AB Kinnevik provides Q1 update

REPORT_ The net asset value at AB Kinnevik increased during the first quarter by 656 million Swedish krona (Rs 607.9 crores),

and amounted to 66,183 million Swedish krona (Rs 61,299.2 crores) at the end of March, corresponding to 238.66 Swedish krona (Rs 2,208.8) per share. Profit per share amounted to 2.50 Swedish krona (Rs 23). New investments amounted to 469 million Swedish krona (Rs 434.1 crores) including E-commerce & marketplaces. Zalando's trading update for the first quarter will be reported separately by Zalando and Kinnevik on May 9, 2014.

“The positive trend displayed in 2013 continued during the first quarter of 2014. We have seen a sharp increase in the use of smartphones in all markets in which we operate. This provides a strong platform for growth for many of Kinnevik’s companies, not only established holdings such as Millicom and Tele2, but also our younger, fast-growing holdings,” opined Mia Brunell Livfors, CEO and President of Kinnevik.

Kinnevik invested 39.3 million dollars (Rs 237.8 crores) in the leading Indian online classified site Quikr. Kinnevik also invested 9.7 million dollars (Rs 58.7 crores) in Milvik/Bima in a funding round with existing investors amounting to 22 million dollars (Rs 133.2 crores). Revenues in Avito increased by 167 percent to 73.7 million (Rs 445.9 crores) for the full year 2013 with an EBITDA margin of 28 percent.

Kinnevik CEO Mia Brunell Livfors also informed the board of her intention to step down as CEO. The board has appointed Lorenzo Grabau as CEO of Kinnevik from May 1, 2014.