Bure Equity

• 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 report September – 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 end of the period

• 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).

Comments from the CEO

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 represented 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, Vitrolife, 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 successfully 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 operational 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 conclusion, with approximately SEK 1.4 billion in investable funds, it is my hope that 2024 will also offer several interesting investment opportunities.