Interim report January – June 2013

INTERIM PERIOD JANUARY – JUNE 2013

  • Net asset value per share, adjusted for dividends, has increased by 14.4 per cent since year-end 2012 and amounted to SEK 30.50 at the end of the period.
    The Six Return Index has risen by 9.1 per cent.
  • Bure’s net asset value was SEK 2,378M, compared to SEK 2,195M at year-end 2012.
  • The Parent Company’s profit after income tax was SEK 298M (403).
  • The Parent Company’s earnings per share amounted to SEK 3.70 (4.95).
  • Total return on the Bure share was 6.4 per cent (40.6).

SECOND QUARTER 2013

  • Net asset value per share, adjusted for dividends, increased by 4.0 per cent during the second quarter. The Six Return Index fell by 1.0 per cent.
  • At the Annual General Meeting on 22 April Patrik Tigerschiöld was elected as the new Chairman of the Board.
    Former Vice Executive President Henrik Blomquist has been appointed as Acting CEO.
  • Starting in the second quarter, MedCap is reported as a portfolio company.
  • During the quarter, Bure repurchased 3.1 million shares for SEK 72.7M, which is equal to 3.9 per cent of the total number of shares.
  • Dividends were paid to the shareholders in an amount of SEK 0.50 per share, for a total of SEK 40.6M.
  • The Parent Company’s earnings per share amounted to SEK 0.73 (4.0).

SUBSEQUENT EVENTS

  • In July, Bure has acquired 9.1 per cent of the shares in Moberg Pharma for SEK 36.2M through a directed issue.
  • Bure’s net asset value per share at 9 August 2013 was SEK 30.80.

   
A change of management has taken place at Bure during the quarter. Patrik Tigerschiöld was elected as the new Chairman of the Board at the Annual General Meeting and I myself have been appointed as Acting CEO. I have been active in Bure, and previously Skanditek, for thirteen years and it is with great commitment and enthusiasm that I now take on my new duties.


After a strong start of the year we experienced a downturn in the stock market during the second quarter. However, year to date the SIX Return Index has risen by 9.1 per cent.

I am happy to say that over the same period, Bure’s net asset value per share adjusted for dividends has grown by 14.4 per cent, i.e. more than five percentage points better than index. In spite of this positive trend in net asset value, Bure’s share price has not risen at the same rate, which was the motive behind the share buyback.

Second quarter development in the portfolio company Vitrolife is also pleasing to note. Year to date Vitrolife’s share price has increased by circa 70 per cent. One new feature in this report is that we have chosen to present MedCap as a portfolio company. Today Bure is MedCap’s single largest shareholder and we take part in the company’s board work.

In conclusion, at the end of the period Bure had more than SEK 700M in investable assets and I see it as one of my foremost tasks to maintain a high level of activity in working with new investments.

Henrik Blomquist
Acting CEO

  
FOR ADDITIONAL INFORMATION CONTACT

Henrik Blomquist, Acting CEO, +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 13 August 2013, 09:45 a.m. CET.

About Us

Bure is a long-term principal owner of operating companies. By actively developing a diversified portfolio of companies and operations, Bure’s objective is to create value and returns for its shareholders.