Financial Report for the Third Quarter and the First Nine Months 2020 (VNV Global)

Summary

• VNV Global's net asset value was USD 902.67 million on September 30, 2020 (December 31, 2019: 776.98).p.2
• NAV per share was USD 9.49 (December 31, 2019: 9.94).p.2
• Net result for the quarter was USD 38.33 mln and earnings per share were USD 0.42.p.2
• The Rights Issue provided proceeds of approximately SEK 872 million prior to transaction costs.p.2
• By category the portfolio is Mobility 43.5%, Digital Health 30.9%, Classifieds 14.7% and Other 10.9%.p.4
• Cash and cash equivalents amounted to USD 80.60 mln (December 31, 2019: 18.86).p.8

Key insights

1. The group's NAV per share in USD, excluding the rights issue effect, increased by 0.62%.p.2
2. VNV Global invested USD 6 mln in Inturn, which together with the initial USD 5 mln gives a 10% stake and is its first investment in the US.p.3
3. Babylon expects to sign contracts worth annual revenues of some USD 600 mln by December.p.3
4. BlaBlaCar is the second-largest holding at 19.1% of the portfolio, followed by Gett at 9.2% and Voi at 7.8%.p.4
5. Voi's valuation fell by 34% and BlaBlaCar's by 9%.p.5
6. In August 2020 Voi closed a new financing round in which VNV Global participated with USD 10 mln.p.2
7. Gett announced the completion of a USD 100 mln funding round in July 2020.p.7