Bure Equity

Quarterly Report • Apr 27, 2021

January – March 2021 Interim report

Interim report January – March 2021

• Net asset value was SEK 236.1 per share compared to SEK 239.6 at the beginning of the year, corresponding to a decrease of 1.5 per cent.
• Bure's net asset value was SEK 17,502M compared to SEK 17,763M at the beginning of the year.
• Total return on the Bure share was 2.2 per cent compared to the SIX Return Index which increased 14.3 per cent.
• The Bure investment entity's earnings after tax amounted to SEK -259M (-3 460). Earnings per share amounted to SEK -3.6 (-50.2).
• In March 2021, ACQ Bure, Sweden's first SPAC, was listed on the Nasdaq Stockholm. Bure invested SEK 700M as sponsor.
• In December 2020, Bure announced a cash offer to shareholders in Allgon AB (publ.). In February, Bure's holding reached 93.2 per cent. Bure announced that a compulsory redemption of outstanding shares would be invoked and that the Allgon share would be delisted from the Nasdaq First North Growth Market. At the end of March 2021, Bure's holding amounted to 98.7 per cent.
• Atle Investment Management completed the acquisition of Humle Fonder and assumed management of Humle Småbolagsfond and Humle Sverigefond on 11 January 2021.
• In January 2021, 1.5 million shares in MedCap were divested for SEK 312.6M, which resulted in an exit gain of SEK 282.9M.
• In March 2021, Bure Growth divested its holding in Life Genomics for SEK 10.7M, which resulted in an exit gain of SEK 3.7M.
• 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. Since 1 January 2021, the Bure investment entity has comprised of the parent company, Bure Equity AB, Atle Investment Management AB, and Bure Growth AB. For more information, please see Note 1 – Accounting principles and Note 8 – Accounting for investment entities according to IFRS 10 for consolidated accounts.

Events after the end of the period

• Net asset value amounted to SEK 274.1 per share on 26 April 2021 corresponding to an increase of 14.4 per cent since the beginning of the year.

The first quarter of the year was extremely busy with investments in Allgon and ACQ topping a packed agenda. Following an extension of the public offering to Allgon shareholders, Bure's holding amounts to 98.7 percent. The company was therefore delisted in March and we intend to compulsorily redeem the remaining shares. The investment in Allgon is an interesting addition to Bure's portfolio as it increases the proportion of unlisted holdings and the number of wholly owned operations. Allgon continued to perform well during the first quarter of the year. per share has recovered. Henrik Blomqvist CEO Bure Equity AB

On March 25, ACQ Bure was listed on the Nasdaq Stockholm. ACQ is Sweden's first special purpose acquisition company (SPAC) and Bure is the so-called sponsor and initiator. In total, ACQ raised SEK 3.5 billion, of which Bure invested SEK 700 million, which corresponds to a holding of 20 per cent. The aim is to acquire an unlisted company within 36 months.

ACQ is a significant investment for Bure and an interesting step in our development. Bure has grown strongly in recent years and we thus need to find somewhat larger investments to continue our expansion journey. Through ACQ, we will be able to invest in a larger company and leverage Bure's organization and network.

From the beginning of the year, we have changed the accounting principles used by Bure and will be classed as an investment entity. This change will, inter alia, to simplify Bure's consolidated accounts, which will thus correspond to Bure's net asset value.

During the quarter, Bure's net asset value per share decreased 1.5 per cent. However, the stock market as a whole remained strong despite continued Corona restrictions. The SIX RX index rose 14.3 per cent. After the end of the period, several of the portfolio companies have reported strong interim reports and Bure's net asset value

Bure's net asset value and holdings

			2020-12-31					2021-03-31
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%	20	63	680	–	763	4.4%	10.3
	Cavotec	36.2%	726	24	–	–	750	4.3%	10.1
	MedCap 4)	9.8%	680	-64	–	-313	303	1.7%	4.1
L2)	Mentice	14.7%	304	7	–	–	311	1.8%	4.2
I S	Mycronic	27.9%	6,704	-1,104	–	–	5,600	32.0%	75.5
T E	Ovzon	11.3%	394	3	–	–	396	2.3%	5.3
D	Vitrolife	19.0%	4,440	835	–	–	5,275	30.1%	71.1
	Xvivo Perfusion	15.1%	1,357	-173	–		1,184	6.8%	16.0
	Total listed holdings		14,624	-409	680	–313	14,582	83.3%	196.7
	Allgon 5)	98.7%	71	–	663	–	734	4.2%	9.9
U N	Atle Investment Management 6)	93.0%	108	1	17	-2	124	0.7%	1.7
L I	Bure Growth 7)	100.0%	1,264	11	–	-11	1,264	7.2%	17.0
S T E	Investment AB Bure 8)	100.0%	177	-2	–	–	175	1.0%	2.4
D	Mercuri International 9)	90.4%	128	–	–	–	128	0.7%	1.7
	Total unlisted holdings		1,748	10	679	-12	2,425	13.9%	32.7
	Total holdings		16,372	-399	1,359	-325	17,007	97.2%	229.4
T R E A S U	Cash and cash equivalents, short-term investments and other assets 10)		1,391		-896		495	2.8%	6.7
R Y	Total treasury		1,391		-896		495	2.8%	6.7
	Total net asset value		17,763	-399	463	-325	17,502	100.0%	236.1

1) Change in value including exit gains/losses.

2) Bures number of shares at 31 March 2021: ACQ Bure 7,000,000, Cavotec 34,071,619, MedCap 1,456,017, Mentice 3,644,059,

Mycronic 27,317,163, Ovzon 5,236,034, Vitrolife 20,573,285 and Xvivo Perfusion 4,322,504.

3) Bure invested an additional SEK 680M in ACQ Bure in March 2021, bringing total investment to SEK 700M. ACQ Bure was listed on the Nasdaq Stockholm in March 2021. On 31 December 2020, the holding was reclassified from treasury to listed portfolio companies.

4) In January 2021, Bure divested 1.5 million shares in MedCap for SEK 312.6M, which resulted in an exit gain of SEK 282.9M.

5) In December 2020, Bure announced a cash offer to shareholders in Allgon. As of 31 March 2021, the holding amounted to 98.7 per cent.

On 31 December 2020, the holding was reclassified from treasury to unlisted portfolio companies.

6) Atle Investment Management divested shares in TIN Fonder to a TIN Fonder employee, paid additional purchase payments related to Atle Investment Services and acquired Humle Fonder.

7) Bure divested its holding in Life Genomics for SEK 10.7M, which resulted in an exit gain of SEK 3.7M.

8) Refers to net assets.

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

Breakdown in change in net asset value in the first quarter 2021

Listed portfolio companies

Listed portfolio company accounted for 83.3 per cent of net asset value compared to 82.3 per cent at the end of 2020. The value of listed portfolio company decreased SEK 42M to SEK 14,582M. Of this decrease, value changes due to fluctuations in share prices accounted for SEK -692M, exit results for SEK 283M, acquisitions for SEK 680M, and divestments for SEK -313M.

Value changes

Value changes due to fluctuations in share prices during the period were SEK -692M. Bure's comparative index, the SIX RX, registered an increase of 14.3 per cent.

Value changes in SEK M and share price performance 2021

Vitrolife	835	18.8%
ACQ Bure	63	9.0%
Cavotec	24	3.3%
Mentice	7	2.3%
Ovzon	3	0.7%
Xvivo Perfusion	-173	-12.7%
MedCap	-347	-9.6%
Mycronic	-1,104	-16.5%
Total	-692

Acquisitions

Bure acquired 6.8 million shares in ACQ Bure for SEK 680.0M. Bure's holding in ACQ Bure was 20.0 per cent following the company's listing on the Nasdaq Stockholm.

Divestments

Bure divested 1.5 million shares in MedCap for SEK 312.6M, which resulted in an exit gain of SEK 282.9M.

Unlisted portfolio companies

Unlisted portfolio companies accounted for 13.9 per cent of net asset value compared to 9.8 per cent at the end of 2020.

The value of unlisted portfolio company increased SEK 677M to SEK 2,425M.

Acquisitions

In December 2020, Bure acquired shares for SEK 71M and announced a cash offer for shareholders in Allgon AB (publ.). At the end of March 2021, Bure's holding amounted to 98.7 per cent. During the quarter, a further SEK 663M was invested, taking the total investment to SEK 734M.

Atle Investment Management completed the acquisition of Humle Fonder and assumed management of Humle Småbolagsfond and Humle Sverigefond on 11 January 2021, and paid additional purchase payments related to Atle Investment Services.

