Kinnevik Results Presentation Deck
Intro
Note 5 Dividends Received
SEK m
Tele2
Total dividends received
Of which ordinary cash
dividends
Q3
2022
KINNEVIK
Net Asset Value
Q3
2021
Jan-
Sep
2022
Interim Report Q3 2022
3 077
3 077
638
Jan-
Sep
2021
FY
2021
1 126
1 689
1 126 1 689
Note 6 Interest Bearing Assets and Liabilities
The net interest bearing assets amounted to SEK 12,863m and Kinnevik
was in a net cash position of SEK 12,530m as at 30 September 2022.
Kinnevik's total credit facilities (including issued bonds) amounted to
SEK 8,630m as at 30 September 2022 whereof SEK 5,000m related to
unutilised revolving credit facilities and SEK 3,500m related to bonds
with maturity in 2-6 years.
During the first quarter, SEK 1,210m in outstanding corporate
bonds fell due for payment and the Group's available liquidity, includ-
ing short term investments and available unutilized credit facilities,
totalled SEK 21,104m as at 30 September 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 Sep
2022
231
13 692
2 282
301
129
16 635
3 500
-13
27
3 514
3 514
3 514
13 121
-258
12 863
12 530
30 Sep
2021
150
3 887
810
0
210
5 057
1 500
-13
34
1 521
1 400
1 400
2 921
2 136
-1
2 135
1 809
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 301m 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 Sep-
tember 2022, the average interest rate for outstanding senior un-
secured bonds amounted to 1.3 percent and the weighted average
remaining tenor for all Kinnevik's credit facilities amounted to 2.4
years. The carrying amount of the liabilities is a reasonable approxi-
mation of fair value as they bear variable interest rates.
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