VNV Global AB (publ)

Welcome to VNV Global's fourth quarter and 12 months 2024 report conference call. On the call today, we have Per Bulle, CEO, Dennis Mohamed, Investment Manager, and myself, Björn Fossilvers, CFO of VNV. As per usual, Per will start with a summary of the developments during the quarter, following by an overview of the more meaningful portfolio constituents. After that, we will open up for Q&A. And as a reminder, if you want to ask a question, please use the Q&A function here on the Zoom and we'll try to address it towards the end. With that, I'll hand over to Per. Please go ahead.

Thanks, Björn. So we'll kick off with this usual sort of, you've seen this in the report, NAVs up like a percent in dollar terms to US. $580 million, which in Swedish crowns is just under 49 Swedish crowns. That's up 10% in Swedish crowns. For the year, we're down like a bit over like 13%, just under 13%, which follows down like 5% the year before. And that's all sort of negative, but it sort of feels still like a consolidation period after that sort of monstrous drop in 2022 to start the Ukraine war and all of that. So consolidation period. And overall, I mean, we'll talk more about it as we go through the report here, but we really see that there's some good signs in the market pricing in our portfolio, but also elsewhere it gets done at a premium to NAV rather than a discount. and the companies are doing well. So although there's no dramatic sort of changes in the NAV as of this report, and still sort of in some consolidation period, it really feels like something's starting to happen. But as we've talked about at length, I think, and sorry for repeating ourselves, but over the course of this year, the focus has really been sort of to, one, get into a net cash state at our balance sheet and pay off the debt. We've sold stuff throughout the year. First sort of portfolio around Booksy and then Get yet to close, but we think we'll close in the first quarter this year. And then a smaller portfolio in these last quarters and bringing that to $148 million and And and we'll come back to that, you know, but that's very much been the focus. But now with with get moving into sort of its closing phase, then then we're really in that cash and then can start to to focus on. on not selling assets and paying down debt, but instead investing. And as we sort of talked about again and again, it's really with our stock trading where it is, there's nothing that sort of compares well to it. So that's out there. And the other big sort of... theme if you will during the course of 2024 is this trying to help the companies to get into profitability and and uh and um yeah the the direction of travel is is the right one although there's of course more work to be done so 81 is now a bit top positive with we have um we've we've sort of We've not broken out Voi now because Voi is actually EBIT positive. And then, of course, also EBIT are positive. But at the Voi level, we need to talk about EBIT because they depreciate these scooters. So 80% of the portfolio positive in this manner. and happy about the direction of travel, but not content because our ambition really is to sort of have one of our holdings and ideally several holdings get into that sort of profitable growth and profitable to the extent that cash also goes back to shareholders. The ambition is really to have one of our entities here develop into a dividend payer that can give us a stream of cash flow in good times and also in bad times, which decreases the volatility around the portfolio and can make you able to access liquidity also when times are tough. Now, I think we're starting to get through that consolidation phase, but nevertheless, really this direction of travel is, of course, very, very important. Yeah, balance sheet. Björn, do you want to run us through these next couple of slides and

Sure, happy to. Yeah, no, so quarter ended with, as Per mentioned, net asset value of just below 49 crowns per share or $4.44 per share, down 1% in dollar terms over quarter and up roughly 10% in SEC key. notably we closed the quarter with approximately 60 million dollars in cash and cash equivalents including small liquidity management investments and the debt now stands at 77 million dollars and it's the bond that we refinanced earlier this quarter if we move to the next slide I thought I'll just run through the main Developments during the quarter in terms of fair value change and getting from the start, blah, blah, car, large holding was down 9% during the quarter. The valuation is, as a reminder, derived from some of the parts valuation that we further refined during the year. The fair value change during the quarter is driven by a lower adjusted peer multiple, as well as a weak euro relative to the USD. By year-end, BlaBlaCar's position represents approximately 17.5 crowns per share, or 36% of the NRE. Moving down to Get, a flat valuation, as it's still being based on the ongoing transaction, which we now expect to close during the first quarter of 2025. Get represents roughly 7 crowns per share. And moving on to VOI, which is the largest uplift during the quarter, up 26% driven as we move the valuation from last transaction-based valuation based on the transaction in early 2024 to a forward-looking EBITDA-based model here at year-end. VOI now represents 8.5 pounds per share. And these three in aggregate represent roughly 33 crowns per share or just below 70% of the total NAV. Again, cash increased over the quarter to roughly $60 million. And with that short introduction to the movers of the P&L, I'll hand it back to Per to move through further down in the portfolio and then open up for Q&A.