Divestments

Atle Investment Management divested shares in Teknik Innovation Fonder to a TIN Fonder employee.

Bure Growth divested its holding in Life Genomics for SEK 10.7M, which resulted in an exit gain of SEK 3.7M.

Dividends received

Atle Investment Management received dividends of SEK 74M from Alcur Fonder, SEK 5M from Fondita, and SEK 14M from TIN Fonder.

Treasury

The value of assets in Treasury decreased SEK 896M to SEK 495M. During the period, Bure acquired financial assets for SEK 1,360M and divested financial assets for SEK 325M. The parent company received dividends of SEK 93M. Other changes of SEK 46M were due to value changes in short-term investments and administrative costs.

Assets in Treasury amounted to 2.8 per cent of net asset value compared to 7.8 per cent at the end of 2020.

The Bure share

The total number of shares in Bure is 74,146,921. 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. As of 31 March 2021, no shares have been repurchased.

Bure's share price on 31 March 2021 was SEK 300.0, equivalent to a total return of 2.2 per cent since the beginning of the year.

	26 Apr 2021	31 Mar 2021	31 Dec 2020	31 Dec 2019
Share price, SEK	376.0	300.0	293.6	212.0
Dividend per share, SEK	–	–	1.0	2.0
Total return since year-end 1)	28.1%	2.2%	39.2%	97.9%
Net asset value per share, SEK	274.1	236.1	239.6	196.6
Development of NAV per share	14.4%	-1.5%	21.8%	43.5%
SIX Return Index	20.0%	14.3%	14.8%	35.0%

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

Portfolio companies January – March 2021 and 2020 Listed SEK M 2021 2020 Net sales 0.0 – EBIT -0.6 – EBIT margin n/m – Holding 20.0% – Net sales n/a 412 EBIT n/a 9 EBIT margin n/a 2.1% Holding 36.2% 27.8% Net sales n/a 206 EBIT n/a 14 EBIT margin n/a 7.0% Holding 9.8% 22.0% Net sales n/a 34 EBIT n/a -4 EBIT margin n/a -10.7% Holding 14.7% 10.1% Net sales 1,291 736 EBIT 498 55 EBIT margin 38.6% 7.5% Holding 27.9% 27.9% Net sales n/a 60 EBIT n/a 5 EBIT margin n/a 9.0% Holding 11.3% 13.7% Net sales 379 334 EBIT 142 94 EBIT margin 37.6% 28.1% Holding 19.0% 19.0% Net sales 58 46 EBIT 3 0 EBIT margin 5.5% 0.0% Holding 15.1% 15.8% Unlisted SEK M 2021 2020 Net sales 130 150 EBIT 14 11 EBIT margin 11.0 % 7.4% Holding 98.7% – Net sales1) 0 0 EBIT 93 15 EBIT margin n/m n/m Holding 93.0% 93.0% Net sales1) 0 0 EBIT 11 0 EBIT margin n/m n/m Holding 100.0% 100.0% Net sales 7 5 EBIT 3 0 EBIT margin 29.7% -2.0% Holding 100.0% 100.0% Net sales 67 68 EBIT -2 -8 EBIT margin -3.3% -11.6% Holding 90.4% 90.4%

1) Historical financial data is recalculated according to IFRS – 10 investment entities.

Listed portfolio companies

Share of Bure's net asset value: 4.4%

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.

Key figures SEK M	Q1 2021	Q1 2020	2020	2019
Net sales	0	–	0	–
Operating expenses	-1	–	-2	–
EBIT	-0.6	–	-1.6	–
EBIT margin	n/m	–	n/m	–
Net financial items	0.0	–	0.0	–
Profit/loss before tax	-0.6	–	-1.6	–
Income tax expense	0.0	–	0.0	–
Profit/loss for the period	-0.6	–	-1.6	–
Net loan debt (-)/receivable (+)	3 468	–	20	–
Total assets	3 468	–	20	–
Equity	3 448	–	18	–
Cash flow from operating activities	18	–	0	–
Average no. of employees	0	–	0	–

Facts at 31 March 2021	Largest shareholders
NAV: SEK 763M	Bure Equity	20.0%
Acquisition date: 2021	AMF Pension & Fonder	19.4%
Board member from Bure:	Fjärde AP-fonden	10.0%
Patrik Tigerschiöld, chairman	Others	50.6%

The quarter in brief

• On 25 March 2021, ACQ Bure, Sweden's first SPAC, was listed on the Nasdaq Stockholm. The rights issue raised a total of SEK 3,480M, of which Bure invested SEK 680M as sponsor bringing Bure's total investment to SEK 700M. ACQ Bure has approximately 25,000 shareholders following the listing.
• The share price increased 9.0 per cent after the listing on the Nasdaq Stockholm on 25 March 2021.

www.cavotec.com

Share of Bure's net asset value: 4.3%

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

Key figures1) EUR M	Q1 2021	Q1 2020	2020	2019
Net sales	n/a	39	158	196
Operating expenses	n/a	-38	-155	-184
EBIT	n/a	0.8	3.5	12.3
EBIT margin	n/a	2.1%	2.2%	6.3%
Net financial items	n/a	1.9	-6.7	-1.6
Profit/loss before tax	n/a	2.8	-3.2	10.7
Income tax expense	n/a	-0.7	-0.8	-3.2
Profit/loss for the period	n/a	2.1	-4.0	7.5
Net loan debt (-)/receivable (+)	n/a	-23	-14	-4
Total assets	n/a	222	201	211
Equity	n/a	109	106	108
Cash flow from operating activities	n/a	0	16	14
Average no. of employees	n/a	775	747	769

Facts at 31 March 2021	Largest shareholders
NAV: SEK 750M	Bure Equity	36.2%
Acquisition date: 2014	Fjärde AP-fonden	9.8%
Board member from Bure:	Lannebo Fonder	8.7%
Patrik Tigerschiöld, chairman	Others	45.3%

1) Cavotec publishes its interim report on 12 May 2021.

• In March 2021, Cavotec announced plans to further develop its leading position in electrification and automation for improved sustainability in ports and maritime and specialised industrial application markets. Cavotec will therefore divest its Airports business.
• The share price increased 3.3 per cent during the first quarter of 2021.

Share of Bure's net asset value: 1.7%

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

Key figures1) SEK M	Q1 2021	Q1 2020	2020	2019
Net sales	n/a	206	817	757
Operating expenses	n/a	-191	-728	-673
EBIT	n/a	14.4	89.1	84.6
EBIT margin	n/a	7.0%	10.9%	11.2%
Net financial items	n/a	-1.2	-7.6	-11.4
Profit/loss before tax	n/a	13.3	81.5	73.2
Income tax expense	n/a	-2.9	-17.0	-14.1
Profit/loss for the period continuing operations	n/a	10.4	64.5	59.1
Profit/loss for the period discontinued operations	n/a	-0.2	-1.7	-1.5
Profit/loss for the period	n/a	10.2	62.8	57.6
Net loan debt (-)/receivable (+)	n/a	-356	-117	-305
Total assets	n/a	930	1,081	849
Equity	n/a	346	602	334
Cash flow from operating activities	n/a	28	122	115
Average no. of employees	n/a	292	353	278

Facts at 31 March 2021	Largest shareholders
NAV: SEK 303M	Bengt Julander	20.0%
Acquisition date: 2012	Bure Equity	9.8%
Board member from Bure:	Lannebo Fonder	8.4%
Henrik Blomquist,	Others	61.8%
board member

1) MedCap publishes its interim report on 7 May 2021.

The quarter in brief

• In January 2021, MedCap share were moved up to Nasdaq Stockholm mid-cap.
• The share price decreased 9.6 per cent during the first quarter of 2021.

www.mentice.com

Share of Bure's net asset value: 1.8%

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

Key figures1) SEK M	Q1 2021	Q1 2020	2020	2019
Net sales	n/a	34	138	149
Operating expenses	n/a	-37	-156	-174
EBIT	n/a	-3.6	-18.2	-24.5
EBIT margin		n/a -10.7% -13.2%		-16.4%
Net financial items	n/a	-3.0	-0.4	-1.8
Profit/loss before tax	n/a	-606	-18.6	-26.2
Income tax expense	n/a	1.6	5.5	5.6
Profit/loss for the period	n/a	-5.0	-13.1	-20.6
Net loan debt (-)/receivable (+)	n/a	29	37	33
Total assets	n/a	188	245	187
Equity	n/a	123	163	126
Cash flow from operating activities	n/a	1	31	-38
Average no. of employees	n/a	n/a	n/a	88

Facts at 31 March 2021 Largest shareholders

NAV: SEK 311M	Karin Howell-Bidermann	36.0%
Acquisition date: 2019	Bure Equity	14.7%
Board member from Bure:	Medical Simulation Corp.	7.1%
Gösta Johannesson,	Others	42.2%
board member

1) Mentice publishes its interim report on 28 April 2021.

