Interim report January – September 2012

Third quarter 2012

  • Net asset value fell by 4.6 per cent during the quarter and amounted to SEK 28.7 per share.
  • Bure completed the sale of its holdings in Carnegie Holding, Carnegie Asset Management and Max Matthiessen.
  • Bure acquired additional shares in the  Life Science company MedCap for SEK 7M.
  • Consolidated earnings per share totalled SEK -1.07  (-1.56).

Interim period January – September 2012

  • Net asset value per share has increased by 14.6 per cent since year-end 2011 and net asset value at 30 September 2012 was SEK 2,326M.
  • Total return on the Bure share was 43.6 per cent  (-42.1). SIXRX rose by 12.3 per cent.
  • Cash and cash equivalents in the Parent Company  totalled SEK 691M (444).
  • Consolidated profit per share was SEK -1.25 (-1.46).

Events after the end of the period
In October Vitrolife hived off its transplantation business to the company Xvivo Perfusion AB. Bure owns 26.3 per cent of the new company. Xvivo was listed on NASDAQ OMX First North on 8 October 2012.

  • Net asset value per share at 13November was SEK 29.0.

COMMENTS FROM THE CEO

The financial unrest and debt crisis in southern Europe are inhibiting growth in the region. In our portfolio companies we are seeing increased slowing in demand, primarily in southern Europe. In contrast, the demand situation in North America and large parts of the rest of the world is relatively stable.

Mercuri International had a weak third quarter when several of the company’s key markets in Europe showed a falling trend.

The portfolio company Vitrolife has carried out the previously communicated streamlining through the distribution of its transplantation business, Xvivo Perfusion, to Vitrolife’s shareholders.

We are optimistic about this separation and hiving off, which will create the conditions for both companies to focus and continue their positive development. The value of Bure’s holding in Vitrolife and Xvivo at 13 November 2012 was SEK 359 M, compared to a value of around SEK 240M one year ago.

In its third quarter report Micronic Mydata announced that it had launched cost-cutting programs in response to delays in the company’s major LDI project, which have been charged to profit for the year in an amount of SEK 120M. The share price fell by more than 20 per cent following this announcement. Micronic Mydata’s existing operations have continued to perform well during the year, but this has been overshadowed earnings-wise by non-recurring costs related to the LDI initiative.

During the quarter, Bure completed the sale of its holdings in Carnegie Holding, Carnegie Asset Management and Max Matthiessen.

Bure has undergone considerable changes during the year through the sale of the Carnegie holdings. Bure’s financial position has been strengthened and investable assets at the end of the year will amount to over SEK 700M. Today Bure has excellent scope to find interesting new portfolio company investments.

Patrik Tigerschiöld
President and CEO

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 14 November 2012, 9:00 a.m. CET.

The full report