23.2 |
| Investment entity basic earnings per share, SEK3) | -124.2 | 85.8 | 45.1 | 61.3 | 26.3 |
| Number of shares, thousands | 74,147 | 74,147 | 74,147 | 68,972 | 69,333 |
| Number of shares excluding share buybacks, thousands | 74,147 | 74,147 | 74,147 | 68,972 | 68,972 |
| Average basic number of shares, thousands | 74,147 | 74,147 | 71,757 | 68,972 | 69,245 |
| Key figures | |||||
| Dividend, SEK per share | 2.25 | 2.0 | 1.0 | 2.0 | 2.0 |
| of which, extraordinary dividend, SEK per share | – | – | – | – | 0.5 |
| Direct return | 1.1% | 0.5% | 0.3% | 0.9% | 1.8% |
| Total return | -52.9% | 50.1% | 39.2% | 97.9% | 12.7% |
| Market capitalisation, SEK M | 15,141 | 32,491 | 21,770 | 14,622 | 7,516 |
| Net asset value, SEK M | 14,582 | 23,964 | 17,763 | 13,563 | 9,454 |
| Return on equity | -50.9% | 31.3% | 22.0% | 35.6% | 19.5% |
| Management expenses/Net asset value | 0.65% | 0.30% | 0.29% | 0.33% | 0.55% |
| Parent Company results and financial position | |||||
| Profit/loss after tax, SEK M | -9,269 | 6,237 | 3,242 | 3,850 | 1,609 |
| Total assets, SEK M | 13,531 | 22,972 | 16,845 | 12,688 | 8,976 |
| Equity, SEK M | 13,509 | 22,944 | 16,819 | 12,662 | 8,950 |
| Equity/assets ratio | 100% | 100% | 100% | 100% | 100% |
| Cash and cash equivalents and short-term investments, SEK M | 529 | 417 | 1,460 | 800 | 461 |
| Consolidated profit and financial position | |||||
| Net sales, SEK M | 0 | 0 | 267 | 382 | 416 |
| Profit/loss after tax, SEK M | -9,202 | 6,362 | 3,236 | 4,229 | 1,821 |
| Total assets, SEK M | 14,622 | 24,004 | 17,935 | 13,786 | 9,624 |
| Equity, SEK M | 14,579 | 23,956 | 17,702 | 13,573 | 9,462 |
| Equity/assets ratio | 100% | 100% | 99% | 98% | 98% |
| Net loan debt (-)/receivable (+), SEK M | 478 | 469 | 1,166 | 648 | 373 |
| Average number of employees | 9 | 9 | 229 | 226 | 234 |
1) All historical data per share have 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 and unlisted holdings, short term investments, other net assets and cash and cash equivalents. 3) There was no dilution effect during the periods.
Notes
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.
Group consolidation principles
As of the beginning of the first quarter of 2021, the Board of Directors of Bure has judged that the criteria of IFRS 10 investment entity – have been met and decided to re-classify the company as an investment entity.
An investment company does not consolidate subsidiaries in accordance with IFRS 10 Consolidated Financial Statements and does not apply IFRS 3 Operating Acquisitions with the exception of subsidiaries that are active in investing activities. An investment company values portfolio companies at fair value in accordance with IFRS 9 Financial Instruments.
Since 1 January 2021, the Bure Group consists of the parent company Bure Equity AB, Atle Investment Management AB and Bure Growth AB.
In its assessment prior to the decision to classify the company as an investment company in accordance with the criteria in IFRS 10 - Investment Entities, the Board of Directors of Bure Equity has considered the following:
- Bure is an investment entity whose goal is to create long-term total returns and thereby be a competitive investment alternative in the stock market. The starting point in Bure's operations is to actively participate in and develop wholly owned or partly owned companies and operations to increase the value of these assets over time through value growth or dividends.
- Since 2010, Bure has reported the net asset value of all portfolio companies valued at fair value.
