Kinnevik Results Presentation Deck | Slidebook.io

Kinnevik Results Presentation Deck

April 2023, 45 slides

interim report first quarter | Kinnevik

capturing opportunities in a risk off environment while maintaining our financial resilience net asset value change in change in one year five year key financial data in the first quarter we made headway on our priorities we invested significant capital to accrete ownership in spring health and two of the most promising companies in our portfolio and financed these investments by exiting our remaining in ending the quarter with a net cash position remaining above of interim report | Kinnevik

highlights in the quarter key events investment activities financial position led spring health most recent funding round stepping up our commitment and increasing our ownership in one of our most high conviction businesses participated in funding round as the company is seeing strong traction and has scaled its activities by since our first investment about a year ago exited realizing an exceeding since our first investment in releasing an incremental in the quarter ranked first in the venture capital category in the inclusive index for the third year in a row additionally we ranked as the only investor among top companies in for gender equality and ranked second globally for our equal parental leave policy we invested in the quarter including of per share up or into spring health into into parsley health in the quarter net cash position of corresponding to of quarter end portfolio value in the quarter we released by exiting our remaining investment events after the quarter a company tackling drug discovery through a nature based approach was added to our emerging cluster of life sciences investments with a investment in ambition is to be leading listed growth investor we back the best digital companies for a everyday and to deliver significant returns we understand complex and fast changing consumer behaviours and have a strong and expanding portfolio in and climate tech as a long term investor we strongly believe that investing in sustainable business models and diverse teams will bring the returns for shareholders we back our companies at every stage of their journey and invest in and the us was founded in by the and horn families sha res are listed on list for large cap companies under the ticker codes a and | Kinnevik

chief executive review dear shareholders in the first quarter we made headway on our priorities we invested capital to accrete ownership in spring health and and financed these investments by exiting our remaining in ending the quarter with a net cash position remain ing above the market backdrop continued to be volatile exacerbated by distress in the banking sector impacting the financial ecosystem our growth companies form part of the impact on and our was limited but the events serve as an important reminder of the fragility of current markets and the importance of financial resilience in these uncertain times first quarter our net asset value amounted to or per share at the end of the first quarter up by or percent from the end of the fair value of our unlisted assets increased by to through a percent write up and in follow on investments the within virtual and value based care contributed positively on the back of continued strong performance and supportive market multiples whereas some of our more consumer facing experienced some incremental softness in consumer spending causing slight downward revisions on short term revenue growth and thereby valuations comparing the start of the quarter with its end gives the impression of stable and positive public equity markets howe volatility during the quarter was high with continued stock market turbulence in reaction to indicators exacerbated by instability in the banking system market indices appreciated by percent but this was to a large extent driven by the large tech giants the weighted average share price development in our private portfolio peer universe was more muted at just over percent while growth and venture capital markets remained slow in the first quarter six of our successfully completed funding rounds three of them were led by existing investors and three by new investors all funding rounds were ted at valuations around or above our assessed underlying valuations in the previous quarter with a headline valuation difference of almost percent on average maximizing the impact of our highest conviction we led the most recent funding round in spring health with a investment and an additional secondary purchase from an early stage investor stepping up our to one of the shining stars in our portfolio spring health ambition is to reshape mental into treatments tailored to each individual using big data and machine learning the company has shown impressive traction growing revenue by more than since our first investment in and is funded to break even after this round we are excited to support founders and as they continue to set a new standard in mental for employers and health plans we took the opportunity to increase our stake in in their funding round in the quarter basing our conviction on the company strong growth and the urgency of investing to combat climate change since our initial investment about a year ago the team has exceeded our already high expectations in their pursuit to push and support the shift to regenerative agriculture soil sequestration was high lighted in the latest report as one of the solutions with the highest potential to contribute towards global net zero emissions combined with other benefits such as enhanced and better water quality regenerative farming is one of the most powerful levers available today in the fight against climate change reallocating capital within funding new investments and maintaining an attractive port folio distribution by reallocating capital is a fundamental part of our strategy in the quarter we fully exited our investment the first truly significant full exit from our younger growth portfolio realizing a percent since our first investment in six years ago this gain alone has financed our investments into new businesses since including companies such as spring health and recursion as well as the latest addition to our portfolio is a company unravelling pounds in nature that can be used to discover new drugs after quarter end we invested into the business alongside our partner fund dimension adding to our ging cluster of life sciences investments was founded by a in cellular and molecular biology who is deeply passionate about bringing life changing drugs to | Kinnevik

