Quarterly Report • Oct 20, 2021
Quarterly Report
Open in ViewerOpens in native device viewer
We continue to strengthen and build out our growth portfolio at a rapid pace to maintain the momentum of our strategic transformation, and note the interest of founders and investors to partner with us. This is a significant recognition of our ability to identify the businesses of tomorrow and be their preferred investor as they grow and shape a re-imagined everyday.
Georgi Ganev, CEO of Kinnevik
| SEKm | 30 Sep 2021 |
30 Jun 2021 |
31 Dec 2020 |
30 Sep 2020 |
|
|---|---|---|---|---|---|
| Net Asset Value | 75 844 | 76 178 | 111 671 | 107 885 | |
| Net Asset Value per Share, SEK | 272.97 | 274.05 | 402.02 | 388.39 | |
| Share Price, SEK | 308.55 | 344.80 | 417.35 | 365.40 | |
| Net Cash / (Debt) | 1 809 | 4 320 | 4 817 | 2 997 | |
| SEKm | Q3 2021 |
Q3 2020 |
Q1-Q3 2021 |
Q1-Q3 2020 |
FY 2020 |
| Net Profit / (Loss) | -317 | 20 227 | 18 244 | 36 498 | 40 274 |
| Net Profit / (Loss) per Share Pre Dilution, SEK | -1.14 | 72.85 | 65.66 | 131.67 | 145.29 |
| Net Profit / (Loss) per Share Post Dilution, SEK | -1.14 | 72.84 | 65.66 | 131.63 | 145.22 |
| Change in Fair Value of Financial Assets | -255 | 20 283 | 17 331 | 36 260 | 39 850 |
| Dividends Received | - | - | 1 126 | 516 | 1 689 |
| Dividend Paid, In Kind | - | - | -54 140 | - | - |
| Dividend Paid, Cash | - | -1 928 | -44 | -1 928 | -1 928 |
| Investments | 2 266 | 732 | 4 006 | 1 535 | 2 329 |
| Divestments | - | -250 | -250 | -7 179 | -8 871 |
Net Asset Value (SEK)
Change in NAV Q/Q
-0.4%
One-Year TSR
41%
Five-Year Annualised TSR
29%
Dear Shareholders, we continue to strengthen and build out our growth portfolio at a rapid pace to maintain the momentum of our strategic transformation, and note the interest of founders and investors to partner with us. This is a significant recognition of our ability to identify the businesses of tomorrow and be their preferred investor as they grow and shape a re-imagined everyday.
Kinnevik's Net Asset Value amounted to SEK 75.8bn or SEK 273 per share at the end of the third quarter, down by SEK 0.3bn or 0.4 percent compared to last quarter, and up
by SEK 13.3bn or 21.3 percent compared to a year ago. In short, negative share price developments in Teladoc and Global Fashion Group weighing on the Net Asset Value in the quarter balanced out significant upwards re-valuations of our investments in Cityblock and Betterment. After a sustained period of elevated multiples, we saw a correction in e-commerce and healthcare this quarter, impacting valuations. The value of our private portfolio increased by almost SEK 4.5bn driven by net revaluations of SEK 2.2bn and new investments of SEK 2.3bn. K
Capital reallocation activity was high in the third quarter, with investments of SEK 2.1bn in four new companies and SEK 205m in follow-on investments.
Our financial position remained strong with a net cash position of SEK 1.8bn at the end of the quarter. On top of this, we expect an extra dividend of more than SEK 2bn from Tele2's divestment of T-Mobile Netherlands, and an additional SEK 3bn from our commitment to sell a stake in VillageMD to Walgreens Boots Alliance as the two companies extend their partnership. The latter transaction is expected to close in the fourth quarter of this year.
Since 2016, Kinnevik has backed some of the best companies in the global digital healthcare landscape, including industry pioneers like Teladoc and VillageMD, and fast-growing challengers like Babylon, Cedar and Cityblock. As a result, we today have the strongest healthtech portfolio of any European investor. We believe this portfolio of disruptors has the runway to grow for many years to come and expect it to continue to generate lasting value, creating a win-win-win for consumers, governments, and the healthcare economy.
We have the strongest healthcare portfolio of any European investor.
Building our healthcare portfolio will include going deeper into what has become a core vertical – virtual and value-based care delivery. On this journey, we will back companies that offer datadriven, preventative, more specialised adaptations of care delivery, combined with a better alignment of incentives through value-based care and outcome-based pricing. Our ambition is reflected in the healthcare investments we have concluded this quarter.
The first is Spring Health, a company that is making mental health fundamental to healthcare, providing employers with the most diverse, comprehensive mental care for employees and their families. We invested USD 100m in the founders' vision of building a world where guesswork has no place in mental healthcare. Read more in our interview with April Koh, CEO and co-founder, on pages 12-13.
Our second investment is in Quit Genius, a digital clinic that helps people conquer their substance addictions. Addiction is an epidemic and Quit Genius partners with employers, health plans, and individual members to combat it. The company takes a unique and scientifically proven approach, and we are proud to be working with the co-founder and CEO Yusuf Sherwani and his team to propel the growth of the company.
Our existing companies share this strong traction, and they continue to attract interest and investments from new and existing partners. We remain committed to them as they grow, and our third healthcare investment this quarter came through participating in Cityblock's new funding round financing the extension of their market reach. We invested USD 9m this quarter and expect to deploy another USD 26m into Cityblock in the fourth quarter. Meanwhile at VillageMD, we supported a deepened partnership with Walgreens by committing to sell part of our stake. In addition to making strong strategic sense and accelerating VillageMD's provision of access to primary care in underserved urban and rural communities, it enables Kinnevik to
release a minimum USD 340m to support further investments into our younger growth portfolio.
During the quarter, we took part in Betterment's USD 160m funding round at a time when the company has firmly established itself as the largest independent digital investment advisor with USD 32bn in assets under management and nearly 700,000 clients. Since our first investment in 2016, Betterment has pursued its mission to make people's lives better with easy-to-use, personalised investment solutions. The new capital will support the company's continued growth, allowing it to cement its category leadership position by hiring the industry's best talent and to further innovate in its product suite, including its offering for small and medium sized enterprises. Read more in our interview with Sarah Levy, Betterment's CEO, on page 11.
One of the key themes we have identified within the enabler space is embedded finance, starting in 2018 with our investment in Bread, which we recently exited with a >30 percent IRR. Across our sectors, from healthcare to e-commerce, our portfolio companies use embedded finance to deliver everything from payment solutions to lending products. Drawing on our extensive work in this space, this quarter we invested in Sure - a company that offers a complete end to end SaaS insurance platform that enable insurance companies to distribute their product digitally, and brands to distribute insurance products to their customer base to provide a better customer experience. We were impressed by Sure's state-of-the-art tech platform, which has advanced far beyond what you would expect from a company at this stage, by the clear vision of the founder, Wayne Slavin, and the company's stellar financial performance.
With seven companies added in 2021 and SEK 4.0bn invested in total, we are on track to deploy more capital than we guided for at the beginning of the year both in terms of number of new companies and invested capital. There are a few reasons behind this increased pace. Firstly, the current fundraising market has induced many companies to raise capital even when their balance sheet may not require it, generating an increased flow of opportunities. Secondly, we are converting more opportunities, benefitting from the track record we have established with successes such as Livongo, VillageMD, Babylon and Cityblock in healthcare, and Oda, Pleo and Budbee in our
Capital deployed during Q3, SEK
In highly competitive processes, founders are persuaded by references from our portfolio companies to choose Kinnevik as their preferred partner.
Nordic portfolio. In highly competitive processes, founders are persuaded by references from our portfolio companies to choose Kinnevik as their preferred partner. Thirdly, the upcoming releases of significant capital from Tele2 and VillageMD provides ample capacity for us to continue reallocate capital dynamically. For the full year, we now expect investments to amount to about SEK 6bn, and we will continue to add new companies to the portfolio also during the fourth quarter.
We have been hard at work with diversity and inclusion over the past few years and have focused on driving real change in how we operate, behave and think. This has in turn increased diversity, both in Kinnevik, in our portfolio companies and among the founders that we invest in.
Therefore, I was very proud when we were awarded the Allbright prize, reaffirming that we are on the right path.
Kinnevik has a history of paving the way for new ideas in traditional and outdated environments. We try to set bold ambitions for ourselves and have excellent people that execute on them, and hope to stay at the forefront of the industry as we expand on our efforts.
Although the covid crisis is subsiding, parts of the world are still severely affected, and uncertainty regarding the global economic recovery remains. However, supported by tailwinds such as adoption of connected software, remote talent, and rapidly shifting customer preferences, we are undergoing a period in time when the creation of innovative companies is greater and faster than ever. Consequently, the number of private companies valued at over USD 1bn has exploded over the last twelve months. We remain focused on making the most of our proven ability to identify consumer trends ahead of the curve, and back digital businesses with the potential to become 'category killers'. Proud of our successes to date, we are working hard to continue this success story by backing the next generation of digital winners.
Georgi Ganev, CEO of Kinnevik
Consumer Services
Financial Services 7%
76.2 75.8
Kinnevik's ambition is to be Europe's leading listed growth investor and we back the best digital companies to reimagine everyday and deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.
