Kinnevik

Interim / Quarterly Report • Jul 19, 2013

Investment AB Kinnevik

Skeppsbron 18 P.O. Box 2094 SE-103 13 Stockholm Sweden www.kinnevik.se

(Publ) Reg no 556047-9742 Phone +46 8 562 000 00 Fax +46 8 20 37 74

INTERIM REPORT 1 JANUARY-30 JUNE 2013

Highlights for the second quarter

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Revised dividend policy

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Kinnevik's net asset value 2008-2013

Pro forma adjusted for the acquisition of Emesco during Q3 2009. Figures in SEK m.

Financial results for the second quarter

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Financial results for the first half year

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The figures in this report refer to the second quarter and first half year 2013 excluding discontinued operations unless otherwise stated. For companies that have not yet reported the results for the second quarter 2013, the figures are included with one quarter's delay. The figures shown within brackets refer to the comparable periods in 2012.

Chief executive's review

"In the second quarter, Kinnevik and the group companies continued to focus on innovation to create the best services for the digital consumer. Growth in Kinnevik is driven by market leading positions in growth sectors including mobile telephony, media and online, as well as a focus on the next generation of growth markets in Central- & South America, Eastern Europe & Russia and Africa.

It is our conviction that the rapid digitalisation will have a continued fundamental impact on all Kinnevik companies and we expect the convergence between the telecom & financial services, online and media to continue. With Kinnevik as the main shareholder, our companies will benefit from our thorough sector knowledge and our ability to cross-promote services across our companies.

We increased our ownership in Zalando by 3.5% in June by exercising the option from October last year as we see continued strong momentum in the company. In total, investments including the Zalando option amounted to SEK 1,055m in the quarter with a continued focus on online.

Millicom successfully bid for a 4G license in Colombia which will allow the company to continue offering even more innovation and choice to consumers in Colombia.

MTG launched MTGx as the enabling hub for the company's digital planning and execution, focusing on increasing the speed of development in the digital entertainment products and services.

The online companies continued to grow strongly with more than 70% year-on year sales growth in Zalando in the first quarter, and good progress in the more recently started e-retailers in emerging markets such as Lamoda in Russia and Dafiti in Latin America. In July, Kinnevik invested a further EUR 67m in Rocket Internet as a part of their new share issue. Rocket Internet has been instrumental in building Kinnevik's e-commerce investments in companies like Zalando, Lamoda, Dafiti and an additional 75 businesses. With our latest investment in Rocket Internet. Kinnevik further strengthens its partnership with the founders of Rocket Internet and with Access Industries as a strategic partner.

In June, Kinnevik received SEK 3.8 bln as a result of the redemption program in Tele2 following the divestment of their Russian business. The Kinnevik Board of Directors has revised Kinnevik's dividend policy to the effect that Kinnevik aims to deliver a steadily rising annual dividend from the current level of SEK 6.50 per share.

I am confident that our portfolio of growth investments coupled with a strong balance sheet and a competitive dividend is a good base for continued strong shareholder returns for the Kinnevik shareholders."

Mia Brunell Livfors President and Chief Executive Officer

Kinnevik's holdings

30 June 2013, the figures shown within brackets refer to comparable period previous year.

Total return

The Kinnevik share's average annual total return
20%
26%
9%
29%

1) Based on the assumption that shareholders have retained their allotment of shares in Tele2, MTG, Transcom and CDON Group.

Dividend and capital structure

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Dividends received		Amount (SEK m)
Millicom	USD 2.64 per share	665
Tele2	SEK 7.10 per share	962
MTG	SEK 10.00 per share	135
BillerudKorsnäs	SEK 2.00 per share	104
Total dividends received		1 866
Redemption of shares in Tele2	SEK 28.00 per share	3 794
Dividend paid to Kinnevik's share- holders	SEK 6.50 per share	1 803

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Events after the end of the reporting period

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Kinnevik's proportional part of revenue and operating result in its holdings

	Change compared to Proportional part of Jan-Jun 2012
Jan-June 2013 (SEK m)	revenue	EBIT	revenue	EBIT
Telecom & Financial Services	11 638	1 523	3%	-13%
Online	4 077	-771	74%	N/A
Media	2 029	201	-9%	-31%
Industry and other investments	2 815	154	15%	-8%
Total sum of Kinnevik's proportional part
of revenue and operating result	20 558	1 107	13%	-30%

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Book and fair value of assets

	Book value	Fair value	Fair value	Fair value
	2013	2013	2012	2012	Total return
SEK million	30 June	30 June	30 June	31 Dec	2013
Millicom	18 278	18 278	24 631	21 283	-11%
Tele2	10 664	10 664	14 471	15 867	-3%
Transcom	296	296	222	230	29%
Bayport	650	650	472	586
Milvik/BIMA	49	49	12	18
Other	142	142	78	135
Total Telecom & Financial Services	30 079	30 079	39 886	38 119
Zalando (directly and indirectly through Rocket)	10 343	10 343	3 568	8 526
Rocket Internet with other portfolio companies 1)	4 182	4 182	5 284	4 776
Avito (directly and through Vosvik)	1 235	1 235	754	923
CDON Group	594	594	682	664	-30%
Other	207	306	214	229
Total Online	16 561	16 660	10 502	15 118
MTG	3 859	3 859	4 310	3 042	31%
Metro	836	836	1 047	993
Interest bearing net cash, Metro	243	243	339	187
Total Media	4 938	4 938	5 696	4 222
BillerudKorsnäs 2) 3)	3 286	3 286	5 274	3 161	7%
Black Earth Farming	363	363	278	456	-20%
Rolnyvik	180	250	250	250
Vireo	118	150	97	134
Other	4	4	0	4
Total Industry and other investments	3 952	4 053	5 899	4 005
Other interest bearing net cash/net debt	409	409	-4 317	-3 008
Debt unpaid investments	-876	-876	-131	-110
Other assets and liabilities	272	272	214	423
Total equity/net asset value	55 334	55 535	57 749	58 769
Net asset value per share		200.26	208.34	212.00
Closing price, class B share		171.90	138.50	135.30	32%

1) For split, please see page 7.

2) As per 30 June 2012 referring to Korsnäs equity value (i.e. after deduction for net debt in Kinnevik's consolidated balance sheet related to Korsnäs) and Latgran.

3) As per December 2012, including subscribed and paid but not yet received shares.

Kinnevik's holdings

Telecom & Financial services

Investment (SEK m)	Capital/Votes %	Estimated fair value
Millicom	38.0/38.0	18 278
Tele2	30.5/47.7	10 664
Transcom	33.0/39.7	296
Bayport	42/42	650
Milvik/BIMA	44/44	49
Other		142
Total		30 079

Return Telecom & Financial services	1 year	5 years
Average yearly internal rate of return (IRR)	-11%	4%

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Millicom

		Jan-June
2013	2012	2012	2013
1 258	1 181	2 504	2 349
463	513	957	1 030
200	279	438	574
54	209	197	318
47.5	44.6
		April-June

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Tele2

	April-June		Jan-June
Key data (SEK m)	2013	2012	2012	2013
Revenue	7 476	7 787	14 774 15 220
EBITDA	1 518	1 519	3 006 3 025
Operating profit, EBIT	711	512	1 381 1 058
Net profit	327	213	680 477
Number of subscribers (million)	15.1	14.6

The figures for Tele2 refer to continued operations.

