Interim report January – September 2013

INTERIM PERIOD JANUARY – SEPTEMBER 2013

  • Net asset value per share amounted to SEK 32.35 at the end of the period. Adjusted for dividends, this is equal to an increase of 21.4 per cent since year-end 2012. The Six Return Index has risen by 20.5 per cent.
  • Bure’s net asset value was SEK 2,493M, compared to SEK 2,195M at year-end 2012.
  • The Parent Company’s profit after income tax was SEK 419M (291).
  • The Parent Company’s earnings per share amounted to SEK 5.27 (3.59).
  • Total return on the Bure share was 14.4 per cent (43.6).

THIRD QUARTER 2013

  • Net asset value per share increased by 6.1 per cent during the third quarter. The Six Return Index rose by 9.2 per cent.
  • Bure acquired 9.1 per cent of the shares in Moberg Pharma and 9.5 per cent of the shares in Vigmed Holding in directed share issues.
  • During the quarter Bure repurchased 908,859 treasury shares, which is equal to 1.1 per cent of the total number of shares outstanding.
  • The Parent Company’s earnings per share amounted to SEK 1.56 (-1.37).

SUBSEQUENT EVENTS

  • Bure’s net asset value per share at 11 November 2013 was SEK 33.55.
  • Bure repurchased 1,000,000 treasury shares in October 2013. Following this, Bure holds a total of 5,050,475 treasury shares, which is equal to 6.23 per cent of the total number of shares outstanding in the company.

After a slowing trend in the second quarter of the year, we experienced strong stock market development in the third quarter. Overall, signals of an upturn have driven up earnings expectations in the listed companies and the SIX Return Index has increased more than 9 per cent during the quarter.

Year to date, Bure’s net asset value per share, adjusted for dividends, has risen by 21.4 per cent, slightly above the SIX Return Index. The liquidity management we initiated at the beginning of the year to manage our liquidity has been successful and has produced a return of more than 10 per cent so far this year.

The portfolio company Vitrolife has continued to perform impressively. Over the period, sales growth held steady at over 20 per cent and operating margin rose by four percentage points, from 14 per cent to 18 per cent.

In the past quarter we repurchased additional shares. Including the buybacks carried out after the end of the period, Bure now holds a total of more than 5 million treasury shares. This is equal to 6.23 per cent of the total number of shares outstanding.

In September Max Jonson was recruited as the new CFO of Bure. Max has previously held the position of CFO in a number of smaller companies, both listed and unlisted. Max also has experience in corporate finance and acquisition financing, which I see as an advantage given that new investments are high on our agenda. At the end of the quarter Bure had net cash of approximately SEK 700M available for new investments.

Henrik Blomquist
CEO

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 12 November 2013, 8:30 a.m. CET.

The full report