Year-end Report January - December 2023
YEAR-END REPORT 2023
Interim period January-December 2023
- Net asset value was SEK 257.9 per share compared to SEK 196.3 at the beginning of the year, corresponding to an increase of 31.4 per cent.
- Bure's net asset value was SEK 19,123M compared to SEK 14,559M at the beginning of the year.
- Total return on the Bure share was 17.0 per cent compared to the SIX Return Index which rose 19.2 per cent.
- Group earnings after tax amounted to SEK 4,749M (-9,235). Earnings per share amounted to SEK 64.0 (-124.7).
Interim period October - December 2023
- Net asset value was SEK 257.9 per share compared to SEK 217.6 at the beginning of the quarter, corresponding to an increase of 18.5 per cent.
- Bure divested 3.7 million shares in Mycronic for SEK 870M, resulting in an exit gain of SEK 813M.
- Bure purchased 7.2 million shares in Ovzon's rights issue for SEK 33M.
Events after the balance sheet date
- Net asset value amounted to 283.2 per share on 21 February 2024, corresponding to an increase of 9.8 per cent since the beginning of the year.
- The Board of Directors proposes that the Annual General Meeting approves an ordinary dividend of SEK 2.50 per share (2.25).
Henrik
Blomquist
CEO
Bure Equity
AB
After a weak third quarter, 2023 ended with a sharp rise in the fourth quarter. The SIX RX increased
13.9 per cent while Bure's net asset value per share was up 18.5 percent. Overall, 2023 was a good year for Bure. Net asset value per share increased 31.4 per cent, compared to the SIX RX which rose 19.2 per cent.
Internally, 2023 was of course dominated by the merger of ACQ and Yubico. For Bure, the transaction repre sented the finish line for ACQ - the SPAC project launched in March 2021. It was also the start of an exciting new development journey for Yubico as a listed company. Yubico is now Bure's third largest holding.
2023 was a successful year for several of the portfolio companies. Our listed portfolio companies
-
Mycronic, Xvivo and Yubico - all reported record years in terms of sales and profit. The unlisted
ScandiNova reported growth of 54 per cent. Despite continued challenges at Ovzon, the company suc- cessfully launched its Ovzon 3 satellite at the end beginning of the this year. Ovzon 3 is Sweden's first commercial and privately financed geostationary satellite - a genuine landmark event.
In November, Bure sold 3.7 million shares in Mycronic for SEK 870M. Bure reduced its ownership share from
26.9 to 23.1 per cent, although still remains the single largest owner of Mycronic. The sale created opera- tional flexibility and leeway for Bure going forward.
The outlook at the beginning of 2023 was characterised by general concern and considerable caution. However, falling inflation and the flattening of interest rates helped the stock market rise almost 20 per cent, despite various dramas during the year. As we look ahead to 2024, we have grounds for a little more optimism. The performance of most of the portfolio companies continues to be positive. The economic uncertainty remains, however, and there is still great concern geo-politically. It is therefore still important to balance growth, earnings and cash flow. In conclu- sion, with approximately SEK 1.4 billion in investable funds, it is my hope that 2024 will also offer several interesting investment opportunities.
THIS REPORT IS A TRANSLATION OF THE SWEDISH REPORT. IN THE EVENT OF ANY DIFFERENCES BETWEEN THIS TRANSLATION AND THE SWEDISH ORIGINAL, THE SWEDISH REPORT SHALL HAVE PRECEDENCE.