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Kinnevik's holdings

Bayport

Bayport is offering micro credits and financial services in six African countries (Botswana, Ghana, Mozambique, Tanzania, Uganda and Zambia) as well as in Colombia. The Company was founded in 2002 and has grown with profitability into a leading micro credit company.

Bayport focuses on providing unsecured consumer credit to employees in the formal sector, predominantly within the public sector and civil service, but also with employees of large multinational companies. The success of its business model centres on payroll based credit extension and collection, whereby instalments are directly collected from payroll prior to payment of salaries. This business model mitigates credit risk and adds greater certainty to cash flows.

Loans are used primarily for financing larger non-recurring expenses, such as school fees, investment in farming or for small business purposes. The loan amount varies by market with the average loan amount being USD 1,425 and the average loan term 48 months. Bayport has around 261,000 customers served by a network of 218 branches and over 2,700 employees. Balance sheet assets amount to around USD 440m and the loan book to around USD 355m.

Milvik/BIMA

Milvik provides, under the brand name BIMA, the technology, distribution and insurance solutions which enable mobile telephone operators in emerging markets to provide microinsurance products to their customer base. The company was launched in 2011 to capitalise on the potential in micro insurance in emerging markets where few viable risk management solutions for the mass market exist and the level of insurance penetration is low.

BIMA offers affordable and uniquely designed life and health insurance products to people via their mobile phone. The company is operating in Ghana, Tanzania, Senegal, Mauritius, Bangladesh, Sri Lanka and Indonesia, and insures more than four million lives.

Kinnevik's holdings

Change in fair

Online

					Fair value as per 30 June 2013	value
Investment (SEK m)	Direct equity interest	Indirect equity interest $1$	Total $4$	Accumulated invested amount	Direct ownership	Indirectly held $1$	Total	Q 2 2013	First half year 2013
Zalando GmbH	29%	9%	38%	5 5 6 1	7971	2 3 7 2	10 343	1 3 4 2	1 0 6 6
Bigfoot I (Dafiti, Lamoda, Jabong, partly Namshi)	28%	8%	36%	1 5 3 6	1 503	84	1587		35
Dafiti			29%				536
Lamoda			30%				530
Jabong, Namshi and Central cash			mixed				521
Bigfoot II (The Iconic, Zalora, partly Zando and Jumia)	30%	10%	40%	930	438	$\overline{\phantom{a}}$	438	$-291$	$-445$
Home24	24%	12%	36%	791	487	5	492	$-273$	$-280$
Wimdu	20%	14%	34%	275	263	37	300	16	$\overline{7}$
BigCommerce (Lazada, Linio, partly Namshi)	15%	13%	28%	427	334	6	340	$-100$	$-100$
Other Rocket portfolio companies 2)	mixed	mixed	mixed	659	610	415	025	$-132$	$-174$
Total Rocket Internet with portfolio companies				10 179	11 606	2919	14 5 25	563	109
Avito	18%	14%	32%	336	696	539	1 2 3 5	184	311
Other portfolio companies	mixed	mixed	mixed	477	306		306		11
Total unlisted online investments				10 992	12 608	3 4 5 8	16 066	748	431
CDON Group	25.1%	$\sim$	25.1%	646 3)	594		594	$-151$	$-198$
Total online investments				11 638	13 202	3 4 5 8	16 660	597	233

¹⁾ Held via Rocket Internet GmbH and Vosvik AB (Avito).

²⁾ Invested amount includes net invested amount in Rocket Internet GmbH. Fair value includes cash balance in Rocket Internet GmbH.

³⁾ The value of dividends received from MTG when shares distributed and share purchases and new issues made thereafter.

⁴⁾ The shareholdings in Rocket Internet with portfolio companies has not been adjusted for employee stock option plans.

Return Online	1 vear	5 vears
Average yearly internal rate of return (IRR)	26%	29%

The Kinnevik online investments are mainly focused around e-commerce and market places. E-commerce is one of the strongest global growth trends in the world economy, and it is based on a shift in consumer behaviour which is not a short term trend but which we believe represent a permanent change in consumer behaviour.

Within e-commerce. Kinnevik has focused its investments in the shoes and fashion segment through companies such as Zalando with geographical presence in Europe and companies such as Lamoda, Dafiti, Jabong and Zalora focused on emerging markets. This particular segment of the e-commerce industry is attractive for several reasons; it is a relatively large part of a household budget, it is a sector with high gross margins and the products offered are easy to package and ship - enabling efficient logistics with free deliveries and returns.

In order to be competitive and become a profitable online retailer it is important to build size and scale to be the number one choice as the customer goes online. It is also a key competitive advantage to be fully integrated and to control the entire value chain from website to logistics to check out, payment and shipping in order to control the total customer experience.

Investments and valuation

Kinnevik invested SEK 1,415m within Online during the first half of the year, of which SEK 876m in Zalando, SEK 169m in Bigfoot II, SEK 138m in BigCommerce, SEK 129m in CDON Group and SEK 32m in Saltside Technologies.

At the end of June, investments in Online were valued at a total of SEK 16,660m. The assessed change in fair value recognized in the consolidated income statement for the second quarter amounted to a profit of SEK 597m (loss of 424) as specified in the table above. Exchange rate effects when translating investments in EUR to SEK had a positive effect of SEK 664m on the result. The positive change in fair value of Zalando relates to a continued strong revenue growth and an increased sales multiple (from 1.8 to 2.0) in line with increasing market multiples, resulting in an asses-

Kinnevik's holdings

sed fair value of EUR 3.2bln at the end of June, compared to EUR 2.8bln at the end of March and at year end 2012. The negative change in fair value of Bigfoot II, Home24 and BigCommerce is mainly related to changes in the liquidation preference structure during the second quarter when new investments have been made by other owners than Kinnevik, and lower sales multiples due to discounts applied when valuing the companies. The companies have continued to develop positively with a strong sales growth.

For the first half of the year, the assessed change in fair value recognized in the consolidated income statement amounted to a profit of SEK 233m (loss of 589). Exchange rate effects when translating investments in EUR to SEK had a positive effect of SEK 233m on the result.

For further information about valuation principles and assumptions, please see Note 5.

During 2012 and first half of 2013, a number of Rocket's portfolio companies and Avito have issued new shares to external investors at price levels that exceed Kinnevik's recognized assessed fair values. Since the newly issued shares have better preference over the portfolio companies' assets in the event of liquidation or sale than Kinnevik's shares have, Kinnevik do not consider these price levels as a relevant base for assessing the fair values in the accounts. The latest transactions that have been made with better preference than Kinnevik's shareholdings, have been made at levels that, applied on Kinnevik's shareholdings, is approximately SEK 5bln higher than Kinnevik's book value as per 30 June 2013.

Proportional part of revenue, EBIT and cash balances in unlisted online holdings

Kinnevik's proportional part of the unlisted companies' revenue grew by 86% year-on-year and reached SEK 1,947m

$(1,045)$ for the second quarter. Revenue growth is strongest in the second and fourth quarter which is explained by the seasonal variations within the shoes- and fashion industry. Due to the strong growth, short operating history and the fact that all start-up costs are taken to the P&L, the unlisted companies within Kinnevik's online portfolio are still unprofitable. However, the larger companies in the portfolio are well capitalised and can afford continued investments until they reach break-even. Kinnevik's proportional part of the companies' cash position amounted to SEK 3,113m at 30 June 2013.

