Kinnevik's net asset value declines by 10 percent in Q2

In the second quarter, Kinnevik reported net asset value (NAV) of 61.1 billion Swedish krona or 218 Swedish krona per share, down 6.7 billion Swedish krona or 10 percent and down 11.3 billion Swedish krona or 16 percent year-to-date.

The company’s net cash position was 13.6 billion Swedish krona, including the proceeds from Tele2 sell-down and received dividends, corresponding to 28 percent of portfolio value by quarter-end.

”As we close out the first half of 2022, our environment is radically different to where we were one year ago. The aftermath of the covid pandemic with inflationary pressure, challenged supply chains and rising interest rates, exacerbated by the war in Europe, has put strong pressure on the valuations in our pocket of growth equity markets,” said Georgi Ganev, CEO of Kinnevik in a statement.

Highlights of Kinnevik’s Q2 investments

The company made a follow-on investment in Budbee, valuing the company at 7.3 billion Swedish krona.

Kinnevik also participated in Mathem’s funding round valuing the company at 2.3 billion Swedish krona, in line with the company’s first quarter 2022 valuation.

The company divested 27 percent of its shareholding in Tele2 for 6 billion Swedish krona, providing additional financial strength at a time of market uncertainty.

Kinnevik invested a modest 0.5 billion Swedish krona during the quarter, reflective of the current funding environment, of which 155 million Swedish krona into Mathem and 115 million Swedish krona into Budbee. For the first half of 2022, the company invested 2.1 billion Swedish krona in aggregate.