Q3 2024 VNV Global AB (publ) Earnings Call Transcript
Key Points
- VNV Global AB (LTS:0A89) has successfully raised approximately $150 million from asset sales, which will be used to pay down debt and achieve a positive net cash position.
- Several portfolio companies have raised funds at or above their marked values, indicating potential growth and increased valuation.
- The company has placed a new $850 million bond to refinance existing debt, providing financial flexibility.
- VNV Global AB (LTS:0A89) reports that three-quarters of its portfolio is EBITDA positive, reflecting strong underlying business performance.
- The company is seeing increased activity and signs of life in the tech market, suggesting potential future growth opportunities.
- The net asset value (NAV) per share decreased by 4% in USD terms, primarily due to a 20% markdown in BlaBlaCar's valuation.
- BlaBlaCar's revenue has been negatively impacted by delays in French government approval of energy-saving certificates, affecting short-term financial outlook.
- The tech market remains challenging, impacting the overall performance and valuation of VNV Global AB (LTS:0A89)'s portfolio.
- The company's outstanding debt and liabilities remain significant, affecting overall financial health.
- There is uncertainty regarding the timeline for the closure of the Get transaction, which is dependent on Australian antitrust approval.
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All right, thank you and welcome to win the global third quarter, 2024 report conference call on the call today. We have Per Brilioth Managing Director and Dennis Mohammad, who's part of our investment team and me Bjoern Von Sivers Chief Financial Officer of the company. As per usual pa we'll start with a summary of the developments, followed by an overview of the more meaningful portfolio constituents. After that, we will open up from Q&A. And as a reminder, if you want to ask a question, please use the Q&A function on the Zoom and we'll try to address those towards the end. With that, I'll hand over to pair to start with the intro.
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Thanks, Bjoern. And so yeah, this quarter RNV is down a bit some 4% in us dollars to $575 million. That downtick is a reflection pretty much only of the of a down of us writing down marking down BlaBlaCar car and on the back of basically French
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