Kinnevik Results Presentation Deck
Intro
Note 5 Dividends Received
SEK m
Tele2
Total dividends received
Of which ordinary cash dividends
Net Asset Value
KINNEVIK
Q4 Q4
FY FY
2022 2021 2022 2021
461
461
461
563
563
563
Interim Report. Q4 2022
3 538
3 538
1 099
Note 6 Interest Bearing Assets and Liabilities
The net interest bearing assets amounted to SEK 10,720m and Kinnevik
was in a net cash position of SEK 10,387m as at 31 December 2022.
Kinnevik's total credit facilities (including issued bonds) amounted to
SEK 8,630m as at 31 December 2022 where of 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 19,264m as at 31 December 2022 (SEK 15,869m as at
31 December 2021).
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
Sustainability
Interest Bearing Short Term Liabilities
Corporate bonds
Total
Total Interest Bearing Liabilities
Net interest bearing assets (+)/ liabilities (-)
Debt, unpaid investments/divestments/divi-
dends receivables
Net Interest Bearing Assets
Net Cash/(Net Debt) for the Group
31 Dec
2022
225
10 738
3 110
286
129
14 488
3 500
-12
21
3 509
3 509
10 979
-259
10 720
10 387
31 Dec
2021
137
6 684
3 860
5
210
10 896
3 500
-16
27
3511
1210
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 286m 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 De-
cember 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 2.2
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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