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Annual Report 2020 Annual Report 2020 02 Content Introduction 02 Content 03 Managing Director’s introduction 04 Statement by the Chairman of the Board – VNV and ESG Investment portfolio 05 Investment portfolio 08 Babylon 08 BlaBlaCar 09 Voi 09 Gett 10 Property Finder 10 Hemnet 11 B ooksy 11 SWVL 12 Dostavista 12 OneTwoTrip 13 Other investments Share information 14 The VNV Global share Financial information 16 List of contents of Financials 17 Administration report 18 Financial summary 21 Group Financial Statements 21 Income statements – Group 22 Balance sheets – Group 23 Statement of Changes in Equity – Group 24 Cash flow statements – Group 25 Notes for the Group 43 Parent Company Financial Statements 43 Income statement – Parent 44 Balance sheet – Parent 45 Statement of Changes in Equity – Parent 46 Cash flow statement – Parent 47 Notes for the Parent 54 Declaration 55 Auditor’s Report Corporate Governance 58 Corporate Governance Report 2020 63 Auditor’s Report on the Corporate Governance Statement Sustainability 64 Sustainability Report 2020 67 GRI Disclosures included in this Report 68 Auditor’s Report on the Sustainability Report Other 69 Glossary Financial calendar Interim report for the first three months April, 28, 2021 2021 General meeting of shareholders 2021 May 4, 2021 Interim report for the first six months July 28, 2021 Interim report for the first nine months October 22, 2021 Photos/illustration (clockwise Financial accounts bulletin January 28, 2022 from top left): Voi, BlaBlaCar, Annual report 2021 March 2022 SWVL, Booksy, Babylon. Annual Report 2020 03 Managing Director’s introduction Goodbye 2020. website. At our next CMD we will endeavor to have both We are also seeing interesting new deal flow. Both A harrowing year and any attempt to summarize it has Booksy and Dostavista present. in the existing macros but increasingly also in the to start by sending our thoughts to all those who have Many of you know that I am a tennis maniac, so intersection of network effects and climate change. suffered and all those who have lost loved ones too here we go on me trying to map our portfolio in tennis We have done a couple of investments during the past early. The full effects of the year will likely not be known players. Google, Facebook and Amazon are the super year which fit here, they are small and we will be able to for many many years and a lot of work remains. In all established stars like Federer, Nadal, Djokovic and talk more about them later. My sense is that there are the darkness and the inevitable attempts to politicize Serena Williams. Our “old” darling of Avito is up there more to come. Companies that check the box of their the situation, sowing divisions, I think we should also with those, maybe a Dominic Thiem? We don’t have product becoming better with every new user, high recognize that in many areas the world has come those in our portfolio as we are looking for more barriers to entry are being built and that are in demand together and produced progress. emerging players with more upside movement. Babylon, because their markets increasingly need to operate as At VNV Global it has been a very active year. The BlaBlaCar, Voi and Gett are established but still have climate efficiently as possible. overall portfolio has weathered this storm well and their best ahead of them. Much like Zverev, Tsitsipas, Thanks for being with us on this journey. And here’s some themes have experienced an enormous accel- Medvedev and Naomi Osaka, all top talents in the world to either Medvedev, Tsitsipas, Zverev or Osaka reaching eration, most notably the disruption of local mobility but still to dominate. They will for sure win many many number one, to Lorenso Musseti, Sebastian Korda, Cori Per Brilioth and healthcare by business models centered on digital grand slams and each of them has the opportunity to Gauff and especially Jannik Sinner going into the top Managing Director tools. Babylon and Voi have for these reasons contrib- become the biggest in the world, a number one. 10 and most exciting to see the Danish youngsters beat uted positively to the portfolio over the year, producing Below our lead quartet of stars we have the nextgen up one of the established players and enter the top 100. an increase in the NAV per share of 22% in USD terms. crowd of SWVL, Dostavista and Booksy. In the tennis Not enough, but then of course we don’t operate in world these are Jannik Sinner, Sebastian Korda, Finally, here in the dawn of 2021 when we depart a dark one-year horizons. The capital markets we act within Lorenzo Mussetti or Cori Gauff. Higher risk here, we period like then one we have been through and looking and their set