BURE'S NET ASSET VALUE AND HOLDINGS
Bure's net asset value
and holdings
2022/12/31 | 2023/12/31 | |||||||||
Value | % of net | Net asset | ||||||||
% of | Net asset | change | Net asset | asset | value per | |||||
SEK M | capital | value | (+/-) 1) Investment Disposal | value | value | share, SEK | ||||
Cavotec 3) | 35.3% | 450 | 35 | 58 | -2 | 541 | 2.8% | 7.3 | ||
Mentice | 14.7% | 142 | 37 | - | - | 179 | 0.9% | 2.4 | ||
L 2) | Mycronic 4) | 23.1% | 5,153 | 2,207 | - | -859 | 6,500 | 34.0% | 87.7 | |
I | ||||||||||
Ovzon 5) | 12.7% | 338 | -214 | 83 | - | 206 | 1.1% | 2.8 | ||
S | ||||||||||
T | Vitrolife | 15.9% | 4,005 | 183 | - | - | 4,188 | 21.9% | 56.5 | |
E | ||||||||||
Xvivo Perfusion 6) | 14.3% | 799 | 647 | 35 | - | 1,481 | 7.7% | 20.0 | ||
D | ||||||||||
Yubico 7) | 17.5% | 718 | 668 | 837 | 2,223 | 11.6% | 30.0 | |||
Total listed holdings | 11,605 | 3,562 | 1,013 | -862 | 15,318 | 80.1% | 206.6 | |||
U | Allgon8) | 91.8% | 753 | 219 | 6 | -1 | 977 | 5.1% | 13.2 | |
N | Atle Investment Management 9) | 93.0% | 256 | 19 | 70 | -1 | 344 | 1.8% | 4.6 | |
L | ||||||||||
Bure Growth 10) | 100.0% | 1,362 | 378 | 104 | -980 | 864 | 4.5% | 11.7 | ||
I | ||||||||||
S | Mercuri International 11) | 90.4% | 68 | - | 2 | - | 70 | 0.4% | 0.9 | |
T | ||||||||||
E | Total unlisted holdings | 2,438 | 616 | 183 | -982 | 2,255 | 11.8% | 30.4 | ||
D | ||||||||||
Total holdings | 14,044 | 4,178 | 1,196 | -1,844 | 17,573 | 91.9% | 237.0 | |||
T | Cash and cash equivalents, | |||||||||
R | ||||||||||
E | short-term investments and | |||||||||
A | other assets 12) | 515 | 1,035 | 1,550 | 8.1% | 20.9 | ||||
S | Total treasury | 515 | 1,035 | 1,550 | 8.1% | 20.9 | ||||
U | ||||||||||
R | ||||||||||
Y | ||||||||||
Total net asset value | 14,559 | 4,178 | 2,231 | -1,844 | 19,123 | 100.0% | 257.9 |
- Change in value including exit gains/losses.
- Bure's number of shares at 31 December 2023: Cavotec 37,554,921, Mentice 3,761,659, Mycronic 22,617,163, Ovzon 14,209,525, Vitrolife 21,510,257, Xvivo Perfusion 4,493,504 and Yubico 15,041,943. Bure also has 4,200,000 warrants in Yubico.
- Bure subscribed to 4,408,302 shares in Cavotec's rights issue for SEK 58M. Bure divested 175,000 shares for SEK 2M to the Cavotec management team.
- Bures divested 3.7 million Mycronic shares for SEK 870M or SEK 859M post transaction costs.
- Bure subscribed to 8,348,491 shares in Ovzon's rights issue for SEK 83M.
- Bure subscribed to 126,000 shares in Xvivo's rights issue for SEK 35M.
- Prior to the merger between ACQ Bure and Yubico, Bure Growth divested the holding in Yubico to Bure in an internal transaction for SEK 971M. Yubico was then merged with ACQ Bure, whereby Bure received a merger consideration consisting of 7,851,943 shares in ACQ Bure and SEK 564M. Bure acquired an additional 190,000 shares in ACQ Bure's placement and rights issue for SEK 19M. In conjunction with the merger, ACQ Bure was renamed Yubico and listed on the First North.
- Bure's direct and indirect holding in Allgon amounts to 91.8 per cent. The holding was revalued by SEK 218M.
- Atle made conditional shareholder contributions to Atle Investment Services and HealthInvest Partners of SEK 8M and SEK 5M, respectively. Atle paid additional purchase fees for Atle Investment Services and HealthInvest Partners of SEK 61M. The holding in Alcur Fonder was revalued by SEK 24M. The holding in Fondbolaget Fondita was revalued downwards by SEK 5M.
- Bure Growth subscribed for 80,934 shares in ScandiNova Systems' rights issue for SEK 36M and acquired 443 shares for SEK 0.5M. The holding in ScandiNova Systems was revalued by SEK 61M. Bure Growth acquired shares in BioLamina for SEK 62M. The holding in BioLamina was revalued by SEK 353M. Bure Growth purchased shares in My Driving Academy's rights issue for SEK 5M and divested shares to the company's management. The holding in My Driving Academy was revalued downwards by SEK 14M. Bure Growth divested 73,432 shares in Yubico following the redemption of call options and divested the remaining 2,710,370 shares in Yubico to Bure Equity in an internal transaction.
- Fair value of equity and interest-bearing receivables.
- Cash and cash equivalents, participations in funds and short-term investments in market-listed assets, other unlisted companies, interest-bearing
receivables and other net assets.
YEAR-END REPORT 2023
3
BURE'S NET ASSET VALUE AND HOLDINGS
Change in net asset value during 2023
SEK M | 1,035 | 19,123 | ||||||||||
20,000 | 3,713 | -183 | ||||||||||
14,559 | ||||||||||||
15,000 | 16 968 | |||||||||||
10,000 | ||||||||||||
5,000 | ||||||||||||
0 | ||||||||||||
Net asset value | Listed | Unlisted | Treasury | Net asset value | ||||||||
31 December 2022 | holdings | holdings | 31 December 2023 |
Listed portfolio companies
Listed portfolio companies accounted for 80.1 per cent of net asset value compared to 79.7 per cent at the end of 2022. The total value of listed portfolio companies decreased SEK 3,713M to SEK 15,318M.
