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Kinnevik's Year-End Release 2020

Kinnevik
·4-min read

2020 was a year unlike any other we have experienced. Despite the positive news surrounding vaccines, as of today, Covid-19 continues to have a devastating impact on human lives and economies worldwide. For Kinnevik, it has been a trying year in many ways but also one of the most successful ever.

Georgi Ganev, CEO of Kinnevik

Key Strategic Highlights

  • Zalando reported exceptionally strong and profitable growth in Q3 and acquired more than one million new customers during Cyber Week. Global Fashion Group successfully raised EUR 120m via a share placement

  • We continued to back the winners in our portfolio and participated in a USD 160m funding round in Cityblock valuing the company at more than USD 1bn, and a SEK 526m funding round in Budbee led by AMF

  • The partnership between VillageMD and Walgreens Boots Alliance was accelerated, with Walgreens supporting the roll-out of up to 700 primary care clinics, up from the previously agreed 500 clinics

  • Kinnevik invested in two new food companies, HungryPanda, a global leader in online Asian food delivery, and Simple Feast, a leading plant-based meal kit provider

  • As a testament to our sustainability efforts, Kinnevik was ranked the most sustainable investment company in Sweden by Dagens Industri and Aktuell Hållbarhet, and was one of the top three finalists for AllBright’s equality prize

  • Our emerging markets and travel businesses continued to be negatively impacted by Covid-19

Organisation

  • Natalie Tydeman joined Kinnevik as Senior Investment Director in January 2021

Investment Management Activities

  • We invested SEK 794m in the quarter, including:

    • SEK 311m into HungryPanda

    • SEK 145m into Cityblock

    • SEK 105m into Budbee

    • SEK 96m into Simple Feast

  • Further, we received SEK 121m worth of shares in Alliance Data as part of the sale of Bread

  • We received SEK 1.7bn in proceeds in the quarter, including:

    • SEK 1.2bn in proceeds from the merger of Livongo and Teladoc Health

    • SEK 495m in proceeds from the sale of Bread to Alliance Data

Financial Position

  • NAV of SEK 111.7bn (SEK 402 per share), up SEK 3.8bn or 4% in the quarter

  • Net cash position of SEK 4.8bn, corresponding to 4.5% of portfolio value by quarter-end

Events After the Quarter

  • In February, Kinnevik invested USD 70m into Vivino, the leading online wine marketplace and wine app


A conference call will be held today at 10.00 CET to present the results. The presentation will be held in English and also be made available via audiocast on Kinnevik’s website, www.kinnevik.com.

Link to the audiocast: https://edge.media-server.com/mmc/p/a97or8rx

Those who wish to participate in the conference call are welcome to dial-in on the below numbers. To ensure that you are connected to the conference call, please dial in and register your attendance a few minutes before the conference call begins.

Dial-in numbers:
UK: +44 3333 000 804
SE: +46 8 566 426 51
US: +1 631 913 1422

Confirmation code: 69100644#

This information is information that Kinnevik AB (publ) 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 CET on 4 February 2021.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Corporate Communications

Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik is a sector-focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. 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.

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