of rules on accounting rhythms have don’t know for certain that they will reach number onto a brighter future I think it is worth reciting the last us trying to sum up the calendar year of the past 12 one but they are for sure out there swinging with that line of Amanda Gorman’s poem The Hill We Climb: months, but our investment horizon is much longer and ambition. “For there is always light, as you know our most important investments have been However, our portfolio is also full of juniors, if only we’re brave enough to see it. with us for over 10 years. players that are yet to even reach the top 100. The If only we’re brave enough to be it.” During the year we have been very active in funding best junior in the world is the Dane Holger Rune. On our portfolio companies as well as engaging in a series the girl side we find another Dane: Clara Tauson. We of new investments, especially through our newly have a dozen Holger Runes and Clara Tausons in the started scout program. We completed a rights issue portfolio. Look them up when you are next tuning in to during the summer, changed our name, moved home to a tennis tournament and you will be amazed how these Sweden after 22 years in the Atlantic. Feels super good. teenagers play… As has been clear for a while our largest investments today are Babylon, BlaBlaCar, Voi and Gett, and these Hello 2021 are naturally the largest contributors to the movement What does 2021 hold in store for us? Well the outlook of our share price in the short to medium term. We certainly seems a little brighter than over the past 9 believe all of them provide large upside potential. or so months. The vaccine rollout is starting to gain However, in the same way that these four holdings momentum and hopefully it helps bring us back to some were small in relation to Avito until early 2019, we sort of normality. believe there is plenty to look forward to in the rest of On the back of this improved outlook, we enter 2021 the portfolio that overtime will grow into a size where with a strong pipeline of potential investment opportuni- they also will be important contributors. Three exciting ties, both within the existing portfolio as well as in a few next generation holdings in the portfolio are SWVL, new names. Dostavista and Booksy. While small in the shadow I am very excited by our portfolio, and sense strong of the four big ones today I believe they all have the performance both from the large contributors of 2020 potential to double and then double again over the and from the constituents that have had a slower year next 3–4 years upon which they collectively could be on the back of Covid. The mobility plays that have been worth some USD 500 mln, and thus be very important slowed on the back of Covid are all in a strong position contributors to the share price. SWVL presented at our relative to their competitors and hence have opportuni- CMD and I would encourage you to look at the founder ties to be aggressive in this hopefully last inning of the Mostafa Kandil’s presentation which is available on our pandemic before the vaccine fights it down. Photo: Tobias Ohls Annual Report 2020 04 Statement by the Chairman of the Board – VNV and ESG Lars O Grönstedt My fellow shareholders, El Basharsoft improves the Egyptian labour market Chairman of the Board At VNV global we back local companies that let millions by offering a marketplace to match job applicants with of people use their potential better, by improving work places. Naseeb does the same in Pakistan and health, increasing mobility, and facilitating choice. It Saudi Arabia. Through them it matters less who your is not box-ticking. But it is a philosophy. And it does uncle is, than what your talents are. make the world a richer and a better place. It brings Those are our three sectors – health, mobility and satisfaction to our work, and it should bring a certain marketplaces. Through our more than 36 investments amount of contentment, or even pleasure to you as our in these sectors we improve health, make transport shareholders. You enjoy a constantly rising share price cheaper and easier, and through the marketplaces we while knowing that your money invested really increases support we make information more ubiquitous, choice global well-being. easier, and payment and delivery more secure. The This is how we think! friction of inefficiency in all these sectors is reduced, Central to all human activity is productivity. The making people better off and taking away some of the welfare of humanity is increased when the same output daily anxiety that comes with lack of knowledge, and can be achieved with smaller inputs of capital, labour, lack of choice.
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