Note: The annualised total shareholder return includes reinvested dividends.
| Investment (SEKm) | Kinnevik's Ownership |
Net Invested Capital |
Fair Value Q3 2021 |
Fair Value Q2 2021 |
Fair Value Q4 2020 |
Fair Value Q3 2020 |
Total Return 2021 YTD |
|---|---|---|---|---|---|---|---|
| Budbee | 28% | 337 | 1 312 | 1 259 | 769 | 400 | 71% |
| Common | 11% | 226 | 244 | 239 | 173 | 188 | 13% |
| Global Fashion Group | 37% | 6 290 | 7 711 | 10 228 | 7 688 | 4 465 | 0% |
| Omio | 5% | 563 | 471 | 468 | 438 | 518 | 7% |
| TravelPerk | 14% | 453 | 802 | 791 | 380 | 451 | 80% |
| HungryPanda | 11% | 311 | 354 | 339 | 300 | - | 18% |
| Mathem | 37% | 1 220 | 1 463 | 1 671 | 1 315 | 1 242 | 0% |
| Oda | 21% | 711 | 1 566 | 1 553 | 1 087 | 820 | 40% |
| Vivino | 11% | 586 | 605 | 632 | - | - | 3% |
| Other Food Ventures | - | 280 | 250 | 238 | 139 | 49 | -2% |
| Total Consumer Services | 10 977 | 14 778 | 17 418 | 12 290 | 8 133 | 11% | |
| ADS | - | - | - | - | 168 | - | 16% |
| Betterment | 15% | 1 135 | 1 602 | 1 090 | 970 | 1 068 | 54% |
| Bread | - | - | - | - | - | 467 | - |
| Lunar | 5% | 506 | 520 | - | - | - | 3% |
| Monese | 26% | 481 | 513 | 514 | 429 | 444 | 11% |
| Pleo | 14% | 419 | 1 952 | 1 913 | 407 | 366 | 190% |
| Raisin DS | 2% | 273 | 272 | 261 | 247 | 258 | 6% |
| Sure | 9% | 435 | 437 | - | - | - | 0% |
| Total Financial Services | 3 250 | 5 296 | 3 778 | 2 221 | 2 603 | 58% | |
| Babylon | 13% | 847 | 4 792 | 4 699 | 2 525 | 2 470 | 87% |
| Cedar | 9% | 270 | 2 440 | 2 385 | 572 | 608 | 327% |
| Cityblock | 8% | 710 | 4 107 | 2 076 | 841 | 313 | 251% |
| Joint Academy | 19% | 131 | 128 | 138 | 131 | 134 | -2% |
| Parsley Health | 11% | 191 | 201 | 197 | - | - | 5% |
| Quit Genius | 12% | 259 | 262 | - | - | - | 1% |
| Spring Health | 5% | 861 | 875 | - | - | - | 2% |
| Teladoc / Livongo | 5% | 197 | 8 305 | 10 653 | 12 302 | 15 861 | -32% |
| Town Hall Ventures II | - | 74 | 66 | 64 | 62 | 67 | 6% |
| VillageMD | 9% | 986 | 7 651 | 7 858 | 4 842 | 3 434 | 58% |
| Total Healthcare Services | 4 526 | 28 827 | 28 070 | 21 275 | 22 887 | 26% | |
| Total Emerging Markets | 2 109 | 1 080 | 1 131 | 1 835 | 2 165 | -40% | |
| Other | - | - | 185 | 196 | 140 | - | 32% |
| Total Growth Portfolio | 20 862 | 50 165 | 50 593 | 37 761 | 35 788 | 21% | |
| whereof Unlisted Assets | 14 375 | 33 965 | 29 516 | 17 462 | 15 462 | 58% |
Note: Food Ventures includes Karma, Simple Feast and Superb.
Total return includes investments and divestments.
Net invested capital in Teladoc corresponds to aggregate investments into Livongo net of cash proceeds received in connection with the merger that closed in October 2020.
| Investment (SEKm) | Kinnevik's Ownership |
Fair Value Q3 2021 |
Fair Value Q2 2021 |
Fair Value Q4 2020 |
Fair Value Q3 2020 |
Total Return 2021 YTD |
|---|---|---|---|---|---|---|
| Tele2 | 27% | 24 362 | 21 923 | 20 450 | 23 724 | 25% |
| Zalando | - | - | - | 49 346 | 45 334 | 10% |
| Total Portfolio Value | 74 527 | 72 516 | 107 556 | 104 846 | 17% | |
| Gross Cash | - | 4 784 | 7 329 | 7 800 | 6 005 | - |
| Gross Debt | - | - 2 975 | - 3 009 | - 2 983 | - 3 008 | - |
| Net Cash / (Debt) | - | 1 809 | 4 320 | 4 817 | 2 997 | - |
| Other Net Assets / (Liabilities) | - | - 492 | -658 | - 702 | 42 | - |
| Total Net Asset Value | - | 75 844 | 76 178 | 111 671 | 107 885 | 16% |
| Net Asset Value Per Share, SEK | - | 272.97 | 274.05 | 402.02 | 388.39 | 14% |
| Closing Price, Class B Share, SEK | - | 308.55 | 344.80 | 417.35 | 365.40 | 18% |
Note: Total return includes investments and divestments.
Other Net Assets / (Liabilities) include the reservation from Q4 2020 regarding a potential capital gains tax liability of SEK 0.8bn relating to the merger between Teladoc and Livongo, based on the rules for accounting for uncertain tax positions in IFRIC 23.
In assessing the fair value of our unlisted investments, we apply IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines, whereunder we make an assessment to establish the valuation methods and points of reference that are most suitable and relevant in determining the fair value of each of our unlisted investments. Read more in Note 4 on pages 25-27.
Sweden's leading independent online grocery retailer, reaching more than half of all Swedish households
The leading online grocery store in Norway, with the ambition to make grocery shopping an effortless activity
| Fair Value SEK | 1.6bn |
|---|---|
| Kinnevik Stake | 21% |
Fair Value SEK 605m Kinnevik Stake 11%
Fair Value SEK 1.5bn Kinnevik Stake 37%
| Fair Value SEK 354m Kinnevik Stake 11% |
A global leader in online Asian food delivery | |||||||
|---|---|---|---|---|---|---|---|---|
| The world's leading wine app |
Marketplace platform that connects consumers with local restaurants and grocery stores that have surplus food |
A leading plant-based meal kit provider |
The first all-in-one Guest Experience Mana gement platform for restaurants |
Kinnevik Stake 11%
Note: Number of completed deliveries LTM for Oda and Mathem refers to the number of orders delivered to customers in the last twelve months.
Kinnevik Stake 17%
Kinnevik Stake 19%
Residential brand and tech-enabled managed rental housing marketplace in the US
Fair Value SEK 244m Kinnevik Stake 11%
The largest multi-modal travel platform in Europe operating in 15 countries Fair Value SEK 471m Kinnevik Stake 5% The leading solution for businesses to book corporate travel online Fair Value SEK 802m Kinnevik Stake 14%
Note: The definitions of the KPIs for GFG is available on the company's website. Number of units signed refers to the number of rooms that Common has signed up to manage, many of these are under development. Number of new merchants for Budbee refers to the new live merchants/webshops during the quarter.
Offers smart payment cards to employees while making sure the company remains in full control of spending
Fair Value SEK 2.0bn Kinnevik Stake 14%
| The leading Nordic challenger bank Fair Value SEK 520m Kinnevik Stake 5% |
With their banking license in the Nordics, Lunar is the only challenger bank competing to replace, rather than com plement, the incumbents. Kinnevik invested in Lunar during the beginning of the third quarter. |
||
|---|---|---|---|
| The leading global insurtech enabling the insurance industry to reach its full potential in an online era |
Open Banking platform allowing banks to offer third party deposit pro ducts through custo mers' existing accounts |
The first fully mobile current account in the UK |
Signed-Up Customers (m) 3.7 3.5 3.4 3.1 2.9 |
| Fair Value SEK 437m Kinnevik Stake 9% |
Fair Value SEK 272m Kinnevik Stake 2% |
Fair Value SEK 513m Kinnevik Stake 26% |
Aug Q2 Q3 Q4 May 202 202 202 20 20 21 21 0 0 0 |
Note: Monese's Signed-up Customers are those that have started the registration process by providing some form of identification.
US based smart money manager offering investing and retirement solutions
"What we're seeing is that consumers really want more agency and more choice in their investment solutions."
Fair Value SEK 1.6bn Kinnevik Stake 15%
Interview with Sarah Levy, CEO of Betterment
We're thrilled to have the fundraise behind us and to have the support of both existing as well as a few new investors. I think it's a real validation, both of our leadership position – particularly on the consumer side – but also of our recent momentum which is incredibly exciting. And when we think about how we're going to use the funds, there are really two key vectors of growth for us. The first is in our retail business where we see an opportunity to expand portfolio options for the retail investor. Here we see a real trend towards investing choice. And the second, and perhaps more important, is to accelerate our B2B vectors where we have more nascent businesses really showing signs of very large potential.
We've seen huge changes across the board in consumers' lives from the pandemic. What changes have you noticed in the ways in which consumers are using Betterment's platform?