The quarter in brief

• The share price increased 2.3 per cent during the first quarter of 2021.

www.mycronic.com

Share of Bure's net asset value: 32,0%

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

Key figures SEK M	Q1 2021	Q1 2020	2020	2019
Net sales	1,291	736	3,882	4,307
Operating expenses	-793	-681	-2,984	-3,183
EBIT	498	55	898	1,124
EBIT margin	38.6%	7.5%	23.1%	26.1%
Net financial items	0	-1	-8	-2
Profit/loss before tax	498	54	890	1,122
Income tax expense	-108	-13	-187	-263
Profit/loss for the period	390	41	703	859
Net loan debt (-)/receivable (+)	1,384	722	1,039	337
Total assets	5,697	5,257	5,319	4,800
Equity	3,754	3,082	3,378	2,978
Cash flow from operating activities	385	285	1,126	545
Average no. of employees	1,535	1,458	1,506	1,349

Facts at 31 March 2021	Largest shareholders
NAV: SEK 5,600M	Bure Equity	27.9%
Acquisition date: 2010 via	SEB Fonder	10.4%
Skanditek	Fjärde AP-fonden	9.4%
Board member from Bure: Patrik Tigerschiöld, chairman	Others	52.3%

The quarter in brief

• Order value amounted to SEK 1,027M (1,432). Total order book at the end of the period was SEK 1,706M (2,860).
• Net sales increased 75 per cent to SEK 1,291M (736) with strong growth in the High Volume division and a strong quarter for Pattern Generators on the back of the delivery of a Prexision 800 Evo.
• Operating profit amounted to SEK 498M (55), corresponding to an operating margin of 38.6 per cent (7.5).

www.ovzon.com

Share of Bure's net asset value: 2,3%

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

Key figures1) SEK M	Q1 2021	Q1 2020	2020	2019
Net sales	n/a	60	160	232
Operating expenses	n/a	-54	-209	-220
EBIT	n/a	5.4	-48.3	11.4
EBIT margin	n/a		9.0% -30.1%	4.9%
Net financial items	n/a	28.4	-58.7	27.4
Profit/loss before tax	n/a	33.7	-107.0	38.8
Income tax expense	n/a	0.0	2.9	-9.6
Profit/loss for the period	n/a	33.7	-104.0	29.2
Net loan debt (-)/receivable (+)	n/a	258	180	250
Total assets	n/a	1,045	1,329	892
Equity	n/a	904	1,293	796
Cash flow from operating activities	n/a	14	-155	10
Average no. of employees	n/a	27	31	25

Facts at 31 March 2021 Largest shareholders

NAV: SEK 396M	Investment AB Öresund	11.8%
Acquisition date: 2018	Bure Equity AFA Försäkring	11.3% 9.3%
Board member from Bure: Patrik Tigerschiöld,	Others	67.7%
board member

1) Ovzon publishes its interim report on 28 April 2021.

• Per Norén was appointed Ovzon CEO from May 2021. Per joins Ovzon most recently from Global Eagle, a satellite and communications company, and Boeing and Carmen Systems prior to that.
• The share price increased 0.7 per cent during the first quarter of 2021.

www.vitrolife.com

Share of Bure's net asset value: 30.1%

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

Key figures SEK M	Q1 2021	Q1 2020	2020	2019
Net sales	379	334	1,246	1,480
Operating expenses	-236	-240	-876	-992
EBIT	142.5	93.8	370.0	487.9
EBIT margin	37.6%	28.1%	29.7%	33.0%
Net financial items	5.5	10.3	-3.8	4.7
Profit/loss before tax	147.9	104.1	366.2	492.7
Income tax expense	-29.0	-24.0	-78.3	-108.9
Profit/loss for the period	118.9	80.1	287.9	383.8
Net loan debt (-)/receivable (+)	1,058	716	911	660
Total assets	2,497	2,248	2,305	2,139
Equity	2,164	1,927	2,017	1,798
Cash flow from operating activities	143	20	356	413
Average no. of employees	412	406	405	398

Facts at 31 March 2021	Largest shareholders
NAV: SEK 5,275M	William Demant Invest A/S 26.7%
Acquisition date: 2010	Bure Equity	19.0%
via Skanditek	Morgan Stanley	4.7%
Board member from Bure:	Investment Management
Henrik Blomquist,	Others	49.6%
board member

The quarter in brief

• Net sales increased 14 per cent to SEK 379M (334). In local currencies, net sales increased 20 per cent. During the first quarter, recovery in demand continued even though the pace of recovery varied between divisions and market regions.
• Operating profit before depreciation (EBITDA) amounted to SEK 163M (116), corresponding to a margin of 43 per cent (35). Currency fluctuations affected EBITDA negatively by SEK 10M.
• Operating profit was SEK 142.5M (93.8), corresponding to a margin of 37.6 per cent (28.1).
• During the quarter, iDAScore, a software based on artificial intelligence for Time-Lapse, was completed. The software provides an objective evaluation of a given embryo compared to other embryos.
• The share price increased 18.8 per cent during the first quarter of 2021.

Share of Bure's net asset value: 6.8%

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

Key figures SEK M	Q1 2021	Q1 2020	2020	2019
Net sales	58	46	180	221
Operating expenses	-55	-46	-226	-217
EBIT	3.2	0.0	-45.7	3.9
EBIT margin	5.5%		0.0% -25.4%	1.8%
Net financial items	5.1	6.6	-11.6	1.4
Profit/loss before tax	8.3	6.6	-57.3	5.3
Income tax expense	-2.2	0.0	13.5	-0.4
Profit/loss for the period	6.0	6.5	-43.7	4.9
Net loan debt (-)/receivable (+)	343	149	347	154
Total assets	1,168	644	1,150	634
Equity	1,022	589	1,008	578
Cash flow from operating activities	10	9	-12	30
Average no. of employees	88	59	77	53

Facts at 31 March 2021 Largest shareholders

NAV: SEK 1,184M	Bure Equity	15.1%
Acquisition date: Lex Asea	Robur Fonder	10.6%
distribution from Vitrolife in 2012	Fjärde AP-fonden	6.5%
Board member from Bure:	Others	67.8%
Gösta Johannesson, chairman

• Net sales increased by 26 per cent to SEK 58M (46). Sales increased by 38 per cent in local currencies.
• Operating profit was SEK 3.2M (0.0), corresponding to a margin of 5.5 per cent (0.0).
• An article in The New England Journal of Medicine showed significant positive effect from oxygenated perfusion of the donated liver before transplantation.
• First patients transplanted in the Australian heart preservation study.
• The share price decreased 12.7 per cent during the first quarter of 2021.

Unlisted portfolio companies

www.allgon.se

Share of Bure's net asset value: 4.2%

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 figures SEK M	Q1 2021	Q1 2020	2020	2019
Net sales	130	125	443	474
Operating expenses	-116	-114	-412	-412
EBIT	14.4	11.2	31.4	61.9
EBIT margin	11.0%	9.0%	7.1%	13.1%
Net financial items	-17.9	-6.4	-23.6	-23.5
Profit/loss before tax	-3.5	4.8	7.7	38.4
Income tax expense	-4.1	-2.9	-17.0	6.3
Results from ongoing operations	-7.6	1.9	-9.2	44.6
Results from discontinued operations	0.9	-0.1	-23.7	2.2
Profit/loss for the period	-6.7	1.9	-33.0	46.9
Net loan debt (-)/receivable (+)	-228	-239	-237	-232
Total assets	722	802	689	797
Equity	284	347	281	338
Cash flow from operating activities	-2	10	36	68
Average no. of employees	347	389	345	334

Facts at 31 March 2021 Largest shareholders NAV: SEK 734M Acquisition date: 2021 Board member from Bure: Sophie Hagströmer, chairman Trolle Sahlström, board member Bure Equity 98.7% Others 1.3%

The quarter in brief

• Net sales in the first quarter of 2021 increased 4.4 per cent to SEK 130M (125). Operating profit was SEK 14.4M (11.2). Adjusted operating profit excluding advisory costs related to the offer to Allgon shareholders was SEK 22.2M. Net financial items include costs of SEK 13.3 million for early redemption of the bond loan.
• In December 2020, Bure announced a cash offer to shareholders in Allgon AB (publ.). In February, Bure's holding reached 93.2 per cent and Bure announced that a compulsory redemption of outstanding shares would be invoked and that the Allgon share would be delisted from the Nasdaq First North Growth Market. At the end of March 2021, Bure's holding amounted to 98.7 per cent.

www.atle.se

Share of Bure's net asset value: 0.7%

Atle Investment Management invests in financial activities and assets. The company owns 30.9 per cent of Alcur Fonder, 100 per cent of Atle Investment Services, 20.1 per cent of Fondbolaget Fondita and 36.2 per cent of Teknik Innovation Norden Fonder (TIN Fonder).

