Interim report January – March 2016

First quarter 2016

  • Net asset value per share at the end of the quarter was SEK 86.24, compared to SEK 87.40 at year-end 2015, which represents an decrease of 1.3 per cent.
  • Bure’s net asset value at the end of the quarter was SEK 5,979M, compared to SEK 6,060M at yearend 2015.
  • Total return on the Bure share was 1.1 per cent, compared to the SIX Return Index which fell by 3.4 per cent.
  • Consolidated profit/loss after tax was SEK -75M (1,142). Earnings per share amounted to SEK -1.09 (16.11).

Subsequent events

  • Net asset value per share at 27 April 2016 was SEK 85.61, which represents a decrease of 2.0 per cent since year-end 2015.

After a dramatic start to the year when the Stockholm Stock Exchange plummeted by nearly 13 per cent in January, the exchange recovered almost fully in March. We also saw a similar trend for Bure’s share price. However, at the end of the quarter Bure’s share price had risen by 1.1 per cent, compared to a drop of 3.4 per cent for the SIX Return Index. Uncertainty about developments in the global economy persists and there have been major fluctuations in the foreign exchange market, where, for example, both the euro and Swedish krona have strengthened against the US dollar. 

In the past quarter we made two smaller new investments. In February we invested SEK 5M in the diagnostics company Life Genomics through Bure Growth. Life Genomics is a relatively recently established company that uses new technology to map DNA, and thereby creates scope for whole new applications and tests.

In February we also communicated that Bure is starting a new hedge fund, Arcturus, together with fund manager Mikael Idevall. In an uncertain market climate with exceptional interest rates, we believe that there will be a growing interest in alternative investments under active management. The fund is managed by Mikael Idevall, who has long experience and a successful track record as manager of the Camelot fund. In addition to the investment in the fund company, which is part of Bure Financial Services, Bure has also made a long-term investment of capital in the fund itself. At the end of the quarter, Bure’s investable funds amounted to approximately SEK 900M.

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 28 April 2016, 08:30 a.m. CEST.

The full report (PDF)