There is an incredible industrial shift afoot for this next generation as adoption of digital solutions increases at an incredibly fast pace. And I think that the pandemic was a real accelerator of that behaviour with consumers that no longer wanted walk to the bank or to meet an advisor, they became comfortable with these new sorts of more disruptive platforms where there was an opportunity to transact digitally.
And there was a tremen-
dous amount of attention put on meme stocks and self directed trading. But that really was an opportunity for people to gamble when they had nothing else to do. What the narrative there kind of misses is that even if they are pursuing meme stocks and day-trading, they are putting the bulk of their investable assets into long-term diversified solutions. We did a really interesting survey with both existing and potential customers about how they're investing their dollars. What we learned is that 70% of investable assets are being put into long-term diversified solutions and 30%, what I'll refer to as their "play money", is where they're engaging in that sort of riskier behaviour.
Our recent incredible acceleration of net deposits, which this year are up more than 240% over a year ago, validates what consumers tell us. It's really a testament to what is going on in the market and to our leadership position within that market. Over the years, we've built a strong brand that has real trust and fiduciary underpinnings that are really accelerating our growth.
I think what we're seeing is that consumers really want more agency and more choice in their investment solutions but they also want to be guided. They don't want endless and infinite choice because they don't have enough hours in the day. So, they want a trusted partner in that journey.
We're an incredibly mission driven company and truly all of our employees are believers in making peoples' lives better. So through that lens, we're particularly excited about our 401k business because it is both mission aligned and solving an incredibly important problem in society where we see the future of social security running out for this next generation or at a minimum not being a complete solution. We really believe that employers need to be a part of the solution for their employees in setting up their long-term financial independence and really helping them to understand how to save ultimately for retirement.
In the 401k business there is a real need to provide that financial wellness for employees. And it also is a differentiator for businesses in the war for talent. So the opportunity to be at the centre of that is probably our most exciting growth opportunity right now.
Note: Betterment's AUM is as of the period end, and customers are those with an AUM balance greater than zero at the end of the period.
11
Spring Health is making mental health fundamental, providing employers with the most diverse, comprehensive care for employees and their families
Fair Value SEK 875m Kinnevik Stake 5%
"I wanted to contribute to fixing mental healthcare and revolutionising the way that it is delivered."
Interview with April Koh, CEO and co-founder of Spring Health
Tell us about yourself and why you founded Spring Health? I started Spring Health while I was at Yale University. I had taken a few of years off to start another company, and when I went back to school, I thought about starting a company after struggling with my own mental health and seeing friends and family do the same. I realized that while there was already a lot of digital innovation happening in the mental health space, all of the innovation was focused on faster access to care. I knew from my own experience that access was only part of the issue. And in fact, if you provide faster access to something but it's not the right thing for that person, then it can only exacerbate the larger and much more expensive problem at hand which is the problem of trial and error in care.
I became extremely passionate about using data and machine learning to eliminate trial and error and take the guessing game out of mental healthcare. I partnered with the world's foremost expert in computational psychiatry, Dr Adam Chekroud, who had published a landmark paper in one of the world's top medical journals and proven for the first time that we can use machine learning to outperform psychiatrists in matching people to the right treatment for them. So, I reached out to him cold, and we used that premise to start Spring Health together.
Even more before the pandemic, we were seeing alarming trends in mental health globally – suicide rates were rapidly increasing and 1 in 4 people were struggling with a clinical mental health issue at some point in their life. Further, the impact of social media was shown to have a significant effect on the mental health of our youth.
The pandemic accelerated and intensified these trends and today, there is no doubt that we are in the midst of a global mental health crisis. With it, came a rapid de-stigmatisation of mental health issues across the globe. Before, it was more of the younger generation that was talking more openly about their mental health issues, maybe talking about their issues on social media, going to HR with their issues. But once the pandemic hit, everyone started talking openly about their mental health, stress levels, anxiety and burnout. On the employer front, these were conversations that were being had in board rooms, and even CEOs started opening up about their own experiences with their mental health. This new awareness only increased the demand for services among employers. At Spring Health, we were growing very quickly even before the pandemic, but over the past year and a half this growth accelerated because the demand has been so strong.
There are hundreds of point solutions in mental health. How is Spring Health able to differentiate and build an endto-end platform solution?
Further, The proliferation of point solutions exacerbates some of the biggest issues within mental healthcare: trial and error and the guessing game. Even though people have more options now, they are more confused than ever around what resource will be
right for them. Spring Health's 'superpower' and our major point of differentiation is in pinpointing exactly what will work for someone, through data. We've set up our entire offering around data and we've optimised our ability to collect as much high-quality data as possible from patients and providers so that we can ultimately deliver the most precise point solution or therapeutic programme for the individual. That is the Spring Health difference. Our competitors are very focused around singular modalities of care. We recognise that there need to be multiple modalities because every person is unique. We directly address the great need in mental healthcare today by personalising the member experience and pinpointing exactly what will work for someone.
Another major differentiating factor for Spring Health is the strength of our clinicians. We are extremely proud of the provider network that we have built and it is unique in several ways. First, it doesn't look like a transactional referral network. We like to think of our provider network as a global group practice, with centralised electronic records, as well as standardized clinical oversight of protocols and trainings. Not only does this enable us to have a high degree of control over the data that we collect from our providers, it also powers our data-driven vision for the future and gives us better insight over provider quality control so at any given moment, we can clearly understand how our providers are performing.
Second, the infrastructure that we've built allows us to stack rank our providers in real time based on their performance, both according to operational and clinical variables, so that we're able to pay them for their performance. This is ground-breaking as it gives Spring Health the first pay for performance outpatient network in behavioural health care. This is really exciting - it allows us to be very well positioned to start innovating on value- based payment models, which is where the entire healthcare industry is headed.
How will you use the capital from the latest funding round? With the Series C funding round, we will be able to accelerate our efforts to provide Spring Health to a global audience. While our initial focus had been the US, we've seen strong demand from US-based employers who are looking to serve their employees in other countries and we intend to make an impact globally.
A major focus for us is to continue expanding our platform and provider network globally. We are also focused on building a family solution, that will better serve the needs not only of the employee, but their family members as well. So, we're very quickly building a platform that treats each member of the family individually and also takes care of intra-family relationships as well, such as relationship counselling, coaching for parenting. Our vision is to bring families onto Spring Health as a cohesive unit and be the first mental health platform to do that.
I am proud that our financing round was so competitive, so we had the luxury of choice. We chose Kinnevik very deliberately even though we had bigger checks offered to us because Kinnevik is aligned with us in a number of ways.
First of all, Kinnevik invests for the long-term. We believe in the significant opportunity ahead and were looking for an investor who would be committed over time. Second, Kinnevik shares our vision and immediately recognized the need to build the next big mental health company. Third, we are also aligned on values. We admire Kinnevik's commitments to diversity and sustainability. As a female founder of color, diversity is incredibly important to me, and Kinnevik not only says it cares about diversity, but acts accordingly, which struck a personal note with me.
We also admire Kinnevik's deep expertise in digital health and prior successes in this space. The Kinnevik team, led by Christian, is incredibly impressive, well informed and understood the nuances of this space.
Our vision is to eliminate the guesswork in mental healthcare through data. Everything we do is oriented around that, with the goal of one day soon, making mental healthcare so precise, so accessible, so effective that we will transform the industry and improve the quality of peoples' lives worldwide.
A leading US based provider of primary care and a pioneer in the delivery of value-based care
Fair Value SEK 7.7bn Kinnevik Stake 9%
Managed Lives August 2021
520k
As we continue to focus on dynamic capital reallocation, we recently committed to sell a stake in VillageMD to Walgreens as the two companies extend their partnership. In addition to making strong strategic sense for VillageMD, it enables Kinnevik to release a minimum USD 340m in cash when the transaction closes, expected in the fourth quarter of this year to support further
15
Active markets August 2021
investments into our growth portfolio. The extended partnership with Walgreens is an important strategic step for VillageMD, and Kinnevik remains a supportive shareholder in the company.
America's largest holistic virtual-first consumer subscription service, caring for and supporting chronic conditions for women
Fair Value SEK 201m Kinnevik Stake 11%
The world's first digital clinic delivering a comprehensive Medication-Assisted Treatment program for multiple addictions, 100% virtually Fair Value SEK 262m Kinnevik Stake 12%
Note: Managed lives for VillageMD refer to the number of patients attributed to a VillageMD primary care doctor.
| Enables mobile and | Revenue (SEKbn) | Adjusted EBITDAaL Margin | Revenue Generating Units Sweden and the Baltics (m) |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| fixed connectivity, telephony, data, TV and streaming |
6.9 6.6 | 6.6 | 6.6 | 6.6 | 38% | 34% | 34% | 36% | 39% | 9.4 | 9.3 | 9.3 | 9.3 | 9.4 | ||
| Fair Value SEK Kinnevik Stake |
24.4bn 27% |
Q3 202 0 |
Q4 202 0 |
Q1 202 1 |
Q2 202 1 |
Q3 202 1 |
Q3 202 0 |
Q4 202 0 |
Q1 202 1 |
Q2 202 1 |
Q3 202 1 |
Q3 202 0 |
Q4 202 0 |
Q1 202 1 |
Q2 202 1 |
Q3 202 1 |
In early September, Tele2 and Deutsche Telekom announced an agreement to divest T-Mobile Netherlands for an enterprise value of EUR 5.1 billion, which concludes the consolidation of Tele2's international footprint. Tele2's Board of Directors intends to propose an extraordinary dividend of at least SEK 11 per share, pending closing of the transaction and the receival of cash proceeds. The transaction is subject to customary closing conditions, including regulatory approvals and consultation with employee representatives.