market using machine learning computing power and human understanding has created a chemical search engine which attempts to tackle some of the problems in drug discovery by finding answers in natural compounds the company was founded in and while still early in its growth journey we are impressed by the platform it has built and by the founder vision and drive to build a truly company recognition of our leadership in diversity and inclusion for the third year in a row ranked first in the category in the inclusive index having increased our score each year in addition ranked as the only investor among the top companies in for gender equality and we were the second ranked company globally for our equal parental leave policy these recognitions are a testament to our hard work dedication and commitment towards equality diversity and inclusion concluding remarks at we are of our ability to support over the long term while financial resilience is vital we continue to support and push our companies to remain aggressive challenging and innovative to ensure that their customer offerings remain relevant not only in the next quarter but for the next ten years as shown with our investments into spring health and we are able to finance this push and accrete ownership in our highest conviction businesses during a period of more balanced valuations we hope to repeat these accomplishments at other during net cash position and capture opportunities to maximize the impact of our highest conviction investments during a period of risk off sentiment we are grateful for the strong support from our share holders to continue executing on our shorter term priorities and longer term strategy and we look forward to meeting many of you at our annual general meeting in on the of may of as shown with our investments into spring health and we are able to accrete ownership in our highest conviction businesses during a period of more balanced valuations | Kinnevik

in summary categories total shareholder return five year per category investment activity composition of portfolio value development | Kinnevik

net asset value growth portfolio parsley health | Kinnevik

net asset value growth portfolio | Kinnevik

net asset value tele financial position growth portfolio composition of portfolio value our fair value assessments in assessing the fair value of our unlisted investments we adhere to and the international private equity and venture capital valuation guidelines in note pages we outline the central parameters and drivers of our fair value assessment per category more totality cee wae interim report | Kinnevik

value based care a leading us based provider of primary care and a pioneer in the delivery of value based care fair value stake value based provider focused on urban with complex care needs a new and different health and care experience company for employees of self insured employers fair value stake fair value stake digital service company combining mobile tech and artificial intelligence with medical fair value stake village ann revenue pry anew | Kinnevik

virtual care spring health is making mental health fundamental providing employers with the most diverse comprehensive care for employees and their families fair value stake holistic virtual first consumer subscription service caring for and supporting chronic conditions for women fair value stake participated in spring health funding round in which the company raised at a valuation giving the company additional flexibility to invest in its world class services led the round with a investment and a secondary acquisition increasing our ownership share to percent the world first digital clinic delivering a comprehensive medication assisted treatment program for multiple addictions virtually fair value stake parsley quit genius interim report | Kinnevik

platforms the leading grocery store in with the ambition to make grocery shopping an effort less activity is a customer centric last mile logistics plat form specialized for commerce businesses fair value stake fair value stake leading grocer offering a wide assortment through its state of the art commerce platform fair value stake oda revenues number of completed deliveries by interim report | Kinnevik

platforms a global leader in food delivery enabling overseas businesses and connects food to all who enjoy it fair value stake travel platform bringing together more than transportation providers across multiple modes of transports across fair value stake the world leading digital temp staffing agency making the labour market more fluid and accessible through its on demand staffing mar fair value stake the world wine and most wine fair value stake i users total number i interim report | Kinnevik

offers smart payment cards to employees while making sure the company remains in full control of spending fair value stake hospitality management cloud that empowers hoteliers to prove performance maximize revenue and provide superior guest experiences fair value stake provides a way for health systems and medical groups to manage the patient pay ecosystem fair value stake the leading solution for businesses to book corporate travel fair value stake leading global enabling the insurance industry to reach its full potential in an era provides an end to end service to support and guide businesses hiring talent globally fair value stake fair value stake mews improve cedar annual recurring end omnipresent | Kinnevik

