Interim report January – March 2015

Interim period January – March 2015

  • Net asset value per share was SEK 62.35, compared to SEK 46.09 at the end of the previous year.
  • Net asset value per share has increased by 35.3 per cent since year-end 2014.
  • Bure’s net asset value was SEK 4,417M (2,801).
  • The SIX Return Index rose by 15.8 per cent (5.0).
  • Total return on the Bure share was 38.2 per cent (5.8).
  • The Parent Company’s profit after tax was SEK 1,083.3M (251.8). Earnings per share amounted to SEK 15.28 (3.31).
  • In March Bure acquired 1.0 million shares in Cavotec for a value of SEK 31.3M. Bure’s total holding in Cavotec amounts to 9.2 million shares, which is equal to 11.8 per cent of the total number of shares in the company.
  • Bure repurchased 563,732 shares during the quarter. Bure’s holding thereafter amounts to a total of 5,247,800 treasury shares, which represents 6.9 per cent of the total number of shares outstanding.

Subsequent events

  • Net asset value per share at 27 April 2015 amounted to SEK 66.49 which is equal to an increase of 44.2 per cent since year-end.

The year is off to a quite fantastic start. Bure’s net asset value per share rose by 35.3 per cent and reached SEK 62.35 at the end of the first quarter. Bure’s share price has climbed even more at 38.2 per cent. The stock market in general also rallied sharply during the quarter, actively fuelled by further interest rate cuts and new and expanded monetary policy support programmes. The SIX Return Index was up 15.8 per cent in the quarter.

The company showing the absolute best performance on the entire Nasdaq OMX Stockholm exchange (large/mid-cap) during the first quarter was our portfolio company Mycronic. The company’s strong finish to 2014 spilled into or, more accurately, accelerated in the quarter. In total, Mycronic’s share price surged by 115.7 per cent. The background for this is that the company has reported significant earnings growth, proposed an extraordinary dividend of more than SEK 300M and won new orders in the Pattern Generator business area. As an effect of the upturn in Mycronic, Bure’s holding in the company has increased by over SEK 1 billion in value which corresponds to around SEK 14 of Bure’s net asset value per share.

Development in our newly formed structure, Bure Financial Services, was positive during the first quarter. Asset management businesses naturally benefit from a strong stock market, but we also saw the results of major operating improvements, particularly in Catella, whose share price also rose by 58 per cent in the quarter.

At the end of the quarter Bure had approximately SEK 450M in investable assets. Efforts to find new and exciting investments remains a priority even if the current exceptional economic situation calls for some caution.

Henrik Blomquist

For additional information contact

Henrik Blomquist, CEO, +46 8 614 00 20
Max Jonson, CFO, +46 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 28 April 2015, 08.30. a.m. CET.

Interim report January – March 2015