Kinnevik Investment

Mia Brunell Livfors to step down as CEO of Kinnevik.

Kinnevik today announced that Mia Brunell Livfors has informed the Board of Directors of her intention to step down as President and CEO of Kinnevik. Mia will remain in her role until a successor has been appointed.

A search process for Mia Brunell Livfors successor will be initiated by the Board and led by Kinnevik's Deputy Chairman, Dame Amelia Fawcett.  

Mia Brunell Livfors joined the Kinnevik Group in 1992 and was appointed CFO of the associated company Modern Times Group, MTG, in 2001. On August 1, 2006, she became President and CEO of Kinnevik, where she has played a key role in the refocusing of the group and in the development of a number of its key growth initiatives.

"The Board of Directors would like to express its deepest gratitude to Mia for her outstanding contribution to Kinnevik for more than 20 years. Mia was involved in building MTG and has been instrumental in the development of Kinnevik over the last eight years.  She has laid the foundations for Kinnevik's next phase of transformation", says Cristina Stenbeck, Executive Chairman of the Board of Directors of Kinnevik.

Whilst stepping down from the role of Kinnevik CEO, Mia Brunell Livfors will continue to be involved with the Kinnevik Group. The Kinnevik Board will propose to the respective nomination committees that she continue to serve as a Director of CDON Group, MTG, Millicom, Tele2 and to be appointed to the Board of Transcom. In addition Mia will serve as Chairman of Reach for Change, the Groups non profit organization.

"Highlights

·   Kinnevik invested SEK 179m in Lazada, a leading e-commerce company in South East Asia.
·  Kinnevik's affiliated company Bayport acquired Bayport Financial Services in South Africa and raised USD 137m in a directed share issue to existing as well as a new investor. Following closing of the transaction in January 2014 Kinnevik owns approximately 30% of the shares in Bayport.
·  In December, all of Kinnevik's 51.8 million shares in BillerudKorsnäs were divested for a total consideration of SEK 3.7 billion (SEK 72 per share). The majority of the shares were acquired by AMF, the Fourth Swedish National Pension Fund (AP4) and Alecta.
·   Zalando reported net sales of EUR 1,762m for 2013 compared to EUR 1,159m in 2012. The group reported an operating margin of slightly better than -7% (-7%). Margin pressure on the market and continued ramp-up costs for fulfilment and technology impacted the result.
· The Board proposes that the Annual General Meeting decides on a cash dividend of SEK 7.00 per share (6.50) corresponding to an increase of 8%.
· The guidance for investments is SEK 2-3 billion in 2014 compared to the SEK 2.4 billion that Kinnevik invested in 2013.

Financial results for the fourth quarter

·   The net asset value increased during the quarter by SEK 4,394m, and amounted to SEK 65,527m at the end of December, corresponding to SEK 236.29 per share.
·   Out of the increase in net asset value, SEK 2,258m consisted of an increase in fair value of listed holdings and SEK 2,196m of an assessed change in fair value of unlisted holdings, including a positive revaluation of Zalando of SEK 886m, Avito of SEK 742m and Bayport of SEK 204m.