Key figures1) SEK M	Q1 2021	Q1 2020	2020	2019
Net sales	0.0	0.0	0.0	0.0
Dividends unlisted companies	93.1	17.7	21.1	13.6
Fair value change in unlisted companies	–	–	3.8	-1.7
Exit gains	1.1	–	-0.3	-1.6
Management costs	-1.1	-0.9	-4.8	-3.6
EBIT	93.1	16.8	19.9	6.6
Net financial items	-0.3	0.0	-0.1	1.5
Profit/loss before tax	92.7	16.8	19.8	8.1
Income tax expense	0.0	0.0	0.0	0.0
Profit/loss for the period	92.7	16.8	19.8	8.1
Net loan debt (-)/receivable (+)2)	56	17	-20	0
Total assets	230	111	120	93
Equity	189	110	96	93
Cash flow from operating activities	92	17	16	9
Average no. of employees	1	0	1	0

1) Historical financial data is recalculated according to IFRS – 10 investment entities.

2) Of which, SEK 40.8M is liable to the Parent Company as at 31 March 2021.

Facts at 31 March 2021	Largest shareholders
NAV: SEK 124M	Bure Equity	93.0%
Acquisition date: Established 2014	Gustav Ohlsson	7.0%
Board member from Bure:
Patrik Tigerschiöld, chairman
Henrik Blomquist, board member
Max Jonson, board member

• Atle Investment Management received dividends of SEK 74M from Alcur Fonder, SEK 5M from Fondita, and SEK 14M from TIN Fonder.
• Atle Investment Management completed the acquisition of Humle Fonder, and assumed management of Humle Småbolagsfond and Humle Sverigefond on 11 January 2021. Assets under management amounted to SEK 2.4 billion.

www.bure.se

Share of Bure's net asset value: 7.2%

Bure Growth is a wholly owned company that invests in development companies. The company owns 44.8 per cent of BioLamina, 25.1 per cent of My Driving Academy Sweden, 27.8 per cent of ScandiNova Systems and 17.8 per cent of Yubico.

Q1 2021	Q1 2020	2020	2019
0.0	0.0	0.0	0.0
–	–	–	–
7.0	–	56.3	507.2
3.7	–	–	–
0.0	0.0	0.0	0.0
10.7	0.0	56.2	507.2
0.0	–	–	-18.9
10.7	0.0	56.2	488.3
0.0	0.0	0.0	0.0
10.7	0.0	56.2	488.3
-418	-353	-429	-353
1,265	1,133	1,265	1,132
827	760	817	760
11	0	0	0
0	0	0	0

1) Historical financial data is recalculated according to IFRS – 10 investment entities.

1) Of which, SEK 419.1M is liable to the Parent Company as at 31 March 2021.

Facts at 31 March 2021	Largest shareholders
NAV: SEK 1,264M	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

• The holding in Life Genomics was divested for SEK 10.7M in first quarter of 2021, which resulted in an exit gain of SEK 3.7M and a reversal of a previous SEK 7.0M write-down of the holding.

www.bure.se

Share of Bure's net asset value: 1.0%

Investment AB Bure is a wholly owned subsidiary that owns and manages the lease of locomotives. The business was established in January 2012.

2021	2020	2020	2019
6.7	5.3	23.8	22.2
-4.2	-5.4	-31.1	-11.4
2.5	-0.1	-7.3	10.8
29.7%			48.8%
-0.8	-0.9	-3.6	-3.4
1.7	-1.0	-10.9	7.4
0.0	0.0	0.0	0.0
1.7	-1.0	-10.9	7.4
-79	-90	-86	-87
189	191	188	195
62	70	60	71
4	-3	5	21
1	0	1	0
	Q1	Q1	-2.0% -30.7%

1) Of which, SEK 113.5M is liable to the Parent Company as at 31 March 2021.

Facts at 31 March 2021	Largest shareholders
NAV: SEK 175M1)	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.

• Net sales amounted to SEK 6.7M (5.3).
• Operating profit before depreciation was SEK 4.2M (1.6).
• Operating profit was SEK 2.5M (-0.1).

Share of Bure's net asset value: 0.7%

Mercuri International is a leading sales and management training consultancy and is present worldwide.

Key figures SEK M	Q1 2021	Q1 2020	2020	2019
Net sales	67	68	241	347
Operating expenses	-69	-76	-271	-337
EBIT	-2.2	-7.9	-29.7	9.9
EBIT margin		-3.3% -11.6% -12.3%		2.9%
Depreciation of intangible fixed assets	–	–	-15.4	–
EBIT	-2.2	-7.9	-45.1	9.9
EBIT margin		-3.3% -11.6% -18.7%		2.9%
Net financial items	-0.4	3.7	-5.9	-2.5
Profit/loss before tax	-2.6	-4.2	-51.0	7.4
Income tax expense	-0.7	-0.6	-1.0	-5.1
Profit/loss for the period	-3.3	-4.8	-52.0	2.3
Net loan debt (-)/ receivable (+)1)	-91	-62	-103	-80
Total assets	294	344	305	354
Equity	100	167	100	163
Cash flow from operating activities	11	29	-5	-13
Average no. of employees	209	225	216	216

1) Of which, SEK 29,8M is liable to the Parent Company as at 31 March 2021.

Facts at 31 March 2021	Largest shareholders
NAV: SEK 128M1)	Bure Equity	90.4%
Acquisition date: 1998	Others	9.6%
Board member from Bure:
Henrik Blomquist, chairman

1) Fair value of value of equity and interest-bearing receivables.

• Net sales was SEK 67M (68).
• EBIT was SEK -2.2M (-7.9) and EBIT margin was -3.3 per cent (-11.6). Lower costs contributed to the improved performance.
• Cash flow in the first quarter 2021 was SEK 11M (29).

Interim report January – March 2021

Bure is an investment company, which means that the Group's composition of subsidiaries 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 6–12.

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.

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 investment entity has comprised of the parent company, Bure Equity AB, Atle Investment Management AB, and Bure Growth AB. For more information, please see Note 1 – Accounting principles and Note 8 – Accounting for investment entities according to IFRS 10 for consolidated accounts.

INVESTMENT ENTITY

Results for the first quarter of 2021

The investment entity's earnings from operational and investment activities was SEK -245M (- 3,362). Subsidiaries' net sales amounted to SEK M – (76). Dividends amounted to SEK 93M (–). Exit gains were SEK 307M (4). Fair value changes amounted to SEK -646M (-3,449), of which listed portfolio companies accounted for SEK -692M, of which ACQ Bure SEK 63M, Cavotec SEK 24M, MedCap SEK -347M, Mentice SEK 7M, Mycronic SEK -1,104M, Ovzon SEK 3M, Vitrolife SEK 835M, and Xvivo Perfusion SEK -173M, unlisted portfolio companies SEK -2M, and change in value from financial investments SEK 41M. Shares in profits of associated companies amounted to SEK –M (5).

Operating profit for the period was SEK -260M (-3,463). Net financial items amounted to SEK 1M (4). Profit after financial items was SEK -259M (3,460).

Profit after tax amounted to SEK -259M (- 3,460). Other comprehensive income included translation differences of SEK 0M (6).

Financial position

Equity in the investment entity at the end of the period amounted to SEK 17,487M (10,119) and the equity to assets ratio was 100 per cent (98). At the end of the period, the investment entity had reported net receivables of SEK 407M (657), which consisted of interest-bearing assets of SEK 410M (729), and interest-bearing liabilities of SEK 3M (72). At the end of the period, the investment entity's equity per share amounted to SEK 235.84, compared with SEK 238.75 per share on December 31, 2020.

