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VNV Global AB (publ) Financial Report for the Second Quarter and the First Six Months 2023

VNV Global
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–    Net asset value: SEK 7.84 bn
–    NAV per share: SEK 59.84
–    NAV change, period (in SEK): 7.48%
–    NAV change, quarter (in SEK): -5.07%


Net asset value (NAV) and financial results for the six-month period 2023

The VNV Global AB (publ) (“VNV Global”) group’s net asset value was USD 725.42 million (mln) on June 30, 2023 (December 31, 2022: 613.43), corresponding to USD 5.54 per share (December 31, 2022: 5.34). Given a SEK/USD exchange rate of 10.8041 the NAV was SEK 7,837.54 mln (December 31, 2022: 6,396.45) and SEK 59.84 per share (December 31, 2022: 55.68), respectively.

The group’s NAV per share in USD increased by 3.73% and in SEK by 7.48% during the period. During the quarter, the NAV per share in USD decreased by -8.76% and in SEK by -5.07%.

Net result for the period was USD 82.02 mln (January 1, 2022–June 30, 2022: -546.02), mainly driven by value changes in BlaBlaCar (USD 107.2 mln) and in Gett (USD -18.9 mln). 

Earnings per share were USD 0.69 (-4.75).

Financial results for the second quarter 2023

Net result for the quarter was USD -1.87 mln (-324.31), mainly driven by value changes in BlaBlaCar (USD 43.1 mln) and in Gett (USD -23.4 mln). 

Earnings per share were USD -0.02 (-2.82).

Key events during the quarter April 1, 2023–June 30, 2023

Investments: During the second quarter of 2023, VNV Global invested USD 31.5 mln in financial assets, excluding liquidity management investments.

Follow-on investment in BlaBlaCar: During the second quarter of 2023, VNV closed its previously announced investment of EUR 25 mln of secondary shares in BlaBlaCar, increasing VNVs stake in the company from 10.5% to 13.7%. The acquisition of BlaBlaCar shares was financed by a rights issue that closed in May 2023. 

Rights issue: On May 5, 2023, VNV Global announced the results of its fully guaranteed rights issue. The rights issue was oversubscribed at SEK 20 per share and the Company received proceeds of approx. SEK 328 mln.

Corporate Governance: On May 4, 2023, VNV Global’s AGM resolved to elect Tom Dinkelspiel as new Board member and new Chairman of the Board and 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, Mathem’s acquisition of Kavall closed. As part of the transaction VNV Global also made a small cash investment in Mathem.

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 15:00 CEST (9:00 a.m. EDT) Tuesday, July 11, 2023. To register for the conference call and webcast, see separate press release issued Monday, July 3, 2023, at www.vnv.global.

For further information please contact:

Björn von Sivers, Investor Relations, VNV Global
Telephone: +46 8 545 015 50
Email: bjorn@vnv.global

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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-07-11 08:00 CEST.

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Vnv 2q23 Eng

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