Kinnevik
chief executive review dear shareholders was a dramatic year dominated by the war in causing massive man suffering and geopolitical tension and exacerbating global financial instability inflation and in creasing interest rates have led to a steep decline in investor risk appetite after two years of dance this has particularly affected valuations of growth companies and had a significant negative impact on net asset value in with measures taken to improve profitability and pro long runways our companies are entering with more resilient financial plans this combined with our own solid financial position long term view and active ownership approach enables us to remain firmly focused on the continued execution of our strategy our net asset value amounted to or per share at the end of down by or percent compared to one year ago and down or percent during the fourth quarter the development during the quarter was driven by a percent write down of the carrying value of our unlisted investments reflecting continued pressure in valuation levels of comparable public market growth and a more cautious and uncertain outlook a more resilient portfolio during late and through valuations of high growth companies skyrocketed our private growth companies pro significant returns during these two years and raised large amounts of capital to finance expansive growth plans in the price of growth capital has materially leading to write downs in our private portfolio of around percent beneath this material swing however we have seen great underlying operational progress across the portfolio our companies grew revenues by around percent on average in both and quadrupling in scale to bring our companies plans in line with the current cost of capital they have now dialled down their growth ambitions as appropriate to reach profitability or at least extend their runway with these measures our portfolio is entering not only with valuations that reflect current market multiples but also with more cautious business plans almost percent of our private portfolio is invested in companies that are profitable or have runways that enable them to reach profitability under their current business plans around percent is invested in companies with runways extending beyond the end of and around percent of the value of our private portfolio sits in whose runways end in this is a material improvement in the average runway profile of the private part of our net asset value and is a consequence of three factors a handful of our companies have managed to raise new capital during late has improved across our portfolio and we have written down our financially frail companies more forcefully than our companies with a robust path to profitability the nature of early stage investing is that a small number of investments deliver the lion share of returns during we expect this pattern to become more distinct we will continue to focus on maximizing the potential and impact from our businesses where our conviction has grown while remaining disciplined in pruning other parts of the portfolio evolving our portfolio using a proven method during the last five years has been on a journey we ended with almost percent of our portfolio being invested in private growth companies and a net cash position compared to percent and a net debt position at the end of this transformation is the result of value creation and capital real location despite this year write downs and the considerable amount of capital we have deployed during the portfolio we started building in has generated an of around percent since inception this together with the substantial capital reallocated within our growth portfolio are clear proof points that our strategy works building sector allows us to go beyond the consensus in picking the category defining companies of the future and is key to our long term success through the years we have built a prowess a portfolio and a track record in three areas and and in each area we have added companies in a balanced way across various stages of growth and maturity sector does not stand in contrast to change the portfolio is a good example of how investment theses and focus areas have evolved and will continue to do so we built our portfolio first in virtual care then moved into value based care and specialty care and most recently invested into drug discovery through recursion the combination of | Kinnevik
Company
Deck Type
Sector
Industry
Deck date
February 2023
Slide
4 of 43
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