Note: The definitions of Tele2's KPIs are available on the company's website.
Recognition of our D&I efforts – Kinnevik wins the Allbright Prize 2021
At Kinnevik, we are convinced that diversity and inclusion is a key driver of transformation and that our commitment will ensure we build stronger and better companies that can become the disruptors of tomorrow. Over the past few years we have been hard at work transforming ourselves and trying to influence both our portfolio companies and the industry as a whole.
On October 14, 2021, Kinnevik was awarded the Allbright Prize 2021 for our work within D&I.
The jury's motivation reads as below:
"Kinnevik clearly links diversity to business value and has
measurable and time-bound goals regarding representation and has set aside time and resources to drive the work forward. We in the jury are particularly impressed that Kinnevik is not satisfied with the internal work, the bigger goal is to create rings on the water in the industry as a whole. Kinnevik therefore places demand on portfolio companies and collaborates with both industry colleagues and universities. Already today, a fifth of the investment budget goes to companies founded by women, about twenty times more than the industry average."
The Allbright Prize is awarded each year to the listed company that shows the best results regarding the work for gender equality. Allbright is a politically-independent, nonprofit foundation that promotes equality and diversity on the executive business level in Sweden.
| Investee (SEKm) | Q3 2021 | Q1-Q3 2021 |
|---|---|---|
| Babylon | - | 43 |
| Betterment | 70 | 70 |
| Cityblock | 76 | 330 |
| Common | - | 42 |
| Lunar | 506 | 506 |
| MatHem | - | 149 |
| Monese | - | 35 |
| Oda | - | 33 |
| Parsley Health | - | 191 |
| Pleo | 40 | 267 |
| Quit Genius | 259 | 259 |
| Raisin DS | - | 10 |
| Simple Feast | 17 | 34 |
| Spring | 861 | 861 |
| Superb | - | 81 |
| Sure | 435 | 435 |
| Travelperk | - | 66 |
| Vivino | - | 586 |
| Other | 2 | 8 |
| Investments | 2 266 | 4 006 |
| ADS | - | -196 |
| Zalando | - | -24 |
| Other | - | -30 |
| Divestments | - | -250 |
| Net Investments / (Divestments) | 2 266 | 3 756 |
Over 2019-23, Kinnevik is aiming to systematically invest its capital under a capital allocation framework which entails:
During the third quarter, we invested a total of SEK 2.3bn.
SEK 205m was deployed into our existing businesses. Our largest followon investments in the quarter were SEK 76m into Cityblock and SEK 70m into Betterment.
We added four new companies to the portfolio during the quarter, investing SEK 2.1bn in total into Lunar, Quit Genius, Spring Health and Sure.
Since the start of 2019, Kinnevik has invested SEK 10.9bn into our Growth Portfolio and added 14 new businesses across our focus sectors and themes. The capital deployed has been split equally between new and existing businesses, driven by an increased number of new investments during 2021 due to the increased flow of opportunities and our significant conversion rate, drawing on the track record we have established over the last three to four years.
Our original expectations on 2021 were to invest between SEK 2.3-4.6bn, with an overallocation into new investments relative to our framework, adding 4-6 new companies to our Growth Portfolio. Due to the successful momentum of recent quarters, financed by the material capital releases from VillageMD and Tele2, we now expect to invest around SEK 6bn in total during 2021, and we will continue to add new companies to the Growth Portfolio also during the fourth quarter.
As at 30 September 2021, Kinnevik had a net cash position of SEK 1.8bn, corresponding to 2.4% of portfolio value. This net cash position was mainly made up of SEK 4.7bn in cash and short-term investments, less SEK 1.5bn in senior unsecured bonds with a remaining tenor exceeding 12 months and SEK 1.4bn senior unsecured bonds with a remaining tenor within 12 months.
Kinnevik's objective is to generate a long term total return to our shareholders in excess of our cost of capital. We aim to deliver an annual total shareholder return of 12-15% over the business cycle.
Given the nature of Kinnevik's investments, our goal is to carry low leverage, not exceeding 10% of portfolio value.
Kinnevik generates shareholder returns primarily through capital appreciation, and will seek to return excess capital generated by its investments to shareholders through extra dividends.
In October we announced our commitment to sell a stake in VillageMD to Walgreens Boots Alliance as the two companies extend their partnership with WBA investing an additional USD 5.2bn in VillageMD. As part of this transformational transaction, Kinnevik has committed to sell a minimum USD 340m interest in VillageMD to WBA. After the transaction, Kinnevik expects to retain an approximate 4 percent stake in VillageMD.
| SEKm | Note | Q3 | Q3 | Jan-Sep | Jan-Sep | FY |
|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | 2020 | ||
| Change in fair value of financial assets | 4 | -255 | 20 283 | 17 331 | 36 260 | 39 850 |
| Dividends received | 5 | - | - | 1 126 | 516 | 1 689 |
| Administration costs | -53 | -87 | -198 | -267 | -404 | |
| Other operating income | 2 | 3 | 6 | 9 | 12 | |
| Other operating costs | 0 | -2 | -3 | -2 | -4 | |
| Operating profit/loss | -306 | 20 197 | 18 262 | 36 516 | 41 143 | |
| Financial net | -11 | 30 | -18 | -18 | -37 | |
| Profit/loss after financial net | -317 | 20 227 | 18 244 | 36 498 | 41 106 | |
| Tax | 0 | 0 | 0 | 0 | -832 | |
| Net profit/loss for the period | -317 | 20 227 | 18 244 | 36 498 | 40 274 | |
| Total comprehensive income for the period | -317 | 20 227 | 18 244 | 36 498 | 40 274 | |
| Net profit/loss per share before dilution | -1.14 | 72.85 | 65.66 | 131.67 | 145.29 | |
| Net profit/loss per share after dilution | -1.14 | 72.84 | 65.66 | 131.63 | 145.22 | |
| Outstanding shares at the end of the period | 277 843 665 | 277 775 037 | 277 843 665 | 277 775 037 | 277 775 037 | |
| Average number of shares before dilution | 277 871 501 | 277 764 887 | 277 839 346 | 277 184 681 | 277 189 756 | |
| Average number of shares after dilution | 277 871 501 | 277 764 887 | 277 839 346 | 277 285 477 | 277 337 897 |
The change in fair value of financial assets including dividends received amounted to a loss of SEK 255m (profit of 20,283) for the third quarter of which a loss of SEK 2,427m (profit of 19,324) was related to listed holdings and a profit of SEK 2,172m (959) was related to unlisted holdings. See note 4 and 5 for further details.
The change in fair value of financial assets including dividends received amounted to a profit of SEK 18,457m (36,776) for the first nine months of the year of which a profit of SEK 5,886m (profit of 35,447) was related to listed holdings and a profit of SEK 12,571m (1,329) was related to unlisted holdings. See note 4 och 5 for further details.
Of the SEK 198m (267) in administration costs, SEK 37m (132) pertained to Kinnevik's outstanding long-term incentive programs. The lower cost this year is attributable to the launch of the long term incentive program in the second quarter 2020 while there has not been any launch of a new program for 2021 yet, as well as a lower revaluation of options from the long term cash based incentive program 2017-2022 this year.