Rocket Internet

Rocket Internet is a company that incubates and develops e-commerce and other consumer-oriented online companies. Kinnevik owned 24.2% of the parent company Rocket Internet GmbH as per 30 June (23.9% following transaction in July) and works closely with the management of Rocket Internet in order to foster companies and develop them into leading Internet players.

Besides the investment into Rocket Internet, Kinnevik has also invested directly into a number of companies supported by Rocket Internet in the following segments:

• E-commerce of shoes and fashion, with Zalando in Europe, Dafiti in Latin America, Lamoda in Russia and the CIS, Jabong in India, Namshi in Middle East, Zalora in Southeast Asia, The Iconic in Australia, Zando in South Africa as well as other newly incubated companies in other emerging markets.
• E-commerce of furniture and home décor, with Home24 in Europe, Mobly in Brazil, Westwing in ten different countries, and a number of other companies that are active in emerging markets.

$0.12$

· E-commerce of general merchandise, with Lazada in

										---
SEK million	Q 2	Q 3	Q4	FY2011	Q1	Q 2	Q 3	Q4	FY2012	Q1	Q2
Revenue	386	446	654	1770	819	1 0 4 5	1 1 8 4	676	4723	1623	947
Q on Q growth	36%	16%	47%		25%	28%	13%	42%		$-3%$	20%
Y on Y growth					189%	171%	165%	156%	167%	98%	86%
EBIT				-379	$-250$	$-369$	$-414$	$-292$	$-1324$	$-407$	$-351$
Accumulated invested amount (net of dividends received)											10 992
Fair value as per 30 June 2013											16 066
Net proportional part of cash balance 30 June 2013											3 1 1 3

Kinnevik's proportional part of revenue, EBIT and cash balance within its unlisted online holdings

The table above is a compilation of the unlisted online holdings' revenues and operating result reported multiplied by Kinnevik's ownership share at the end of the reporting period, thereby showing Kinnevik's proportional share of the companies' revenues and operating result. Revenues and operating result reported by the companies have been translated at constant exchange rates (average rate for 2013) from each company's reporting currency into Swedish kronor. For companies that have not yet reported the results for June 2013, the figures are included with one month's delay. The proportional share of revenues and operating result has no connection with Kinnevik's accounting and is only additional information.

Kinnevik's holdings

Southeast Asia, Linio in Latin America, Jumia in Africa and Kanui and Tricae in Brazil.

• Marketplace for brokering short-term housing through Wimdu, and online food ordering service through Foodpanda.
• · Subscription-based services, with Glossybox offering beauty and style products, and HelloFresh delivering weekly food baskets for home cooking.

Zalando

Zalando started its operations in Germany in 2008 and today operates online shops also in the Netherlands, Belgium, France, the United Kingdom, Austria, Switzerland, Italy, Spain, Sweden, Finland, Norway, Denmark and Poland. Zalando has grown rapidly and is today the largest online player by net revenues in the fashion sector in Europe.

The key drivers for becoming successful within shoes and fashion include technology, product sourcing, logistics and marketing. Zalando has over the past five years focused on becoming the industry leader in all these fields in the online sector in the operating markets.

Zalando has developed strong relationships with most of the leading suppliers in the shoes and fashion industry. The company is today a well-established player in the European market which makes it possible to further improve delivery and payment terms with key suppliers. In addition, Zalando has focused on establishing its in-house design labels.

Convenience is one of the most important factors for customers moving online which is why free deliveries and returns for customers are a very important part of the Zalando customer offering. In addition, Zalando has a generous return policy resulting in an average return rate of around 50%. This makes it very important to have a cost efficient and best in class logistic set up. Zalando has therefore, as part of the company's strategy, decided to operate most of its logistics in-house. The first warehouse operated by the company was opened in 2011 and a second warehouse built in the city of Erfurt in Germany did successfully start to operate during the second half of 2012. Due to its strong growth, Zalando is constructing a third warehouse in the city of Mönchengladbach in Germany which will open during the second half of 2013.

Zalando reported net sales of EUR 372m in the first quarter of 2013 compared to EUR 214m in the first quarter of 2012. The first quarter numbers are not audited. For the full year 2012, net sales amounted to 1,159m. Sales growth and margins in the first quarter were impacted by the long winter in Europe, delaying the start of the spring season.

With the addition of seven new markets during 2012, Zalando's focus for 2013 is on operational excellence in key areas including logistics and marketing within its current geographical footprint.

Dafiti

Dafiti was founded in early 2011 and offers a broad assortment of women and men's fashion online. The company started in Brazil, but has since expanded to Argentina, Chile, Colombia and Mexico, thus targeting one of the largest emerging markets with a total population of 400 million. Latin America shows strong consumption growth, and Dafiti has established itself as one of the key retailers of online fashion in the region. Dafiti reported net revenue of SEK 796m (149) in 2012.

Lamoda

Lamoda was started in early 2011 with its core offering being shoes and fashion in Russia and the CIS. The region has an Internet population of more than 60 million and the company is growing rapidly. Lamoda reported net revenue of SEK 445m (62) in 2012.

Jabona

Jabong is the leading online fashion shop in India and was launched in 2012. There are more than a billion people living in the country with the third largest Internet population in the world, despite an Internet penetration of only 10%. Reported net revenue was SEK 156m in 2012.

Namshi

Namshi is active within shoes and fashion in six markets in the Middle East, namely United Arab Emirates, Saudi Arabia, Bahrain, Kuwait, Oman and Qatar. All markets exhibit high purchase power, high levels of disposable income and high Internet penetration. Namshi reported net revenue of SEK 32m in 2012.

The Iconic

The Iconic is an online store offering shoes and fashion in Australia and New Zealand covering a population of around 30 million. The company was founded in late 2011 and has grown rapidly and already captured a leading position in the region. Reported net revenue for 2012 was SEK 218m.

Zalora

Zalora started its operations in 2012 and serves eight emerging markets within shoes and fashion in Southeast Asia, namely Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam, Taiwan and Hong Kong. Reported net revenue for 2012 was SEK 84m.

Jumia

Jumia, founded in 2012, is an online retailer of general merchandise active in Nigeria, Egypt, Morocco, Kenya and Ivory Coast. The company offers products such as mobile phones, video and audio devices, games and consoles,

Kinnevik's holdings

books, toys and beauty products. Jumia reported net revenue of SEK 21m in 2012.

Zando

Zando was founded in 2012 and offers shoes and fashion to the South African market with a population of 50 million. The company reported net revenue of SEK 26m in 2012.

Lazada

Lazada was founded in early 2012 and is active in offering general merchandise in five of the most attractive markets in Southeast Asia - Indonesia, Vietnam, Thailand, Philippines and Malaysia. Lazada reported net revenue of SEK 88m in 2012.

Linio

Linio was founded during the first half of 2012 and is the leading general e-commerce platform in Mexico, Colombia, Peru and Venezuela, that boasts a total population of more than 200 million. Reported net revenue was SEK 61m in 2012.

Home24

Home 24 is an online retailer of furniture and home products. The company is active under the brand Home24 in Germany, Austria, France and Netherlands, and under the brand Mobly in Brazil. Net revenue for the group amounted to SEK 550m (227) in 2012.

Westwing

Westwing Home & Living was founded in late 2011 and offers flash sales of home décor, furniture and lifestyle products online. The company is today present in ten countries including Germany, Russia and Brazil, and is market leader in each, targeting a EUR 400 bln industry that is rapidly shifting online. Westwing exhibits strong revenue growth and has a particularly active and loyal customer base, with the average customer making three to four purchases per year and 70% of the purchases are from returning customers. Westwing reported net revenues of SEK 363m in 2012.