Value changes
Value changes due to fluctuations in share prices and
exits during the period was SEK 3,562M.
Value changes in SEK M and share price performance 2023
Mycronic | 2,207 | 46.8% |
Yubico (shares + warrants) | 668 | 38.3% |
Xvivo Perfusion | 647 | 80.1% |
Vitrolife | 183 | 4.6% |
Mentice | 37 | 26.2% |
Cavotec | 35 | 6.7% |
Ovzon | -214 | -74.9% |
Total | 3,562 |
Bure divested 175,000 shares in Cavotec for SEK 2M to members of the Cavotec management team.
Dividends received
Bure received share dividends of SEK 110M from Mycronic and Vitrolife.
Unlisted portfolio companies
Unlisted portfolio companies accounted for 11.8 per cent of net asset value compared to 16.7 per cent at the end of 2022. The value of unlisted portfolio companies decreased SEK 183M to SEK 2,255M.
Acquisitions and value changes
Atle paid an additional purchase price for Atle Investment Services and HealthInvest Partners of SEK 61M.
Atle made conditional shareholder contributions to
Atle Investment Services and HealthInvest Partners of SEK 8M and SEK 5M, respectively.
Alcur Fonder was revalued by SEK 24M. Fondbolaget Fondita was revalued downwards by SEK 5M.
Bure's comparison index, the SIX RX, rose 19.2 per cent.
Acquisitions
Bure acquired 4,408,302 shares in Cavotec's rights issue for SEK 58M.
Bure acquired 8,348,491 shares in Ovzon's rights issues for SEK 83M.
Bure acquired 126,000 shares in Xvivo's rights issue for SEK 35M.
Bure acquired the holding in Yubico in an internal transaction from Bure Growth for SEK 971M. In the merger between ACQ Bure and Yubico, Bure received a merger consideration of 7,851,942 shares in ACQ Bure and SEK 564M. Bure acquired an additional 190,000 shares in ACQ Bure's placement of shares and rights issue for SEK 19M. ACQ Bure was then renamed Yubico AB and listed on the First North. Bure's holding in Yubico amounts to 15,041,943 shares, corresponding to 17.5 per cent of the total number of shares.
Divestments
Bure divested 3,700,000 shares in Mycronic for SEK 870M or SEK 859M post transaction costs.
Bure Growth acquired shares in BioLamina for SEK 62M. The holding in BioLamina was revalued to SEK 353M.
Bure Growth subscribed for shares in ScandiNova Systems' rights issue for SEK 36M and acquired shares for SEK 0.5M. The holding in ScandiNova Systems was revalued by SEK 61M.
Bure Growth purchased shares in My Driving Academy for SEK 5M and divested shares to company management. The holding was revalued downwards by SEK 14M.
The holding in Allgon was revalued by SEK 218M.
Divestments
Bure Growth divested 73,432 shares in Yubico due to a redemption of call options in Yubico and divested its remaining shares in Yubico to Bure Equity in an internal transaction for SEK 971M.
Dividends received
Atle Investment Management received dividends of
SEK 66M from the part-owned asset management compa- nies. Bure received dividends of SEK 18M from Allgon and SEK 7M from AMIP.
YEAR-END REPORT 2023
4
BURE'S NET ASSET VALUE AND HOLDINGS
Treasury
The value of assets in Treasury increased SEK 1,035M to SEK 1,550M. Bure acquired financial assets for SEK 381M and divested financial assets for SEK 1,444M. Bure paid dividends of SEK 167M. The group received dividends of SEK 202M. Other changes amounting to SEK -63M were due to changes in working capital, value changes in short -term investments and administrative costs.
Assets in Treasury amounted to 8.1 per cent of net asset value compared to 3.5 per cent at the end of 2022.
The Bure share
The total number of Bure shares amounts to 74,357,193, of which 74,146,921 are outstanding. The Bure Annual General Meeting (AGM) of 3 May 2023 authorised the Bure Board of Directors to decide on the buyback of up to 10 per cent of the total number of ordinary shares in Bure Equity AB. Bure did not repurchase any ordinary shares in 2023, nor does it hold any own ordinary shares.
With the authorisation of the AGM of May 3, 2023, Bure conducted a rights issue and a repurchase of 105,136 class C shares. The shares were issued and repurchased in accordance with the LTIP 2023 incentive programme, which was adopted by the AGM of May 3, 2023.