| SEKm | Note | Q3 2021 |
Q3 2020 |
Jan-Sep 2021 |
Jan-Sep 2020 |
FY 2020 |
|---|---|---|---|---|---|---|
| Dividends received | 5 | 563 | - | 1 126 | 516 | 1 689 |
| Cash flow from operations | -65 | -102 | -219 | -251 | -311 | |
| Interest, received | 0 | 0 | 0 | 0 | 1 | |
| Interest, paid | -3 | -6 | -47 | -47 | -52 | |
| Cash flow from operations | 495 | -108 | 860 | 218 | 1 327 | |
| Investments in financial assets | -2 266 | -760 | -4 046 | -1 472 | -2 170 | |
| Sale of shares and other securities | - | 250 | 250 | 6 981 | 8 383 | |
| Cash flow from investing activities | -2 266 | -510 | -3 796 | 5 509 | 6 213 | |
| Repayment of loan | - | -1 176 | - | -3 410 | -3 410 | |
| Borrowing | - | - | - | 1 500 | 1 500 | |
| Sale of treasury shares | - | - | 88 | - | - | |
| Dividend paid to equity holders of the Parent company | - | -1 928 | -44 | -1 928 | -1 928 | |
| Cash flow from financing activities | 0 | -3 104 | 44 | -3 838 | -3 838 | |
| Cash flow for the period | -1 771 | -3 722 | -2 892 | 1 889 | 3 702 | |
| Cash and short term investments, opening balance | 6 468 | 9 498 | 7 589 | 3 887 | 3 887 | |
| Cash and short term investments, closing balance | 4 697 | 5 776 | 4 697 | 5 776 | 7 589 | |
| SUPPLEMENTARY CASH FLOW INFORMATION | ||||||
| Investments in financial assets | 4 | -2 266 | -732 | -4 006 | -1 535 | -2 329 |
| Investments not paid | - | 0 | 43 | 62 | 147 | |
| Prior period investments, paid in current period | - | -28 | -83 | 0 | 0 | |
| Exchange differences on investments not paid | - | - | - | - | 12 | |
| Cash flow from investments in financial assets | -2 266 | -760 | -4 046 | -1 472 | -2 170 | |
| Sale of shares and other securities | - | 250 | 250 | 7 179 | 8 871 | |
| Divestments with no cash flow | - | - | - | -198 | -464 | |
| Exchange differences on divestments not paid | - | - | - | - | -24 | |
| Cash flow from sale of shares and other securities | - | 250 | 250 | 6 981 | 8 383 |
| SEKm | Note | 30 Sep 2021 |
30 Sep 2020 |
31 Dec 2020 |
|---|---|---|---|---|
| ASSETS | ||||
| Fixed assets | ||||
| Financial assets accounted at fair value through profit and loss | 4 | 74 527 | 104 846 | 107 556 |
| Tangible fixed assets | 49 | 49 | 50 | |
| Right of use asset | 8 | 10 | 9 | |
| Other fixed assets | 210 | 230 | 214 | |
| Total fixed assets | 74 794 | 105 135 | 107 829 | |
| Other current assets | 328 | 85 | 329 | |
| Short term investments | 3 887 | 3 274 | 3 878 | |
| Cash and cash equivalents | 810 | 2 502 | 3 711 | |
| TOTAL ASSETS | 79 819 | 110 996 | 115 747 | |
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
| Shareholders' equity attributable to equityholders of the Parent Company | 75 844 | 107 885 | 111 671 | |
| Interest bearing liabilities, long term | 1 521 | 2 946 | 2 941 | |
| Interest bearing liabilities, short term | 1 400 | - | 0 | |
| Non interest bearing liabilities | 1 054 | 165 | 1 135 | |
| TOTAL EQUITY AND LIABILITIES | 79 819 | 110 996 | 115 747 | |
| Key Ratios | 30 Sep | 30 Sep | 31 Dec | |
| Ratio | Note | 2021 | 2020 | 2020 |
| Debt/equity ratio | 0.04 | 0.03 | 0.03 | |
| Equity ratio | 95% | 97% | 96% | |
| Net interest bearing assets/ (liabilities) | 6 | 2 135 | 3 457 | 5 283 |
| Net cash/Net debt, for the Group | 6 | 1 809 | 2 997 | 4 817 |
| SEK m | Jan-Sep | Jan-Sep | FY |
|---|---|---|---|
| 2021 | 2020 | 2020 | |
| Opening balance | 111 671 | 73 295 | 73 295 |
| Profit/loss for the period | 18 244 | 36 498 | 40 274 |
| Total comprehensive income for the period | 18 244 | 36 498 | 40 274 |
| Transactions with shareholders | |||
| Effect of employee share saving programme | 25 | 20 | 30 |
| Sale of own shares | 88 | - | - |
| Dividend in kind 1) | -54 140 | - | - |
| Cash dividend 2) | -44 | -1 928 | -1 928 |
| Closing balance for the period | 75 844 | 107 885 | 111 671 |
1) In accordance with the resolution at the AGM on April 29, 2021, the distribution of the Zalando shares ,amounting to SEK 54,140m, was effected on June 18, 2021. The value corresponds to the fair value at that time in accordance with IFRIC17.
2) The AGM 2021 resolved in favor of paying cash dividend compensation to the participants in Kinnevik's long term incentive program from 2018.
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. Information in accordance with IAS 34, Interim Financial Reporting is provided in the notes as well as in other places in the interim report.
Dividend in kind is valued at fair value at the time of the distribution in accordance with IFRIC 17 –"Distributions of Non-cash Assets to Owners" for the Group. For the Parent Company the dividend is valued at book value of the assets.
The accounting principles are the same as described in the 2020 Annual Report.
Kinnevik's management of financial risks is centralized within Kinnevik's finance function and is conducted based on a Finance Policy established by the Board of Directors. The policy is reviewed continuously by the finance function and updated when appropriate in discussion with the Audit Committee and as approved by the Board of Directors. Kinnevik has a model for risk management that aims to identify, control and reduce risks. The output of the model is reported to Kinnevik's Risk, Compliance & Sustainability Committee and Board of Directors on a regular basis.
Kinnevik is mainly exposed to financial risks in respect of:
For a more detailed description of Kinnevik's risks and uncertainties, as well as risk management, refer to Note 17 for the Group in the 2020 Annual Report.
Related party transactions for the period are of the same character as the transactions described in the 2020 Annual Report.
In assessing the fair value of our unlisted investments, we apply IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines, whereunder we make a collective assessment to establish the valuation methods and points of reference that are most suitable and relevant in determining the fair value of each of our unlisted investments. Valuations in recent transactions are not applied as a valuation method as such, but typically provides important points of reference for our valuations. For new share issues, consideration is taken to whether newly issued shares have preferential rights, such as liquidation preferences to proceeds in a sale or listing of a business. Valuation methods include revenue, GMV, and profit multiples. When performing valuations based on multiples, consideration is given to differences in size, historic and future growth, profitability and cost of equity capital. In its valuations, Kinnevik also considers the strength of a company's financial position, cash runway, and funding environment.
The valuation process for Kinnevik's unlisted holdings is led independently from the investment team. Accuracy and reliability of financial information is ensured through continuous contacts with investee management teams and regular reviews of their financial and operational reporting. Information and opinions on applicable valuation methods are obtained periodically from investment managers and well-renowned investment banks and audit firms. The valuations are approved by Kinnevik's CFO and CEO after which a proposal is presented and discussed with the Audit & Sustainability Committee and Kinnevik's external auditors. After their scrutiny and potential adjustments, the valuations are approved by the Audit & Sustainability Committee and included in Kinnevik's financial reports.
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 are 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 of fair value.
Information in this note is provided per class of financial instruments that are valued at fair value in the balance sheet, distributed in the 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.
For the companies that are valued based on multiples an increase in the multiple by 10% would have increased the assessed fair value by SEK 3,062m. Similarly, a decrease in the multiple by 10% would have decreased the assessed fair value by SEK 3,191m.
Kinnevik's unlisted investee companies adopt different financing structures and may at times issue shares with liquidation preference rights.
Liquidation preferences determine how proceeds from a liquidity event are allocated between shareholders. This allocation may become increasingly complex over time, and Kinnevik's share of proceeds may significantly deviate from its percentage ownership of the investee company's issued equity. Accordingly, an increase or decrease in value of an investee company's equity where liquidation preferences are applicable may result in a disproportionate increase or decrease in the fair value of Kinnevik's shareholding. Liquidation preferences may also entail that the fair value of Kinnevik's investment remains unchanged in spite of the assessed value of a particular investee company as a whole changing materially.
An unlisted investee company's transition into a publicly listed company may also affect the value of Kinnevik's shareholding due to the dismantling of such provisions.
During the pandemic, the Nordic online food and grocery market as well as the last-mile logistics market experienced a surge in demand, leading to many of our businesses leapfrogging their business plans by 12-18 months with overperformance exceeding previously forecasted annual growth rates. As societies reopen, e-commerce demand is in flux and yearon-year comparisons are benchmarked against the first part of the outbreak. We have seen a fairly broad-based multiple contraction in e-commerce during the third quarter, and seek to reflect the development of the public equity market in assessing the fair value of our businesses while considering differences in growth rates and profitability.
The fair value of Kinnevik's 28 percent shareholding in Budbee amounts to SEK 1,312m. The total value of Budbee's equity amounts to SEK 4.7bn and is based on near-term forward-looking multiples of a peer group of logistics companies, where we focus primarily on InPost, a last mile e-commerce delivery company that completed its IPO during the first quarter of 2021. Budbee's revenue multiple remains at a material discount to InPost, even though it is decreased by 5 percentage points in the quarter, from 55 to 50 percent. Budbee grows at a significantly higher rate than InPost while operating with comparable gross margins. Budbee aims to more than double revenues in 2021 compared to 2020 and if the company continues to perform and markets remain supportive, we see potential for value appreciation from both a multiple and performance perspective.
The fair value of Kinnevik's 37 percent shareholding in Mathem amounts to SEK 1,463m. The total value of Mathem's equity amounts to SEK 4.0bn and is based on trailing revenue multiples of a composite peer group of inventory holding e-commerce retailers and meal kit businesses. We look more closely at the latter as dynamics between discretionary e-commerce and online grocers may differ as societies open up. The assessed valuation implies a multiple of 1.4x the company's last twelve months' revenues as at 30 June 2021. The corresponding
implicit multiple per 30 September 2021, the relevant date of our valuation assessment, is in line with the composite peer group and at a 40% discount to the most relevant meal kit peer, HelloFresh, in consideration of Mathem's earlier stage of operational efficiency and profitability. The company is performing in line with expectations, and the write-down this quarter is solely driven by multiple contraction in the peer group.
