Interim report January – June 2016
Interim period January – June 2016
- Net asset value per share was SEK 90.29, compared to SEK 87.40 at year-end 2015, which represents an increase of 3.3 per cent.
- Bure’s net asset value was SEK 6,260M, compared to SEK 6,060M at year-end 2015.
- Total return on the Bure share was 6.9 per cent, compared to the SIX Return Index which fell by 3.7 per cent.
- Consolidated profit after tax was SEK 364M (1,572). Earnings per share amounted to SEK 5.25 (22.21).
Second quarter 2016
- Net asset value per share was SEK 90.29, compared to SEK 86.24 at the beginning of the quarter, which corresponds to an increase of 4.7 per cent.
- Total return on the Bure share was 5.7 per cent, compared to the SIX Return Index which fell by 0.3 per cent during the quarter.
- In May Bure acquired an additional 2.75 million shares in Cavotec for SEK 55.1M and increased its holding from 13.1 per cent to 16.6 per cent.
- In June Bure acquired 4.6 million shares in Lauritz.com for SEK 68.9M, which corresponds to a holding of 11.3 per cent.
- In accordance with the decision of the Annual General Meeting, Bure paid an ordinary dividend of SEK 1.00 per share and an extraordinary dividend of SEK 1.00 per share.
- Net asset value per share was SEK 104.32 on 17 August 2016, which corresponds to an increase of 19.4 per cent since year-end 2015.
- The increase in net asset value since 30 June 2016 was 15.5 per cent compared to SIX Return Index which rose by 6.0 per cent.
Bure’s net asset value per share rose by 4.7 per cent in the second quarter. Since year-end 2015, net asset value per share adjusted for dividends has thus increased by 5.6 per cent, compared to the SIX Return Index which fell by 3.7 per cent.
During the quarter we raised our holding in Cavotec.In spite of a fairly tough first half for Cavotec, we see potential for the company’s systems and technology, particularly for ports and airports. Following the acquisition, Bure’s holding amounts to 16.6 per cent,an increase of 3.5 percentage points.
In June Bure took part as a so-called anchor investor in the IPO of the Danish online auction company Lauritz.com. Since 2000 Lauritz has been managed very successfully by entrepreneur Bengt Sundström and today the company has 27 auction houses in five countries. A stronger balance sheet and new owners will create favourable conditions for ongoing expansion.The investment in Lauritz is an interesting complement to Bure’s portfolio as it increases exposure to e-commerce and the Internet. Bure has invested approximately SEK 70M and now owns 11.3 per cent of the company. Lauritz will be communicated as a new portfolio company.
After the end of the period, Mycronic presented a very strong interim report with sales growth of 37 per cent, a dramatic increase in operating profit and a record high order backlog, which boosted the company’s share price by over 40 per cent. It is extremely satisfying to see that the company’s strategy is continuing to create excellent results. This increase has also affected Bure’s net asset value which was SEK 104.32 per share at the reporting date.
Cash and cash equivalents and short-term investments at the end of the quarter totalled approximately SEK 880M, of which investable funds of around SEK 700M.
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 18 August 2016, 08:30 a.m. CEST.
For additional information contact
Henrik Blomquist, CEO +46 (0)8 614 00 20
Max Jonson, CFO +46 (0)8 614 00 20