Interim report January – June 2017

Interim report January-June 2017

  • Net asset value per share at 30 June 2017 was SEK 104.09, compared to SEK 101.74 at the end of the previous year, which represents an increase of 2.3 per cent.
  • Bure’s net asset value was SEK 7,217M, compared to SEK 7,054M at year-end 2016.
  • Total return on the Bure share was -3.6 per cent, compared to the SIX Return Index which rose by 10.8 per cent.
  • Consolidated profit after tax was SEK 312M (364). Earnings per share amounted to SEK 4.49 (5.25).

Second quarter 2017

  • Net asset value per share was SEK 104.09, compared to SEK 101.81 at the beginning of the quarter, equal to an increase of 2.2 per cent.
  • Total return on the Bure share was 1.8 per cent compared to the SIX Return Index, which rose by 4.1 per cent during the quarter.
  • Bure acquired an additional 0.8 million shares in Cavotec for SEK 23M and increased its holding to 20.1 per cent.
  • Bure Growth acquired 22.5 per cent of My Driving Academy Sweden AB for SEK 9M.
  • Bure sold 0.2 million shares in Vitrolife for SEK 100M. The initial value of the shares was SEK 7M and the exit gain amounted to SEK 93M.
  • Bure Financial Services sold all of the shares in Catella for SEK 193M. The initial value of the shares was SEK 55M and the exit gain amounted to SEK 138M.
  • Bure Growth sold all of the shares in Vigmed Holding for SEK 8M. The initial value of the shares was SEK 36M and the exit loss amounted to SEK -28M.
  • In accordance with the decision of the AGM, Bure paid an ordinary dividend of SEK 1.50 per share and an extraordinary dividend of SEK 0.50 per share, for a total of SEK 139M.

Susequent events

  • Net asset value per share at 16 August 2017 was SEK 113.28, which correponds to an increase of 11.3 per cent since year-end 2016.

The stock market got off to a strong start for the year and the SIX Return Index rose by over 10 per cent in the first half of 2017. Activity has been high in the second quarter and Bure has carried out several transactions. The largest of these was the sale of all shares in Catella, a financial conglomerate listed on Nasdaq MidCap. The investment in Catella was successful and Bure quadrupled its money, equal to an annual return (IRR) of 52 per cent. With the acquisition of additional shares in Bure’s portfolio company Cavotec, the holding is now more than 20 per cent. Cavotec, which recently recruited a new CEO, has excellent potential to further capitalise on its comprehensive technical knowhow and global market position.

During the quarter changes were made in the framework for Bure Growth, which invests in development companies. In May the entire holding in Vigmed, a medtech company quoted on Nasdaq First North, was sold to the Austrian industry counterpart Greiner Bio-One through a public tender offer. The divestment resulted in an exit loss of SEK 28M. A minor investment was also made in the driving school My Driving Academy.

Bure’s net asset value per share rose by 2.2 per cent during the quarter and totalled SEK 104.1 on 30 June 2017, in line with the Bure share price development. The share price upswing of +23 per cent in the portfolio company Vitrolife means that for the first time, this is Bure’s single largest holding.

In the past quarter the shareholders received the year’s dividend. Despite this, Bure’s financial position has improved, which is a consequence of the sales carried out. At the end of the quarter Bure’s cash assets, or Treasury, amounted to nearly SEK 1Bn and corresponded to around 13 per cent of Bure’s net asset value.

Henrik Blomquist

For additional information contact:
Henrik Blomquist, CEO +46 (0)8 – 614 00 20
Max Jonson, CFO +46 (0)8 – 614 00 20

The information in this interim report is subject to the disclosure requirements of Bure Equity AB under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on 17 August 2017, 8:30 a.m. CEST.

The full report (PDF)