21 Feb | 31 Dec | 31 Dec | 31 Dec | |
2024 | 2023 | 2022 | 2021 | |
Share price, SEK | 292.8 | 285.8 | 246.4 | 438.2 |
Dividend per share, SEK | - | 2.25 | 2.25 | 2.0 |
Total return since year-end1) | 2.4% | 17.0% | -43.1% | 50.1% |
Net asset value per share, SEK | 283.2 | 257.9 | 196.3 | 323.2 |
Development of NAV per share | 9.8% | 31.4% | -39.2% | 34.9% |
SIX Return Index | 0.5% | 19.2% | -22.8% | 39.3% |
- Including dividends of SEK 2.25 per share for 2023 and 2022 and SEK 2.00 per share for 2021.
Development of Bure's net asset value and share price per share
SEK 500
400 | 285.8 |
300 | 257.9 |
200
100
0
11 12 13 14 15 16 17 18 19 20 21 22 23
Net asset value per share Share price
Portfolio companies Jan - Dec 2023 and 2022 | ||||||||
Listed SEK M | 2023 | 2022 | ||||||
Net sales | n/a | 1,572 | ||||||
EBIT | n/a | -48 | ||||||
EBIT margin | n/a | -3.0% | ||||||
Holding | 35.3% | 35.4% | ||||||
Net sales | 274 | 218 | ||||||
EBIT | -1 | -24 | ||||||
EBIT margin | -0.2% | -11.0% | ||||||
Holding | 14.7% | 14.7% | ||||||
Net sales | 5,706 | 5,119 | ||||||
EBIT | 1,235 | 894 | ||||||
EBIT margin | 21.6% | 17.5% | ||||||
Holding | 23.1% | 26.9% | ||||||
Net sales | 290 | 357 | ||||||
EBIT | -95 | -47 | ||||||
EBIT margin | -32.8% | -13.2% | ||||||
Holding | 12.7% | 11.4% | ||||||
Net sales | 3,512 | 3,234 | ||||||
EBIT | 711 | 654 | ||||||
EBIT margin | 20.2% | 20.2% | ||||||
Holding | 15.9% | 15.9% | ||||||
Net sales | 598 | 415 | ||||||
EBIT | 4 | 6 | ||||||
EBIT margin | 0.7% | 1.5% | ||||||
Holding | 14.3% | 14.6% | ||||||
Net sales2) | 1 844 | 1,561 | ||||||
EBIT | 195 | 215 | ||||||
EBIT margin | 10.5% | 13.8% | ||||||
Holding | 17.5% | n/m |
- Adjusted for write-downs not affecting cash flow of SEK 4,300M in 2023.
- Key figures refer to Yubico. ACQ Bure is not included.
Unlisted SEK M | 2023 | 2022 | |
Net sales | 708 | 617 | |
EBIT | 108 | 96 | |
EBIT margin | 15.3% | 15.5% | |
Holding | 91.8% | 92.4% | |
Net sales | 0 | 0 | |
EBIT | 65 | 123 | |
EBIT margin | n/m | n/m | |
Holding | 93.0% | 93.0% | |
Net sales | 0 | 0 | |
EBIT | 395 | 46 | |
EBIT margin | n/m | n/m | |
Holding | 100.0% | 100.0% | |
Net sales | 314 | 325 | |
EBIT | -3 | 2 | |
EBIT margin | -0.8% | 0.5% | |
Holding | 90.4% | 90.4% | |
YEAR-END REPORT 2023
5
LISTED PORTFOLIO COMPANIES
Listed portfolio companies
www.cavotec.com
Share of Bure's net asset value: 2.8%
Cavotec is a leading engineering group that designs and
manufacturesautomated connection and electrification
systems for ports and industrial applications worldwide.
www.mentice.com
Share of Bure's net asset value: 0.9%
Mentice develops and sells turn-key simulation solutions targeting the fast-growing market for endovascular procedures.