Wimdu

Wimdu is a marketplace for brokering short-term vacation housing and was founded in 2011. The company addresses the growing market of rentals of secondary homes and has a worldwide presence, with efforts mainly focused on Western Europe, and around 150,000 available properties.

Revenue is derived from commission as intermediary in the rental process. Net revenues for Wimdu amounted to SEK 55m in 2012.

Avito

Avito is the leading online service for classified advertising in Russia. Revenue primarily derive from from value-added services, display advertising and third-party shops. In the second quarter, the company had an average of 10.7 million new listings per month (4.7 million for the corresponding period last year) and $37(22)$ million unique monthly visitors. Avito reported total revenue of SEK 84m for the first quarter of 2013 $(34)$ and an operating loss of SEK 7m (loss 82). At the end of the second quarter, Avito had a cash position of more than USD 100m, which will be used to further strengthen Avito.ru's position in the key Auto and Real Estate categories, and for continued expansion in new markets

Saltside Technologies

Saltside is a company that since 2012 operates a number of online marketplaces in emerging markets. Some of the key markets are Bangladesh and Sri Lanka, in which Saltside has already seized a prominent position.

CDON Group

CDON Group is a leading e-commerce company with some of the most well-known and appreciated brands in the Nordic area.

	April-June		Jan-June
Key data (SEK m)	2013	2012	2012	2013
Revenue	969	952	2 0 2 0	1906
Operating profit/loss, EBIT	$-49$	$-44$	$-57$	-56
Net profit/loss	$-45$	-37	$-62$	-50

Net Sales for CDON Group increased by 4.2% during the second quarter compared to the corresponding period last year. The increase was mainly driven by the segment Sports & Health, which grew its sales by 34%.

CDON Group's gross margin improved by 0.9 percentage points to 15.7% due to larger share of sales from the high margin segments Sports & Health, and Fashion.

The operating result was negatively affected by a oneoff cost of SEK 32m.

Kinnevik's holdings

Media

Investment (SEK m)	Capital/Votes %	Estimated fair value
Modern Times Group MTG	20.3/49.8	3 859
Metro	99/991)	1 079
Total		4 938
1) Fully diluted.

Return Media	1 year	5 years
Average yearly internal rate of return (IRR)	-8%	-3%

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Modern Times Group MTG

	April-June		Jan-June
Key data (SEK m)	2013	2012	2012	2013
Revenue	3 619	3 517	6 842	6 776
Operating profit/loss, EBIT	578	684	1 032	1 226
Net profit/loss	376	454	710	908

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	April-June		Jan-June
EUR m	2013	2012	2012	2013
Revenue
Europe	17	31	34	61
Emerging Markets	21	20	39	36
Head Quarters	2	2	3	4
Total	40	53	76	100
Operating profit, EBIT
Europe	1	4	0	6
Emerging Markets	2	2	1	3
Share of Associates Income	0	0	1	0
Head Quarters	-1	-3	-3	-4
Total	1	4	-1	5

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Kinnevik's holdings

Industry and other investments

Investment (SEK m)	Capital/ Votes%	Estimated fair value
BillerudKorsnäs	25.1	3 286
Black Earth Farming	24.9	363
Rolnyvik	100	250
Vireo Energy	78	150
Other		4
Total		4 053

Return Industry and other investments	1 year	5 years
Average yearly internal rate of return (IRR)	42%	18%

BillerudKorsnäs

	April-June		Jan-June
Key data (SEK m)1)	2013	2012	2012	2013
Revenue	4 973	2 440	10 105	4 731
Operating profit/loss, EBIT	256	161	613	303
Net profit/loss	169	119	397	215

Numbers 2012 excluding Korsnäs.

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Financial overview

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Financial reports

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For further information, please visit www.kinnevik.se or contact:

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Kinnevik was founded in 1936 and thus embodies more than seventy-five years of entrepreneurship under the same group of principal owners. Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. The company's holdings of growth companies are focused around the following business sectors; Telecom & Financial Services, Online, Media and Industry and other investments.

Kinnevik has a long history of investing in emerging markets which has resulted in a considerable exposure to consumer sectors in these markets. Kinnevik plays an active role on the Boards of its holdings.

The Kinnevik class A and class B shares are listed on NASDAQ OMX Stockholm's list for Large Cap companies within the financial and real estate sector. The ticker codes are KINV A and KINV B.

The Board of Directors and the CEO certify that this undersigned six month interim report provides a true and fair overview of the Parent Company and Group's operations, financial position and performance for the period, and describes the material risks and uncertainties facing the Parent Company and other companies in the Group.

Stockholm, 19 July 2013

Cristina Stenbeck Chairman of the Board

Tom Boardman Member of the Board

Vigo Carlund Member of the Board

Dame Amelia Fawcett Member of the Board

Lorenzo Grabau Member of the Board

Wilhelm Klingspor Member of the Board

Erik Mitteregger Member of the Board Allen Sangines-Krause Member of the Board

Mia Brunell Livfors CEO

CONDENSED CONSOLIDATED INCOME STATEMENT (SEK m)

	Note	2013 1 Apr 30 June	2012 1 Apr 30 June	2013 1 Jan 30 June	2012 1 Jan 30 June	2012 Full year
CONTINUING OPERATIONS
Revenue		410	549	780	651	1 591
Cost of goods sold and services		-228	-317	-450	-384	-957
Gross profit/loss		182	232	330	267	634
Selling and administration costs		-235	-243	-440	-295	-771
Other operating income		14	16	72	20	92
Other operating expenses		-9	-10	-16	-14	-53
Operating profit/loss	3	-48	-5	-54	-22	-98
Share of profit/loss of associates accounted for using the equity method		4	-	7	-	10
Dividends received	6	5 660	2 539	5 660	2 539	4 264
Change in fair value of financial assets	5	-5 402	-8 694	-6 982	-5 843	-6 910
Interest income and other financial income		8	10	11	27	55
Interest expenses and other financial expenses		-42	-76	-73	-136	-255
Profit/loss after financial items		180	-6 226	-1 431	-3 435	-2 935
Taxes		-10	-33	-20	-40	-56
NET PROFIT/LOSS FROM CONTINUING OPERATIONS		170	-6 259	-1 451	-3 475	-2 991
Net profit from discontinued operations		-	137	-	315	3 473
NET PROFIT/LOSS FOR THE PERIOD		170	-6 122	-1 451	-3 160	482
Of which attributable to:
Equity holders of the Parent Company
Net profit/loss from continuing operations		173	-6 261	-1 443	-3 475	-2 984
Net profit/loss from discontinued operations		-	134	-	308	3 462
Non-controlling interest
Net profit/loss from continuing operations		-3	2	-8	0	-7
Net profit/loss from discontinued operations		-	3	-	7	11
Earnings per share
Earnings per share before dilution, SEK		0.62	-22.10	-5.21	-11.42	1.72
Earnings per share after dilution, SEK		0.62	-22.10	-5.21	-11.42	1.72
From continuing operations:
Earnings per share before dilution, SEK		0.62	-22.58	-5.21	-12.54	-10.77
Earnings per share after dilution, SEK		0.62	-22.58	-5.21	-12.54	-10.77
Average number of shares before dilution		277 250 787	277 183 276	277 228 283	277 183 276	277 183 276
Average number of shares after dilution		277 584 800	277 481 967	277 563 215	277 483 975	277 483 454

