Kinnevik Results Presentation Deck
Intro
Note 5 Dividends Received
SEKM
Tele2
Total Dividends Received
of which Ordinary Cash Dividends
Net Asset Value
KINNEVIK
Q1
2023
Q1
2022
Interim Report Q1 2023
FY
2022
Note 6 Interest Bearing Assets and Liabilities
The net interest bearing assets amounted to SEK 10,819m and Kin-
nevik was in a net cash position of SEK 10,506m as at 31 March 2023.
Kinnevik's total credit facilities (including issued bonds) amounted
to SEK 8,630m as at 31 March 2023 whereof SEK 5,000m related to
unutilised revolving credit facilities and SEK 3,500m related to bonds
with maturity in 2-5 years.
3 538
3 538
1 099
The Group's available liquidity, including short term investments
and available unutilized credit facilities, totalled SEK 19,372m (13,571)
as at 31 March 2023.
Portfolio Overview
SEKM
Interest Bearing Assets
Loans to Investee Companies
Short-term Investments
Cash and Cash Equivalents
Interest Rate Swaps Revaluation
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
Total
Total Interest Bearing Liabilities
Sustainability
Net Interest Bearing
Assets/(Liabilities)
Net Unpaid Divestments and Di-
vidend Receivables/(Investments)
Net Interest Bearing Assets
Net Cash/(Debt) for the Group
31 Mar
2023
205
10 804
3 184
254
129
14 576
3 500
-11
21
3510
0
3510
11 066
-247
10 819
10 506
31 Mar
2022
200
7 751
690
154
145
8 940
3 500
-15
27
3512
0
3512
5 428
-133
5 295
4 977
31 Dec
2022
225
10 738
3 110
286
129
14 488
3 500
-12
21
3 509
0
3 509
10 979
-259
10 720
10 387
Financial Statements
Other
Kinnevik currently has no bank loans outstanding, and its bank facilities
when drawn carry variable interest rates. Debt capital market financ-
ing typically consist of commercial paper and senior unsecured bonds.
Commercial paper may be issued with a maximum tenor of 12 months
under Kinnevik's SEK 5bn commercial paper program, and senior unse-
cured bonds may be 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 254m 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 2023, the average interest rate for outstanding senior
unsecured bonds amounted to 1.3 percent and the weighted average
remaining tenor for all Kinnevik's credit facilities amounted to 2.0 years.
The carrying amount of the liabilities is a reasonable approximation of
fair value as they bear variable interest rates.
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