PARENT COMPANY Results for the first quarter of 2021

Profit after tax was SEK -363M (-3,457). Dividends amounted to SEK 0M (0). Exit gains amounted to SEK 302M (4). Fair value changes amounted to SEK -653M (-3,449), of which listed portfolio companies accounted for SEK -692M, of which ACQ Bure SEK 63M, Cavotec SEK 24M, MedCap SEK -347M, Mentice SEK 7M, Mycronic SEK -1,104M, Ovzon SEK 3M, Vitrolife SEK 835M, and Xvivo Perfusion SEK -173M, unlisted portfolio companies SEK -2M, and change in value from financial investments of SEK 41M.

Administrative costs amounted to SEK 14M (13). Net financial items totalled SEK 1M (1).

Financial position

Equity in the Parent Company at the end of the period amounted to SEK 16,492M (9,205) and the equity/assets ratio was 100 per cent (100). At the end of the period, the Parent Company had a reported net receivables of SEK 350M (781), which consisted of interest-bearingassets of 353M (784) and interest-bearing liabilities of SEK 3M (3). External interest-bearing receivables amounted to SEK 146M (3). Receivables from Atle Investment Management and Bure Growth amounted to SEK 460M (355).

Acquisitions and divestments made by the investment entity

In March 2021, ACQ Bure, Sweden's first SPAC, was listed on the Nasdaq Stockholm. Bure invested SEK 700M as a sponsor.

In December 2020, Bure announced a cash offer to shareholders in Allgon AB (publ.). In February, Bure's holding reached 93.2 per cent and Bure announced that a compulsory redemption of outstanding shares would be invoked and that the Allgon share would be delisted from the Nasdaq First North Growth Market. At the end of March 2021, Bure's holding amounted to 98.7 per cent. Atle Investment Management completed the acquisition of Humle Fonder and assumed management of Humle Småbolagsfond and Humle Sverigefond on 11 January 2021.

In January 2021, 1.5 million shares in MedCap were divested for SEK 312.6M, which resulted in an exit gain of SEK 282.9M.

In March 2021, Bure Growth divested its holding in Life Genomics for SEK 10.7M, which resulted in an exit gain of SEK 3.7M.

The investment entity's loss carryforward

The investment entity's loss carryforward at the end of 2020 amounted to SEK 708M, of which SEK 697m pertained to the parent company. Losses attributable to Sweden amounted to SEK 708M, and are perpetual. Deferred tax assets based on loss carryforwards in the investment entity have been valued at SEK 0M.

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. These contracts are entered into on market terms. Bure Equity did not invoice ACQ Bure during the period 21 December 2020 –31 March 2021. No other transactions with related parties took place during the period.

Ownership structure

Bure's largest shareholders on 31 March 2020 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 7.9 per cent and SEB Fonder 5.9 per cent. According to Euroclear, the number of shareholders on 31 March 2020 was 53,161.

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 2020 annual report 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 year-end report has not been reviewed by the Group's auditors.

Stockholm 27 April 2021 Bure Equity AB (publ)

Henrik Blomquist, CEO

Statement of comprehensive income

		Re calculated		Re calulated		Re calculated
SEK M	Q1 2021	Q1 2020	Q1 2020	full year 2020	Full year 2020	full year 2019	Full year 2019
Net sales	0.0	0.0	75.8	0.0	266.7	0.0	381.6
Dividends	93.1	17.7	–	75.8	54.6	113.0	99.4
Exit gains/losses	306.9	4.2	4.2	14.9	14.9	564.3	564.3
Fair value financial assets	-645.8	-3,449.6	-3,448.9	3,254.9	3,206.2	3,585.5	3,576.4
Shares profit/loss in associated companies	–	–	5.1	–	88.6	–	21.3
Other operating income	0.5	0.1	1.4	1.4	9.4	0.7	4.9
Total operating income	-245.3	-3,427.7	-3,362.4	3,347.0	3,640.4	4,263.6	4,648.0
Other external expenses	-6.8	-7.1	-37.7	-21.2	-136.0	-21.4	-149.9
Personnel costs	-7.8	-6.4	-56.3	-33.6	-213.4	-24.4	-236.9
Amortization and write-downs of intangible and
tangible fixed assets	-0.5	-0.5	-6.8	-2.1	-42.8	-2.5	-26.4
Total operating expenses	-15.1	-14.0	-100.9	-56.9	-392.2	-48.4	-413.2
Operating profit/loss	-260.4	-3,441.7	-3,463.3	3,290.1	3,248.3	4,215.2	4,234.8
Interest income and similar profit/loss items	1.1	1.2	6.4	4.5	-3.8	11.5	6.4
Interest expenses and similar profit/loss items	-0.2	-0.2	-2.6	-4.6	-7.7	-1.3	-7.3
Profit/loss after financial items	-259.5	-3,440.7	-3,459.5	3,290.1	3,236.8	4,225.4	4,233.9
Tax on income for the period	0.0	0.0	-0.6	0.0	-1.0	0.0	-5.1
Income for the period	-259.5	-3,440.7	-3,460.1	3,290.1	3,235.8	4,225.4	4,228.8
Other comprehensive income
Items that can be subsequently re-entered onto
the income statement
Translation differences	0.0	0.0	6.4	0.0	-22.5	0.0	19.5
Other comprehensive income for the period, after tax	0.0	0.0	6.4	0.0	-22.5	0.0	19.5
Total income for the period	-259.5	-3,440.7	-3,453.7	3,290.1	3,213.4	4,225.4	4,248.3
Profit/loss attributable to non-controlling interests	6.5	1.2	-0.1	1.4	1.1	0.6	1.5
Profit/loss attributable to owners of the Parent Company	-266.0	-3,441.9	-3,460.0	3,288.7	3,234.7	4,224.8	4,227.3
Comprehensive income attributable to non-controlling interests	6.5	1.2	-0.1	1.4	1.1	0.6	1.5
Comprehensive income attributable to non-controlling interests	-266.0	-3,441.9	-3,453.6	3,288.7	3,212.2	4,224.8	4,246.7
Average number of shares outstanding, thousands1)	74,146	68,972	68,972	71,757	71,757	68,972	68,972
Attributable to owners of the Parent Company, SEK	-3.59	-49.90	-50.17	45.83	45.08	61.25	61.29

1) No dilutive effect at 1 March 2021 and 2020 or at 31 December 2020 and 2019.

Statement of financial position

		Re calculated		Re calculated		Re calculated
	31 Mar	31 Mar	31 Mar	31 Dec	31 Dec	31 Dec	31 Dec
SEK M	2021	2020	2020	2020	2020	2019	2019
Intangible and tangible fixed assets	23.1	4.8	338.0	6.4	302.7	5.3	327.9
Financial assets valued at fair value via the income statement	16,856.7	9,190.3	8,781.6	16,166.7	15,601.8	12,617.2	12,207.8
Investments reported according to the equity method	–	–	213.5	–	347.9	–	229.9
Long-term interest-bearing receivables	144.1	1.8	1.8	144.4	1.0	31.8	2.0
Long-term non-interest-bearing receivables	0.8	0.8	12.1	0.8	10.9	0.8	12.7
Financial assets	17,001.6	9,192.8	9,008.9	16,311.9	15,961.6	12,649.8	12,452.4
Total fixed assets	17,024.7	9,197.7	9,346.9	16,318.3	16,264.3	12,655.2	12,780.3
Short-term interest-bearing receivables	2.3	144.6	1.3	2.0	2.0	116.1	2.3
Other non-interest-bearing receivables	7.7	15.9	109.7	6.7	116.5	14.5	150.7
Financial investments	236.3	125.2	125.2	297.1	297.1	142.3	142.3
Cash and cash equivalents	263.2	655.8	725.6	1,167.2	1,254.7	658.1	710.5
Total current assets	509.4	941.5	961.7	1,473.0	1,670.3	931.1	1,005.7
Total assets	17,534.1	10,139.1	10,308.6	17,791.3	17,934.6	13,586.2	13,786.0
of which, interest-bearing assets	409.6	772.3	728.6	1,313.7	1,257.7	776.2	714.8
Equity and liabilities
Equity attributable to owners of the Parent Company	17,473.4	10,092.6	10,098.4	17,739.4	17,681.9	13,534.5	13,553.6
Equity attributable to non-controlling interests	13.2	7.7	20.7	6.7	20.4	6.5	19.1
Total equity	17,486.6	10,100.3	10,119.0	17,746.1	17,702.3	13,541.0	13,572.7
Provisions	24.5	25.0	62.4	25.5	63.9	29.5	64.8
Non-current liabilities	1.6	1.3	23.0	2.1	16.7	1.8	21.4
Current liabilities	21.5	12.6	104.2	17.7	151.7	13.9	127.2
Total liabilities	47.5	38.8	189.6	45.2	232.3	45.2	213.3
Total equity and liabilities	17,534.1	10,139.1	10,308.6	17,791.3	17,934.6	13,586.2	13,786.0
of which, interest-bearing liabilities	2.9	2.6	71.7	3.5	44.6	3.1	17.7

