Everyone, this is Per Brilioth at VNV Global, and this is our Q1 call. Welcome to that, and I hope people can see this slide presentation we've put together. I'll flick through some pages there and then open up for Q&A. Diving straight into it, this presentation goes through lots of background, which I don't think will be necessary for you guys. I'll just quickly go through the background, you all know that, and what we do, to take you into the portfolio which at least sort of graphically looks like this. During this quarter, there hasn't been that many larger changes in it. We can in fact go to the next slide, and you can see here more sort of text form what this quarter has brought. It's up a bit during the quarter, the NAV. It's a mix of reasons for it being up a bit. Some of the holdings are up, some of the holdings are down. We issued some shares at a premium, that helped a bit. The 2% up, and of course as you'll know by now but maybe worth reiterating, is that we put together our net asset value using the last price, if there's been a transaction of larger size. Failing that, we use a model. In our model, we look out at financials over the next year or two, and then we multiply that by a multiple from a listed peer group. In many cases in our portfolio, as you'll know, there's not a perfect comparative in the listed world, so we'll put together a group and that gets us the mark. Hence, stuff moving around a little bit. It's up 2% over the quarter. Been a busy quarter. We issued new shares. We did a placement of $140 million in the early innings of the quarter. We've been busy investing that. We decided to do the raise primarily because we were far down the road of two transactions in our existing portfolio. Those have been completed. In the quarter, we led a bridge round into Swvl, the transportation company for emerging markets. Only after the quarter, we finalized the larger check, a €35 million check into BlaBlaCar as part of a larger financing round where we led it. We were also joined by Filip and Jonas, who we know from Avito. Also FMZ Ventures, which is led by a French individual with a long background at primarily Alibaba. We're continuing to have quite an intense deal flow, most of which we have declined, that it doesn't fit us for a variety of reasons. There's several things we're working on right now, and some have been concluded, but it's a little bit too early to talk about them at this point in time. It's names that we're very excited about. Of course, also after the quarter's end, Hemnet IPO'd, in fact, yesterday. Hemnet, we sold some of our shares alongside everyone else, and that provided some capital to us. Most importantly, I think we kept most of our shares as with everyone else. Of course, that's been good so far because the stock has traded up. In fact, the IPO price was higher than where we were carrying it at 31st of March, which is also the input to this report. Since the IPO, the stock has traded up. We got about $16 million, $17 million in sales proceeds, and we have a remaining number of shares in Hemnet that at today's price is roughly valued at $88 million. Good investment because we invested about 10. It's one of these 10 baggers really, which we're very happy about. Also NAV-wise, obviously the NAV for the quarter ended at SEK 101.5 or SEK 101.6 to be exact. If you adjust that for the live Hemnet price, then you're looking at an NAV which is nearly SEK 107 per share. Yes. That at a high level is our quarter. If we continue into Babylon, I don't know if you see these slides, we've taken the time to take a little bit of step back and to sum up the where, in terms of presenting Babylon, we've taken a little bit of a step back to try to sum up the position of the company in maybe a different context now that the company is so focused on the U.S. management wise, but also product wise. Just going back and describing it in a slightly different way than we have had before, I think it's first and foremost, as you all know, it's a huge market that they are swimming in, a $10 trillion market, but maybe more relevantly, the relevant addressable part of the market in the U.S. for Babylon is nearly $900 billion. That's the first point. Then the second point, which I know a lot of people stress around the company, we haven't stressed so much, is that when we talk about investing into digital disruptive companies, it's often sort of connected with what problem they're solving. Here, defining the problem that Babylon is out to solve is that there's a real imbalance between how the accessibility of healthcare and what quality is offered, and then what it costs, basically. The imbalance around that has been around for a long time, if you look at this on a global scale, and you can only really address it with the kind of tech product that Babylon is offering. I think those are two important points to remember and that we maybe have lost in highlighting when we talk about the company. Obviously their product, which is a product that's really hard to replicate in terms of the platform and the AI, that's the heart of the business. The fact also that they have now proved up large revenues. For many years, this was all about building product. Now since a couple of years they've come up and they've started to produce large revenues with very large and serious global counterparties. Despite that, it still has lots of room to grow, and it is growing very, very quickly. This is really why it ticks all of our boxes is of network effects, that its margins can really scale here. We sort of see it as you know that this is the one who has the most data wins. Babylon sort of ticks in, well, this quarter had over 13,000 daily consultations, which is up some 30%. Also imagine the amount of data that that provides a company, compared to a normal sort of GP practice, which maybe gets about the same number or I don't think even quite that per year. This sort of picks up maybe double of what a normal GP does per year if this picks up every day. It's really that data drives the ability to scale these margins. Babylon can add on clients and revenues at a much, much quicker pace that they need to invest into technology and product. Also remembering as this slide tries to map up, that this is not a new phenomenon now. This is not something that's come about during COVID. We see so many businesses come and try to raise money that really were only started after this world was hit with COVID. This has been at it for nearly the better part of a decade, starting off in a very advanced health market with the U.K., taking that to a very rough health market in Rwanda with basically no pre-existing infrastructure, scaling that further in Southeast Asia, and now going to nearly hypergrowth in the way they're taking on the world's largest health market in the U.S. I think also it's worth highlighting and remembering now, especially now that the U.S. has become such a large part of this company's business, is how they monetize through their product. It's really, well, we have three products here, but it's really two products. One is what they call Babylon 360 or Babylon value-based care, which basically sums up or takes into account all the previous products that they have built, which has driven revenues for them in the past. This is, of course, value-based care, it's the part of the insurance system where insurance companies outsource the full care product to a third party. A value-based care operator will assume the full financial liability of providing care to the insured lives. It aligns the system around proactive care. It