Key figure1) | Q4 | Q4 | Key figure | Q4 | Q4 | ||||||||
EUR m | 2023 | 2022 | 2023 | 2022 | 2021 | SEK m | 2023 | 2022 | 2023 | 2022 | 2021 | ||
Net sales | n/a | 47 | n/a | 148 | 116 | Net sales | 70 | 69 | 274 | 218 | 185 | ||
Operating expenses | n/a | -48 | n/a | -152 | -117 | Operating expenses | -74 | -62 | -274 | -242 | -205 | ||
EBIT | n/a | -2 | n/a | -5 | -1 | EBIT | -4 | 7 | -1 | -24 | -20 | ||
EBIT margin | n/a | -3.5% | n/a | -3.0% | -0.6% | EBIT margin | -5.1% | 9.6% | -0.2% | -11.0% | -10.7% | ||
Net financial items | n/a | -4 | n/a | 4 | 3 | Net financial items | 1 | 0 | 1 | 0 | -2 | ||
Profit/loss before tax | n/a | -5 | n/a | 0 | 3 | Profit/loss before tax | -2 | 7 | 0 | -24 | -21 | ||
Income tax expense | n/a | -1 | n/a | -3 | -4 | Income tax expense | 0 | -5 | -3 | -7 | -8 | ||
Profit/loss for the period | n/a | -7 | n7a | -3 | -1 | Profit/loss for the period | -3 | 2 | -3 | -31 | -29 | ||
continuing operations | |||||||||||||
Profit/loss for the period | n/a | -1 | n/a | -11 | -36 | ||||||||
Net loan debt (-)/ | 50 | 31 | -2 | ||||||||||
discontinued operations | receivable (+) | ||||||||||||
Profit/loss for the period | n/a | -8 | n/a | -14 | -37 | ||||||||
Total assets | 323 | 333 | 262 | ||||||||||
Equity | 159 | 163 | 137 | ||||||||||
Net loan debt (-)/ | n/a | -30 | -7 | ||||||||||
Cash flow from operating | 37 | 15 | -5 | ||||||||||
receivable (+) | |||||||||||||
activities | |||||||||||||
Total assets | n/a | 168 | 175 | ||||||||||
Average no. of employees | 122 | 122 | 104 | ||||||||||
Equity | n/a | 44 | 67 | ||||||||||
Cash flow from operating | n/a | 21 | 1 | Facts at 31 December 2023 | Largest shareholders | ||||||||
activities | |||||||||||||
Average no. of employees | n/a | 640 | 815 | NAV: SEK 179M | Karin Howell-Bidermann | 34.0% | |||||||
Acquisition date: 2019 | Bure Equity | 14.7% | |||||||||||
1) Cavotec's interim report is published on 23 February 2024. | |||||||||||||
Board member from Bure: | Fjärde AP-fonden | 6.9% | |||||||||||
Facts at 31 December 2023 | Largest shareholders | Gösta Johannesson, | Others | 44.4% | |||||||||
board member | |||||||||||||
NAV: SEK 541M | Bure Equity | 35.3% | |||||||||||
Acquisition date: 2014 | Thomas von Koch | 17.5% | The quarter in brief | ||||||||||
Board member from Bure: | Others | 47.2% | |||||||||||
• Order intake was SEK 104M (90), corresponding to an | |||||||||||||
Patrik Tigerschiöld, chairman | |||||||||||||
increase of 15 per cent. Orderbook at the end of the | |||||||||||||
The quarter in brief | period was SEK 156M (126). |
- Cavotec received a contract from one of the world's largest shipping lines for shore power connection equipment for new-build container ships. The total value of the order was EUR 6.7M.
- The share price fell 1.0 per cent in the fourth quarter.
- Net sales was SEK 70M (69), an increase of 3 per cent.
- Operating profit was SEK -4M (7).
- Mentice acquired important assets from Biomodex, the company's foremost competitor within flow simulation.
- The share price rose 45.9 per cent in the fourth quarter.
YEAR-END REPORT 2023
6
LISTED PORTFOLIO COMPANIES
www.mycronic.com
Share of Bure's net asset value: 34.0%
Mycronic creates world-leading production equipment for electronics and display manufacturing.
Key figure | Q4 | Q4 | |||
SEK m | 2023 | 2022 | 2023 | 2022 | 2021 |
Net sales | 1,968 | 1,497 | 5,706 | 5,119 | 4,635 |
Operating expenses | -1,348-1,235-4,471-4,225-3,586 | ||||
EBIT | 620 | 262 | 1,235 | 894 | 1,049 |
EBIT margin | 31.5% | 17.5% | 21.6% | 17.5% | 22.6% |
Net financial items | 15 | 1 | 27 | -4 | -2 |
Profit/loss before tax | 635 | 263 | 1,262 | 890 | 1,046 |
Income tax expense | -125 | -16 | -266 | -154 | -219 |
Profit/loss for the period | 510 | 247 | 996 | 737 | 827 |
Net loan debt (-)/ | 1,912 | 1,004 | 440 | ||
receivable (+) | |||||
Total assets | 8,340 | 7,340 | 6,136 | ||
Equity | 5,282 | 4,703 | 3,997 | ||
Cash flow from operating | 1,608 | 853 | 998 | ||
activities | |||||
Average no. of employees | 2,027 | 2,002 | 1,683 |
Facts at 31 December 2023 | Largest shareholders | |
NAV: SEK 6,500M | Bure Equity | 23.1% |
Acquisition date: 2010 via | SEB Fonder | 9.9% |
Skanditek | Fjärde AP-fonden | 8.1% |
Board member from Bure: | Others | 58.9% |
Patrik Tigerschiöld, chairman | ||
www.ovzon.com
Share of Bure's net asset value: 1.1%
Ovzon offers a revolutionary mobile broadband service via satellite that combines high data speeds with high degrees of mobility.
