Interim report January-December 2020

January – December 2020

• Net asset value was SEK 239.6 per share compared to SEK 196.6 at the beginning of the year, corresponding to an increase of 21.8 per cent.
• Bure’s net asset value was SEK 17,763M compared to SEK 13,563M at the beginning of the year.
• Total return on the Bure share was 39.2 per cent compared to the SIX Return Index which increased 14.8 per cent.
• Consolidated profit after tax amounted to SEK 3,236M (4,229). Earnings per share amounted to SEK 45.1 (61.3).Net asset value was SEK 230.6 per compared to SEK 196.6 at the beginning of the year, corresponding to an increase of 17.3 per cent.

Fourth quarter 2020

• Net asset value was SEK 239.6 per share compared to SEK 230.6 at the beginning of the quarter, corresponding to an increase of 3.9 per cent.
• Bure announced a cash offer to Allgon AB (publ.) shareholders. In December 2020, Bure acquired 6.4 million shares in Allgon for SEK 70.9M.
• Bure acquired 0.31 million shares in BioLamina for SEK 53.2M, increasing its holding to 44.8 per cent.

Subsequent events

• Net asset value amounted to SEK 247.1 per share on 24 February 2021, corresponding to an increase of 3.2 per cent since the beginning of the year.
• In January 2021, 1.5 million shares in MedCap were divested for SEK 312.6M which resulted in an exit gain of SEK 282.9M.
• In December 2020, Bure announced a cash offer for Allgon AB (publ.) shareholders. In February, Bure’s holding in the company amounted to 93.2 per cent. Bure announced that a compulsory redemption of the remaining shares was to be initiated and that the Allgon share would be delisted from the First North exchange.
• Atle Investment Management completed the acquisition of Humle Fonder and took responsibility for the management of Humle Småbolagsfond and Humle Sverigefond on 11 January 2021.
• The Board of Directors proposed an ordinary dividend of SEK 2.00 per share (1.00) to the Annual General Meeting.

Comments from the CEO

I look back on 2020 with great humility. The outbreak of Covid-19 undoubtedly tested individuals, families, and communities in almost unimaginable ways. To prevent the spread of infection, severe restrictions were introduced, which also affected all business activity. Despite the pandemic and its enormous impacts, 2020 was a strong year for Bure. Net asset value per share increased 21.8 per cent compared to 14.8 per cent for the SIX RX. Initially, we saw dramatic falls in demand in several of the portfolio companies, including Vitrolife and Mercuri. Fortunately, the situation improved during the second half of the year to return to almost pre-Covid levels by the end of the year.

2020 was also a busy 12 months for Bure, with high levels of activity. During the year, we increased our holdings in several portfolio companies, including Cavotec, Mentice, Ovzon, and BioLamina, and just before the end of the year we made a public bid for Allgon. Bure’s ownership model is based on the work we do on portfolio companies’ boards. At times of crisis, this work increases in terms of quantity and importance. Collaboration between company management and the board is often decisive in how well a business navigates challenging conditions.

With so much uncertainty in the world, we were all forced to rethink and think anew in 2020. How can businesses function if you cannot travel and physical meetings are not possible? Production, sales, service, everything is affected, and new ways of working and processes need to be established. Managing these changes requires creativity, competence, and the right attitude. This is something that all our portfolio companies exhibited in 2020!

In May, we carried out a SEK 1 billion directed new share issue in Bure. Bure has a long history of successfully developing companies and we believe that we have the capacity to do more of what we do. For me and the organization, this capital injection was therefore extremely inspiring as it gives us the opportunity to continue developing Bure.

Bure Equity AB (publ)