obviously wants to bring down the cost and manage the cost of keeping people out of hospital. Traditionally, that's done in a very traditional way by bringing people into a doctor's appointment. Babylon brings a digital-first approach in this, which just simply no one does. This is enormous amounts of scale around this, which no one really offers. I think if you compare it, for example, to Oak Street Health, which is a $10 billion listed company in the U.S., it's taken the better part of a decade to build up an amount of covered lives shy of 100,000, and Babylon has come to sort of the same, rough and ready, the same number of covered lives in not even half a year. It gives you a sense of the scalability of this. The other real serious product here is where they take this technology, and they license it out to third parties, as they have done in Southeast Asia with Prudential and now also with TELUS in Canada. I think also, finally or importantly at Babylon, is to emphasize how this management team has always been good. Always had a very strong team around them. Over the past quarter or half a year, it's really built strength in the management team to make this a very U.S.-centric company. Now there's a world-class team with a background from Google, Amazon, Expedia, with lots and lots of experience of scaling technology in difficult environments, which obviously the healthcare market is. Supported by doctors and also supported by an advisory board, which is world-class in terms of the background, especially with an emphasis on the U.S. side of things. We put together these slides, and I thought they were good to highlight here for you and we'll continue to use them as we meet with new investors. Like before, we map up what part of the U.S. healthcare market is relevant for Babylon. It amounts to a stunning $860 billion. It's difficult to see them taking all of that, but given that they are pretty alone in offering what they do, it's very good assumption that they'll be one of the leaders in taking on that market. With that, I'd like to just to touch, as I say, a few words around BlaBlaCar, and where we have invested more money, well, not quite during the quarter, but just after the quarter, now in April, we concluded that deal, which was an equity deal, convertible deal of EUR 50 million, which was also combined with a debt part, which we didn't take part of roughly another EUR 50 million. Leaving the company very well funded. This deal, we've spoken about this, but it was led by us, but also brought in the Avito founders and former Alibaba employees. I think this slide that hopefully you see now, shows graphically how strong BlaBlaCar has been during the course of this COVID period. That yes, market's down, of course it is. People have traveled much less during the pandemic, especially long distance. It's important to note that BlaBlaCar, the contraction in their business has been much, much lower than all the other travel companies out there, with everything else from Airbnb to Booking, Expedia, Trainline, seeing their revenues drop much, much more than for BlaBlaCar. The background that is, of course, that the long-distance travel that has happened during this pandemic has happened in the car. People possess a much higher sense of control in traveling in a car than traveling on a train, for example. Whatever travel has gone on, has gone on in a car, and that extends also to carpooling. It's the carpooling part of BlaBlaCar that has been really holding up well and has given them this position of high relative strength. That's important. The other thing to highlight is also how despite them being global leaders in their field in terms of long-distance travel through buses and car and carpooling, it's so early days. The current footprint in the bus space has an addressable market of about SEK 3 billion. But that's dwarfed by the part of the market that's still the offline part. The current footprint, and I think it's a strong argument to say that all of this will move online, or pretty much all of this will move online. If you include the addressable market on the bus side of things is SEK 20 billion. If you also assume that there are other geographies where their kind of product fits, there's further room for growth in terms of total addressable market all the way up to $60 billion. Lots and lots of room to move up there. The same goes for carpooling. 75% of all long-distance trips in Europe are done by car. There's 2 billion car travels every year. I think just interesting to highlight also that less than 2% of this travel is done through carpooling. Also enormous growth potential here. On average, there's two people in any car trip in Europe, whereas in BlaBlaCar it's four, double. You can also get a sense of how you maximize utilization of this sort of equipment by sharing a car. Important. As we highlight in our report, I think it's also a strong point in that in this period where the world pretty much stood still in terms of travel, BlaBlaCar still recorded 50 million passengers over this last year. That's a lot of passengers. Finally on BlaBlaCar, members are continuing to rise despite the pandemic. They're clocking in at 105 million members. You'll all remember our rough and ready investment case around this, that we argue that over time, we'll see each member generate, on average, EUR 5 of annual net revenues to BlaBlaCar. We in fact think that when we think about conservative, we think the number of members has a growth potential of another 60%, so another 60 million. I think in fact that may prove too conservative and that we're actually looking at adding another 100 million members to BlaBlaCar as they penetrate larger parts of the markets in the countries that they're in, and hence reaching a member level of 200 million, which will then give them a revenue potential of EUR 1 billion. Achieving that will not see them remaining at the EUR 2 billion mark where we have the mark today. I'm not saying that they're going to go all the way up to the absolute levels of their closest peer, which is Airbnb at $100 billion, but I think you sense the potential there. Voi is continuing to develop well. The number of rides at the company grew by 117% in this quarter on a year-on-year basis. Interestingly also, the revenues now in March 2021, which is very much a low season for this type of business, exceeded revenues of June 2020, which is very much a high season. Humble, of course, that June was still in the early innings of this pandemic, but still quite an interesting fact. The estimation is also that the pan-European market share of licensed scooters that Voi has is 42%, which is a massive 80% presence in the U.K. in terms of licensed scooters. Over this past year, really become the European leader in this space. I think there's lots more to talk about, but given time running away, I think it's maybe better just to open up for questions. If the operator could help us organize that would be good. Thank you. If you wish to ask an audio question, please press zero one on your telephone keypad. If you wish to withdraw from the process, you may do so by pressing zero two to cancel. Once again, please press zero one on your telephone keypad if you wish to ask. There'll be a brief pause as we wait for questions to be registered. There appears to be no questions registered at this moment, so I'll hand back to the speaker. Thanks all for listening in. We'll see you in a quarter. You know where to find us if you want to talk about something in between. All right. Thanks.
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