Presentation of financial results Q4 2013
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1 Presentation of financial results Q4 2013
2 Highlights 2013 Net Asset Value up by 11% to SEK 65.5 bln Mobile companies return to growth Zalando increased sales by 52% to EUR 1,762m SEK 2.4 bln invested in growth assets 95% in online Solid financial position with net cash balance of SEK 2.4 bln Board of Directors propose a dividend of SEK 7.00 per share (SEK 6.50) Investments of SEK 2-3 bln expected in
3 Strong growth in Net Asset Value (SEKm)
4 Strong market positions to maintain growth momentum Highlights Focus on core sectors and markets Online 33% of Kinnevik s asset in line with strategy Emerging markets important focus to drive growth Telecom & Financial Services Online Media Industry & other investments 57% 33% 9% 1% Proportional Net Sales per continent 8% 2% Western Europe 9% 1% 10% Latin America 31% 49% Eastern Europe Africa 33% 57% Asia 4
5 Kinnevik is at the forefront of change Telecom & Financial Services 5
6 Millicom Highlights Geographical distribution of revenues % Strategy to pursue growth across four strategic pillars working Africa Foundations in place to exploit new digital opportunities Helping customers to adopt a digital lifestyle at home or on the go 20% 37% Central America 43% South America Income statement highlights Growth composition by area (% of growth in USDm) USDm FY2013 FY2012 Q Q Net Sales EBITDA CAPEX Net Income Mobile Cable & Digital Media MFS Online Other USD 345m USD 284m 48% 21% 27% 11% 26% 20% 11% 10% 4% 21%
7 Tele2 Highlights Net Sales distribution between countries (%) Encouraging mobile end-user service revenue growth in Sweden, the Netherlands, and Kazakhstan Fixed operations in Netherlands showing signs of stabilization Shift from pay-as-you go to bucket price plans in Sweden continues Other Croatia 8% Kazakhstan 4% 5% Baltics 10% 42% Sweden Norway 14% 18% Netherlands Income statement highlights Net Sales composition and development (SEKm) SEKm FY2013 FY2012 Q Q Net Sales EBITDA Fixed Broadband Fixed Telephony Other operations Mobile 18% 9% 5% % 4% 7% CAPEX % 72% EBT Note: Sales are on a like-for-like basis 2012 Mobile All other
8 Zalando is the largest standalone pure online fashion player by net sales in Europe Net Sales development (EURm) DACH ,458% +EUR144m % +EUR356m % +EUR649m 1, % +EUR603m 1,762 1, E 1 1 country 3 countries 7 countries 14 countries 15 countries E numbers are preliminary and unaudited 2 Launch of Zalando Luxembourg in November 2013 operated through Zalando Belgium 3 DACH = Germany, Austria, Switzerland Strong growth in net sales, adding EUR 603m of net sales (2012: EUR 649m) DACH 3 net sales of over EUR 1bn Gained market share in all regional markets EBIT margin slightly better than -7% (2012: -7%) Challenging market conditions caused by adverse weather effects lead to high discounts Ramp-up costs of continued strategic initiatives in fulfillment and technology for continued future growth and improved customer experience DACH region maintained EBIT breakeven Well capitalized with a net cash position of over EUR 350m at year-end
9 Zalando is Europe s most visited fashion site with over 300m visits in Q4 2013, from both desktops and mobiles Visit development (million per quarter) Mobile innovations: App 1.0 App 1.0 App 2.0 App 2.0 App 2.2 m.site rollouts App launches & updates Mobile Share (%) Total Best tablet site amongst fashion sites TextilWirtschaft 35% 30% % % % % 50 5% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0% # active customers at year-end: ~9m ~13m Source: Webtrekk for quarterly traffic and % mobile share for Zalando shops Note: Mobile visits defined as visits from tablets, mobile sites, and mobile apps 9 9
10 Online in emerging markets Eastern Europe Africa +355% +550% Latin America Proportional share of revenue Asia +184% +295%
11 MTG Highlights Distribution of sales between market areas % Products & consumer offerings stronger, more relevant & more available than ever Audience share gains & subscriber growth in almost all markets Clear focus on strategic growth drivers content, digital, geographical expansion Accelerating organic growth boosted by m&a Record high pay-out ratio & financial firepower Pay-TV Emerging Markets Free-TV Emerging Markets MTG Studios, Others & MTGx, Radio eliminations 8% -1% 15% 16% 27% Free-TV Scandinavia 35% Pay-TV Nordic Income statement highlights Growth composition( compared to same period last year) USDm FY2013 FY2012 Q Q Net Sales 14,129 13,336 4,083 3,620 Gross Income 5,612 5,438 1,691 1,549 EBIT 1,738 2, Net Income 1,168 1, Pay-TV Emerging Markets Free-TV Emerging Markets Pay-TV Nordic MTG Studios, MTGx, Radio Free-TV Scandinavia % 37% 22% 8% -4% Full year % 31% 23% 1% 14% Quarter on Quarter 11
12 Online portfolio Investment (SEK m) Total direct and indirect ownership Invested amount Total direct and indirect fair value Change in fair value during Q Change in fair value during FY 2013 Zalando 36% Avito 31% Bigfoot I 35% Dafiti 27% 466 Lamoda 28% 770 Jabong 26% 250 Namshi 14% - Bigfoot II 39% Zalora 30% The Iconic 30% Zando 15% Jumia 15% BigCommerce/Lazada 26% Lazada 18% Linio 24% Namshi 10% Home24 33% Mobly 28% Westwing 23% Wimdu 41% Rocket Internet with other portfolio companies mixed Konga 46% Other unlisted online companies mixed Total unlisted online investments CDON Group 25.1% Total online investments Note: Rocket Internet companies not adjusted for potential dilution from stock option plans 12
