Kinnevik's Q4 NAV drops by 4.6 percent, reports loss

Kinnevik AB reported net asset value (NAV) of 72.4 billion Swedish krona or 260 Swedish krona per share, down 3.5 billion Swedish krona or 4.6 percent in the quarter and up more than 10 billion Swedish krona or 16.2 percent year-on-year excluding Zalando.

For the fourth quarter, the change in fair value of financial assets including dividends received amounted to a loss of 3,499 million Swedish krona compared to a profit of 4,763 million Swedish krona for the same quarter last year. For the full year, the company reported a profit of 14,958 million Swedish krona.

The company’s net cash position stood at 5.4 billion Swedish krona, corresponding to 8 percent of portfolio value by year-end.

“In 2021 we fundamentally shifted our portfolio towards younger, private growth companies. Through the distribution of Zalando, returns in our private companies of nearly 80 percent, and the active reallocation of capital within our portfolio, we ended the year with a more balanced set of growth companies, a portfolio with half of its capital invested in private businesses, and a stronger financial position than what we started the year with,” said Georgi Ganev, CEO of Kinnevik in a release.

Highlights of Kinnevik’s investments during FY21

During the year under review, Kinnevik invested 25 million dollars in Pleo’s 200 million dollars financing round to further build on its 10x return on investment to date. TravelPerk raised 115 million dollars, of which 25 million dollars from Kinnevik, at an 80 percent premium to last quarter's fair value.

The company strengthen its portfolio through three new investments – Jobandtalent, a leading digital temp staffing agency, Vay, a tech-enabled mobility company, and Nick's, a food tech innovator. Additionally, Mathem merged with Mat.se, Axfood’s online grocer business, and entered into a long-term strategic supply agreement with Axfood’s purchasing and logistics company Dagab.

VillageMD and Walgreens Boots Alliance closed their transaction to expand their partnership.

Kinnevik invested 2,370 million Swedish krona in the quarter including 1,471 million Swedish krona into its new companies Jobandtalent, Vay and Nick's, and 899 million Swedish krona in follow-ons focused on Cityblock, Pleo and TravelPerk. The company also reallocated capital within the portfolio by releasing 5.3 billion Swedish krona from Teladoc and VillageMD at returns exceeding 5x and 7x respectively.

In January, the company invested 60 million dollars in Transcarent, the comprehensive health and care experience company for self-insured employers.

In December, Samuel Sjöström was appointed chief strategy officer and member of Kinnevik’s management team and Tatiana Shalalvand joined the company as investment director in January 2022.