consumer finance us based smart money manager offering investing and retirement solutions fair value stake company enabling con and businesses to handle all their finances on one platform fair value stake a that provides digital services to customers and businesses including mobile money accounts and their banking as a service platform fair value stake betterment lunar thin i | Kinnevik

early bets new themes fair value of portfolio value invested capital supporting farmers transition to regenerative agriculture practices through the voluntary carbon market enables the distribution of flight such as seat selection luggage and priority boarding through an solution producer of green steel aiming to reduce carbon emissions by up to percent compared to steelmaking digital health that connects patients with physical therapists to deliver an evidence based treatment for chronic joint pain in the quarter participated in funding round to sup port the continued expansion of its global carbon farming initiatives the round was led by new investor capital and invested around since our first investment in a year ago the company has scaled its covered land by expanded its geographic foot print to countries and partnered with farms to help them transition more than hectares towards climate positive regenerative farming restaurant platform ling table ordering payment and pick up and a sustainable food platform allowing to sell surplus food with a discount born global food tech innovator of healthy and indulgent snacks and ice cream company mapping and navigating biology and chemistry with the goal of bringing better medicines to patients faster and at lower cost offers a unique global travel and health insurance plan to help firms set themselves apart by offering better benefits to remote work forces green chemicals producer pro chemicals without using fossil fuels the first all in one guest management platform for restaurants tech enabled mobility company that is on track to launch a mobility service with electric cars on public streets green nick recursion superb | Kinnevik

tele enables mobile and fixed con telephony data and streaming fair value stake emerging markets the leading fashion and life style retail destination in growth markets fair value stake a is interim report ere | Kinnevik

we published our report and received recognition for our efforts in report we outline our strategy progress and of our targets for and our portfolio during the first quarter of we also received double recognition for our leadership in diversity equity and inclusion key highlights from the report the leading investor in inclusive index continued the roll out of our climate strategy across the portfolio between and the emissions reporting companies in portfolio decreased their sions intensity by exceeding our annual target of ranked first in the category in the inclusive index this is a testament to our hard work dedication and commitment towards equality diversity and inclusion inclusive index is an essential plat form for measuring the social performance of funds and against peer organizations over funds were evaluated on their efforts and efforts secured a top spot in the index supported our companies in implementing bespoke and business integrated strategies related to diversity equity and inclusion in addition of investments into new companies over the last two years have been invested in female founded or led companies exceeding our target of the average total portfolio score increased by percentage points on a comparative basis exceeding our annual target of percentage points set a new climate target to reduce greenhouse gas sions from operations by in and by in with as base year scope excluding category investments ranked as the only investor among top companies in for gender equality was rated as a top performer overall and the only investor on the top list in in addition specifically praised global parental leave policy is the leading providing data and insights on gender equality in the corporate sector they research and rank public companies around the world using a unique and comprehensive gender equality across criteria including the gender lance of the senior management and board of directors as well as the pay gap and policies relating to parental leave and sexual harassment anew | Kinnevik