The fair value of Kinnevik's 21 percent shareholding in Oda amounts to SEK 1,566m. The total value of the company's equity amounts to NOK 7.5bn and is based on trailing revenue multiples of a composite peer group corresponding to that of Mathem. The assessed valuation implies a multiple of 2.9x the company's last twelve months' revenues as at 30 June 2021, and corresponds to the valuation in the company's funding round in the first quarter of 2021. The corresponding implicit multiple of last twelve months' revenues per 30 September 2021, the relevant date of our valuation assessment, is roughly in line with the most relevant meal kit peer, Hello-Fresh, and at a premium to the composite peer group. The premium is normalised looking into 2022 as Oda is expected to grow at a significantly higher rate than the peer group, fuelled by its geographical expansion, and is also reflective of the exceptional operational efficiency of the company's proprietary fulfilment solution.
The fair value of Kinnevik's 11 percent shareholding in HungryPanda amounts to SEK 354m, and is based on forwardlooking GMV multiples of a peer group of food delivery businesses, to which a discount is applied considering the company's earlier stage in maturity. The increase in assessed fair value is driven by an improved business outlook, in part due to the resumption of cross-border travel and immigration.
The fair value of Kinnevik's 11 percent shareholding in Vivino amounts to SEK 605m, and is based on forwardlooking GMV multiples of a peer group of global online marketplaces with high user engagement. The discount to the peer group's average GMV multiple is primarily calibrated by comparing Vivino's profitability with that of the peer group,
| Method & Investee Companies | Fair Value (SEKm) | % of Key Unlisted Financial Assets |
|---|---|---|
| Trailing EV/Revenue (Online Grocers) | 3 029 | 9% |
| Forward EV/Revenue | 28 831 | 88% |
| Forward EV/GMV (Vivino, HungryPanda) | 959 | 3% |
| Other | 66 | < 1% |
taking into account Vivino's more efficient marketing drawing on its ability to organically acquire customers through its high-engagement platform.
Travel demand has shown early signs of a meaningful recovery in the third quarter following vaccination roll-outs and easing border restrictions. In assessing the valuations of our businesses, we continue to focus on a more normalized 2022 travel market approaching pre-covid levels. Forward-looking consensus estimates have largely remained flat during 2021 after being downgraded by almost half during 2020, and share prices of online travel agencies saw smaller uplifts during the third quarter. We continue to seek to reflect the development in public equity markets in assessing the fair value of our investees in the sector, whilst taking a conservative approach in forecasting the trajectory of our businesses and the recovery of the travel sector at large.
The fair value of Kinnevik's 5 percent shareholding and other interest in Omio amounts to SEK 471m, and is based on 2022 revenue multiples of a peer group of online travel agencies such as Trainline and Booking. A discounted multiple is applied on a continuously reevaluated revenue estimate.
The fair value of Kinnevik's 14 percent shareholding in TravelPerk amounts to SEK 802m and is based on 2022 revenue multiples of a peer group of online travel booking platforms such as Corporate Travel Management and Serko, and SaaS companies, such as Atlassian and Salesforce. The valuation corresponds to the valuation in the company's funding round in the first half of 2021, and reflects the company's continued strong acquisition of new clients, a sharp increase in transactions towards the end of the quarter, and its potential in a more normalized market environment where TravelPerk's SaaS-like characteristics will resurface. The increase in assessed fair value is due to currency tailwinds.
The fair value of Kinnevik's 11 percent shareholding in Common amounts to SEK 244m, and is based on forward-looking revenue multiples of a peer group consisting primarily of managed marketplaces with reference to businesses in the real estate industry. The assessed valuation is in line with the valuation at which Kinnevik invested in the first quarter of 2021 as part of a second close of the company's 2020 funding round. The increase in assessed fair value is due to currency tailwinds.
The fair value of Kinnevik's 15 percent shareholding in Betterment amounts to SEK 1,602m, and is based on forward-looking revenue multiples of digital wealth managers, with reference to financial technology companies and SaaS businesses with similar financial profiles to that of Betterment. The valuation corresponds to the valuation in the company's funding round in the third quarter of 2021. Betterment's revenues remain in part correlated with the development of the US and global stock market and the company's assets under management now exceeds USD 32bn.
The fair value of Kinnevik's 2 percent shareholding in Raisin DS amounts to SEK 272m and is based on forward-looking revenue multiples of a peer group of SaaS, software licensing, and financial technology companies. The merger with Raisin creates Europe's leading B2C savings marketplace, and strengthens the outlook for our investment.
The fair value of Kinnevik's 26 percent shareholding in Monese amounts to SEK 513m and is based on forwardlooking revenue multiples of a peer gro-
up of financial brokers and subscription businesses. The assessed valuation is in line with the one ascribed to the company in its funding round in the second quarter of 2021.
The fair value of Kinnevik's 14 percent shareholding in Pleo amounts to SEK 1,952m and is based on forward-looking revenue multiples of a peer group of SaaS companies. The assessed valuation of the company's equity amounts to USD 1.7bn, in line with the one used in the company's funding round in the second quarter of 2021. During the third quarter of 2021, Kinnevik purchased secondary shares for SEK 40m, which drives the increase in the assessed fair value.
The fair value of Kinnevik's 9 percent shareholding in Sure amounts to SEK 437m and is based on forward-looking revenue multiples of a peer group of SaaS companies. The assessed valuation is in line with the valuation at which Kinnevik invested in the third quarter of 2021.
The fair value of Kinnevik's 5 percent shareholding in Lunar amounts to SEK 520m and is based on forward-looking revenue multiples of a peer group of online banks, financial brokers and subscription businesses. The assessed valuation is in line with the valuation at which Kinnevik invested in the third quarter of 2021.
Although the share prices of operators of value-based and virtual healthcare services have decreased during the third quarter of 2021, the companies continue to be ascribed material premiums to fee-forservice in-person primary care peers. We continue to seek to maintain a balanced approach in valuing our investments relative to the peer groups in these sectors. The companies we are invested in are growing at materially higher growth rates than their listed comparables. This entails that the further into the future the valuation is focused, the more conservative our valuation appears relative to peers.
The fair value of Kinnevik's 13 percent shareholding in Babylon amounts to SEK 4,792m, and is based on the end of quarter share price of the SPAC Alkuri Global Acquisition Corp., with which Babylon is expected to merge during the fourth quarter of this year.
The fair value of Kinnevik's 9 percent shareholding in Cedar amounts to SEK 2,440m, and is based on a total value of Cedar's equity of USD 3.2bn, corresponding to the valuation in the company's funding round in the first quarter of 2021. The valuation implies a material premium to the average peer multiple of a group of healthcare software and analytics companies on a 2021 basis, with multiples normalizing when looking into 2022 and 2023. The increase in assessed fair value is due to currency tailwinds.
The fair value of Kinnevik's 8 percent in Cityblock amounts to SEK 4,107m, and is based on forward-looking revenue multiples of a peer group of different types of care providers and outsourced services companies, including One Medical and Oak Street Health. The valuation implies valuing Cityblock broadly in line with the aforementioned comparable companies on a 2022 basis in spite of its earlier stage and structurally lower margins stemming from the company's more complex target population, and corresponds to the valuation in the company's most recent funding round.
The fair value of Kinnevik's 19 percent shareholding in Joint Academy amounts to SEK 128m, and is based on near-term forward looking revenue multiples of a peer group of disruptive healthcare and healthcare IT companies, as well as offline physiotherapy companies.
The fair value of Kinnevik's 9 percent shareholding in VillageMD amounts to SEK 7,651m and is based on revenue multiples of a peer group of care providers and outsourced services companies, including One Medical and Oak Street Health, and is based on the latest available forecast for 2021. The valuation of the company corresponds to the valuation in the recently announced transaction with Walgreens Boots Alliance, and remains stable compared to the previous quarter in spite of peers trading down by 30-40 percent. While the average peer group multiple has contracted in recent months, the value ascribed to the next generation of care providers by public markets since our first investment in VillageMD has
increased significantly. This is reflected by the expansion of the trailing revenue multiple of VillageMD from 2.3x to 11.1x between 31 December 2019 and 31 December 2020, which was supported by the IPO and subsequent value development of Oak Street Health.1)
The valuations of our recent investments in specialized virtual healthcare are all based on forward-looking revenue multiples of an identical peer group of North American telemedicine peers, and are all in line with the valuations at which Kinnevik invested. The fair value of Kinnevik's 11 percent shareholding in Parsley Health amounts to SEK 201m, the fair value of Kinnevik's 12 percent shareholding in Quit Genius amounts to SEK 262m, and the fair value of Kinnevik's 5 percent shareholding in Spring Health amounts to SEK 875m.
