It was a casual Italian who on Friday presented Kinnevik’s financial statements for 2014. With a view of Saint George and the Dragon in the Old Town, in the alley where Kinnevik agree to, everyone knows in the Stenbeck sphere victory never is given, but yesterday it was something of triumph.
On the Stockholm Stock Exchange rose Kinnevik with around 6 percent when Lorenzo Grabau put forth the figures for 2014. The total value of Kinnevik’s portfolio corresponded at the turn of SEK 304 verdict per share – $ 50 more than the rate in the B share was traded for the day before the report. This, coupled with the announcement of a dividend of SEK 7 to 7:25 Kinnevik got to climb.
– 2014 was a very good year for Kinnevik, when we made major changes in the portfolio through IPOs. Our business grew in value and we can therefore have a greater dividends now. But the main thing was that we invested to maintain control over the business we have. 2015, we will continue that way.
To Kinnevik share overall still fell slightly in 2014 to answer Lorenzo Grabau like this:
– It was a volatility because the investors and analysts estimated tillångarnas value in an unpredictable way.
It’s IPOs of the e-commerce Zalando in fashion and Rocket Internet in the further development of smart internet ideas that are crucial to the positive figures. In one year Kinneviks portfolio increased by just under 19 billion in value. More than 16 billion of this consists of increases in value in Zalando and Rocket Internet, which accounts for 7 and 9 billion of the increase in value each.
“I think that Christina was very anxious to get into Anders Borg of the Board”
Lorenzo Grabau.
A year ago it was still Tele2 Kinnevik’s second largest asset after Millicom. Today it Zalando. What has happened?
– Both of these have gone very well but Zalando, that was very carefully evaluated, has publicly introduced. So Zalando has received a boost, says Lorenzo Grabau.
During Friday was it Kinnevik’s holding in Rocket Internet, 14.2 percent, which rattled the most. The upstart suited namely to tell you that for the corresponding 4.7 billion Swedish kronor buys 30 percent of German Delivero Hero, an online service for home delivery of takeaway. To make matters worse announced Rocket Internet also that it is investing almost 1 billion and receive a majority of the British food services Hello Fresh selling recipes and ingredients for home delivery.
The management of Kinnevik makes clear, however, that the important cash flow will still from the more established companies. Especially Tele 2 describes Lorenzo Grabau as a crucial part of Kinnevik’s core business as “absolutely not to be sold” because they “generate such a strong cash flow of dividends.”
– In Norway, we felt obliged to sell Tele 2 when we did not get the licenses we needed. It was not such a profitable company. And we previously sold KorsnÊs was due to activity in paper and packaging is not our core business.
A bushy portfolio, that includes everything from fashion to telephony and finance with many different companies worldwide, making Kinnevik easily be perceived as exotic. Perhaps precisely because emphasizes the Italian Lorenzo Grabau that “the most important thing we have is the Swedish” that “Kinnevik is Swedish.” Self he spends a quarter of his time in Sweden, and all Board meetings are held in the Old Town.
– I think that Christina was very anxious to get into Borg on the board, because he is an example of a global financial expertise in Sweden, with deep understanding and connecting with emerging markets, says Lorenzo Grabau.
Kinnevik’s largest telecom operator, Millicom operating in a variety of African and Latin American countries, has been affected by currency fluctuations and uncertainty in emerging markets. Over the full year fell Millicom’s value in Kinnevik’s portfolio of over 2 billion. But at the same time five different e-commerce for fashion merged into the “Global Fashion Group” provides according Kinnevik’s financial statements increased value of 3 billion. According to the Financial Statements takes thus amply again on the swings what you lose on the roundabouts.
– We are obviously pleased Global Fashion Group. We see it as a new Zalando new markets.
What other smaller companies in your portfolio do you see as fast growers?
– A couple of them are very interesting for us, as Qliro Group in Sweden, an e-commerce company that has just launched financial services. Another is Bima, a micro-insurance in developing and emerging countries.
It is thus innovative companies currently supplying both market capitalization and bright hope for the future of Kinnevik. But ultimately it is of course up to the credentials of the new web-based businesses to demonstrate that the valuation is right.
Lorenzo Grabau had understood questions about the fast-growing Zalando could have declining sales during the third quarter of last year, something that has just now makes it very exciting to wait Zalandos report coming in March.
– When fashion market is not growing, we are very pleased Zalandos growth year on year. Zalando is a leading e-commerce, but there is a seasonality in fashion, so the third quarter is a little weaker than, for example, later in the year.
According to Lorenzo Grabau is Zalando past the stage where it will be on investment buying growth as seen in more startups competitors who lately have shown substantial growth. The idea is that when a company has grown so large that Zalando online, so it continues to grow its own power.
What can be the next sale or merger become?
– We have just now focus on improvement of all our businesses. But if you want to sell, the store must be good. It could happen, but we do not advertise in advance, says Lorenzo Grabau.
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