financial review capital reallocation in the quarter during the quarter we invested into our existing we led a funding round in spring health with a investment and an additional secondary purchase from an early stage investor accreting our ownership from to percent we also took the opportunity to increase our stake in by investing in the company latest funding round corresponding to around percent of our pro rata share these two investments serve as examples of our ability to cap opportunities to deploy capital into our highest conviction during a period of uncertainty and balanced valuations these investments were more than financed by us exiting our remaining stake releasing more than in the quarter this last marks an end to a six year investment starting with our investment into generating an exceeding percent in we expect to invest around split roughly between new investments and follow on investments into the existing portfolio this expectation is primarily sensitive to two factors our ability to deploy as much capital as we would like into our existing high conviction businesses and our ability to source attractive new opportunities in the current market environment capital structure as at march had a net cash position of percent of portfolio value this net cash was mainly made up of in cash and short term investments less in senior unsecured bonds with a tenor exceeding months maturing in and during we expect to receive in ordinary dividends from tele capital allocation framework our expectations over the medium term are to invest half of our capital into new investments and the other half into follow on investments in our existing portfolio add up to eight new companies per year continue to evolve our thematic and sectorial focus seek to build an adequate level of influence in our rather than specific ownership stakes build and maintain a portfolio across different stages of with companies making up the lion share of portfolio value financial targets attractive returns objective is to generate a long term total return to our shareholders in excess of our cost of capital we aim to deliver an annual total shareholder return of percent over the business cycle low leverage given the nature of investments our goal is to carry low leverage not exceeding percent of portfolio value shareholder remuneration policy generates shareholder returns primarily through capital appreciation and will seek to return excess capital generated by its investments to shareholders through extra dividends | Kinnevik

group financial statements consolidated earnings for the first quarter consolidated income statement and report concerning total comprehensive income interim | Kinnevik

consolidated statement of cash flow interim report | Kinnevik

supplementary cash flow information interim report | Kinnevik

condensed consolidated balance sheet interim report | Kinnevik

condensed consolidated balance sheet equity ratio interim report | Kinnevik

condensed report of changes in equity for the group interim | Kinnevik

notes for the group note accounting principles note risk management note related party transactions the consolidated financial statements are prepared in accordance with the international financial reporting standards as adopted by the this report was prepared in accordance with the annual accounts act and interim financial reporting the parent company has prepared its interim report according to the annual accounts act chapter interim report information in accordance with interim financial reporting is provided in the notes as well as in other places in the interim report the accounting principles are the same as described in the annual report management of financial risks is centralized within finance function and is conducted based on a finance policy established by the board of directors the policy is reviewed continuously by the finance function and updated when appropriate in discussion with the audit committee and as approved by the board of rectors has a model for risk management that aims to identify control and reduce risks the output of the model is reported to audit committee and board of directors on a regular basis is mainly exposed to financial risks in respect of valuation risk in relation to negative changes in the value of the related party transactions for the period are of the same character as the transactions described in the annual report portfolio liquidity and financing risk in relation to increased cost of financing and difficulties in refinancing maturing loans and facilities ultimately leading to payment obligations not being met foreign exchange rate risk in relation to transaction and translation currency exposure interest rate risk having an adverse impact on financing costs for a more detailed description of risks and uncertainties as well as risk management refer to note for the group in the annual report | 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 adhere to and the international private equity and venture capital valuation guidelines valuation methods primarily center around revenue and profit multiples with due 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 its funding environment valuations in recent transactions are not applied as a valuation method but typically provides important points of reference when applicable consideration is taken to preferential rights such as liquidation preferences to proceeds in a sale or listing of a business the valuation process is led by independently from the investment team accuracy and reliability of financial information is ensured through continuous contacts with management teams and regular reviews of their financial and operational reporting the 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 methods assumed to provide the best estimation of fair value are used for assets and liabilities maturing within one year a nominal value adjusted for inter payments 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 per the 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 interim report | Kinnevik

value drivers in the unlisted portfolio illustrative approximations underlying value change simple average fair value change valuation reassessments to impact change interim report | Kinnevik