- Bure is an investment entity that advocates active and long-term ownership. Bure assesses each investment and business opportunity over a period of three to five years, but investment horizons may be longer than this. Portfolio companies are continuously evaluated by Bure with an emphasis on development potential, valuation, risk, and alternative investment opportunities. When portfolio companies do not meet Bure's objectives and criteria, the holding may be sold in part or in its entirety. Over the years, Bure's portfolio has changed substantially.
Changes in accounting principles in the parent company The parent company's accounting principles for investments in portfolio companies, (subsidiaries, associated companies and other financial assets), were voluntarily changed in the first quarter of 2021, after which investments in shares in portfolio companies are subsequently reported at fair value via profit and loss in the same way as for the group.
For further information on accounting and valuation principles, please see Note 1 in the 2021 annual report.
New accounting principles applied from 1 January 2021: revised or amended IFRS standards are not considered to have any significant impact on earnings or balance statements. Bure continuously updates its analysis of upcoming changes.
Note 2 – Segment reporting
All activities in the entity are considered to constitute a single segment.
Note 3 – Effects of changed estimates and assessments
Important estimates and assessments are presented in Note 1 in the 2021 annual report. No changes to these estimates and assessments have been that could have a significant impact on the current interim report.
Note 4 – Financial instruments
the term of the debt.
Fair value and book value of financial assets and liabilities Fair value has been calculated for all financial assets and liabilities in accordance with IFRS 13. Fair value is estimated to be equal to the book value of accounts receivable and other receivables, other current receivables, cash and other cash and cash equivalents, accounts payable, and other liabilities and borrowing. Book value less write-downs is an estimated fair value for accounts receivable and accounts payable. For long-term non-interest-bearing liabilities, fair value has been calculated by discounting future cash flows with current market interest rates regarding
The investment entity's financial assets and liabilities are classified in accordance with IFRS 13 in the following three categories
- Level 1: Listed prices in 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 are not in their entirety based on observable market data.
Bure reports listed holdings at fair value with changes in value in the income statement (level 1). Bure's listed holdings consist of ACQ Bure AB, Cavotec SA, Mentice AB, Mycronic AB, Ovzon AB, Vitrolife AB, and Xvivo Perfusion AB.
Bure has reported investments in unlisted associated companies and subsidiaries, (level 3), at fair value since January 1, 2021. Unlisted associated companies were previously valued according to the equity method in accordance with IAS 28 Holdings in Associates and Joint Ventures, while subsidiaries were reported at amortized cost. Unlisted associated companies and subsidiaries consist of Allgon AB, Alcur Fonder AB, AMIP AB, Atle Investment Services AB, BioLamina AB, Fondbolaget Fondita Ab, HealthInvest Partners AB, Mercuri International Group AB, My Driving Academy Sweden AB, ScandiNova Systems AB and Teknik Innovation Norden Fonder AB. Since the introduction of IFRS 9, Yubico AB has been regularly revalued.
Bure has chosen to market value all financial assets based on International Private Equity and Venture Capital Valuation Guidelines (IPEV). The guidelines describe a number of methods for determining the fair value of each holding. Considerable emphasis is placed on recently completed market transactions in the company, e.g., share issues or the acquisition of existing shares. Transactions in comparable companies can also be used. Other valuation methods include discounting of forecast cash flows with relevant discount rates and applying valuation multiples such as EV/Sales, EV/EBITDA, EV/EBITA, EV/EBIT, PER and P/AuM which are adjusted to take into account differences in market, business, and risk. In general, a liquidity discount is also applied for unlisted assets. Valuation takes place on an ongoing basis and is published in conjunction with quarterly reports.
Note 4 – Financial instruments (cont.)