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (SEK m)

	2013 1 Apr 30 June	2012 1 Apr 30 June	2013 1 Jan 30 June	2012 1 Jan 30 June	2012 Full year
Net profit/loss for the period	170	-6 122	-1 451	-3 160	482
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit and loss	-	-	-	-	-
Items that may be reclassified to profit and loss
Translation differences	50	-7	-22	-13	-31
Cash flow hedging
- profit/loss during the year	22	3	22	1	-
- reclassification of amounts accounted for through profit and loss	-	-	-	-	5
Tax attributable to items that will be reclassified to profit and loss	0	0	0	0	-1
Total items that will be reclassified to profit and loss	72	-4	0	-12	-27
Total other comprehensive income for the period	72	-4	0	-12	-27
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	242	-6 126	-1 451	-3 172	455
Total comprehensive income for the period attributable to:
Equity holders of the Parent Company	241	-6 128	-1 441	-3 176	453
Non-controlling interest	1	2	-10	4	2

CONDENSED CONSOLIDATED CASH-FLOW STATEMENT (SEK m)

	Note	2013 1 Apr 30 June	2012 1 Apr 30 June	2013 1 Jan 30 June	2012 1 Jan 30 June	2012 Full year
CONTINUING OPERATIONS
Operating profit/loss		-48	-5	-54	-22	-98
Adjustment for non-cash items		5	4	-36	30	114
Taxes paid		-29	-2	-29	-43	-88
Cash flow from operations before change in working capital		-72	-3	-119	-35	-72
Change in working capital		103	41	183	-9	-150
Cash flow from operations		31	38	64	-44	-222
Acquisition of subsidiaries	5	-	-132	-	-474	-532
Sale of subsidiaries		-	-	53	-	106
Investments in tangible and biological fixed assets		-49	-22	-60	-32	-92
Investments in intangible fixed assets		-2	0	-3	0	-13
Investments in shares and other securities	5	-463	-3 669	-517	-4 297	-7 462
Sales of shares and other securities		0	569	10	569	572
Dividends received	6	5 660	2 539	5 660	2 539	4 264
Changes in loan receivables		0	66	-1	66	219
Interest received		2	3	5	3	55
Cash flow from investing activities		5 148	-646	5 147	-1 626	-2 883
Change in interest-bearing liabilities		-1 366	2 061	-1 410	3 356	1 093
Interest paid		-22	-55	-43	-103	-255
Contribution from holders of non-controlling interest		3	0	9	0	32
Dividend paid to equity holders of the Parent company		-1 803	-1 524	-1 803	-1 524	-1 524
Dividend paid to holders of non-controlling interest		-23	0	-23	0	-4
Cash flow from financing activities		-3 211	482	-3 270	1 729	-658
CASH FLOW FOR THE PERIOD FROM CONTINUING OPERA
TIONS		1 968	-126	1 941	59	-3 763
Cash flow for the period from discontinued operations		-	462	-	824	4 035
CASH FLOW FOR THE PERIOD		1 968	336	1 941	883	272
Exchange rate differences in liquid funds		0	0	0	0	0
Cash and short-term investments, opening balance		427	729	454	182	182
Cash and short-term investments, closing balance		2 395	1 065	2 395	1 065	454

.

CONDENSED CONSOLIDATED BALANCE SHEET (SEK m)

		2013	2012	2012
ASSETS	Note	30 June	30 June	31 Dec
Fixed assets
Intangible fixed assets		957	1 275	1 044
Tangible and biological fixed assets		316	260	281
Financial assets accounted to fair value through profit
and loss	5	54 296	55 233	59 953
- whereof interest-bearing		37	145	28
Investments in companies accounted for using the
equity method		93	11	79
Deferred tax assets		10	0	18
		55 672	56 779	61 375
Current assets
Inventories		57	49	64
Trade receivables		334	350	372
Tax receivables		0	0	36
Other current assets		184	290	331
Short-term investments		1 813	3	1
Cash and cash equivalents		582	982	453
		2 970	1 674	1 257
Assets classified as held for sale		-	10 954	-
TOTAL ASSETS		58 642	69 407	62 632
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Equity attributable to equity holders of the Parent
Company		55 334	54 942	58 573
Equity attributable to non-controlling interest		71	93	67
		55 405	55 035	58 640
Long-term liabilities
Interest-bearing loans	7	1 227	5 011	1 174
Provisions for pensions		37	39	37
Other provisions		4	4	4
Deferred tax liability		0	98	0
Other liabilities		13	23	14
		1 281	5 175	1 229
Short-term liabilities
Interest-bearing loans	7	590	59	2 111
Provisions		26	1	28
Trade payables		144	166	156
Income tax payable		6	51	59
Other payables		1 190	596	409
		1 956	873	2 763
Liabilities directly associated with assets classified as held for sale		-	8 324	-
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		58 642	69 407	62 632

CONDENSED REPORT OF CHANGES IN EQUITY FOR THE GROUP (SEK m)

	2013 1 Apr 30 June	2012 1 Apr 30 June	2013 1 Jan 30 June	2012 1 Jan 30 June	2012 Full year
Equity, opening balance	56 983	62 705	58 640	59 687	59 687
Total comprehensive income for the period	242	-6 126	-1 451	-3 172	455
Acquisitions from non-controlling interest	-1	-20	-1	-20	-25
Business combination, non-controlling interest	-	-	-	56	59
Contribution from non-controlling interest	3	-	9	5	32
Dividend paid to owners of non-controlling interest	-23	-	-23	-	-4
Sale of shares, non-controlling interest	-	-	28	-	-47
Discontinued operations	-	-	0	-	-2
Dividend paid to shareholders of the Parent company	-1 803	-1 524	-1 803	-1 524	-1 524
Effect of employee share saving programme	4	0	6	3	9
Equity, closing amount	55 405	55 035	55 405	55 035	58 640
Equity attributable to the shareholders of the Parent Company	55 334	54 942	55 334	54 942	58 573
Equity attributable to non-controlling interest	71	93	71	93	67

KEY RATIOS	2013 30 June	2012 30 June	2012 31 Dec
Debt/equity ratio	0.03	0.09	0.06
Equity ratio	94%	79%	94%
Net debt (including debt unpaid investments)	276	4 110	2 950

DEFINITIONS OF KEY RATIOS

Debt/equity ratio	Interest-bearing liabilities including interest-bearing provisions divided by share holders' equity.
Equity ratio	Shareholders' equity including non-controlling interest as percentage of total assets.
Net debt	Interest-bearing liabilities including interest-bearing provisions and debt unpaid in vestments less interest bearing receivables, short-term investments and cash and cash equivalents
Operating margin	Operating profit after depreciation divided by revenue.

NOTES

Note 1 Accounting principles

The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the EU. This report was prepared in accordance with the Annual Accounts Act and IAS 34, Interim Financial Reporting.

Kinnevik apply from 2013 IFRS 13, "Fair Value Measurement". IFRS 13 is a framework for fair value measurement, but does not change which items that should be measured at fair value. The new standard includes more extensive disclosure requirements on fair value measurement. The new standard has not had any effect on Kinnevik's financial statements. The standard has, however, had effect on the disclosures in note 5, Financial assets.

Other accounting principles and calculation methods applied in this report are the same as those described in the 2012 Annual Report.