a volatile yet stable start to comparing levels at the end of to the end of public equity markets seem to have been stable and positive however volatility remained high with continued market jitters to indicators and fears of instability in the banking system market indices appreciated by percent largely driven by the large tech giants the weighted average share price increase in our unlisted portfolio peer universe was just over percent when excluding compared to a percent weighted average write up of our underlying valuations we saw positive movements in our value based care noting however that the number of comparable businesses is shrinking drastically through and stable movements in our and virtual care on average the weighted average peer multiple expanded by percent less than percent when excluding compared to percent multiple expansion in our unlisted portfolio we revised our expectations on quite materially in the last quarter with our growth in favor of longer cash runways have been revised in low single digit percentages driven by our more consumer facing businesses expecting a further weakening of consumer spending in our businesses the outlook remained stable in aggregate the revenue outlook for through is percent higher than last quarter outlook for the full year or around percent higher in our businesses the effect of liquidation preferences remains pronounced in our ted portfolio in the quarter the aggregate fair value impact amounted to down in the quarter this aggregate impact corresponds to percent of the fair value of our unlisted portfolio percent of this difference relate to five specific investments representing in value where our underlying valuation needs to double on average before our investments will accrue an on paper return developments in the currencies most important to our unlisted in vestments were stable relative to the quarterly movements observed since early the movement was that of the krona which depreciated by percent against its equivalent affecting the fair value of our oda investment materially in aggregate currencies had an immaterial impact on our fair values in the quarter we saw six funding rounds in our portfolio during the quarter three that were led by existing investors and three that were led by new in these funding rounds occured in parsley health spring health and lunar and in our smaller investments raisin and superb we participated in all funding rounds except the round concluded at raisin and led the funding round in spring health all funding rounds were completed at valuations around or above our assessed underlying valuations in the previous quarter with a headline valuation difference of almost percent on average more than percent when excluding the led round in spring health our fair values of these six invest are on average percent below the valuations at which these funding rounds were concluded these data points are solid indications of our intention to take a cautious approach to fair value assessments as well as of our perceived of a public private market lag so far as it relates to the accuracy of our net asset value statement in relation to where transactions are clearing in private markets development of key currencies against the and effect of liquidation preferences and of unlisted fair value currency split of unlisted fair value interim report | Kinnevik

value based care value based care consists of care delivery companies that take risk and reward on patient health outcomes this stands in contrast to care delivery businesses that charge patients and payers on a fee for service basis value based care enjoys strong secular and companies employing this business model has therefore historically been valued at a significant premium to fee for service businesses during the last two quarters our investments most comparable peers one medical signify and oak street health have all been subject to offers this causes a challenge in triangulating appropriate valuation levels for our businesses we mitigate some of this through two measures firstly we reference more traditional businesses such as united health and hum in our calibrations secondly we expand our valuation multiples more cautiously than what we have observed in the limited number of public value based care businesses in the quarter in order to relate our value based care investments to more traditional businesses we increasingly focus on capital efficiency metrics revenue growth plus margins when calibrating our valuation multiples as depicted in the scatter chart on the right hand side for a business with structurally higher gross margins we our valuation against higher margin technology businesses grew considerably faster than its public peers in and is now focused on improving margins by consolidating its footprint where its care model is proving the results at the same time is expanding into geographies where the population faces health and social challenges that can be alleviated by partnership driven strategy and high touch care model the company is funded to break even having raised nearly in our valuation corresponds to an revenue multiple in line with where one medical was taken private and at a discount to where oak street ended the quarter is integrating its acquisition of summit health and is per forming in line with plan the combined company is growing revenues at around percent and is expected to be profitable in we value the business in line with where it raised equity in late to finance the acquisition of summit health corresponding to an unchanged percent premium to the revenue multiple used in valuing unlisted portfolio weight fair value change revenue and capital efficiency revenue growth plus margin key public as at quarter end excluding technology peers interim report | Kinnevik

virtual care our virtual care businesses deliver specialized care services through virtual channels and leverage technology such as to improve the care outcomes for their users our previous company pioneered the model and our current companies are disrupting the virtual care incumbents such as and our businesses are selling to employers and insurers and have a high share of recurring revenues but as companies they require higher costs for servicing the end user of their products than business may do the appropriate public market for valuing our virtual care businesses is therefore high growth businesses and technology businesses that share our investments structurally lower gross margins in the percent area in the first quarter we led a funding round in spring health with a investment at a post money valuation the balance of the round was funded by other existing investors and we also invested an additional into secondary equity raising capital from existing investors allowed spring health to remain focused on continuing to deliver on expectations rather than on catering to an unacquainted investor diligence requests and allowed us to accrete ownership in one of our performing businesses in our portfolio at a balanced valuation the fair value of our aggregate investment largely corresponds to the valuation that the company was ascribed in the funding round spring health has grown its revenues since our late investment by more than on an basis and on an basis meanwhile during the same period our revenue multiple has contracted by almost percent through the recent funding round we believe the business is funded to break even and on track to reach cash flow profitability in one of our more early stage virtual care businesses parsley health also raised new capital in the quarter in a funding round led by a us investment firm founded by the founders of we participated in the round with a investment and our assessed fair value is at a slight discount to the valuation that the funding round was concluded at revenue and revenue growth key public as at quarter end unlisted portfolio weight fair value change interim report | Kinnevik

