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

The VNV Global AB (publ) (“VNV Global”) group’s net asset value was USD 690.64 million (mln) on September 30, 2022 (December 31, 2021: 1,401.13), corresponding to USD 6.01 per share (December 31, 2021: 12.13). Given a SEK/USD exchange rate of 11.2899 the NAV was SEK 7,797.18 mln (December 31, 2021: 12,663.61) and SEK 67.87 per share (December 31, 2021: 109.63), respectively.

The group’s NAV per share in USD decreased by -50.39% and in SEK by -38.03%.

Net result for the period was USD -704.71 mln (January 1, 2021–September 30, 2021: 276.95), mainly driven by value changes in Babylon USD -231.5 mln, Swvl USD -107.3 mln, Gett USD -98.2 mln, and Voi USD -85.6 mln.

Earnings per share were USD -6.13 (2.65).

Financial results for the third quarter 2022

Net result for the quarter was USD -158.69 mln (149.45) mainly driven by value changes in Swvl USD -81.3 mln, Babylon USD -21.8 mln and Voi USD -14.5 mln. Earnings per share were USD -1.38 (1.41).

Key events during the quarter July 1, 2022–September 30, 2022

Investments: During the third quarter of 2022 VNV Global invested USD 9.8 mln.

Exits: In July 2022, VNV Global entered into an agreement to sell its entire holding in Property Finder for a consideration of USD 39 mln which was in line with VNV Global’s valuation of its holding as per June 30, 2022. The transaction was completed in September 2022.

Incentive share issue: During August 2022, VNV Global issued a total of 1,190,000 shares of class C 2022 under the Company’s Long-Term Incentive Program 2022 adopted at an Extraordinary General Meeting on March 11, 2022. The total number of shares and votes in VNV Global as per September 30, 2022, amounts to 119,149,152 of which 114,888,469 common shares and 4,260,683 incentive shares.

Gett financial restructuring: The financial restructuring of portfolio company Gett is now complete, resulting in Gett being an essentially debt-free company with VNV Global as the largest owner. The company is performing well operationally and is now EBITDA positive.

CMD: During the quarter, VNV hosted its Capital Markets Day in New York where several portfolio companies gave updates on their businesses. Recordings from the event are available on the VNV website via this link.

Key events after the end of the period

After the end of the third quarter, Babylon announced a capital raise of USD 80 mln, of which VNV participated with USD ~20 mln. This money will together with the proceeds from a planned exit from one of its US assets give the company the funding it needs to reach profitability.