13 Valuation of unlisted holdings SEKm Basis for valuation Direct ownership Indirect ownership Fair value Direct Fair value Indirect Affected by preference structure Zalando GmbH Sales multiple: 2.0x 36% Yes Avito Sales multiple: 13.5x 31% No Bigfoot I Sales multiple: x 27% 8% Yes Bigfoot II Sales multiple: 1.4-1,6x 30% 10% Yes BigCommerce Sales multiple: x 14% 12% Yes Home24 Sales multiple: 1.2x 22% 11% Yes Westwing Sales multiple: 1.3x 15% 7% Yes Wimdu Sales multiple: 3.0x 29% 12% Yes Sales multiples according to peer average, discounted to consider factors such as profitability and geographical market Investments in Rocket Internet are structured with liquidation preference, i.e. recently invested amounts have preference over earlier financing rounds at lower valuations 13
14 Capital structure and dividend Five year overview Net Asset Value Gross Asset Value Net Debt Highlights Kinnevik has a record strong balance sheet Net cash position of SEK 2.4 billion Dividend of SEK 7 per share proposed Investment of SEK 2-3 billion expected i 2014 Kinnevik will strike a balance between level of investment and growth in dividend 14
15 Considerations on the Group Cristina Stenbeck Executive Chairman
16 Kinnevik today strong position in growth sectors and markets Leading international TMT focused investment company Market capitalization of SEK 75.6bn, net cash position of SEK 2.4bn as of December 2013 Investment strategy focused on long-term value creation and on delivering shareholder value Significant stakes in large, market-leading, cash flow generating Communications and Entertainment companies A unique portfolio of investments in growth oriented e-commerce, Marketplace and Financial Services businesses Present in over 80 countries across five continents with a focus on key growth markets Invested in a growing number of internationally recognized consumer brands with strong customer loyalty Experienced Management team and Board of Directors Support from entrepreneurial and long-term oriented lead-shareholders 16
17 Leadership stakes in very significant businesses ~ x x 75.6 Kinnevik NAV Note: Figures in SEK billions. NAV as of 31 Dec 2013; Market Cap as of 12 th Feb 2014 Kinnevik Equity Value Investee Company Equity Value 17
18 Present in many of the most attractive growth markets globally 10% Eastern Europe 31% Latin America 49% Western Europe 8% Africa 2% Asia Core market Growing presence Little or no presence 18
19 All about building powerful brands that deliver innovative services to consumers E-commerce and Marketplaces Communications Financial Services Entertainment 19
20 Strategy of improving our existing positions and investing in growth Established, Market-Leading Businesses We focus on promoting each company s brand, industry position and regional presence We closely monitor changes that may impact the businesses and encourage them to adapt to new technologies and consumer behaviour We promote the sharing of best-practice between newer and established businesses We support the pursuit of strategic shifts and transactions for or within the companies if and when necessary Newer, Challenger Businesses We identify, assess and invest in disruptive new business models We concentrate on technology-enabled valueadded products and services to consumers We focus on businesses with relevance in growth markets where we can assist their rollout We partner with best-in-class managers, entrepreneurs and other like-minded long-term investors We help drive the pursuit of strategic transactions if and when necessary 20
21 A focused organisation to deliver our two-pronged strategy Established, Market-Leading Businesses Small number of high-value established businesses Companies publicly listed Investment oversight via Kinnevik executives and carefully selected additional board appointees Business and market insight developed by Kinnevik Newer, Challenger Businesses High number of growth investments and partnerships Small number of more mature challenger businesses Companies largely private Active investment management led by Kinnevik Capital 34% of NAV 21
22 Kinnevik - eight key priorities 1. Become the premier long-term investor in the best tech-enabled businesses 2. Embed ourselves in key countries to the same extent as a local entrepreneur 3. Stay ahead of technological innovation and in identifying new business opportunities 4. Run a streamlined set of successful investments 5. Build a world-class organization operating with a partnership spirit 6. Uphold highest ethical standards in everything we do 7. Deliver attractive total returns to our shareholders 8. Communicate openly and regularly with our investors 22
23 Purpose-led investing, entrepreneurial culture and values Strategy Commercial Effectiveness Attitude Management Style and Professional Development 23
24
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