Statement of changes in equity

Investment Entity 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 2020	535.5	714.6	-37.7	12,341.2	19.1	13,572.7
Profit/loss for the year	–	–	–	3,234.7	1.1	3,235.8
Other comprehensive income	–	–	-22.6	–	0.2	-22.5
Rights issue	40.2	945.0	–	–	–	985.2
Cash dividend	–	–	–	-69.0	–	-69.0
Closing balance equity at 31 December 2020	575.7	1,659.6	-60.3	15,506.9	20.4	17,702.3
Opening balance equity at 1 January 2021	575.7	1,659.6	-60.3	15,506.9	20.4	17,702.3
Adjustment transition to IFRS 10 investment entities	–	–	–	57.5	-13.7	43.8
Adjusted opening balance as of January 1 2021	575.7	1,659.6	-60.3	15,564.4	6.7	17,746.1
Profit/loss for the period	–	–	–	-266.0	6.5	-259.5
Other comprehensive income	–	–	–	0.0	0.0	0.0
Closing balance equity at 31 March 2021	575.7	1,659.6	-60.3	15,298.4	13.2	17,486.6

Statement of cash flows

		Re calculated		Re calculated		Re calculated
SEK M	Q1 2021	Q1 2020	Q1 2020	full year 2020	Full year 2020	full year 2019	Full year 2019
Assets
Cash flow from operating activities before change in working capital	387.0	9.1	9.6	36.5	33.5	643.4	683.4
Cash flow from change in working capital	2.6	-2.4	21.9	11.1	25.8	34.8	15.9
Cash flow from operating activities	389.7	6.7	31.5	47.6	59.3	678.1	699.2
Cash flow from investing activities Cash flow from investing activities	-1,293.2 -0.5	-8.5 -0.5	-21.2 -1.7	-455.0 916.5	-432.6 940.0	-206.4 -138.7	-248.6 -156.9
Cash flow for the period	-904.0	-2.3	8.6	509.1	566.7	333.1	293.8
Cash and cash equivalents at beginning of period Cash flow for the period	1,167.2 -904.0	658.1 -2.3	710.5 8.6	658.1 509.1	710.5 566.7	325.0 333.1	397.2 293.8
Translation differences	0.0	0.0	6.4	0.0	-22.5	0.0	19.5
Cash and cash equivalents at end of period	263.2	655.8	725.6	1,167.2	1,254.7	658.1	710.5

Income statement

		Re		Re		Re
		calculated		calculated		calculated
	Q1	Q1	Q1	full year	Full year	full year	Full year
SEK M	2021	2020	2020	2020	2020	2019	2019
Investment activities
Dividends	–	–	–	70.8	70.8	231.2	231.2
Exit gains/losses	302.1	4.2	4.2	15.2	15.2	565.6	565.6
Fair value financial assets	-652.7	-3,449.6	-3,448.9	3,194.9	3,206.2	3,098.9	3,088.1
Other income	0.5	0.1	0.1	1.4	1.4	0.7	0.7
Total income	-350.2	-3,445.4	-3,444.7	3,282.2	3,293.6	3,896.5	3,885.7
Personnel costs	-7.2	-6.4	-6.4	-31.6	-31.6	-24.4	-24.4
Other external expenses	-6.3	-6.2	-6.2	-18.3	-18.3	-17.8	-17.8
Depreciation of property, plant and equipment	-0.5	-0.5	-0.5	-2.1	-2.1	-2.5	-2.5
Total management costs	-14.0	-13.1	-13.1	-52.0	-52.0	-44.8	-44.8
Operating profit/loss	-364.1	-3,458.5	-3,457.7	3,230.2	3,241.6	3,851.7	3,841.0
Financial income and expenses
Interest income and similar profit/loss items	1.4	1.2	1.2	4.6	0.5	10.0	10.0
Interest expenses and similar profit/loss items	-0.2	-0.2	-0.2	-4.6	-0.5	-1.3	-1.3
Total financial income and expenses	1.2	1.0	1.0	0.0	0.0	8.7	8.7
Financial income and expenses	-362.9	-3,457.5	-3,456.7	3,230.2	3,241.6	3,860.5	3,849.7
Tax on income for the period	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit/loss for the period1)	-362.9	-3,457.5	-3,456.7	3,230.2	3,241.6	3,860.5	3,849.7
Average basic number of shares, thousands2)	74,146	68,972	68,972	71,757	71,757	68,972	68,972
Basic earnings per share, SEK	-4.89	-50.13	-50.12	45.02	45.17	55.97	55.82
Average number of employees	7	7	7	7	7	6	6

1) Corresponds to comprehensive income.

2) No dilutive effect at 31 March 2021 and 2020 or at 31 December 2020 and 2019.

Statement of financial position

	31 Mar	Re calculated 31 mar	31 mar	Re calculated 31 Dec	31 Dec	Re calculated 31 Dec	31 Dec
SEK	2021	2020	2020	2020	2020	2019	2019
Property, plant and equipment	6.1	4.8	4.8	6.4	6.4	5.3	5.3
Financial assets valued at fair value via the income statement	15,476.4	7,965.9	7,793.0	14,786.5	14,604.3	11,392.8	11,219.1
Shares in group companies	21.0	21.0	147.7	21.0	167.7	21.0	147.7
Long-term interest-bearing receivables	144.1	1.8	1.8	144.3	144.3	2.0	2.0
Long-term non-interest-bearing receivables	0.8	0.8	0.8	0.8	0.8	0.8	0.8
Financial assets	15,642.3	7,989.4	7,943.2	14,952.6	14,917.1	11,416.6	11,369.6
Total fixed assets	15,648.4	7,994.3	7,948.0	14,959.1	14,923.5	11,421.9	11,375.0
Short-term interest-bearing receivables	43.1	144.6	144.6	25.8	25.8	146.0	146.0
Other non-interest-bearing receivables	427.2	369.2	369.2	435.7	435.7	366.8	366.8
Short-term investments	236.3	125.2	125.2	297.1	297.1	142.3	142.3
Cash and cash equivalents	165.3	637.6	637.6	1,163.2	1,163.2	657.7	657.7
Total current assets	871.9	1,276.6	1,276.6	1,921.8	1,921.8	1,312.8	1,312.8
Total assets	16,520.2	9,270.9	9,224.6	16,880.9	16,845.4	12,734.7	12,687.8
of which, interest-bearing assets	352.5	784.0	784.0	1,333.4	1,333.4	805.7	805.7
Equity and liabilities
Total equity	16,492.0	9,251.0	9,204.8	16,854.9	16,819.3	12,708.5	12,661.5
Provisions	5.5	6.0	6.0	6.5	6.5	10.5	10.5
Non-current liabilities	1.6	1.3	1.3	2.1	2.1	1.8	1.8
Current liabilities	21.2	12.6	12.6	17.4	17.4	13.9	13.9
Total liabilities	28.3	19.8	19.8	26.0	26.0	26.3	26.3
Total equity and liabilities	16,520.2	9,270.9	9,224.6	16,880.9	16,845.4	12,734.7	12,687.8
of which, interest-bearing liabilities	2.9	2.6	2.6	3.5	3.5	3.1	3.1

Statement of cash flows

		Re calculated		Re calculated		Re calculated
SEK M	Q1 2021	Q1 2020	Q1 2020	full year 2020	Full year 2020	full year 2019	Full year 2019
Cash flow from operating activities before change
in working capital	289.5	-7.7	-7.7	38.0	38.0	765.2	765.2
Cash flow from change in working capital	3.2	-2.4	-2.4	9.4	9.4	36.7	36.7
Cash flow from operating activities	292.7	-10.0	-10.0	47.4	47.4	801.9	801.9
Cash flow from investing activities	-1,290.0	-9.5	-9.5	-456.1	-456.1	-200.1	-200.1
Cash flow from financing activities	-0.5	-0.5	-0.5	914.1	914.1	-140.0	-140.0
Cash flow for the period	-997.8	-20.1	-20.1	505.5	505.5	461.8	461.8
Cash and cash equivalents at beginning of period	1,163.2	657.7	657.7	657.7	657.7	195.9	195.9
Cash flow for the period	-997.8	-20.1	-20.1	505.5	505.5	461.8	461.8
Cash and cash equivalents at end of period	165.3	637.6	637.6	1,163.2	1,163.2	657.7	657.7

