Kinnevik
note financial assets accounted at fair value through profit loss our framework and principles in assessing the fair value of our unlisted investments we apply 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 suitable and rel in determining the fair value of each of our unlisted investments valuations in recent transactions are not applied as a valuation method but typically provides important points of reference for our valuations when applicable consideration is taken to preferential rights such as liquidation preferences to proceeds in a sale or listing of a business valuation methods include revenue and profit multiples with consideration to differences in size growth profitability and cost of equity capital we also consider the strength of a company financial position cash runway and the funding environment the valuation process is led independently from the investment team contacts with 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 are approved by and after which a proposal is presented and discussed with the audit committee and external auditors after their scrutiny and potential adjustments the valuations are approved by the audit committee and included in financial reports when establishing the fair value of other financial instruments ods 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 fair value established based on listed prices in an active market for the same instrument level 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 level fair value established using valuation techniques with sig input from data that is not observable in the market for companies that are valued based on multiples an increase in the multiple by would have increased the assessed fair value by similarly a decrease in the multiple by would have decreased the assessed fair value by liquidation preferences unlisted companies adopt different financing and may at times issue shares with liquidation preference rights liquidation preferences determine how value is allocated between shareholders in a sale or listing of a business this allocation may become increasingly complex over time and share of proceeds may significantly deviate from its percentage ownership of the company issued equity accordingly an increase or decrease in of an company equity where liquidation preferences are applicable may result in a disproportionate increase or decrease in the fair value of liquidation preferences may also entail that the fair value of investment remains unchanged in spite of the assessed value of a particular company as a whole changing materially an unlisted company transition into a publicly listed may also affect the value of due to the our valuations in the venture and growth capital ecosystem saw a massive influx of capital as investors pursued growth and risk in a low interest rate environment exacerbated by monetary and fiscal stimulus this in turn led to expanding valuations swelling round sizes and increased funding round intensity since late the gravitational pull of rising interest rates combatting soaring inflation has caused valuations of publicly listed equity in high growth technology companies to derate materially the forward looking revenue multiples of tech indices are now below both pan and five year median levels adding to the cyclical forces russia unlawful invasion of creates additional uncertainty and inflationary effects on commodities albeit eclipsed by the ongoing humanitarian suffering private markets have in previous bear markets taken months to adjust but we see clear signals of valuation levels between the two asset classes reconciling at a faster pace this time around platforms pee | Kinnevik
Company
Deck Type
Sector
Industry
Deck date
April 2022
Slide
29 of 43
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note financial assets accounted at fair value through profit loss | Kinnevik
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note financial assets accounted at fair value through profit loss | Kinnevik
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note financial assets accounted at fair value through profit loss our framework and principles in assessing the fair value of our unlisted investments we apply 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 suitable and rel in determining the fair value of each of our unlisted investments valuations in recent transactions are not applied as a valuation method but typically provides important points of reference for our valuations when applicable consideration is taken to preferential rights such as liquidation preferences to proceeds in a sale or listing of a business valuation methods include revenue and profit multiples with consideration to differences in size growth profitability and cost of equity capital we also consider the strength of a company financial position cash runway and the funding environment the valuation process is led independently from the investment team contacts with 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 are approved by and after which a proposal is presented and discussed with the audit committee and external auditors after their scrutiny and potential adjustments the valuations are approved by the audit committee and included in financial reports when establishing the fair value of other financial instruments ods 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 fair value established based on listed prices in an active market for the same instrument level 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 level fair value established using valuation techniques with sig input from data that is not observable in the market for companies that are valued based on multiples an increase in the multiple by would have increased the assessed fair value by similarly a decrease in the multiple by would have decreased the assessed fair value by a new valuation environment in the second quarter of the downward valuation pressures faced by public growth assets during the first quarter continued without abatement concurrently many companies also faced from speculation around post pandemic consumer behaviour as evident in the stock market valuations of companies in sectors such as non specialized virtual health commerce and streaming services changing of inflation and interest rates continue to be a significant driver of valuation multiples in particular for companies such as ours where cash flow profitability is typically still some years out going forward another external force driving changes in valuations may be to what extent the business cycle contracts and the economic activity in our key markets decline affecting demand for our companies products and services investment activity in private venture and growth markets has slowed down relative to the hectic and the market has effectively closed this is leading to transactions and less price discovery occurring in calibration of our valuation models even so we see clear signs of private markets reconciling with the material derating in public markets and that this correction is bearing a more significant impact on later stage relative to stage companies still companies regarded as leading businesses in their respective sector or business area are typically facing and less intense challenges when raising capital relative to the median business and this differential has widened during the first half of these parameters paired together with our companies operational performance financial strength and reliance on the near term funding climate have been taken into consideration when valuing our unlisted companies growth remains a distinct influence on valuation multiples in public markets and we seek to reflect a corresponding differential when valuing our companies in relation to growing public peers multiple contraction we continue to seek to reflect the quarter end valuation levels of publicly listed peers when valuing our unlisted businesses typically allowing could otherwise aid | Kinnevik
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alkermes and subsidiaries to non adjustments unaudited an itemized reconciliation between net loss according to generally accepted accounting principles in the and net income on a non basis is as follows total revenues net loss net loss margin adjustments share based compensation expense depreciation expense amortization expense income tax effect related to reconciling items non cash net interest expense change in the fair value of contingent consideration change in the fair value of warrants acquisition of expense non net income non net income margin projected and non measures for the year ending reflect the mid point of the ranges of the financial expectations provided along with the assumptions and risks underlying such expectations in alkermes the company current report on form filed with the sec on the company expressly disclaims any obligations to update or affirm these the non measures that the company presents including non net income and non net income margin non net income total revenues are not based on any standardized methodology prescribed by and are not necessarily comparable to similar measures presented by other companies non net income adjusts for one time and non cash charges by excluding from results share based compensation expense amortization depreciation non cash net interest expense certain other one time or non cash items and the income tax effect of these reconciling items the company management and board of directors utilize these non financial measures to evaluate the company performance the company provides these non measures of the company performance to investors because management believes that these non financial measures when viewed with the company results under and the accompanying reconciliations are useful in identifying underlying trends in ongoing operations however non net income and non net income margin are not measures of financial performance under and accordingly should not be considered as alternatives to measures as indicators of operating performance the company has not provided financial expectations for time periods after the year ending and therefore is not providing reconciliations of or comparable financial measures for non financial measures including non net income margin or margin total revenues for time periods after the year ending earnings before interest tax depreciation amortization reconciliations of such forward looking non financial measures to are not provided as they are not determinable without unreasonable efforts due to the inherent difficulty in forecasting and quantifying certain amounts that would be necessary for such reconciliations which amounts could have a significant impact on the company future financial results including such the non financial measures and the comparable financial measures ona | Alkermes
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