| Change in fair value of financial assets (SEKm) | Q3 | Q3 | Jan-Sep | Jan-Sep | FY |
|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | 2020 | |
| Alliance Data | - | - | 28 | - | 47 |
| Global Fashion Group | - 2 517 | 2 125 | 23 | 2 520 | 5 743 |
| Home24 | - | 7 | - | 59 | 59 |
| Livongo | - | 6 997 | - | 12 893 | 11 033 |
| Qliro Group | - | - 14 | - | -69 | - 69 |
| Teladoc | - 2 349 | - | - 3 997 | - | - 502 |
| Tele2 | 2 439 | 516 | 3 912 | - 1 717 | - 4 991 |
| Zalando | - | 9 693 | 4 795 | 21 245 | 25 257 |
| Total Listed Holdings | - 2 427 | 19 324 | 4 760 | 34 931 | 36 577 |
| Babylon | 93 | - 45 | 2 224 | - 338 | - 283 |
| Betterment | 442 | - 48 | 562 | - 247 | - 345 |
| Bread | - | 90 | - | 152 | 180 |
| Budbee | 53 | 52 | 543 | 70 | 334 |
| Cedar | 55 | - 24 | 1 868 | 337 | 293 |
| Cityblock | 1 955 | 80 | 2 936 | 78 | 461 |
| Common | 5 | 4 | 29 | 4 | - 11 |
| HungryPanda | 15 | - | 54 | - | - 11 |
| Joint Academy | - 10 | 3 | - 3 | 3 | - |
| Lunar | 14 | - | 14 | - | - |
| Mathem | - 208 | 95 | -1 | 171 | 244 |
| Monese | - 1 | 2 | 49 | - 31 | - 47 |
| Oda | 13 | 84 | 446 | 128 | 392 |
| Omio | 2 | - 62 | 29 | - 64 | - 145 |
| Parsley Health | 4 | - | 10 | - | - |
| Pleo | - 2 | 24 | 1 278 | 23 | 64 |
| Quit Genius | 3 | - | 3 | - | - |
| Raisin DS | 11 | 1 | 15 | - 27 | - 38 |
| Spring Health | 14 | - | 14 | - | - |
| Sure | 2 | - | 2 | - | - |
| Town Hall Ventures | 2 | - 3 | 4 | - 7 | - 12 |
| TravelPerk | 11 | - 12 | 356 | - 92 | - 163 |
| VillageMD | - 207 | 838 | 2 809 | 2 436 | 3 845 |
| Vivino | - 27 | - | 19 | - | - |
| Food Ventures | - 5 | - | - 5 | - 19 | - 26 |
| Emerging Markets & Other | - 51 | - 121 | - 729 | - 1 248 | - 1 581 |
| Total Unlisted Holdings | 2 183 | 959 | 12 526 | 1 329 | 3 151 |
| Other Contractual Rights | - 11 | - | 45 | - | 122 |
| Total | - 255 | 20 283 | 17 331 | 36 260 | 39 850 |
| whereof unrealized gains/losses for assets in Level 3 | 2 172 | 959 | 12 550 | 1 327 | 3 091 |
Change in unrealized gains or losses for assets in Level 3 for the period are recognised in the Income Statement as change in fair value of financial assets.
| Fair value of financial assets (SEKm) | Class A | Class B | Capital/Votes | 30 Sep | 30 Sep | 31 Dec |
|---|---|---|---|---|---|---|
| shares | shares | (%) | 2021 | 2020 | 2020 | |
| Alliance Data | - | - | - | - | - | 168 |
| Global Fashion Group | 79 093 454 | - | 36.4/36.4 | 7 711 | 4 465 | 7 688 |
| Livongo | - | - | - | - | 15 861 | - |
| Teladoc | 7 491 124 | - | 4.7/4.7 | 8 305 | - | 12 302 |
| Tele2 | 20 733 965 | 166 879 154 | 27.2/41.9 | 24 362 | 23 724 | 20 450 |
| Zalando | - | - | - | - | 45 334 | 49 346 |
| Total Listed Holdings | 40 377 | 89 384 | 89 954 | |||
| Babylon | 13/13 | 4 792 | 2 470 | 2 525 | ||
| Betterment | 15/15 | 1 602 | 1 068 | 970 | ||
| Bread | - | - | 467 | - | ||
| Budbee | 28/28 | 1 312 | 400 | 769 | ||
| Cedar | 9/9 | 2 440 | 608 | 572 | ||
| Cityblock | 8/8 | 4 107 | 313 | 841 | ||
| Common | 11/11 | 244 | 188 | 173 | ||
| HungryPanda | 11/11 | 354 | - | 300 | ||
| Joint Academy | 19/19 | 128 | 134 | 131 | ||
| Lunar | 5/5 | 520 | - | - | ||
| Mathem | 37/37 | 1 463 | 1 242 | 1 315 | ||
| Monese | 26/26 | 513 | 444 | 429 | ||
| Oda | 21/21 | 1 566 | 820 | 1 087 | ||
| Omio | 5/5 | 471 | 518 | 438 | ||
| Parsley Health | 11/11 | 201 | - | - | ||
| Pleo | 14/14 | 1 952 | 366 | 407 | ||
| Quit Genius | 12/12 | 262 | - | - | ||
| Raisin DS | 2/2 | 272 | 258 | 247 | ||
| Spring Health | 5/5 | 875 | - | - | ||
| Sure | 9/9 | 437 | - | - | ||
| Town Hall Ventures II | - | 66 | 67 | 62 | ||
| TravelPerk | 14/14 | 802 | 451 | 380 | ||
| VillageMD | 9/9 | 7 651 | 3 434 | 4 842 | ||
| Vivino | 11/11 | 605 | - | - | ||
| Food Ventures | - | 250 | 49 | 139 | ||
| Emerging Markets & Other | - | 1 080 | 2 165 | 1 835 | ||
| Total Unlisted Holdings | 33 965 | 15 462 | 17 462 | |||
| Other Contractual Rights | 185 | - | 140 | |||
| Total | 74 527 | 104 846 | 107 556 | |||
| Investments in financial assets (SEKm) | Q3 | Q3 | Jan-Sep | Jan-Sep | FY |
|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | 2020 | |
| Alliance Data | - | - | - | - | 121 |
| Total Listed Assets | - | - | - | - | 121 |
| Babylon | - | - | 43 | - | - |
| Betterment | 70 | - | 70 | - | - |
| Budbee | - | - | - | 106 | 211 |
| Cedar | - | - | - | 74 | 82 |
| Cityblock | 76 | - | 330 | 235 | 380 |
| Common | - | 184 | 42 | 184 | 184 |
| HungryPanda | - | - | - | - | 311 |
| Joint Academy | - | 131 | - | 131 | 131 |
| Lunar | 506 | - | 506 | - | - |
| Mathem | - | 15 | 149 | 182 | 182 |
| Monese | - | 29 | 35 | 92 | 93 |
| Oda | - | 2 | 33 | 6 | 9 |
| Omio | 1 | 114 | 4 | 114 | 116 |
| Parsley Health | - | - | 191 | - | - |
| Pleo | 40 | - | 267 | - | - |
| Quit Genius | 259 | - | 259 | - | - |
| Raisin DS | - | - | 10 | - | - |
| Spring Health | 861 | - | 861 | - | - |
| Sure | 435 | - | 435 | - | - |
| Town Hall Ventures II | - | - | - | 74 | 74 |
| TravelPerk | - | - | 66 | 37 | 38 |
| VillageMD | - | 232 | - | 260 | 260 |
| Vivino | - | - | 586 | - | - |
| Food Ventures | 17 | 6 | 115 | 6 | 102 |
| Emerging Markets & Other | 1 | 18 | 4 | 31 | 34 |
| Total Unlisted Holdings | 2 266 | 732 | 4 006 | 1 535 | 2 207 |
| Total | 2 266 | 732 | 4 006 | 1 535 | 2 329 |
| Changes in unlisted assets (level 3) | Q3 | Q3 | Jan-Sep | Jan-Sep | FY |
| 2021 | 2020 | 2021 | 2020 | 2020 | |
| Opening balance | 29 712 | 13 772 | 17 602 | 12 605 | 12 605 |
| Investments | 2 266 | 732 | 4 006 | 1 535 | 2 207 |
| Disposals / Exit proceeds | - | - | - 30 | -6 | - 501 |
| Reclassification | - | - | - | - | 18 |
| Change in fair value | 2 172 | 959 | 12 571 | 1 329 | 3 273 |
| Closing balance | 34 150 | 15 462 | 34 150 | 15 462 | 17 602 |
| SEKm | Q3 | Q3 | Jan-Sep | Jan-Sep | FY |
|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | 2020 | |
| Tele2 | - | - | 1 126 | 516 | 1 689 |
| Total dividends received | - | - | 1 126 | 516 | 1 689 |
| Of which ordinary cash dividends | - | - | 563 | 516 | 1 032 |
The net interest bearing assets amounted to SEK 2,135m and Kinnevik was in a net cash position of SEK 1,809m as at 30 September 2021.
Kinnevik's total credit facilities (including issued bonds) amounted to SEK 8,030m as at 30 September 2021 whereof SEK 5,000m related to unutilised revolving credit facilities, which were agreed in the quarter, and SEK 2,900m related to bonds.
