Net asset value (NAV) and financial results for the six-month period 2022

The VNV Global AB (publ) (“VNV Global”) group’s net asset value was USD 849.24 million (mln) on June 30, 2022 (December 31, 2021: 1,401.13), corresponding to USD 7.41 per share (December 31, 2021: 12.13). Given a SEK/USD exchange rate of 10.1595 the NAV was SEK 8,627.89 mln (December 31, 2021: 12,663.61) and SEK 75.31 per share (December 31, 2021: 109.63), respectively.

The group’s NAV per share in USD decreased by -38.89% and in SEK by -31.31%.
Net result for the period was USD -546.02 mln (January 1, 2021–June 30, 2021: 127.51), mainly driven by value changes in Babylon USD -209.7 mln, Gett USD -96.6 mln, and Voi USD -71.1 mln. 

Earnings per share were USD -4.75 (1.23).
 
Financial results for the second quarter 2022

Net result for the quarter was USD -324.31 mln (103.82). Earnings per share were USD -2.82 (0.97).
 
Key events during the quarter April 1, 2022–June 30, 2022

Investments: During the second quarter of 2022 VNV Global invested USD 41.8 mln to acquire the outstanding debt of Gett, which was the only significant investment during the quarter. Gett is currently going through a financial restructuring where VNV Global is expected to become the largest shareholder with a significantly increased minority holding.

Exits: During the second quarter of 2022, VNV Global sold its remaining shares in Hemnet for proceed of USD 42.0 mln. Including previously sold shares VNV Global generated total proceeds of USD 81 mln, equating to total IRR of 50.5% since VNV Global’s original investment of USD 10 mln in December 2016.

Portfolio operational development: During the second quarter of 2022 the investment portfolio as a whole has continued to develop well on an operational level. Most companies are performing inline or ahead of their original 2022 top-line budgets and have also completed or are currently performing exercises to decrease cash burn and extend runway to reach profitability earlier than previously planned.

Share repurchase and cancellation: On May 24, 2022, VNV Global announced that the Company’s Board of Directors had resolved, by virtue of authorisation by the annual general meeting on May 12, 2022, to resolve on the acquisition of the company’s own ordinary shares. During the second quarter, 322,871 shares were repurchased and 1,535,078 previously repurchased shares were cancelled. The remaining repurchased shares are held in treasury.
 
Key events after the end of the period

After the end of the period, VNV Global entered into an agreement to sell its entire holding in Property Finder for a consideration of USD 39 mln which is in line with VNV Global’s valuation of its holding as per June 30, 2022. The transaction is expected to close in August 2022, subject to the satisfaction of customary closing conditions, including any applicable regulatory approvals.
 
 
The Company will hold a telephone conference with an interactive presentation at 16:00 CEST (10:00 a.m. EDT) Thursday, July 14, 2022. To register for the conference call and webcast, see separate press release issued Tuesday, July 5, 2022, at www.vnv.global.