Key figure | Q4 | Q4 | |||
SEK m | 2023 | 2022 | 2023 | 2022 | 2021 |
Net sales | 91 | 101 | 290 | 357 | 191 |
Operating expenses | -105 | -110 | -385 | -438 | -305 |
EBIT | -14 | -9 | -95 | -81 | -113 |
EBIT margin | -15.4%-8.6%-32.8% | -22.7% | -59.2% | ||
Net financial items | 27 | 0 | 28 | 45 | 29 |
Profit/loss before tax | 12 | -9 | -67 | -36 | -84 |
Income tax expense | 0 | 0 | 7 | 0 | 0 |
Profit/loss for the period | 12 | -9 | -60 | -36 | -84 |
Net loan debt (-)/ | -410 | -202 | 82 | ||
receivable (+) | |||||
Total assets | 2,190 | 1,922 | 1,853 | ||
Equity | 1,780 | 1,393 | 1,450 | ||
Cash flow from operating | -14 | -112 | -77 | ||
activities | |||||
Average no. of employees | 45 | 43 | 36 |
Facts at 31 December 2023 | Largest shareholders | |
NAV: SEK 206M | Bure Equity | 12.7% |
Acquisition date: 2018 | Investment AB Öresund | 12.1% |
Board member from Bure: | Grignolino AB | 11.3% |
Patrik Tigerschiöld, | Others | 63.9% |
board member |
The quarter in brief
- Order intake was SEK 1,448M (2 529), a reduction of 43 per cent. Total order book at the end of the period was SEK 4,149M (3,574).
- Net sales increased 31 per cent to SEK 1,968M (1,497).
- Operating profit amounted to SEK 620M (262), corresponding to an operating margin of 31.5 per cent (17.5).
- Bure divested 3.7 million shares in Mycronic for SEK 870M, resulting in an exit gain of SEK 813M.
- The share price rose 27.2 per cent in the fourth quarter.
- The Board of Directors has proposed the 2024 AGM approve a dividend of SEK 4.50 (3.50) per share.
The quarter in brief
- Ovzon conducted a rights issue of SEK 250M in December 2023. Bure purchased 7.2 million shares in Ovzon's rights issue for SEK 33M.
- The share price fell 35.4 per cent in the fourth quarter.
- Ovzon's Ovzon 3 satellite was launched from SpaceX Cape Canaveral in Florida on January 4, 2024. Ovzon 3 is expected to reach its orbit in the summer of 2024.
YEAR-END REPORT 2023
7
LISTED PORTFOLIO COMPANIES
www.vitrolife.com
Share of Bure's net asset value: 21.9%
Vitrolife Group is an international medtech group that develops, produces, and markets fertility treatment products.
Key figure | Q4 | Q4 | |||
SEK m | 2023 | 2022 | 2023 | 2022 | 2021 |
Net sales | 904 | 855 | 3,512 | 3,234 | 1,681 |
Operating expenses | -719 | -687 | -2,801 | -2,580 | -1,245 |
Adjusted EBIT 1) | 185 | 168 | 711 | 654 | 435 |
Adjusted EBIT margin | 20.5% | 19.6% | 20.2% | 20.2% | 25.9% |
Net financial items | -15 | -63 | -123 | -117 | 25 |
Profit/loss before tax | 170 | 106 | 588 | 537 | 460 |
Income tax expense | -49 | -32 | -139 | -143 | -116 |
Profit/loss for the period | 121 | 73 | 449 | 394 | 344 |
Net loan debt (-)/ | -1,228 | -1,563 | -1,852 | ||
receivable (+) | |||||
Total assets | 16,329 | 20,551 | 19,429 | ||
Equity | 12,723 | 16,740 | 15,341 | ||
Cash flow from operating | 757 | 636 | 384 | ||
activities | |||||
Average no. of employees | 1,084 | 1,117 | 478 | ||
- Adjusted for write-downs not affecting cash flow of SEK 4,300M in the fourth quarter 2023.
Facts at 31 December 2023 | Largest shareholders | |
NAV: SEK 4,188M | William Demant Invest A/S | 28.7% |
Acquisition date: 2010 | Bure Equity | 15.9% |
via Skanditek | AMF Pension & Fonder | 5.1% |
Board member from Bure: | Others | 50.3% |
Henrik Blomquist, board member | ||
www.xvivoperfusion.com
Share of Bure's net asset value: 7.7%
Xvivo Perfusion is an international medtech company that develops solutions for organ, tissue and cells during transplantation procedures.
