Kinnevik Ab Class A · OMXSTO:KINV_A
Kinnevik Ab Class A — Q1 2023 Earnings Presentation
16 slides from Kinnevik Ab Class A's earnings presentation, Apr 20, 2023
Slide 1: Presentation of Kinnevik's Q1 2023
Slide 2: Today's Presenters
Q1 2023 Today’s Presenters 1 Key Events of the Quarter Georgi Ganev Chief Executive Officer 2 Capital Reallocation in Healthcare Samuel Sjöström Chief Financial Officer 3 Valuations & Capital Allocation Update Torun Litzén Director Corporate Communications 4 Tracking Against Our Priorities 5 Q&A
Slide 3: Key Events of the Quarter: Capital Reallocation in Healthcare
KEY EVENTS OF THE QUARTER CAPITAL REALLOCATION IN HEALTHCARE
Slide 4: Q1 was a quarter of market volatility; we remained focused on 2023 priorities
Q1 WAS A QUARTER OF MARKET VOLATILITY AND UNCERTAINTY DURING WHICH WE REMAINED FOCUSED ON EXECUTING ON OUR 2023 PRIORITIES Key Events of The Quarter Q1 2023 NAV of SEK 55.5bn or 198 per share, up 5% in Q1 2023 and down 18% from Net Asset Value Q1 2022. Fair value of unlisted investments up 4% in the
Slide 5: USD 50 million follow-on investment into Spring Health
OUR USD 50 MILLION FOLLOW-ON INVESTMENT INTO SPRING HEALTH IN Q1 IS A PERFECT EXAMPLE OF USING 2023 TO DOUBLE DOWN IN OUR WINNERS Significant Follow-On in Spring Health Supporting & Maximizing Impact of High-Conviction Businesses Redoubling our commitment in one of our high- From Our 1st Investmen
Slide 6: Teladoc exit realizes >55% IRR, gains reallocated
OUR TELADOC EXIT REALIZES A >55% IRR INVESTMENT, WITH GAINS REALLOCATED INTO NEW CARE DELIVERY MODELS AND OUR ENTRY INTO LIFE SCIENCES Rotating Out Of Teladoc Capital Reallocation in Healthcare In Q1, we exited our remaining stake in Teladoc This is the first significant full exit in the Growth
Slide 7: USD 25m investment into Enveda Biosciences
IN APRIL WE INVESTED USD 25M INTO ENVEDA BIOSCIENCES, ADDING TO OUR EMERGING CLUSTER OF LIFE SCIENCES INVESTMENTS Plant Based Drug Discovery Enveda Biosciences is a Colorado-based biotech founded in 2019 by Viswa Enveda’s Search Engine Colluru, a PhD in cellular and molecular biology who joined ou
Slide 8: Valuations & Capital Allocation Update
VALUATIONS & CAPITAL ALLOCATION UPDATE
Slide 9: Growth was the key upward driver of valuations in the quarter
GROWTH WAS THE KEY UPWARD DRIVER OF VALUATIONS IN THE QUARTER, WITH SOME INERTIA CAUSED BY THE REVERSAL OF LIQUIDATION PREFERENCES Q1 2023 Valuations Drivers & Parameters In Q1, an underlying valuation reassessment of 2-3% translates Value Drivers into a fair value write-up of SEK 0.3bn or 1% Unli
Slide 10: Key in-quarter reassessments revolve around five investees
KEY IN-QUARTER REASSESSMENTS REVOLVE AROUND FIVE INVESTEES Key Valuation Reassessments Q1 2023 Write-Ups Write-Downs Valuation increase of >10% in dollar terms at both Valuation decrease of 15% from last quarter’s companies through mid-single digit multiple carrying value expansion and on-plan p
Slide 11: In total, net asset value was up 5% in Q1 2023
IN TOTAL, NET ASSET VALUE WAS UP 5% IN Q1 2023 Net Asset Value Development in Q1 2023 ● Private Growth, ● Public Growth, ● Tele2, ● Net Cash / (Debt), SEKbn 55.5 52.9 +2.4 +0.1 +1.1 (1.2) 10.5 10.4 14.2 11.8 2.9 1.6 28.8 29.9 Q4 2022 Private Public Tele2 Other Q1 2023 Growth Growth Per Share 189 198
Slide 12: Capital allocation expectations remain unchanged
OUR CAPITAL ALLOCATION EXPECTATIONS REMAIN UNCHANGED, WITH KEY ALLOCATION RISKS RELATING TO MISSED UPSIDE OPPORTUNITIES Capital Reallocation 2023 Expectations Our 2023 expectations remain unchanged – around SEK 5bn in total Type of Follow-On Investment investments split 50/50 between new investmen
Slide 13: Tracking Against Our Priorities
TRACKING AGAINST OUR PRIORITIES
Slide 14: We are tracking against our 2023 priorities and expectations
WE ARE TRACKING AGAINST OUR 2023 PRIORITIES AND EXPECTATIONS OUR 2023 OUR 2023 PRIORITIES EXPECTATIONS Maintain our momentum of Continued disciplined capital allocation SEK 5bn in annual investments Support and maximize the impact of Investments split roughly 50/50 our highest-conviction investments
Slide 15: Q&A
Q&A
Slide 16: We invest for a reimagined everyday
WE INVEST FOR A REIMAGINED EVERYDAY fe) cae