Kinnevik Ab Class A · OMXSTO:KINV_A
Kinnevik Ab Class A — Q3 2009 Earnings Presentation
15 slides from Kinnevik Ab Class A's earnings presentation, 2009
Slide 1: Presentation of Third Quarter 2009
PRESENTATION OF THIRD QUARTER 2009
Slide 2: Third Quarter Highlights
THIRD QUARTER HIGHLIGHTS • Acquisition of Emesco closed • Value of Major Listed Holdings increased by SEK 5.8bn to SEK 36.9bn • Korsnäs – Strong EBIT of 322 million • Millicom - Strong growth in market share • Tele2 – 6 new regions launched in Russia • MTG – sales growth in seasonally weak quarter •
Slide 3: Portfolio View
PORTFOLIO VIEW MAJOR LISTED HOLDINGS MAJOR UNLISTED NEW VENTURES HOLDINGS •Agenda for growth and •Maximise return •Diversify Kinnevik’s profitability through operational assets from maturing focus, control over to high growth •Long-term view but cash-flow and efficient with high return targets geari
Slide 4: Korsnäs
MAJOR UNLISTED HOLDINGS KORSNÄS KORSNÄS’ KEY RATIOS Q3 2009 M SE K • Second largest liquid board producer globally 2 000 2 0 ,0 % • Premium quality producer of folding carton board 1 500 1 5 ,0 % 1 000 1 0 ,0 % 500 5 ,0 % Q3 2009 0 0 ,0 % Q 308 Q 309 • Sales of SEK 1,915m Sales E BI T E BI T margin
Slide 5: Millicom
MAJOR LISTED HOLDINGS MILLICOM USD m Q3 2009 Q3 2008 y-o-y % Total revenues 856 800 7 EBITDA 392 346 13 EBITDA margins 45.8% 43.2% Subscribers, end of period (m) 31.9 26.5 20 • Underlying growth rate maintained despite challenging economic climate • Strong growth in market share • Growing demand for
Slide 6: Tele2
MAJOR LISTED HOLDINGS TELE 2 SEK m Q3 2009 Q3 2008 y-o-y % Operating revenue 9,763 9,520 3 EBITDA 2,375 2,240 6 EBITDA margins 24% 24% Mobile subscribers, end of period (m) 21.3 18.4 • Solid customer intake in Sweden • Early success in roll-out of new regions in Russia • Stable operational developme
Slide 7: MTG
MAJOR LISTED HOLDINGS MTG SEK m Q3 2009 Q3 2008 y-o-y % Total revenues 3,177 2,960 EBIT before non- recurring items 377 582 EBIT margins (%) 12 20 • Continued sales growth despite recession • Higher market share in most markets • Stronger competitive position moving forward 7
Slide 8: Metro
MAJOR LISTED HOLDINGS METRO METRO’S GLOBAL READERSHIP • Net revenue down 8% on a comparable basis 25 000 • Operating loss EUR 4.6 million in Q3 20 000 • Metro Italy divested in the third quarter 15 000 Commercial partners • Metro outperforming global newspaper 10 000 Estimate markets 5 000 NRS • Ste
Slide 9: Transcom
MAJOR LISTED HOLDINGS TRANSCOM REGIONAL BREAKDOWN OF SALES Q3 2009 SOUTH 14% WEST & CENTRAL 24% • Net sales EUR 134.3million IBERIA • Sequential growth in CRM in all but one region 18% • Gross margin improved to 23% • Strong EBITA contribution from North America 23% NORTH and West &Central Europe 20
Slide 10: New Ventures – Current Portfolio
NEW VENTURES NEW VENTURES – CURRENT PORTFOLIO • 10 investments in high growth segments • Total value of Kinnevik’s share 1.3bn at the end of September 2009 • One new investments in the third quarter: – Private equity fund in Nigeria 10
Slide 11: Kinnevik's Net Asset Value Q3 2009
KINNEVIK’S NET ASSET VALUE Q3 2009 (SEK m) 39 352 40 000 36 925 29 970 29 101 30 000 20 000 9 471 10 000 8 396 1430 1420 59 49 0 -10 000 -9 016 -8 513 New Interest bearing MULH MLH Other TOTAL Ventures net debt 11 Q2 2009 Q3 2009
Slide 12: Kinnevik's See Through P&L Development
KINNEVIK’S SEE THROUGH P&L DEVELOPMENT (SEK m) 40 000 27% 35 000 24% 21% 30 000 18% 25 000 15% 20 000 12% 15 000 9% 10 000 6% 5 000 3% 0 0% Q407 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Sales * EBIT * EBIT margin • Robust sales and profits development in spite of global crisis 12 * Rolling 4-quarter
Slide 13: Kinnevik's Balance Sheet September 2009
KINNEVIK’S BALANCE SHEET 30 SEPTEMBER 2009 MAJOR UNLISTED HOLDINGS – NET Major Unlisted DEBT- Net Holdings TODebt EBITDA to EBITDA • Stable financial position (mSEK) 9 000 (xEBITDA) 10,0 x 8 000 9,0 x • Kinnevik’s net debt SEK 8.4bn 7 000 8,0 x 6 000 7,0 x • SEK 5.8bn against Korsnäs 5 000 4 000 6,0
Slide 14: Why Kinnevik?
WHY KINNEVIK? • 30 years – average annual return 18% • Year-to-date 55% (per 21 October) 14
Slide 15: Thank You for Listening!
THANK YOU FOR LISTENING! \ “\ NY N Ny N » Ne S N N \K