Key figure | Q4 | Q4 | |||
SEK m | 2023 | 2022 | 2023 | 2022 | 2021 |
Net sales | 156 | 132 | 598 | 415 | 258 |
Operating expenses | -172 | -129 | -593 | -409 | -277 |
EBIT | -16 | 2 | 4 | 6 | -18 |
EBIT margin | -10.4% | 1.8% | 0.7% | 1.5% | -7.2% |
Net financial items | 82 | 0 | 90 | 16 | 25 |
Profit/loss before tax | 66 | 3 | 95 | 22 | 7 |
Income tax expense | 3 | -2 | -3 | -4 | 1 |
Profit/loss for the period | 68 | 1 | 92 | 18 | 8 |
Net loan debt (-)/ | 515 | 237 | 393 | ||
receivable (+) | |||||
Total assets | 2,181 | 1,733 | 1,543 | ||
Equity | 1,945 | 1,430 | 1,285 | ||
Cash flow from operating | 46 | 28 | -12 | ||
activities | |||||
Average no. of employees | 150 | 133 | 113 |
Facts at 31 December 2023 | Largest shareholders | |
NAV: SEK 1,481M | Bure Equity | 14.3% |
Acquisition date: Lex Asea | Fjärde AP-fonden | 9.0% |
distribution from Vitrolife | Swedbank Robur Fonder | 7.8% |
in 2012 | ||
Others | 68.9% | |
Board member from Bure: | ||
Gösta Johannesson, chairman
The quarter in brief
- Net sales increased 6 per cent to SEK 904M (855). Growth in local currencies was 5 per cent.
- Operating profit before depreciation (EBITDA) amounted to SEK 294M (273), corresponding to a margin of 32.5 per cent (31.9).
- Adjusted EBIT was SEK 185M (168). During the period, a non-cashaffecting write-downof SEK 4,300M was reported under other operating expenses.
- The share price rose 32.4 per cent in the fourth quarter.
The quarter in brief
- Net sales amounted to SEK 156M, corresponding to an increase of 18 per cent in SEK and 16 per cent in local currencies. Organic growth amounted to 12 per cent and acquired growth was 4 per cent.
- Operating profit before depreciation (EBITDA) amounted to SEK 21M (14), corresponding to a margin of 13 per cent (10).
-
Operating profit (EBIT) was SEK -16M and was affected by write-downs of the PrimECC project of
SEK16M. - The American heart preservation study conducted its first transplant during the quarter.
- The share price rose 20.0 per cent in the fourth quarter.
YEAR-END REPORT 2023
8
LISTED PORTFOLIO COMPANIES
www.yubico.com
Share of Bure's net asset value: 11.6%
Yubico is a global cybersecurity company that developed the YubiKey hardware, a security key that prevents account takeovers. Since the company was founded in 2007, it has been a leader in setting global standards for secure access to computers, mobile devices, servers, browsers and internet accounts.
Key figure1) | Q4 | Q4 | |||
SEK m | 2023 | 2022 | 2023 | 2022 | 2021 |
Net sales | 560 | 469 | 1,844 | 1,561 | 867 |
Operating expenses | -465 | -401 | -1,650 | -1,346 | -934 |
EBIT | 95 | 68 | 195 | 215 | -67 |
EBIT margin | 17.0% | 14.4% | 10.5% | 13.8% | -7.7% |
Net financial items | 0 | 1 | 3 | 5 | 11 |
Profit/loss before tax | 96 | 68 | 198 | 220 | -56 |
Income tax expense | -17 | 41 | -55 | 35 | -4 |
Profit/loss for the period | 78 | 110 | 142 | 256 | -60 |
Net loan debt (-)/ | 508 | 232 | 199 | ||
receivable (+) | |||||
Total assets | 1,474 | 1,122 | 735 | ||
Equity | 1,142 | 733 | 436 | ||
Cash flow from operating | 98 | 33 | -53 | ||
activities | |||||
Average no. of employees | 437 | 377 | n/a |
1) Key figures refer to Yubico. ACQ Bure is not included.
Facts at 31 December 2023 | Largest shareholders | |
NAV: SEK 2,223M1) | Bure Equity | 17.5% |
Acquisition date: 2023 | AMF Tjänstepension & | |
Board member from Bure: | Fonder | 12.1% |
Stina Ehrensvärd | 10.2% | |
Patrik Tigerschiöld, chairman | ||
Gösta Johannesson, | Others | 60.2% |
board member |
1) Refers to shares and warrants in Yubico AB.
The quarter in brief
- Order intake increased by 83.5 percent to SEK 684M (373). Subscriptions accounted for 18.9 percent (17.2) of the bookings.
- Net sales increased by 19.5 percent more SEK 560M (469). In local currencies, the growth was 17.8 percent. Revenue from subscriptions was responsible 14.0 (11.5) percent of net sales.