The Group's available liquidity, including short term investments and available unutilised credit facilities, totalled SEK 9,827m as at 30 September 2021 (SEK 13,719m as at 31 December 2020).
| SEKm | 30 Sep | 30 Sep | 31 Dec |
|---|---|---|---|
| 2021 | 2020 | 2020 | |
| Interest bearing assets | |||
| Loans to investee companies | 150 | 460 | 466 |
| Short term investments | 3 887 | 3 274 | 3 878 |
| Cash and cash equivalents | 810 | 2 502 | 3 711 |
| Other interest bearing assets | 210 | 229 | 211 |
| Total interest bearing assets | 5 057 | 6 465 | 8 266 |
| Interest bearing long term liabilities | |||
| Corporate bonds | 1 500 | 2 900 | 2 900 |
| Accrued borrowing cost | -13 | -10 | -9 |
| Other interest bearing liabilities | 34 | 56 | 50 |
| 1 521 | 2 946 | 2 941 | |
| Interest bearing short term liabilities | |||
| Corporate bonds | 1 400 | - | - |
| 1 400 | - | 0 | |
| Total interest bearing liabilities | 2 921 | 2 946 | 2 941 |
| Net interest bearing assets (+) / liabilities (-) | 2 136 | 3 519 | 5 325 |
| Debt, unpaid investments/divestments | -1 | -62 | -42 |
| Net intererest bearing receivables | 2 135 | 3 457 | 5 283 |
| Net cash/(Net debt) for the Group | 1 809 | 2 997 | 4 817 |
Kinnevik currently has no bank loans outstanding, and its bank facilities when drawn carry variable interest rates. Debt capital market financing consist of commercial paper and senior unsecured bonds. Commercial paper is issued with a maximum tenor of 12 months under Kinnevik's SEK 5bn commercial paper program, and senior unsecured bonds are issued with a minimum tenor of 12 months under Kinnevik's SEK 5bn medium term note program. In order to hedge interest rate risks, Kinnevik has entered into a number of interest rate swap agreements whereby it pays a fixed annual interest rate also on bonds with a floating rate coupon. The derivatives had a negative market value of SEK 2m at the end of the quarter and are marked to market based on discounted cash flows with observable market data. The derivatives are covered by ISDA agreement. As at 30 September 2021, the average interest rate for the outstanding commercial paper and senior unsecured bonds amounted to 0.6% and the weighted average remaining tenor for all Kinnevik's credit facilities amounted to 2.3 years. The carrying amount of the liabilities is a reasonable approximation of fair value as they bear variable interest rates.
| SEKm | Q3 | Q3 | Jan-Sep | Jan-Sep | FY |
|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | 2020 | |
| Administration costs | −59 | −93 | −190 | −261 | −386 |
| Other operating income | 0 | 2 | 2 | 4 | 5 |
| Operationg loss | −59 | −91 | −188 | −257 | −381 |
| Profit from financial assets, associated companies and other |
77 | - | 77 | - | 58 463 |
| Profit/Loss from financial assets, subsidaries | 2 960 | 417 | 1 746 | −1 275 | 189 |
| Financial net | 3 | 0 | −5 | −48 | −71 |
| Profit/loss after financial items | 2 981 | 326 | 1 630 | −1 580 | 58 200 |
| Group contribution | - | - | - | - | −88 |
| Profit/loss before tax | 2 981 | 326 | 1 630 | −1 580 | 58 112 |
| Taxes | - | - | - | - | - |
| Net profit/loss for the period | 2 981 | 326 | 1 630 | −1 580 | 58 112 |
| Total comprehensive income for the period | 2 981 | 326 | 1 630 | −1 580 | 58 112 |
| Number of shares |
Number of votes |
Par value (SEK 000s) |
|
|---|---|---|---|
| Outstanding Class A shares, 10 votes each | 33 755 432 | 337 554 320 | 3 376 |
| Outstanding Class B shares, 1 vote each | 242 153 584 | 242 153 584 | 24 215 |
| Outstanding Class D-G shares (LTIP 2018), 1 vote each | 297 258 | 297 258 | 30 |
| Outstanding Class D-G shares (LTIP 2019), 1 vote each | 645 054 | 645 054 | 65 |
| Outstanding Class C-D shares (LTIP 2020), 1 vote each | 992 337 | 992 337 | 99 |
| Registered number of shares | 277 843 665 | 581 642 553 | 27 784 |
During the year 192,927 treasury Class B shares were sold to cover dividend compensation and costs related to Kinnevik's long term incentive programs. In July 2021 242,378 incentive shares from LTIP 2018 were converted to Class B shares.
| SEK m | 30 Sep 2021 |
30 Sep 2020 |
31 Dec 2020 |
|---|---|---|---|
| ASSETS | |||
| Tangible fixed assets | |||
| Equipment | 4 | 3 | 4 |
| Shares and participation in Group companies | 89 101 | 31 748 | 96 970 |
| Shares and participation in associated companies and other companies | 0 | 0 | 121 |
| Receviables in Group companies | 17 394 | 24 326 | 17 384 |
| Other long-term receivables | 210 | 0 | 211 |
| Total fixed assets | 106 709 | 56 077 | 114 690 |
| Current assets | |||
| Short term receivables | 307 | 28 | 336 |
| Short term investments | 3 887 | 3 274 | 3 878 |
| Cash and cash equivalents | 693 | 1 801 | 3 454 |
| Total current assets | 4 887 | 5 103 | 7 668 |
| TOTAL ASSETS | 111 596 | 61 180 | 122 358 |
| SHAREHOLDERS´ EQUITY AND LIABILITIES | |||
| Shareholders´ equity | |||
| Restricted equity | 6 895 | 6 895 | 6 895 |
| Unrestricted equity | 56 309 | 45 757 | 105 459 |
| Total shareholders´ equity | 63 204 | 52 652 | 112 354 |
| Provisions | |||
| Provisions for pensions and other | 19 | 20 | 20 |
| Total provisions | 19 | 20 | 20 |
| Long-term liabilities | |||
| External interest-bearing loans | 1 489 | 2 911 | 2 908 |
| Total long term liabilities | 1 489 | 2 911 | 2 908 |
| Short-term liabilities | |||
| External interest-bearing loan | 1 400 | 0 | 0 |
| Liabilities to Group companies | 45 440 | 5 550 | 6 986 |
| Other Liabilities | 44 | 47 | 90 |
| Total Short -term liabilities | 46 884 | 5 597 | 7 076 |
| TOTAL SHAREHOLDERS´ EQUIITY AND LIABILITIES | 111 596 | 61 180 | 122 358 |
In accordance with the resolution at the Annual General Meeting on April 29, 2021, the distribution of the Zalando shares was effected during the second quarter. The dividend amounted to SEK 50,850m which corresponds to the Parent Company's book value of the shares. The Parent Company's liquidity, including short-term investments and unutilised credit facilities, totalled SEK 9,710m (11,205) per 30 September 2021. The Parent Company's interest bearing external liabilities amounted to SEK 2,889m (2,911) on the same date. Investments in tangible fixed assets amounted to SEK 0m (0) during the period.
Kinnevik applies the Esma Guidelines on Alternative Performance Measures (APM). An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. For Kinnevik's consolidated accounts, this typically means IFRS.
APMs are disclosed when they complement performance measures defined by IFRS. The basis for disclosed APMs are that they are used by management to evaluate the financial performance and in so believed to give analysts and other stakeholders valuable information. Definitions of all APMs used are found below. Reconciliations of a selection of APMs can be found on Kinnevik's corporate website www.kinnevik.com.
| Debt/equity ratio | Interest-bearing liabilities including interest-bearing provisions divided by shareholders' equity |
|---|---|
| Equity ratio | Shareholders' equity including non-controlling interest as percentage of total assets |
| Internal rate of return, IRR | The annual rate of return calculated in quarterly intervals on a SEK basis that renders a zero net present value of (i) fair values at the beginning and end of the respective measurement period, (ii) investments and divestments, and (iii) cash dividends and dividends in kind |
| Investments | All investments in listed and unlisted financial assets, including loans to portfolio companies |
| Leverage | Net debt divided by portfolio value |
| Net asset value, NAV | Net value of all assets on the balance sheet, equal to the shareholders' equity |
| Net cash/(net debt) | Short-term investments and cash and cash equivalents less interest-bearing liabilities including unpaid investments/divest ments |
| Net investments | The net of all investments and divestments in listed and unlisted financial assets |
| Portfolio value | Total book value of fixed financial assets accounted at fair value through profit and loss |
| Total shareholder return, TSR | Annualized total return of the Kinnevik B share on the basis of shareholders reinvesting all cash dividends, dividends in kind, and mandatory share redemption proceeds into the Kinnevik B share, before tax, on each respective ex-dividend date. The value of Kinnevik B shares held at the end of the measurement period is divided by the price of the Kinnevik B share at the beginning of the period, and the resulting total return is then recalculated as an annual rate |
February 3, 2022 Year-End Release 2021
April 21, 2022 Interim report Jan-Mar 2022
July 11, 2022 Interim report Jan-Jun 2022
October 19, 2022 Interim report Jan-Sep 2022
This Interim Report has not been subject to specific review by the Company's auditors.
This is information that Kinnevik AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CEST on 20 October 2021.
For more information, visit www.kinnevik.com or contact:
Director Investor Relations Phone +46 (0)70 762 00 50 Email [email protected]
This statement is provided for shareholders who are United States persons for the purpose of the United States Internal Revenue Code.
Information on Kinnevik's status as a passive foreign investment company ("PFIC") for US federal income tax purposes for the taxable year ending 31 December 2020 is available on Kinnevik's website at www.kinnevik.com under the heading "Tax Information" (which can be found under the section "Investors"). You should contact your tax advisers regarding the consequences of owning shares in a PFIC.
Kinnevik's ambition is to be Europe's leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.
For further information visit www.kinnevik.com or contact:
Torun Litzén Director Investor Relations Phone +46 (0)70 762 00 50 Email [email protected]
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.