our businesses are typically against broad with a particular focus on high growth businesses such as snowflake snow and more transactional businesses like shop and for cedar more focused businesses like systems and docs growth remains a key driver of multiple levels and our businesses are valued at or below what is suggested by the correlation between growth and revenue multiples in the public market universe our assessed valuation multiples are also adjusted in consideration of differences in gross margins and thereby also long term profitability potential financial strength length of runway and the percentage share of recurring revenues versus more transaction based revenue at the end of cedar was engaging with million patients on an basis representing a percent increase since the begin of and an indicator of even higher revenue growth during the same period in late the company raised additional capital from a strategic investor at the same valuation the company raised funds at in early our valuation is at a percent discount to the implied valuation of this investment considering its small scale in the quarter we have raised our forward looking expectations on cedar financial per on the back of strong traction during late and early launched its offering in new countries during added more than new clients and doubled its revenues during the year the company also its organization to improve its profitability and prolong its cash runway has started strong with above plan growth in recurring subscription revenues and a stabilizing client spend after a tumultuous closed with revenue growth of compared to and with more than in annual recurring revenue growth last year was explosive benefiting from a sharp rebound in travel and continued strong acquisition of new clients in the company naturally faces significantly year on year comparable figures but is still expected to grow at a significantly higher pace than its public market revenue and revenue growth key public as at quarter end unlisted portfolio weight flat fair value change interim report | Kinnevik

consumer finance our consumer finance businesses are against different but in part overlapping public market reflecting their and similarities in business models betterment is primarily against digital wealth managers such as and save as well as the public company universe considering the recurring revenue cha of its fee based aum model aum was almost flat in despite the being down more than percent and the being down almost percent facing this considerable bet still grew revenues in double digit percentages in through an improved customer offering and a more diversified business model than historically has been the case growth is expected to pick up materially in but remains sensitive to movements in the stock market lunar is against a mix of the digital wealth managers and consumer subscription businesses such as and match group considering the similarities in business model albeit with very different offerings and underlying consumer markets in the company grew its customer base by more than percent during the first quarter lunar raised in new financing from existing investors participated with slightly less than our pro rata share of the round and our fair value is more than percent below the valuation implied by this funding round is against similar peer groups as lunar but with references drawn to licensing businesses such as cisco and oracle with respect to its revenue streams in this quarter we are writing down our investment by a magnitude that sets our valuation back to the levels prevailing during the first half of reflecting higher than expected investment in its offering the continued relative growth of the company offering also warrants a slightly increased multiple considering the more attractive margin structure of this business line relative to the consumer offering revenue and revenue growth key public as at quarter end unlisted portfolio weight fair value change interim report | Kinnevik

change in fair value of financial assets change in unrealized gains or losses for assets in level for the period are in the income state as change in fair value of financial assets sensitivity analysis against multiples in addition to sensitivities of our three unlisted businesses above for all companies valued using an increase in the multiple by percent would have increased the assessed fair value by similarly a decrease in multiple by percent would have decreased the assessed fair value by | Kinnevik

