Kinnevik's net asset value increases 5 percent in Q1

Kinnevik reported NAV of 117.8 billion Swedish krona or 424 Swedish krona per share, up 6.1 billion Swedish krona or 5 percent in the quarter. The company’s net cash position stood at 3.9 billion Swedish krona, corresponding to 3.4 percent of portfolio value by quarter-end. The company said that its NAV was negatively impacted by lower valuations in emerging markets and soft share price performance in Zalando.

“Kinnevik started 2021 from a position of strength across our portfolio, and we continued to build on that platform during the first quarter. Our planned distribution of our shares in Zalando will enable Kinnevik to take a step-change in our strategic transformation, further increasing our focus on our younger growth portfolio,” said Georgi Ganev, CEO of Kinnevik in a release.

Highlights of Kinnevik’s Q1 and events after quarter-end The company added that key strategic highlights of the quarter, included proposal to distribute Zalando to Kinnevik’s shareholders.

The company participated with 30 million dollars in Cityblock’s funding round, material uplift in the valuation of Cedar in connection with the company’s 200 million dollars fundraise, material uplift in the valuation of VillageMD as a result of strong operational performance and expanding multiples and investment of 70 million dollars into Vivino, online wine marketplace and wine app.

In April, Kinnevik announced its participation with 200 million Norwegian krone in a funding round by Kolonial.no / Oda, emerging as the largest shareholder and introducing new partners Softbank and Prosus.

The company also announced that chairman Dame Amelia Fawcett and deputy chairman Henrik Poulsen have decided not to seek re-election to the board and Wilhelm Klingspor has elected to step down after a tenure of more than 20 years as board director.

Kinnevik added that James Anderson has been proposed as new chairman of the board and Harald Mix as new director of the board.