- The gross profit amounted to SEK 466M (388), corresponding to a gross margin of 83.2 percent (82.8).
- Operating profit was SEK 95M (68), corresponding to a margin of 17.0 percent (14.4).
- The share price rose of 11.0 per cent in the fourth quarter.
YEAR-END REPORT 2023
9
UNLISTED PORTFOLIO COMPANIES
Unlisted portfolio companies
www.allgon.se
Share of Bure's net asset value: 5.1%
Allgon is a world-leading actor in industrial radio remote controls. The company develops, manufactures, and delivers industrial radio remote control solutions for customers worldwide.
Key figure | Q4 | Q4 | |||
SEK m | 2023 | 2022 | 2023 | 2022 | 2021 |
Net sales | 178 | 159 | 708 | 617 | 527 |
Operating expenses | -158 | -129 | -600 | -521 | -467 |
EBIT | 20 | 29 | 108 | 96 | 60 |
EBIT margin | 11.1% | 18.5% | 15.3% | 15.5% | 11.4% |
Net financial items | -4 | -1 | -15 | -6 | -21 |
Profit/loss before tax | 16 | 28 | 93 | 89 | 39 |
Income tax expense | -8 | -7 | -19 | -17 | -4 |
Profit/loss from | 8 | 21 | 74 | 73 | 35 |
remaining operations | |||||
Profit/loss from | - | - | - | - | 40 |
discontinued operations | |||||
Profit/loss for the period | 8 | 21 | 74 | 73 | 75 |
Net loan debt (-)/ | -103 | -172 | -210 | ||
receivable (+) | |||||
Total assets | 872 | 830 | 737 | ||
Equity | 500 | 460 | 365 | ||
Cash flow from operating | 115 | 60 | 40 | ||
activities | |||||
Average no. of employees | 408 | 377 | 360 | ||
Facts at 31 December 2023 | Largest shareholders | |
NAV: SEK 977M | Bure Equity | 91.8% |
Acquisition date: 2021 | Management and board | |
Board member from Bure: | of Allgon | 8.2% |
Sophie Hagströmer, chairman
Oskar Hörnell, board member
The quarter in brief
- Net sales increased 12 per cent to SEK 178M (159).
- Operating profit was SEK 20M (29) corresponding to a margin of 11.1 per cent (18.5).
- Net debt was SEK 103M (172).
www.atle.se
Share of Bure's net asset value: 1.8%
Atle Investment Management invests in financial services
and assets. The company owns 30.4% of Alcur Fonder, 100% of Atle Fund Services, 100% of Atle Investment Services, 20.1% of Fondbolaget Fondita, 66.7% of HealthInvest
Partners, 100% of Humle Fonder, 35.2% of Teknik Innovation
Norden Fonder (TIN Fonder) and holdings in equity funds.
Key figure | Q4 | Q4 | |||
SEK m | 2023 | 2022 | 2023 | 2022 | 2021 |
Net sales | 0 | 0 | 0 | 0 | 0 |
Dividends | 0 | 0 | 66 | 120 | 98 |
Fair value of financial | 11 | -4 | 11 | 11 | 58 |
assets | |||||
Management costs | -5 | -2 | -12 | -8 | -5 |
EBIT | 7 | -7 | 65 | 123 | 151 |
Net financial items | -2 | -1 | -7 | -3 | -1 |
Profit/loss before tax | 5 | -8 | 58 | 120 | 150 |
Income tax expense | 0 | 0 | 0 | 0 | 0 |
Profit/loss for the period | 5 | -8 | 58 | 120 | 150 |
Net loan debt (-)/ | -141 | -73 | -12 | ||
receivable (+) 1) | |||||
Total assets | 389 | 284 | 229 | ||
Equity | 204 | 191 | 187 | ||
Cash flow from operating | 55 | 109 | 95 | ||
activities | |||||
Average no. of employees | 2 | 1 | 1 |
1) Of which, SEK 147M is liable to Bure Equity as at 31 December 2023.
Facts at 31 December 2023 | Largest shareholders | |
NAV: SEK 344M | Bure Equity | 93.0% |
Acquisition date: Established 2014 | Gustav Ohlsson | 7.0% |
Board member from Bure: | ||
Henrik Blomquist, chairman | ||
Oskar Hörnell, board member |
The quarter in brief
-
Capital under management in Alcur Fonder, Fondita,
HealthInvest Partners, Humle Fonder and TIN Fonder amounted to SEK 33 billion (34). - Alcur Fonder was revalued by SEK 24M. Fondbolaget Fondita was revalued downwards by SEK 5M.
- Atle made a conditional shareholder contribution to HealthInvest Partners of SEK 5M.
YEAR-END REPORT 2023
10
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Bure Equity AB published this content on 04 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2024 09:22:04 UTC.