Note 2 Risk Management

The Group's financing and management of financial risks is centralized within Kinnevik's finance function and is conducted on the basis of a finance policy established by the Board of Directors. The Group's operational risks are primarily evaluated and managed within the particular business area and then reported to the Kinnevik Board.

The Group has established a model for risk management, the aims of which are to identify, control and reduce risks. The identified risks and how they are managed are reported to the Kinnevik Board on a quarterly basis.

Kinnevik is exposed to financial risks mainly in respect of changes in the value of the stock portfolio, changes in market interest rates, exchange rate risks and liquidity and refinancing risks.

The Group is also exposed to political risks since the companies Kinnevik has invested in have a substantial part of their operations in emerging markets such as Latin America, Sub-Saharan Africa, Russia and Eastern Europe.

For a more detailed description of the Company's risks and risk management, refer to the Board of Directors' report and Note 31 of the 2012 Annual Report.

Note 3 Related party transactions

Related party transactions for the interim period are of the same character as the transactions described in the 2012 Annual Report.

During 2013 Kinnevik has acquired shares in Zalando from Rocket Internet and management in Zalando for 72 MEUR which will be paid during July.

Note 4 Condensed segment reporting

Kinnevik is a diversified company whose business consists of managing a portfolio of investments and to conduct operations through subsidiaries. The Kinnevik Group's accounting is distributed on the following three accounting segments: Metro - following the acquisition of Metro on 29 March 2012, Metro is an accounting segment from the second quarter 2012. Other operating subsidiaries - Rolnyvik, Vireo Energy, Duego Technologies, Saltside and G3 Good Governance Group. The figures for 2012 also include Relevant Traffic, disposed during the fourth quarter and Milvik, that is accounted to fair value through profit and loss from 2013.

Parent Company & other - all other companies and financial assets (including change in fair value of financial assets). This distribution coincides with the internal structure for controlling and monitoring used by Kinnevik's management.

		Other	Parent
1 Apr-30 June 2013	Metro	operating subsidiaries	Company & other	Total Group
Revenue	344	63	3	410
Operating costs	-333	-75	-44	-452
Depreciation	-5	-5	-1	-11
Other operating income and expenses	0	2	3	5
Operating profit/loss	6	-15	-39	-48
Share of profit/loss of associates accounted for
using the equity method	4	-	-	4
Dividends received	-	-	5 660	5 660
Change in fair value of financial assets	-	-	-5 402	-5 402
Financial net	4	-4	-34	-34
Profit/loss after financial items	14	-19	185	180
Investments in financial fixed assets	12	0	1 032	1 044
Investments in tangible, biological and intangible
fixed assets	7	39	4	50

		Other	Parent
		operating	Company &	Total
1 Apr-30 June 2012	Metro	subsidiaries	other	Group
Revenue	459	88	2	549
Operating costs	-416	-101	-33	-550
Depreciation	-7	-3	0	-10
Other operating income and expenses	0	6	0	6
Operating profit/loss	36	-10	-31	-5
Dividends received			2 539	2 539
Change in fair value of financial assets	2		-8 696	-8 694
Financial net	-50	1	-17	-66
Profit/loss after financial items	-12	-9	-6 205	-6 226
Investments in subsidiaries and financial fixed
assets	40	88	1 242	1 370
Investments in tangible, biological and intan gible fixed assets	2	19	1	22

		Other	Parent
		operating	company &	Total
1 Jan-30 June 2013	Metro	subsidiaries	other	Group
Revenue	647	129	4	780
Operating costs	-651	-140	-80	-871
Depreciation	-9	-8	-2	-19
Other operating income and expenses	0	51	5	56
Operating profit/loss	-13	32	-73	-54
Share of profit/loss of associates accounted
for using the equity method	7	-	-	7
Dividends received	0	0	5 660	5 660
Change in fair value of financial assets	0	0	-6 982	-6 982
Financial net	2	-4	-60	-62
Profit/loss after financial items	-4	28	-1 455	-1 431
Investments in subsidiaries and financial fixed
assets	12		1 393	1 405
Investments in tangible, biological and intan
gible fixed assets	13	46	4	63

Impairment of goodwill

		Other	Parent
		operating	Company &	Total
1 Jan-30 June 2012	Metro	subsidiaries	other	Group
Revenue	459	189	3	651
Operating costs	-416	-193	-58	-667
Depreciation	-7	-4	-1	-12
Other operating income and expenses	0	6		6
Operating profit/loss	36	-2	-56	-22
Dividends received			2 539	2 539
Change in fair value of financial assets	2		-5 845	-5 843
Financial net	-50		-59	-109
Profit/loss after financial items	-12	-2	-3 421	-3 435
Investments in subsidiaries and financial fixed
assets	812	88	3 938	4 838
Investments in tangible, biological and intan
gible fixed assets	2	29	1	32

		Other operating	Parent company &	Total
1 Jan-31 Dec 2012	Metro	subsidiaries	other	Group
Revenue	1 234	349	8	1 591
Operating costs	-1 151	-418	-127	-1 696
Depreciation	-18	-11	-3	-32
Other operating income and expenses	4	35		39
Operating profit/loss	69	-45	-122	-98
Share of profit/loss of associates accounted
for using the equity method	10			10
Dividends received			4 264	4 264
Change in fair value of financial assets			-6 910	-6 910
Financial net	-55	-8	-137	-200
Profit/loss after financial items	24	-53	-2 906	-2 935
Investments in subsidiaries and financial fixed
assets	845	110	7 063	8 018
Investments in tangible, biological and intan gible fixed assets	17	82	6	105
Impairment of goodwill		-22		-22

Note 5 Financial assets

Kinnevik's unlisted holdings are valued using the International Private Equity and Venture Capital Valuation Guidelines, whereby a collective assessment is made to establish the valuation method that is most suitable for each individual holding. Firstly, it is considered whether any recent transactions have been made at arm's length in the companies. For new share issues, consideration is taken to if the newly issued shares have better preference to the company's assets than earlier issued shares if the company is being liquidated or sold. For companies where no or few recent arm's length transactions have been performed, a valuation is conducted by applying relevant multiples to the company's historical and forecast key figures, such as sales, profit, equity, or a valuation based on future cash flows. When performing a valuation based on multiples, consideration is given to potential adjustments due to, for example, difference in size, historic growth and geographic market between the current company and the group of comparable companies.

Work to measure Kinnevik's unlisted holdings at fair value is performed by the financial department and based on financial information reported from each holding. The correctness of the financial information received is ensured through continuous contacts with management of each holding, monthly reviews of the accounts, as well as internal audits performed by auditors engaged by Kinnevik. Prior to decisions being made about the valuation method to be applied for each holding, and the most suitable peers with which to compare the holding, the financial department obtains information and views from the investment team, as well as external sources of information. Information and opinions on applicable methods and groups of comparable companies are also obtained periodically from well-renowned, valuation companies in the market. The results from the valuation is discussed firstly with the CEO and the Chairman of the Audit Committee, following which a draft is sent to all members of the Audit Committee, who analyze and discuss the outcome before it is approved at a meeting attended by the company's external auditors.

