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Interim report January-June 2019

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Total return on the Bure share was 47.9 per cent

January – June 2019

  • Net asset value was SEK 153.5 per share compared to SEK 137.1 at the beginning of the year, which corresponds to an increase of 12.0 per cent.
  • Bure’s net asset value was SEK 10,591M compared to SEK 9,454M at the beginning of the year.
  • Total return on the Bure share was 47.9 per cent compared to the SIX Return Index that increased 20.7 per cent.
  • Consolidated profit after tax amounted to SEK 1,273M (1,132). Earnings per share amounted to SEK 18.46 (16.33).

Second quarter 2019

  • Net asset value per share was SEK 153.5 compared to SEK 165.0 at the start of the quarter, which corresponds to a decrease of 6.9 per cent.
  • Bure acquired 2.45 million shares in Mentice for SEK 120M in connection with the company’s stock market launch, corresponding to a shareholding of 10.1 per cent.
  • Bure Growth signed an agreement regarding the acquisition of 24.4 per cent of shares in ScandiNova Systems.
  • In line with the decision taken at the Annual General Meeting, an ordinary dividend of SEK 2.00 per share was paid, with payments totaling SEK 138M.

Subsequent events

  • Net asset value amounted to SEK 156.2 per share on 15 August 2019, which corresponds to an increase of 14.0 per cent since the beginning of the year.
  • Bure Growth completed the acquisition of shares in ScandiNova Systems.

Comments from the CEO

Bure’s high level of activity continued apace in the second quarter. In June, we announced new investments, in two growth companies in the tech sector. Mentice, which develops simulation programmes for endovascular surgery, was listed in June and Bure was one of its anchor investors. Scandinova is an unlisted company based in Uppsala. The company develops so-called pulse generators that are key components in, for example, radiation equipment used for cancer treatment. Technology-driven companies with an international focus are attractive to us, and this is an area in which we have extensive experience. The development potential of companies that have proven business models, and that have established market positions, are extremely exciting. Our hope is that we are able to support the companies’ continued long-term development.

Global indicators continue to be negative overall – numerous indicators point to lower levels of economic activity globally and in Europe. Despite this, the stock market was up during the first months of the summer. During the first six months of the year, Bure’s total return amounted to +47.9 per cent compared to the SIX RX that increased 20.7 per cent.

Following a strong start in first quarter, Bure’s net asset value per share softened slightly in the second quarter by -6.9 per cent. The main reason for this were falls in our two largest listed portfolio companies, Vitrolife and Mycronic, which both fell by around 14 per cent during the period. However, since the beginning of the year, net asset value has increased 12 per cent.

Several of our portfolio businesses booked strong quarterly results. Mycronic reported its strongest quarter ever in terms of sales, which was a great start for newly appointed CEO Anders Lindqvist. Mycronic’s share jumped more than 20 per cent on the release of the results. Finally, I would like to express my sincere gratitude to Lena Olving. Her efforts as CEO have been a major contributor to Mycronic’s successful development.  

Bure Equity AB (publ)

For more information contact:

Henrik Blomquist, CEO
Tel. +46 (0)8-614 00 20

This information is information that Bure Equity AB is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 8:30 SET on 16 August 2019.

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