Financial Report for the Second Quarter and the First Six Months 2020 (VNV Global)

Summary

• VNV Global's net asset value was USD 768.84 million on June 30, 2020 (December 31, 2019: 776.98), or USD 9.70 per share (December 31, 2019: 9.94).p.2
• The group's NAV per share in USD decreased by -2.4%.p.2
• Net result for the quarter was USD 36.97 mln and earnings per share were USD 0.47.p.2
• The capital raise brought in some USD 95 mln through a rights issue, increasing the number of shares from 82 mln to 97 mln.p.3
• By category the portfolio is Mobility 46.6%, Digital Health 34.1%, Classifieds 14.8% and Other 4.5%.p.5
• The result from financial assets at fair value through profit or loss was USD -1.38 mln (2019: 114.65).p.9

Key insights

1. The merger of Teladoc and Livongo created a USD 30 bln company with expected 2020 revenues of USD 1.3 bln, a revenue multiple of 30x.p.4
2. Babylon launched clinical services to 2.6 million Americans and a partnership with Mount Sinai Health Partners to serve 8.6 million New Yorkers.p.8
3. There are 21 mln warrants outstanding which, if completed, would bring another USD 107 mln to the company.p.3
4. The rights issue provides proceeds of approximately SEK 872 million prior to transaction costs.p.2
5. VNV Global values its 8.7% ownership in BlaBlaCar at USD 176.0 mln, having invested USD 122.4 mln.p.18
6. Net investments in financial assets were USD 17.20 mln in the six-month period (2019: 91.83).p.8