Company	Valuation method	Valuation assumptions
Rocket Internet GmbH	Portfolio companies valued as per below, cash balance and other assets as per Rocket financial statements.	N/A
Zalando	Valuation based on sales multiples for a group of comparable companies. The peer group includes, among others, Amazon, Asos, CDON and Yoox.	Last 12 months historical sales has been multiplied with a sales multiple of 2.0.
	The average sales multiple for the peer group has been reduced to reflect factors such as lower profitability.	The entire company has been valued at EUR 3.2 bln.
Bigfoot I, Bigfoot II, BigCommerce, Home24, Wimdu, Avito	Valuation based on sales multiples for a group of comparable companies. The peer group includes, among others:	Applied sales multiples for last 9-12 months historical sales:
	- for Bigfoot I, Bigfoot II and BigCommerce: Amazon, Asos, CDON and Yoox; - for Home24: Amazon, CDON, Williams-Sanoma and Bed, Bath & Beyond; - for Wimdu: HomeAway, Priceline, Expedia and Tripadvisor; and - for Avito: HomeAway, Rightmove and Trade Me Group.	- Bigfoot I: 1.3-1.8 - Bigfoot II: 1.3 - BigCommerce: 0.8-1.2 - Home24: 0.8
	The average sales multiple for the peer group has been reduced to reflect factors such as lack of profitability and early e-commerce market.	- Wimdu: 2.2 - Avito: 9.9
	For the holding companies Bigfoot I, Bigfoot II and BigCommerce, the underlying operating busines ses (e.g. Dafiti and Lamoda) have been valued separately.
	The valuations also consider what preference the owned shares have in case of liquidation or sale of the entire company.
Bayport	Valuation based on net profit, book value and growth compared to peers.	Price/Earnings 10 Price/Book value 2.5 Return on equity 27.5% Terminal growth 8% Cost of equity 15%
Milvik/BIMA	Latest transaction value.	USD 17m for entire company.
Other portfolio com panies	Fair value corresponds to cost.	N/A

Below is a summary of the valuation methods applied in the accounts as per 30 June 2013.

For the companies in the table above that are valued based on sales multiples (i.e. direct and indirect ownership in Zalando, Bigfoot I, Bigfoot II, Home24, BigCommerce, Wimdu and Avito), an increase in the multiple by 10% would have increased estimated fair value by SEK 1,309m. Similarly, a decrease in the multiple by 10% would have decreased estimated fair value by SEK 1,192m.

When establishing the fair value of other financial instruments, methods that in every individual case are assumed to provide the best estimation of fair value have been used. For assets and liabilities maturing within one year, a nominal value adjusted for interest payments and premiums is assumed to provide a good approximation to fair value.

Information is provided in this note per class of financial instruments that are valued at fair value in the balance sheet, distributed in the three levels stated below:

Level 1: Fair value established based on listed prices in an active market for the same instrument.

Level 2: Fair value established based on valuation techniques with observable market data, either directly (as a price) or indirectly (derived from a price) and not included in Level 1.

Level 3: Fair value established using valuation techniques, with significant input from data that is not observable in the market.

Change in fair value of financial assets

	2013 1 Apr 30 June	2012 1 Apr 30 June	2013 1 Jan 30 June	2012 1 Jan 30 June	2012 Full year
Millicom	-1 396	-3 726	-3 004	-1 456	-4 805
Tele2	-4 702	-3 807	-5 203	-3 658	-2 263
Transcom	-62	-33	66	33	41
Bayport Management	44	45	69	46	65
Seamless	-17	-14	8	15	30
Other	0	2	3	2	-
Telecom & Financial Services	-6 133	-7 533	-8 061	-5 018	-6 932
Zalando1)	1 020	14	817	-43	1 563
Bigfoot I1)	72	-19	24	-22	-48
Bigfoot II1)	-288	-9	-440	-9	-53
Home 241)	-243	-15	-267	-15	-37
Wimdu1)	15	-3	4	-3	-16
BigCommerce1)	-81	-3	-90	-3	-3
Groupon1)	0	-390	0	-628	-628
Rocket Internet and other portfolio companies	68	-111	61	-286	-165
Avito2)	184	368	311	368	538
CDON Group	-150	-258	-198	53	35
Other	0	2	11	-1	1
Online	597	-424	233	-589	1 187
Metro3)	0	0	0	39	39
Modern Times Group MTG	362	-611	817	-126	-1 394
Media	362	-611	817	-87	-1 355
BillerudKorsnäs	36	0	124	0	294
Black Earth Farming	-264	-126	-93	-149	-104
Industry and other investments	-228	-126	31	-149	190
Total	-5 402	-8 694	-6 982	-5 843	-6 910
-of which traded in an active market, level 1	-6 193	-8 965	-7 484	-5 877	-8 755
-of which fair value established using valuation techniques, level 3	791	271	502	34	1 845

1) Direct shareholding only.

2) Direct shareholding and indirect shareholding via Vosvik.

3) Metro became a subsidiary to Kinnevik on 29 March 2012. The change in fair value for 2012 relates to the period from 1 January until the bid was published on 6 February.

Financial assets accounted at fair value through profit and loss

30 June 2013

		listed companies
	Class	Class	2013	2012	2012
	A shares	B shares	30 June	30 June	31 Dec
Millicom	37 835 438		18 278	24 631	21 283
Tele2	18 507 492	116 988 645	10 664	14 471	15 867
Transcom	247 164 416	163 806 836	296	222	230
Bayport Management			650	472	586
Milvik/BIMA			49	-	-
Seamless	3 898 371		73	31	65
Other			69	46	71
Telecom & Financial services			30 079	39 873	38 102
Zalando1)			7 972	2 156	6 279
Bigfoot I1)			1 503	1 504	1 479
Bigfoot II1)			438	573	708
Home 241)			487	767	754
Wimdu1)			263	351	345
BigCommerce1)			334	146	286
Groupon1)			0	0	-
Rocket Internet and other portfolio companies			3 528	3 335	3 451
Avito2)			1 235	754	923
CDON Group	24 959 410		594	682	664
Other			224	161	179
Online			16 578	10 429	15 068
Modern Times Group MTG	5 119 491	8 384 365	3 859	4 310	3 042
Other			85	86	84
Media			3 944	4 396	3 126
BillerudKorsnäs	51 827 388		3 286	0	3 161
Black Earth Farming	51 811 828		363	278	456
Other			4	3	3
Industry and other investments			3 653	281	3 620
Parent Company and other			42	234	37
Total			54 296	55 233	59 953
-of which traded in an active market,
level 1			37 413	44 625	44 768
-of which fair value established using valuation techniques, level 3			16 883	10 608	15 185

1) Direct shareholding only.

2) Direct shareholding and indirect shareholding via Vosvik.