Real value hierarchy, Group
| 30 June 2022 30 June 2021 |
31 December 2021 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | Level 1 Level 2 | Level 3 | Total | Level 1 Level 2 | Level 3 | Total | Level 1 Level 2 | Level 3 | Total | |||
| Financial assets | ||||||||||||
| Financial assets at fair value from | ||||||||||||
| the income statement | 13,949 | 47 | – | 13,996 | 18,104 | – | 2,372 | 20,476 | 20,932 | 55 | 2,380 | 23,366 |
| Other long-term receivables | 1 | – | 32 | 33 | 1 | – | 143 | 144 | 1 | – | 145 | 146 |
| Financial investments | 106 | – | – | 106 | 121 | 59 | – | 180 | 133 | – | – | 133 |
| Total financial assets | 14,056 | 47 | 32 | 14,135 | 18,226 | 59 | 2,516 | 20,800 | 21,065 | 55 | 2,526 | 23,645 |
| Financial liabilities Leasing liabilities |
– | – | 4 | 4 | – | – | 3 | 3 | – | – | 4 | 4 |
| Other long-term liabilities | 1 | – | – | 1 | 1 | – | – | 1 | 1 | – | – | 1 |
| Accrued expenses and prepaid income |
– | – | 17 | 17 | – | – | 19 | 19 | – | – | 21 | 21 |
| Total financial liabilities | 1 | – | 21 | 22 | 1 | – | 22 | 23 | 1 | – | 25 | 26 |
Valuation of unlisted assets at 30 June 2022
| SEK M | Holding | Group book value | Valuation model |
|---|---|---|---|
| Holdings in Bure Equity AB | |||
| Allgon AB and AMIP AB | 91.1% / 14.5% | 746 | Accrued acquisition value |
| Mercuri International Group AB | 90.4% | 130 | EV/EBIT multiple, DCF |
| Holdings in Atle Investment Management AB | 246 | ||
| Alcur Fonder AB | 30.4% | P/AuM | |
| Atle Investment Services AB | 100.0% | Book value of equity | |
| Fondbolaget Fondita Ab | 20.1% | P/AuM, EV/EBIT multiple | |
| HealthInvest Partners AB | 51.0% | Accrued acquisition value | |
| Teknik Innovation Norden Fonder AB | 35.2% | P/AuM | |
| Holdings in Bure Growth AB | 1,362 | ||
| BioLamina AB | 46.5% | Latest transaction | |
| My Driving Academy Sweden AB | 30.4% | Latest transaction, DCF | |
| ScandiNova Systems AB | 28.0% | Latest transaction | |
| Yubico AB | 17.6% | Latest transaction |
Valuation of unlisted assets at 30 June 2021
| SEK M | Holding | Group book value | Valuation model |
|---|---|---|---|
| Holdings in Bure Equity AB | |||
| Allgon AB | 98.7% | 735 | Accrued acquisition value |
| Mercuri International Group AB | 90.4% | 128 | EV/EBIT multiple, DCF |
| Investment AB Bure | 100.0% | 178 | Book value of equity |
| Holdings in Atle Investment Management AB | 193 | ||
| Alcur Fonder AB | 30.9% | P/AuM | |
| Atle Investment Services AB | 100.0% | Book value of equity | |
| Fondbolaget Fondita Ab | 20.1% | P/AuM, EV/EBIT multiple | |
| Teknik Innovation Norden Fonder AB | 36.2% | P/AuM | |
| Holdings in Bure Growth AB | 1,293 | ||
| BioLamina AB | 46.7% | Latest transaction | |
| My Driving Academy Sweden AB | 25.1% | Latest transaction, DCF | |
| ScandiNova Systems AB | 27.8% | Latest transaction | |
| Yubico AB | 17.8% | Latest transaction |
Note 4 – Financial instruments (cont.)