Statement of changes in equity

	Re calculated			Re calculated
SEK M	Q1 2021	Q1 2020	Q1 2020	full year 2020	Full year 2020	full year 2019	Full year 2019
Equity at beginning of period	16,854.9	12,708.5	12,661.5	12,708.5	12,661.5	8,949.8	8,949.8
Opening balance adjustment	–	–	–	–	–	36.1	–
Cancellation of shares	–	–	–	–	–	-2.8	-2.8
Bonus issue	–	–	–	–	–	2.8	2.8
Share issue	–	–	–	985.2	985.2	–	–
Cash dividend	–	–	–	-69.0	-69.0	-137.9	-137.9
Profit/loss for the period	-362.9	-3,457.5	-3,456.7	3,230.2	3,241.6	3,860.5	3,849.7
Closing balance, equity	16,492.0	9,251.0	9,204.8	16,854.9	16,819.3	12,708.5	12,661.5

Multi-year overview

	Q1
Data per share1)	2021	2020	2019	2018	2017
Net asset value, SEK2)	236.1	239.6	196.6	137.1	111.7
Share price, SEK	300.0	293.6	212.0	108.4	98.3
Share price as a percentage of net asset value	127,%	123%	108%	79%	88%
Parent Company basic equity per share, SEK	222.4	226.8	183.6	129.1	108.4
Parent Company equity per share excl. buybacks, SEK	222.4	226.8	183.6	129.8	108.4
Investment entity basic equity per share, SEK	235.8	238.7	196.8	136.5	112.5
Investment entity equity per share excl. buy-backs, SEK	235.8	238.7	196.8	137.2	112.5
Parent Company basic earnings per share, SEK3)	-4.9	45.2	55.8	23.2	12.0
Investment entity basic earnings per share, SEK3)	-3.6	45.1	61.3	26.3	12.0
Number of shares, thousands	74,147	74,147	68,972	69,333	69,333
Number of shares excluding share buybacks, thousands	74,147	74,147	68,972	68,972	69,333
Average basic number of shares, thousands	74,147	71,757	68,972	69,245	69,333
Key figures
Dividend, SEK per share	–	1.0	2.0	2.0	2.0
of which, extraordinary dividend, SEK per share	–	–	–	0.5	0.5
Direct return	–	0.3%	0.9%	1.8%	2.0%
Total return	2.2,%	39.2%	97.9%	12.7%	-3.3%
Market capitalisation, SEK M	22,244	21,770	14,622	7,516	6,812
Net asset value, SEK M	17,502	17,763	13,563	9,454	7,743
Return on equity	-2.2,%	22.0%	35.6%	19.5%	11.6%
Management expenses/Net asset value	0.32,%	0.29%	0.33%	0.55%	0.55%
Parent Company results and financial position
Exit gains/losses, SEK M	302	4	609	46	117
Profit/loss after tax, SEK M	-363	3,242	3,850	1,609	834
Total assets, SEK M	16,520	16,845	12,688	8,976	7,528
Equity, SEK M	16,492	16,819	12,662	8,950	7,517
Equity/assets ratio	100,%	100%	100%	100%	100%
Cash and cash equivalents and short-term investments, SEK M	402	1,460	800	461	799
Investment entity's results and financial position
Net sales, SEK M	0	267	382	416	443
Exit gain/loss, SEK M	307	4	607	45	228
Profit/loss after tax, SEK M	-259	3,236	4,229	1,821	834
Total assets, SEK M	17,534	17,935	13,786	9,624	7,971
Equity, SEK M	17,487	17,702	13,573	9,462	7,802
Equity/assets ratio	100,%	99%	98%	98%	98%
Net loan debt (-)/receivable (+), SEK M	407	1,166	648	373	678
Average number of employees	10	229	226	234	272

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 fair value of listed and unlisted portfolio companies and treasury assets.

3) No dilutive effect at 31 March 2021.

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.

An investment entity 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 investment entity has comprised of the parent company, Bure Equity AB, Atle Investment Management AB, and Bure Growth AB.

The change is only forward-looking, but a recalculation of comparison periods has been carried out to simplify comparisons. In the investment entity's accounts, recalculated historical financial data is presented under "Recalculated" in addition to historical financial data.

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 principles for reporting investments in portfolio companies, (subsidiaries, associated companies, and other financial assets) were changed voluntarily in the first quarter of 2021, after which investments in participations in portfolio companies have been reported at fair value through profit or loss in the same way as in the investment entity. The change is only forward-looking, but a recalculation of comparison periods has been carried out to simplify comparisons. In the parent company's accounts, recalculated historical financial data is presented under "Recalculated" in addition to historical financial data.

For further information on accounting and valuation principles, please see Note 1 in the 2020 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 2020 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

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 term of the debt.

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, MedCap AB, 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 1 January 2021. Unlisted associated companies have previously been valued according to the equity method in accordance with IAS 28 - Holdings in Associates and Joint Ventures, while subsidiaries have been reported at accrued acquisition value. Unlisted associated companies and subsidiaries consist of Allgon AB, Alcur Fonder AB, Atle Investment Services AB, BioLamina AB, Fondbolaget Fondita Ab, Investment AB Bure, 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 continuously 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 of the investment entity

		31 March 2021			31 December 2020 – re-calculated				31 December 2020
						Q1	Q1	Q1			Full year Full year Full year Full year
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:	14,582.4	–		2,274.4 16,856.7 14,604.3				– 1,562.5 16,166.7 14,604.3		–		– 14,604.3
Other long-term securities 1)	–	–	–	–	–	–	–	–	–	–	997.6	997.6
Other long-term receivables	0.8	–	144.1	144.9	0.8	–	144.4	145.1	–	–	5.5	5.5
Financial investments	162.9	73.3	–	236.3	297.1	–	–	297.1	297.1	–	–	297.1
Total financial assets	14,746.1	73.3		2,418.5 17,237.9 14,902.1		–		1,706.8 16,609.0 14,901.4		–		1,003.0 15,904.4
Financial liabilities
Liabilities to credit institutions	–	–	–	–	–	–	–	–	–	–	31.1	31.1
Leasing liabilities	–	–	2.9	2.9	–	–	3.4	3.4	–	–	27.5	27.5
Other long-term liabilities	0.8	–	–	0.8	0.8	–	–	0.8	0.8	–	–	0.8
Accrued expenses and prepaid income	–	–	17.5	17.5	–	–	14.2	14.2	–	–	48.6	48.6
Advance payments from customers	–	–	–	–	–	–	–	–	–	–	24.1	24.1
Total financial liabilities	0.8	–	20.4	21.2	0.8	–	17.6	18.4	0.8	–	131.4	132.2

1) Other long-term securities participations pertains to Yubico. In 2020, additional shares were acquired for SEK 9.0M.

Valuation of unlisted assets at 31 March 2021 and 2020

	Net asset value				Group book value
SEK M Holding	31 Mar 2021	31 Mar 2020	Valuation model	Re calculated 31 Mar 2020	31 Mar 2020	Valuation model
Holding in Bure Equity AB
Mercuri International Group AB 90.4%	128.2	128.2	EV/EBIT multipel DCF	128.2	128.2	Accrued acquisition value
Investment AB Bure 100.0%	175.1	187.7	Net assets	187.7	141.5	Accrued acquisition value
Holding in Atle Investment Management AB	123.9	85.5		85.5	72.0
Alcur Fonder AB 30.9%			P/AuM			Equity method
Fondbolaget Fondita Ab 20.1%			EV/EBIT multipel			Equity method
Teknik Innovation Norden Fonder AB 36.2%			P/AuM			Equity method
Atle Investment Services AB 100.0%			Book value			Book value
Holding in Bure Growth AB	1,264.2	1,132.5		1,132.5	1,121.3
BioLamina AB 44.8%			Latest transaction			Equity method
Life Genomics AB1)			DCF			Equity method
My Driving Academy Sweden AB 25.1%			Latest transaction DCF			Equity method
ScandiNova Systems AB 27.8%			Latest transaction			Equity method
Yubico AB 17.8%			Latest transaction			Latest transaction

1) The holding in Life Genomics AB was divested in the first quarter of 2021.

Note 4 – Financial instruments (cont.)