Investments in shares and securities	2013 1 Apr	2012 1 Apr	2013 1 Jan	2012 1 Jan	2012 Full
SEKm	30 June	30 June	30 June	30 June	year
Subsidiaries Metro (net of acquired cash balance)	-	43	-	385	438
G3 Group (net of acquired cash balance)	-	89	-	89	89
Other	-		-	-	5
Cash flow from investments in subsidiaries	-	132	-	474	532
Other shares and securities
Bayport	-	20	-	20	116
Seamless	-	-	-	16	35
Other	1	32	10	32	36
Total Telecom & Financial services	1	52	10	68	187
Zalando	876	35	876	1 140	3 658
Bigfoot I	-	6	-	1 003	1 003
Bigfoot II	-	361	169	361	532
Home24	-	428	-	428	428
Wimdu	-	88	-	88	86
BigCommerce	-	149	138	149	289
Rocket Internet with other portfolio companies	14	34	38	611	631
Avito	-	50	-	50	50
CDON	129	-	129	-	-
Other	12	40	33	41	67
Total Online	1 031	1 191	1 383	3 871	6 744
Metro	12	-	12	-	19
Total Media	12	-	12	-	19
Black Earth Farming	-	-	-	-	132
Total Industry and other investments	-	-	-	-	132
Total investments other shares and securities	1 044	1 243	1 405	3 939	7 082
-of which traded in an active market, level 1	129	-	129	16	167
-of which fair value established using valuation techniques, level 3	915	1 243	1 276	3 923	6 915
- of which paid during the period	156	1 112	517	3 808	6 972
Paid on investments made in earlier periods	307	2 538	-	461	490
Cash flow from investments in other shares and securities	463	3 650	517	4 269	7 462
Financial assets valued accounted to fair value, level 3	2013 1 Apr 30 June	2012 1 Apr 30 June	2013 1 Jan 30 June	2012 1 Jan 30 June	2012 Full year
Opening balance, book value	15 296	9 804	15 185	7 243	7 243
Acquisitions	915	1 243	1 276	3 923	6 981
Reclassification	0	0	49	128	-
Disposals	-113	-656	-120	-656	-656
Amortization on loan receivables	-	-66	-	-66	-210
Change in value through the income statement	791	271	502	34	1 804
Fx gain/losses and other	-6	12	-9	2	23
Closing balance, book value	16 883	10 608	16 883	10 608	15 185

Note 6 Dividends received

	2013 1 Apr 30 June	2012 1 Apr 30 June	2013 1 Jan 30 June	2012 1 Jan 30 June	2012 Full year
Millicom	665	656	665	656	1 407
Tele2	4 756	1 761	4 756	1 761	1 761
MTG	135	122	135	122	122
Rocket Internet	-	-	-	-	974
BillerudKorsnäs	104	-	104	-
Total dividends received	5 660	2 539	5 660	2 539	4 264
Of which ordinary dividends	1 866	1 659	1 866	1 659	1 659

Note 7 Interest-bearing loans

	2013	2012	2012
	30 June	30 June	31 Dec
Interest-bearing long-term loans
Liabilities to credit institutions	47	4 244	-
Capital markets issues	1 200	790	1 199
Accrued borrowing cost	-20	-23	-25
	1 227	5 011	1 174
Interest-bearing short-term loans
Liabilities to credit institutions	1	59	1 268
Capital markets issues	589	0	843
	590	59	2 111
Total long and short-term interest-bearing loans	1 817	5 070	3 285

Kinnevik's total credit facilities (including issued bonds) amounted to SEK 8,077m as at 30 June 2013 whereof SEK 6,500m related to a revolving credit facility and SEK 1,200m related to a bond.

Out of the total amount of outstanding loans as per 30 June 2013, SEK 589m related to short-term funding under a commercial paper program. The refinancing risk of these short term loans is minimized by always keeping the same amount available under Kinnevik's revolving credit facility.

At 30 June 2013 the Group had not provided any security for any of its outstanding loans.

The outstanding loans carry an interest rate of Stibor or similar base rate with an average margin of 1.4% (1.3%). All bank loans have variable interest rates (up to 3 months) while financing from the capital markets vary between 1 to 12 months for the loans under the commercial paper program and 5 years for the outstanding bond. As per 30 June 2013, the average remaining duration was 2.7 years for all credit facilities including the bond (but excluding the unutilized one year extension option related to the Group's SEK 6.500m credit facility).

Of the Group's interest expenses and other financial costs of SEK 73m (136), interest expenses amounted to SEK 43m (108). The average interest rate for the first half year was 2.9 % (4.2 %) (calculated as interest expense in relation to average interestbearing liabilities).

CONDENSED PARENT COMPANY INCOME STATEMENT (SEK m)

	2013 1 Apr 30 June	2012 1 Apr 30 June	2013 1 Jan 30 June	2012 1 Jan 30 June	2012 Full year
Revenue	3	6	4	10	20
Administration costs	-50	-31	-84	-55	-121
Other operating income	2	0	6	0	0
Operating loss	-45	-25	-74	-45	-101
Dividends received	10 626	3 756	10 626	3 756	3 900
Result from financial assets	-5 488	78	-5 488	111	-10
Net interest income/expense	106	76	195	167	327
Profit/loss after financial items	5 199	3 885	5 259	3 989	4 116
Group contributions	0	0	0	0	-300
Profit/loss before taxes	5 199	3 885	5 259	3 989	3 816
Taxes	0	1	0	-18	-24
Net profit/loss for the period	5 199	3 886	5 259	3 971	3 792

CONDENSED PARENT COMPANY BALANCE SHEET (SEK m)

	2013	2012	2012
	30 June	30 June	31 Dec
ASSETS
Tangible fixed assets	4	3	3
Financial fixed assets	46 251	47 875	51 704
Short-term receivables	738	49	290
Cash and cash equivalents	1 802	1	12
TOTAL ASSETS	48 795	47 928	52 009
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity	44 448	41163	40 986
Provisions	31	31	30
Long-term liabilities	3 327	6 621	3 177
Short-term liabilities	989	113	7 816
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	48 795	47 928	52 009

The Parent Company's liquidity, including short-term investments and unutilized credit facilities, totalled SEK 8,043m at 30 June 2013 and SEK 4,587m at 31 December 2012. The Parent Company's interest bearing external liabilities amounted to SEK 1,815m (3,257) on the same dates.

Investments in tangible fixed assets amounted to SEK 2m (1) during the period. Distribution by class of shares on 30 June 2013 was as follows

	Number of shares	Number of votes	Par value (SEK 000s)
Outstanding Class A shares, 10 votes each	48 665 324	486 653 240	4 867
Outstanding Class B shares, 1 vote each	228 652 974	228 652 974	22 865
Class B shares in own custody	449 892	449 892	45
Registered number of shares	277 768 190	715 756 106	27 777

The total number of votes for outstanding shares in the Company amounted at 30 June 2013 to 715,306,214 excluding 449,892 class B treasury shares. During June, following approval at the AGM in May, 185,000 class C shares held in treasury have been newly issued to ensure future delivery to participants in incentive programs. Thereafter all 449,892 class C shares held in treasury have been converted to class B shares held in treasury in accordance with the provision in the Articles of Association regarding conversion of class C shares.

In accordance with the proposal on reclassification, approved by an Extraordinary General Meeting held on 18 June this year, owners of 6,296,012 Class A shares in Investment AB Kinnevik (publ) have required reclassification of Class A shares to Class B shares.

After reclassification, which was registered at the Swedish Company Registration Office in July, the distribution by class of shares is as follows:

	Number of shares	Number of votes	Par value (SEK 000s)
Outstanding Class A shares, 10 votes each	42 369 312	423 693 120	4 237
Outstanding Class B shares, 1 vote each	234 948 986	234 948 986	23 495
Class B shares in own custody	449 892	449 892	45
Registered number of shares	277 768 190	659 091 998	27 777

The new total number of votes for outstanding shares in Kinnevik will amount to 658,642,106, excluding the 449,892 Class B treasury shares which may not be represented at general meetings.

The company has been informed that the agreement between Verdere S.à r.l., SMS Sapere Aude Trust, Sophie Stenbeck and HS Sapere Aude Trust regarding coordinated voting of their shares has expired. After reclassification, Verdere S.à r.l control 44.8% of the votes and 10.6% of the capital in Kinnevik.

The Board has authorization to repurchase a maximum of 10% of all shares in the Company. The Board has not used the authorization during 2013. There are no convertibles or warrants in issue.