Valuation of unlisted assets at 31 December 2021
| SEK M | Holding | Group book value | Valuation model |
|---|---|---|---|
| Holdings in Bure Equity AB | |||
| Allgon AB and AMIP AB | 100.0% / 100.0% | 746 | Accrued acquisition value |
| Mercuri International Group AB | 90.4% | 98 | EV/EBIT multiple, DCF |
| Investment AB Bure | 100.0% | 63 | Book value of equity |
| Holdings in Atle Investment Management AB | 171 | ||
| Alcur Fonder AB | 30.9% | P/AuM | |
| Atle Investment Services AB | 100.0% | Book value of equity | |
| Fondbolaget Fondita Ab | 20.1% | P/AuM, EV/EBIT multiple | |
| Teknik Innovation Norden Fonder AB | 37.1% | P/AuM | |
| Holdings in Bure Growth AB | 1,302 | ||
| BioLamina AB | 44.5% | Latest transaction | |
| My Driving Academy Sweden AB | 25.1% | Latest transaction, DCF | |
| ScandiNova Systems AB | 27.8% | Latest transaction | |
| Yubico AB | 17.8% | Latest transaction |
Not 5 – Classification of financial instruments
| Group 30 June 2022 SEK M |
Financial assets and liabilities valued at fair value from income statements |
Financial assets valued at accrued acquisition value |
Liabilities and customer receivables and other liabilities valued at accrued acquisition value |
Total carrying amount |
|---|---|---|---|---|
| Financial assets | ||||
| Financial assets valued at fair value from | ||||
| the income statements | 13,996 | – | – | 13,996 |
| Other long-term receivables | – | – | 32 | 32 |
| Other short-term receivables | – | – | 9 | 9 |
| Financial investments | 106 | – | – | 106 |
| Cash and bank balances | – | 448 | – | 448 |
| Total financial assets | 14,102 | 448 | 42 | 14,592 |
| Financial liabilities | ||||
| Leasing liabilities | – | – | 4 | 4 |
| Other long-term liabilities | – | – | 1 | 1 |
| Other non-interest-bearing liabilities | – | – | 21 | 21 |
| Total financial liabilities | – | – | 25 | 25 |
| Group 30 June 2021 SEK M |
Financial assets and liabilities valued at fair value from income statements |
Financial assets valued at accrued acquisition value |
Liabilities and customer receivables and other liabilities valued at accrued acquisition value |
Total carrying amount |
|---|---|---|---|---|
| Financial assets | ||||
| Financial assets valued at fair value from the income statements |
20,476 | – | – | 20,476 |
| Other long-term receivables | – | – | 144 | 144 |
| Other short-term receivables | – | – | 9 | 9 |
| Financial investments | 180 | – | – | 180 |
| Cash and bank balances | – | 480 | – | 480 |
| Total financial assets | 20,656 | 480 | 154 | 21,290 |
| Financial liabilities |
| Leasing liabilities | – | – | 3 | 3 |
|---|---|---|---|---|
| Other long-term liabilities | – | – | 1 | 1 |
| Other non-interest-bearing liabilities | – | – | 19 | 19 |
| Total financial liabilities | – | – | 23 | 23 |
Not 5 – Classification of financial instruments (cont.)
| Group 31 December 2021 SEK M |
Financial assets and liabilities valued at fair value from income statements |
Financial assets valued at accrued acquisition value |
Liabilities and customer receivables and other liabilities valued at accrued acquisition value |
Total carrying amount |
|---|---|---|---|---|
| Financial assets | ||||
| Financial assets valued at fair value from the income statements |
23,366 | – | – | 23,366 |
| Other long-term receivables | – | – | 146 | 146 |
| Other short-term receivables | – | – | 7 | 7 |
| Financial investments | 133 | – | – | 133 |
| Cash and bank balances | – | 326 | – | 326 |
| Total financial assets | 23,499 | 326 | 153 | 23,978 |
| Financial liabilities | ||||
| Leasing liabilities | – | – | 4 | 4 |
| Other long-term liabilities | – | – | 1 | 1 |
| Other non-interest-bearing liabilities | – | – | 26 | 26 |
| Total financial liabilities | – | – | 31 | 31 |
Note 6 – 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, SEK M | 30 June 2022 | 30 June 2021 | 31 December 2021 |
|---|---|---|---|
| Cash and cash equivalents | 448 | 480 | 326 |
| Current interest-bearing receivables | 2 | 3 | 3 |
| Non-current interest-bearing receivables | 32 | 143 | 145 |
| Interest-bearing assets | 482 | 626 | 474 |
| Current interest-bearing leasing liabilities | 2 | 2 | 2 |
| Non-current interest-bearing leasing liabilities | 2 | 1 | 2 |
| Interest-bearing liabilities | 4 | 3 | 4 |
| Net receivable at end of period | 478 | 624 | 469 |
| Parent Company, SEK M | 30 June 2022 | 30 June 2021 | 31 December 2021 |
|---|---|---|---|
| Cash and cash equivalents | 431 | 452 | 296 |
| Current interest-bearing receivables | 83 | 3 | 44 |
| Non-current interest-bearing receivables | 32 | 143 | 145 |
| Interest-bearing assets | 545 | 598 | 484 |
| Current interest-bearing leasing liabilities | 2 | 2 | 2 |
| Non-current interest-bearing leasing liabilities | 2 | 1 | 2 |
| Interest-bearing liabilities | 4 | 3 | 4 |
| Net receivable at end of period | 542 | 595 | 480 |
Bure Equity finances operations in Atle Investment Management and Bure Growth with equity and loans. The table below presents internal loans in the Bure Group.
