Kinnevik Results Presentation Deck
Intro
Note 5 Dividends Received
SEK m
Tele2
Total dividends received
Of which ordinary cash
dividends
Q2
2022
KINNEVIK
3 077
3 077
Net Asset Value
Q2
2021
1 126
1 126
638 563
H1
2022
Interim Report. Q2 2022
3 077
3 077
638
H1
2021
1 126
1 126
FY
2021
1 689
1 689
Note 6 Interest Bearing Assets and Liabilities
The net interest bearing assets amounted to SEK 13,766m and Kin-
nevik was in a net cash position of SEK 13,592m as at 30 June 2022.
Kinnevik's total credit facilities (including issued bonds) amounted
to SEK 8,630m as at 30 June 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 first 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
22.349m as at 30 June 2022 (SEK 15,869m as at 31 December 2021).
563 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/dividends receivables
Net Interest Bearing Assets
Net Cash/(Net Debt) for the Group
30 Jun
2022
71
13 690
3 277
251
131
17 420
3 500
-14
27
3 513
3 513
13 907
-141
13 766
13 592
30Jun
2021
130
3 884
2 584
212
6 810
1 500
-14
37
1 523
1 400
1 400
2 923
3 887
563
4 450
4 320
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 251m 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 30 June
2022, the average interest rate for outstanding senior unsecured
bonds amounted to 1.3 percent and the weighted average remain-
ing tenor for all Kinnevik's credit facilities amounted to 2.7 years. The
carrying amount of the liabilities is a reasonable approximation of
fair value as they bear variable interest rates.
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