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
Company
Deck Type
Sector
Industry
Deck date
April 2023
Slide
19 of 45
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Results
July 2023
financial review capital reallocation capital structure capital allocation framework financial targets during the quarter we focused our deployment on follow portfolio more than half of this deployment related to acquisitions of secondary shares in spring health these acquisitions bring our aggregate commitment to the company to making it our aggregate investment since the beginning of our transformation in the remaining in follow ons were primarily invested as those into spring health and in the previous quarter serve as examples of our ability and priority to capture to deploy into our highest conviction in the current market environment in carbon removal business charm industrial and company both of which we will be looking to increase over time as and if they meet our expectations our outlook at the beginning of was to invest around split roughly between new investments and follow on investments into the existing portfolio these expectations were primarily sensitive to two factors our ability to deploy as much as we would like into our existing high conviction businesses and our ability to source attractive new opportunities in the current market environment as a consequence of the completion of our significant follow on investment into spring share of investments into the existing portfolio to be closer to two thirds of our aggregate investments than the split set out at the onset of the year this net cash position was mainly made up of in cash and short term investments less in senior unsecured bonds with a remaining tenor ding months during the second quarter received in ordinary dividends from tele and we expect to receive another in ordinary dividends in the fourth quarter of 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 attractive returns objective is to generate a long term total return to our shareholders in excess of our cost of we aim to deliver an annual total shareholder return of percent over the business cycle low leverage not exceeding percent of portfolio value shareholder remuneration policy generates shareholder returns primarily through appreciation and will seek to return excess generated by its investments to shareholders through extra dividends | Kinnevik
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