| Internal receivables within the Group | ||||
|---|---|---|---|---|
| SEK M | 30 June 2022 | 30 June 2021 | 31 December 2021 | |
| Atle Investment Management | 81 | 41 | 41 | |
| Bure Growth | 449 | 427 | 436 | |
| Total | 530 | 468 | 477 |
Note 7 – Issued securities and contingent liabilities
As of June 30 2022, the investment entity had not issued any securities and had not entered into contingent liabilities.
Definitions
Basic earnings per share
Profit/loss after tax divided by the average number of shares outstanding during the year. For the Group, net profit less the non-controlling interests' share in profit for the year.
Diluted earnings per share
Profit after tax divided by the average number of shares outstanding during the year after dilution. For the Group, net profit less non-controlling interests' share in profit for the year. The average number of shares after full dilution is calculated according to the rules in IFRS, IAS 33 Earnings per Share.
Earnings per share
Earnings after tax divided by the average number of outstanding shares during the period. For the parent company, net earnings is used less the minority share of earnings for the period.
The average number of shares after dilution is calculated according to IFRS regulation, IAS 33 Earnings per share.
EBIT
Operating profit after amortization of goodwill/acquisition-related surplus values and amortization of fixed assets.
Equity per share
Equity divided by the number of shares outstanding. As of the transition to IFRS on 1 January 2005, non-controlling interests are included in total equity.
Equity/asset ratio
Equity in relation to total assets. As of the transition to IFRS on 1 January 2005, non-controlling interests are included in total equity.
Growth
Increase in net sales in relation to net sales for the previous year. The key figure thus includes both organic and acquisition-driven growth.
IRR
Internal Rate of Return.
Management costs/net asset value
Management costs during the period divided by net asset value at the end of the period.
Market capitalization
Share price multiplied by the total number of shares outstanding.
Net asset value
Market value, (valued at fair value), of Bure's listed and unlisted holdings and short-term investments plus accrued acquisition value of other net assets and cash and cash equivalents.
Net loan liability
Same definition as net loan receivable, but is used when interest-bearing liabilities exceed interest-bearing assets.
Net loan receivable
Financial interest-bearing assets minus interest-bearing liabilities.
Return on equity
Profit/loss after tax divided by average equity.
Share buyback
For several years, Swedish companies have been permitted to repurchase up to 10 per cent of their own outstanding shares, provided that this is approved by the Annual General Meeting within the framework of non-restricted equity.
Total return
The total of the year's share price growth and reinvested dividends divided by the share price at the beginning of the year.
This is Bure
Bure is a listed investment company that is quoted on Nasdaq Stockholm Large Cap. On 30 June 2022 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
Financial calendar
Interim report January – September 2022, 10 November 2022
Year-end report 2022, 23 February 2023
For information contact
Henrik Blomquist, CEO: +46 8 614 00 20 Max Jonson, CFO: +46 8 614 00 20