Interim report January-September 2020

  • Net asset value was SEK 230.6 per share compared to SEK 196.6 at the beginning of the year, corresponding to an increase of 17.3 per cent.
  • Bure’s net asset value was SEK 17,096M compared to SEK 13,563M at the beginning of the year.
  • Total return on the Bure share was 33.9 per cent compared to the SIX Return Index which increased 8.2 per cent.
  • Consolidated profit after tax amounted to SEK 2,536M (1,641). Earnings per share amounted to SEK 35.7 (23.8).

Third quarter 2020

  • Net asset value was SEK 230.6 per share compared to SEK 195.8 at the beginning of the quarter, corresponding to an increase of 17.7 per cent.
  • Bure purchased 137,000 shares for SEK 32.3M in Xvivo Perfusion’s directed share issue.
  • Bure Growth acquired 25,000 shares in Yubico for SEK 9.0M.

Subsequent events

  • Net asset value amounted to SEK 217.2 per share on 4 November 2020, corresponding to an increase of 10.4 per cent since the beginning of the year.
  • Bure Growth acquired 0.3 million shares in BioLamina for SEK 53.2M and increased its holding to 44.8 per cent.
  • Atle Investment Management signed an agreement on the acquisition of Humle Småbolagsfond and Humle Sverigefond.

Comments from the CEO

During the third quarter, the majority of our portfolio companies registered robust increases in value despite the ongoing pandemic, continued restrictions, and reduced economic activity. The listed portfolio increased in value by approximately SEK 2,500M, or 22 per cent. This increase was also reflected in Bure’s net asset value per share, which registered an overall increase of 17.7 per cent during the quarter.

The stock market’s recovery from the heavy losses of February and March continued into the third quarter. The Six Return Index increased 12.9 per cent, and in September – perhaps surprisingly – returned to the same high levels seen prior to the outbreak of corona.

During the quarter, portfolio company Xvivo Perfusion acquired Dutch company Organ Assist. Similar to Xvivo, Organ Assist is present in the transplant segment, although is primarily focused on organs such as kidneys and the liver. Xvivo currently has products and solutions for heart and lung transplants, and with the acquisition, it will be the first company in the world that has products in all the major organ groups. This transaction was partly financed by Xvivo making a directed rights issue totalling SEK 500M in which Bure invested around SEK 32M.

At the time of writing, we are seeing a considerable and partly unforeseen increase in the number of people infected with corona. This increase has, amongst other things, resulted in new restrictions and lockdowns in many large European cities. Unfortunately, this means that it is too early to say that we are past the worst and that we are returning to a normalised market situation. It is reasonable to assume that corona will continue to have a negative impact going forward. However, our portfolio companies have so far shown great skill in managing the crisis and thereby adapting to prevailing market conditions.

Bure Equity AB (publ)