Kinnevik's net asset value reduces by 10 percent in Q4

Kinnevik’s NAV decreased by 10 percent to 70.5 billion Swedish krona (7.6 billion dollars), or 256 Swedish krona per share, in the fourth quarter, which the company said was driven mainly by the negative share price development in Zalando. The company today also announced investment of 0.9 billion Swedish krona into MatHem, Sweden's independent online grocery retailer, resulting in a 38 percent ownership stake for Kinnevik. Kinnevik’s board has declared an ordinary dividend of 8.25 Swedish krona (89 cents) per share for 2018 equivalent to a dividend yield of 3.9 percent.

Commenting on the company’s performance, Georgi Ganev, Kinnevik’s Chief Executive Officer said in a statement: “My first year as CEO of Kinnevik has been a year of continued transformation where we have executed on a strategically important merger and made ten new investments in our focus areas. In 2019, we will continue to drive this agenda, but I expect the number of new investments during to be fewer in favour of more sizeable investments, as demonstrated by the investment in MatHem we announce today.”

Financial performance of core businesses under Kinnevik

During the third quarter, Zalando reported revenue growth of 12 percent and adjusted EBIT margin of negative 3 percent. Global Fashion Group reported net merchandise value (NMV) growth of 23 percent, driven by Zalora and The Iconic, while the EBITDA margin of negative 8 percent represented a 5pp yearly improvement During the quarter Lamoda furthered its partnership with Inditex, adding two new brands to the marketplace and The Iconic launched its designated kids category.

Home & living ecommerce brand Westwing reported revenue growth of 15 percent in the third quarter, driven by the DACH region’s full Westwing model of daily themes, permanent assortment and private label. Adjusted EBITDA margin rose from negative 4.9 percent to negative 2.9 percent.

According to preliminary figures, Home24’s revenue in the fourth quarter increased 15 percent with FX-adjusted revenue growth of 19 percent, while adjusted EBITDA margin decreased to 13 percent for the full year. The company reaffirmed its forecast for 2019 with revenue growth at or above the level of 2018 and adjusted EBITDA being break even by year end.

Picture:Zalando newsroom

 

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