Interim report January – June 2014
Interim period January – June 2014
- Net asset value per share was SEK 37.97 at the end of the period, compared to SEK 33.47 at year-end 2013.
- Net asset value per share, adjusted for dividends of SEK 1.00 per share, has increased by 16.4 per cent since year-end 2013.
- The SIX Return Index rose by 9.5 per cent.
- Bure’s net asset value amounted to SEK 2,874M (2,378).
- The Parent Company’s profit after tax was SEK 451M (298).
- Earnings per share in the Parent Company amounted to SEK 5.94 (3.70).
- Total return on the Bure share was 19.5 per cent (6.5).
Second quarter 2014
- Net asset value per share was SEK 37.97 at the end of the quarter, compared to SEK 36.83 at the beginning of the period.
- Net asset value per share, adjusted for dividends of SEK 1.00 per share, increased by SEK 5.8 per cent during the quarter.
- SIX Return Index rose by 4.3 per cent.
- Bure has signed an agreement with Livränteanstalten Hereditas to acquire 20.1 per cent of Fondbolaget Fondita Ab, a leading independent manager of equity funds based in Finland.
- During the quarter Bure repurchased 0.35 million shares for SEK 10.3M, which is equal to 0.5 per cent of the total number of shares.
- The Annual General Meeting approved a dividend of SEK 1.00 per share, including an extraordinary divided per share of SEK 0.50, for a total of SEK 76.1M.
- Bure received dividends from Mycronic of SEK 92.9M in August.
- Bure’s net asset value per share was SEK 38.19 at 13 August 2014.
Henrik Blomquist CEO
I am pleased to report that the majority of our portfolio companies improved their half year performance compared to 2013. For instance, Mycronic turned last year’s negative earnings to a surplus of SEK 8.6M (-18.5), Vitrolife nearly doubled its operating profit to SEK 63.5M (35.6) and Mercuri showed a dramatic upturn with an operating profit of SEK 22.2M (5.9). The big exception was PartnerTech, which posted an operating loss of more than
SEK -30M (10.8). However, around SEK 22M of this amount consists of restructuring charges that are mainly attributable to a specific business area.
At the end of June we signed an agreement for a minor new investment in Finland-based Fondbolaget Fondita Ab, a leading independent manager of equity funds. Fondita has total assets under management of around EUR 770M in six funds and an award-winning record of offering very competitive returns. Bure will have a holding of 20.1 per cent and I look forward to continuing the company’s successful development together with its management.
The second quarter of the year also saw high activity in the financial markets in the form of numerous acquisitions, IPOs, new share issues, etc. Two of our portfolio companies carried out private share placements to new shareholders during the second quarter. MedCap’s new share issue raised SEK 50M that will create additional financial capacity for future and existing investments. Xvivo’s issue of SEK 73M will among other things finance
the launch of the company’s new system in the USA and Europe. Following these issues, Bure has a holding of 20.1 per cent (22.1) in MedCap and 23.9 per cent (26.3) in Xvivo.
At the end of the second quarter Bure had more than SEK 550M in investable assets.
For additional information contact
Henrik Blomquist, CEO +46 (0)8- 614 00 20
Max Jonson, CFO +46 (0)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 14 August 2014, 8:30 a.m. CET.