fair value of financial assets | Kinnevik

investments in financial assets | Kinnevik

currently has no bank loans outstanding and its bank facilities when drawn carry variable interest rates debt capital market ing typically consist of commercial paper and senior unsecured bonds commercial paper may be issued with a maximum tenor of months under commercial paper program and senior cured bonds may be issued with a minimum tenor of months under medium term note program in order to hedge interest rate risks has entered into a number of interest rate swap agreements whereby it pays a fixed annual interest rate also on bonds with a floating rate coupon the derivatives had a positive market value of at the end of the quarter and are marked to market based on discounted cash flows with observable market data the derivatives are covered by agreement as at march the average interest rate for outstanding senior unsecured bonds amounted to percent and the weighted average remaining tenor for all credit facilities amounted to years the carrying amount of the liabilities is a reasonable approximation of fair value as they bear variable interest rates note dividends received note interest bearing assets and liabilities the net interest bearing assets amounted to and kin was in a net cash position of as at march total credit facilities including issued bonds amounted to as at march whereof related to revolving credit facilities and related to bonds with maturity in years the group available liquidity including short term investments and available credit facilities totalled as at march pay | Kinnevik

parent company financial statements condensed parent company income statement interim report | Kinnevik

condensed parent company balance sheet interim report | Kinnevik

condensed parent company balance sheet interim report | Kinnevik

distribution by share class per march | Kinnevik

definitions and alternative performance measures applies the guidelines on alternative performance measures an is a financial measure of historical or future financial performance financial position or cash flows other than a financial measure defined or specified in the cable financial reporting framework for consolidated accounts this typically means are disclosed when they complement performance sures defined by the basis for disclosed are that they are used by management to evaluate the financial performance and in so believed to give analysts and other stakeholders information definitions of all used are found below and reconciliations can be found on corporate gross debt interest bearing liabilities including unpaid investments divest internal rate of return the annual rate of return calculated in quarterly intervals on a basis that renders a zero net present value of i fair values at the beginning and end of the respective measurement period investments and and cash dividends and dividends in kind investments all investments in fixed listed and unlisted financial assets in loans to portfolio companies average remaining duration the value weighted average number of years until maturity for all credit facilities including outstanding bonds market capitalization market value of all outstanding shares in at the end of the period debt equity ratio interest bearing liabilities including interest bearing provisions divided by share holders equity net asset value net value of all assets on the balance sheet equal to the sha equity all in fixed listed and unlisted financial assets equity ratio shareholders equity as a percentage of total assets gross cash short term investments cash and cash equivalents and other interest bearing receivables net asset value change change in net asset value without adjustment for dividend paid or other transactions with shareholders net asset value per share total net asset value attributable to each share based on the number of shares outstanding at the end of the period net cash net debt gross cash less gross debt net cash net debt including net loans to companies gross cash and net outstanding receivables relating to portfolio companies less gross debt net cash to portfolio value leverage net cash debt excluding net loans to companies as percentage of portfolio value net investments the net of all investments and in fixed listed and unlisted financial assets net profit loss per share before and after dilution net profit loss for the period attributable to each share based on the average number of shares outstanding during the period before and after dilution total book value of fixed financial assets held at fair value rough profit or loss total shareholder return total return of the share on the basis of shareholders all cash dividends dividends in kind and mandatory share redemption proceeds into the share before tax on each respective dividend date the value of shares held at the end of the measurement period is divided by the price of the share at the beginning of the period and the resulting total return is then recalculated as an annual rate | Kinnevik

other information annual general meeting the annual general meeting will be held in on may further details on how and when to register the notice is available at dates for financial reports interim report for june this interim report has not been subject to specific review by the company auditors this information is information that is obliged to make public pursuant to the 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 on interim report for for further information visit or contact chief executive officer litz director investor relations phone press ambition is to be leading listed growth investor we back the best digital companies for a everyday and to deliver significant returns we understand complex and fast changing consumer behaviours and have a strong and expanding portfolio in and climate tech as a long term investor we strongly believe that investing in sustainable business models and diverse teams will bring the returns for shareholders we back our companies at every stage of their journey and invest in with a focus on the and in the us was founded in by the and horn families shares are listed on list for large cap companies under the ticker codes a and | Kinnevik

for further information visit or contact litz director investor relations phone press | Kinnevik

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