					Group book value
		Net asset value				Re-calculated
		31 Dec	31 Dec		31 Dec	31 Dec	31 Dec	31 Dec
SEK M	Holding	2020	2019	Valuation model	2020	2019	2020	2019	Valuation model
Unlisted assets in Bure Equity AB
Mercuri International Group AB	90.4%	128.2	128.2	EV/EBIT multipel	128.2	128.2	128.2	128.2	Accrued
				DCF					acquisition value
Investment AB Bure	100.0%	177.0	188.8	Net assets	177.0	188.8	141.5	141.9	Accrued
									acquisition value
Unlisted assets in Atle Investment
Management AB		107.9	85.5		107.9	85.5	167.2	85.4
Alcur Fonder AB	30.9%			P/AuM					Equity method
Fondbolaget Fondita Ab	20.1%			EV/EBIT multipel					Equity method
Teknik Innovation Norden Fonder AB	37.4%			P/AuM					Equity method
Atle Investment Services AB	100.0%			Book value					Book value
Unlisted assets in Bure Growth AB		1,264.2	1,132.5		1,264.2	1,132.5	1,180.4	1,126.7
BioLamina AB	44.8%			Latest transaction					Equity method
Life Genomics AB	23.7%			DCF					Equity method
My Driving Academy Sweden AB	25.1%			Latest transaction					Equity method
				DCF
ScandiNova Systems AB	27.8%			Latest transaction					Equity method
Yubico AB	17.8%			Latest transaction					Latest transaction

Note 5 – Classification of financial instruments

Investment entity, 31 March 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	16,856.7	–	–	16,856.7
Other long-term receivables	–	–	144.9	144.9
Other short-term receivables	–	–	10.0	10.0
Financial investments	236.3	–	–	236.3
Cash and bank balances	–	263.2	–	263.2
Total financial assets	17,093.0	263.2	154.9	17,511.1
Financial liabilities
Leasing liabilities	–	–	2.9	2.9
Other long-term liabilities	–	–	0.8	0.8
Other non-interest-bearing liabilities	–	–	19.4	19.4

Total financial liabilities – – 23.1 23.1

Note 5 – Classification of financial instruments (cont.)

Investment entity 31 December 2020 SEK M (recalculated)	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	16,166.7	–	–	16,166.7
Other long-term receivables	–	145.1	–	145.1
Other short-term receivables	–	89.8	–	89.8
Financial investments	297.1	–	–	297.1
Cash and bank balances	–	1,254.7	–	1,254.7
Total financial assets	16,463.8	1,489.6	–	17,953.5
Financial liabilities
Leasing liabilities	–	–	3.4	3.4
Other long-term liabilities	–	–	0.8	0.8
Other non-interest-bearing liabilities	–	–	15.0	15.0

Total financial liabilities – – 19.2 19.2

Group 31 December 2020 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	15,601.8	–	–	15,601.8
Investments reported according to the equity method	–	347.9	–	347.9
Other long-term receivables	–	5.5	–	5.5
Other short-term receivables	–	93.2	–	93.2
Financial investments	297.1	–	–	297.1
Cash and bank balances	–	1,254.7	–	1,254.7
Total financial assets	15,898.9	1,701.3	–	17,600.3

Financial liabilities

Interest-bearing liabilities to financial
institutions	–	–	31.1	31.1
Leasing liabilities	–	–	27.5	27.5
Other long-term liabilities	–	–	0.8	0.8
Other non-interest-bearing liabilities	–	–	83.9	83.9
Total financial liabilities	–	–	143.3	143.3

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.

Investment Entity SEK M	31 Mar 2021	Re-calculated 31 Mar 2020	31 Mar 2020	Re-calculated 31 Dec 2020	31 Dec 2020	Re-calculated 31 Dec 2019	31 Dec 2019
Cash and cash equivalents	263.2	655.8	725.6	1,167.2	1,254.7	658.1	710.5
Interest-bearing investments	–	0.0	0.0	0.0	0.0	0.0	0.0
Current interest-bearing receivables	2.3	114.8	1.3	2.0	2.0	116.1	2.3
Non-current interest-bearing receivables	144.1	1.8	1.8	144.4	1.0	2.0	2.0
Interest-bearing assets	409.6	772.3	728.6	1,313.7	1,257.7	776.2	714.8
Current interest-bearing liabilities	–	–	4.6	0.0	32.4	0.0	4.6
Current interest-bearing leasing liabilities	2.1	2.1	14.5	2.0	12.2	2.1	13.1
Non-current interest-bearing liabilities	–	–	31.8	0.0	31.3	0.0	30.7
Non-current interest-bearing leasing liabilities	0.8	0.5	20.8	1.4	15.4	1.0	18.8
Interest-bearing liabilities	2.9	2.6	71.7	3.5	91.3	3.1	67.2
Net receivable at end of period	406.7	769.7	656.9	1,310.2	1,166.5	773.2	647.5

Parent Company SEK M	31 Mar 2021	Re-calculated 31 Mar 2020	31 Mar 2020	Re-calculated 31 Dec 2020	31 Dec 2020	Re-calculated 31 Dec 2019	31 Dec 2019
Cash and cash equivalents	165.3	637.6	637.6	1,163.2	1,163.2	657.7	657.7
Interest-bearing investments	–	0.0	0.0	0.0	0.0	0.0	0.0
Current interest-bearing receivables	43.1	114.8	144.6	25.8	25.8	146.0	146.0
Non-current interest-bearing receivables	144.1	31.6	1.8	144.4	144.4	2.0	2.0
Interest-bearing assets	352.5	784.0	784.0	1,333.4	1,333.4	805.7	805.7
Current interest-bearing liabilities	–	–	–	–	–	–	–
Current interest-bearing leasing liabilities	2.1	2.1	2.1	2.0	2.0	2.1	2.1
Non-current interest-bearing liabilities	–	–	–	–	–	–	–
Non-current interest-bearing leasing liabilities	0.8	0.5	0.5	1.4	1.4	1.0	1.0
Interest-bearing liabilities	2.9	2.6	2.6	3.5	3.5	3.1	3.1
Net receivable at end of period	349.6	781.4	781.4	1,333.0	1,333.0	802.6	802.6

Bure Equity finances operations in Atle Investment Management and Bure Growth with equity and loans. The table below shows internal loans in the Bure investment entity.

		Internal receivables in the investment entity
SEK M	31 Mar 2021	31 Mar 2020	31 Dec 2020	31 Dec 2019
Atle Investment Management	40.8	1.2	23.8	0.2
Bure Growth	419.1	353.6	429.1	353.6
Total	459.9	354.7	452.9	353.7

Note 7 – Issued securities and contingent liabilities

As of March 31 2021, the investment entity had not issued any securities and had not entered into contingent liabilities.

Note 8 – Accounting standards applicable to an investment entity under IFRS 10 for consolidated accounts

From the first quarter of 2021, Bure reports as an investment entity under IFRS 10 for consolidated accounts. The table below shows the difference between fair value and reported value for investment entity's investments in wholly-owned companies and associated companies as of 31 March 2021 and 31 December 2020.

		31 Mar 2021		31 Dec 2020
SEK M Holding	Fair value	Unrealised surplus value	Book value	Fair value	Unrealised surplus value	Book value
Investment AB Bure 100%	175.1	0.0	175.1	177.0	35.5	141.5
of which equity	61.6	0.0	61.6	63.5	35.5	28.0
of which financial receivables	113.5	0.0	113.5	113.5	0.0	113.5
Mercuri International Group 90.4%	128.2	0.0	128.2	128.2	0.0	128.2
of which equity	98.3	0.0	98.3	98.3	0.0	98.3
of which financial receivables	29.8	0.0	29.8	29.8	0.0	29.8
Skanditek Aktiebolag 100%	0.4	0.0	0.4	0.4	0.0	0.4
Holding in Atle Investment Management1)	123.9	0.0	123.9	107.9	-59.2	167.2
Holding in Bure Growth2)	1,264.2	0.0	1,264.2	1,264.2	83.7	1,180.4
Total	1,691.8	0.0	1,691.8	1,677.7	60.1	1,617.7

1) Alcur Fonder, Atle Investment Services, Fondbolaget Fondita and Teknik Innovation Norden Fonder.

2) BioLamina, My Driving Academy Sweden, ScandiNova Systems and Yubico. The holding in Life Genomics was divested during the first quarter of 2021.

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. On 31 March 2021 the portfolio consisted of thirteen companies, of which eight 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 – June 2021, 19 August 2021

Interim report January – September 2021, 11 November 2021

For information contact

Henrik Blomquist, CEO: +46 8 614 00 20 Max Jonson, CFO: +46 8 614 00 20