Kinnevik Results Presentation Deck
Intro
Note 5 Dividends Received
SEK m
Tele2
Total dividends received
Of which ordinary cash dividends
Net Asset Value
KINNEVIK
Q1 2022 Q1 2021
FY 2021
Note 6 Interest Bearing Assets and Liabilities
The net interest bearing assets amounted to SEK 5,295m and Kinnevik
was in a net cash position of SEK 4,977m as at 31 March 2022.
Kinnevik's total credit facilities (including issued bonds) amounted
to SEK 8,630m as at 31 March 2022 whereof SEK 5,000m related to
unutilised revolving credit facilities and SEK 3,500m related to bonds
with maturity in 3-7 years.
During the quarter, SEK 1,210m in outstanding corporate bonds fell
due for payment and the Group's available liquidity, including short
term investments and available unutilized credit facilities, totalled SEK
13,571m as at 31 March 2022 (SEK 15,869m as at 31 December 2021).
Interim Report Q1 2022
1 689
1 689
1 126
Portfolio Overview
SEK m
Interest Bearing Assets
Loans to investee companies
Short term investments
Cash and cash equivalents
Revaluation of Swap
Other interest bearing assets
Total
Interest Bearing Long Term Liabilities
Corporate bonds
Accrued borrowing cost
Other interest bearing liabilities
Total
Interest Bearing Short Term Liabilities
Corporate bonds
Total
Total Interest Bearing Liabilities
Net interest bearing assets (+)/
liabilities (-)
Sustainability
Debt, unpaid investments/divest-
ments
Net Interest Bearing Assets
Net Cash/(Net Debt) for the Group
31 Mar
2022
200
7 751
690
154
145
8 940
3 500
-15
27
3 512
0
3 512
5 428
-133
5 295
4 977
31 Mar
2021
185
3 883
2 807
0
212
7 087
1 500
-7
42
1 535
1 400
1 400
2 935
4152
-72
4 080
3 895
31 Dec
2021
137
6 684
3 860
5
210
10 896
3 500
-16
27
3 511
1 210
1 210
4 721
6 175
-471
5 704
5 384
Financial Statements
Other
Kinnevik currently has no bank loans outstanding, and its bank fa-
cilities when drawn carry variable interest rates. Debt capital market
financing consist of commercial paper and senior unsecured bonds.
Commercial paper is issued with a maximum tenor of 12 months un-
der Kinnevik's SEK 5bn commercial paper program, and senior un-
secured bonds are issued with a minimum tenor of 12 months under
Kinnevik's SEK 6bn medium term note program. In order to hedge
interest rate risks, Kinnevik 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 SEK 154m 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 ISDA agreement. As at 31 March
2022, the average interest rate for outstanding senior unsecured
bonds amounted to 1.3% and the weighted average remaining tenor
for all Kinnevik's credit facilities amounted to 3.0 years. The carrying
amount of the liabilities is a reasonable approximation of fair value
as they bear variable interest rates.
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