Net asset value (NAV) and financial results for the three-month period 2023
The VNV Global AB (publ) ("VNV Global") group's net asset value was USD 697.40 million (mln) on March 31, 2023 (December 31, 2022: 613.43), corresponding to USD 6.07 per share (December 31, 2022: 5.34). Given a SEK/USD exchange rate of 10.3837 the NAV was SEK 7,241.55 mln (December 31, 2022: 6,396.45) and SEK 63.03 per share (December 31, 2022: 55.68), respectively.
The group's NAV per share in USD increased by 13.69% and in SEK by 13.21%.
Net result for the period was USD 83.89 mln (January 1, 2022-March 31, 2022: -221.71), mainly driven by value changes in BlaBlaCar (USD 64.1 mln) and in Voi (USD 14.2 mln).
Earnings per share were USD 0.73 (-1.92).
Key events during the quarter January 1, 2023-March 31, 2023
Investments: During the first quarter of 2023, VNV Global invested USD 4.2 mln in financial assets, excluding liquidity management investments.
Rights issue: On March 23, 2023, VNV Global announced a fully covered rights issue of approximately SEK 328 mln to finance a EUR 25 mln secondary share purchase in BlaBlaCar, increasing VNV's stake in the company from 10.5% to 14.1%. The rights issue and BlaBlaCar transaction is expected to be finalized during the second quarter 2023.
Corporate Governance: On February 8, 2023, VNV Global announced that the Company's Nomination Committee had resolved to propose that Tom Dinkelspiel is elected as new Board member and new Chairman of the Board at the 2023 AGM on May 4, 2023. The Nomination Committee had also resolved to propose the election of Kelly Merryman as new Board member and the re-election of current Board members Josh Blachman, Per Brilioth, Ylva Lindquist and Keith Richman.
Kavall: During the quarter, VNV Global entered into an agreement to sell portfolio company Kavall to Mathem. Mathem is Sweden's largest online grocery retailer with revenues of around SEK 2.5 bln. VNV Global will own a small stake in the combined company post merger.
Key events after the end of the period
No key events after the end of the period.
The Company will hold a telephone conference with an interactive presentation at 16:00 CEST (10:00 a.m. EDT) Tuesday, April 4, 2023. To register for the conference call and webcast, see separate press release issued Monday, March 27, 2023, at www.vnv.global.
For further information please contact:
Björn von Sivers, bjorn@vnv.global, Investor Relations: +46 8 545 015 50
About Us
VNV Global brings together patient capital and network effect businesses to achieve the scale that drives profitability over the long term. We are opportunistic investors in business models that build strong moats. The common shares of VNV Global are listed on Nasdaq Stockholm, Mid Cap segment, with the ticker VNV. For more information on VNV Global, visit www.vnv.global.
This information is information that VNV Global AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-04-04 08:00 CEST.
