Welcome to the VNV Global Q2 2021 meeting. Today, I am pleased to present Per Brilioth, Chief Executive Officer. For the first part of the call, all participants will be in listen-only mode. Afterwards, there'll be a question and answer session. I now hand the floor to Per. Please begin. Hi, everyone. Thanks for joining in. Q2 results, it's that time of year. We'll dig right into it. I got my colleague George, who's going to help me do the slides today. George, if you could take us to page 9. I'll dig straight into just to try to summarize this quarter. In general, a super good period, but also super busy period, which is good. The quarter is overall good. We're up like 12%, the NAV, that is up like 12% during the second quarter to just under SEK 108 per share. That's driven by stuff in the portfolio moving around. Sort of beyond that, there is, of course, a lot of activity in the portfolio that are happening. In fact, during the quarter, we've invested nearly $93 million into the portfolio where obviously BlaBlaCar, which we've spoken about before, I believe, at the Q1 results, although it happened in Q2, that stands out as the main one. We participated in that funding. We don't talk so much about it at this call because we've already covered that. Then there's a bunch of names which we're yet to be able to disclose everything on, and we're waiting for those companies to get everything settled and do their press releases, and upon that, we'll be able to do something. One that sort of does stand out that we did do during the quarter was BestDoctor. After the quarter, we've also continued investing, and there's a couple of new names that have joined the portfolio after the quarter. Two we described in this report, which is Collectiv Food and Tise. I'll come back to some of those. I think in terms of news during the quarter, nothing's really new as per this report. It's all been press released, but worth mentioning would be Babylon obviously announcing that they are going public through a merger with Alkuri Global Acquisition Corp. That's now in motion, going through the process that these SPACs go through with the regulatory approvals and shareholder meetings, et cetera, but that's all. We're very excited about that and expect that to soon be concluded. On a sort of general note, as things go public in our portfolio, Hemnet we've obviously not been that close to. We're not on the board. We have friends who are on the board, but we're not on the board. Babylon we are, and Babylon is obviously now going public in the U.S., so whereas we typically want to be helpful in sort of getting you, our investors, to get a feel for where we think things are going and how it's developing, et cetera. Now in a listed U.S. sort of world, we have to be very much more mindful. I hope you'll appreciate us maybe not being as open with everything that we think. On the other hand, the companies, obviously as they get listed, then they become much more transparent, and there's regular results to dig into, et cetera. Beyond Babylon, I guess another thing during the quarter that's also been noticed, of course, is the Hemnet IPO, just talked about. I think we covered also in the Q1 report, although it happened in the Q2 during the second quarter, and that's now trading well. It's slightly off its high, but of course, a big step up still from the SEK 115 per share where it IPO'd in late April. Let's see here. What do we have more? We've sort of improved our liquidity by taking on some more debt, SEK 500 million at a fixed rate of 5.5% that we announced. We filed the prospectus this morning, you may have seen some press releases around that during the course of the day. As I think most of you have heard us say before, but worth reiterating, that our financial strategy overall is not one where we see that this company should be debt-funded. In fact, the kind of investment work we do in our younger companies rather than more mature companies we feel should be equity funded. However, when we do have parts of the portfolio that becomes more liquid through an IPO or where we have a clear path to some sort of exit, we will allow us to take on debt. Obviously we have Hemnet now being listed. We're under the sort of customary lockup and Hemnet's a great company, no decision taken on whether that's an exit or not. In general, we're very happy holders, but the improved liquidity of it going public allows us to have part of the portfolio funded by debt. Still the overall leverage is obviously very low at around 10%. As Babylon is well on a path to become obviously our largest investment and also on a very clear path to becoming listed, that will further improve this. I'm not saying that we are going to do any more debt, as a background to the debt that we did during this quarter. As has been rumored and talked about in the press, et cetera, there's other parts of the portfolio that are looking at public markets as well. I thought I'd touch a little bit upon the portfolio at a very high level and then go to Q&A. Before that, we have also during the quarter had an exit. We sold our stake in Wallapop for about $12 million. Wallapop has been in the portfolio for some time. We've made money on it. It's a dilutive IRR to the 30-ish% that we have produced over the years. It's not been a material position for us and whereas that may have been the ambition early on, that never was, for various reasons, we weren't able to realize that and hence it made more sense to exit it as part of the funding round that they did earlier this year. I should also mention as a general event during the quarter, we've also, well, what should I say, reinitiated our buyback program. We've been doing buybacks for the past 20 years, so it doesn't feel like something new, and I don't know if reinitiate is probably the right formal description of it. It's something we constantly look at. Our stock trading at a discount is something which we always look at when we do new investments. As you notice, we have been trading at a discount, are trading at a discount, and hence we felt it was the right time to do some buybacks and we bought back about 430,000 shares, which is about 2.4% of the company. That's also worth mentioning. I thought maybe George, if you could take us to page 8 in the portfolio, the overall description of the portfolio. There's nothing very new here. The larger parts of the portfolio, there's not much difference here in terms of the overall structure is what I'm trying to say. Babylon is still the largest, BlaBlaCar is still the second largest. I think it's still a good starting point for making a few notes, a few comments maybe about the portfolio overall. We talked about the Babylon SPAC. In the quarter report, we also have some more details on the SPAC and also on how the company's going. You will have seen, most of you I'm sure that Babylon as part of this listing process have also publicized the presentation which they used to raise the money around the listing, the so-called PIPE deck. That's a public document now. We will be using some of that material in our material, and I think George, if you could just flick to page number 16. On page 16, you'll see the revenue bridge of Babylon which comes from its PIPE presentation, i.e., the funding presentation. From an SEK 80 million or so 2020 revenue, the PIPE presentation talks about like a SEK 320 million revenue for the year 2021, and that increasing again a little bit more than double to SEK 700 million in 2022. This is more to highlight that this is how the company thinks about its future, thinks strongly enough about its future so that it's part of their funding presentation, and I'd encourage you to look at that. Again, as to the point earlier, where this is now becoming a public company on NASDAQ, we have to adhere to what can be said and not said during that on that company. I think if you go back a page to page 15, I think this may be new for some of you as well, but it's also worth reiterating that the BlaBlaCar's management team is really broadening out and apart from Ali and Charlie, which most of you have come across before, there's now lots of capacity coming in from a very U.S.-centric background with Steve Davis, who used to be the Senior Vice President of AI and Data at Expedia, now taking on the role as CTO. John Nutte, who ran Expert at Microsoft as the CPO, and of course, also Stacy Saal, who's the Chief Operating Officer at the company now, who has done a lot of important work at Amazon, especially in their products on Amazon Prime and Amazon Fresh. Not to forget also, P.H., Paul-Henri Ferrand, who came from Rackspace and also been at Dell. He's now the Chief Business Officer. Really broadening out very U.S.-centric management which is very strong. I think if we go back to the overall portfolio slide on page 8 as a starting point, there is some comments in the Q2 report that you've seen on BlaBlaCar. Obviously, the 159% increase in the second quarter of their passengers year-over-year is comparing it into a quarter where COVID was maybe the harshest. That's a very high% number, but it's one that at least emphasizes that the BlaBla business model is working and working very well. When countries shut down and keep on opening up and shutting down, depending on the virus, the business also goes up and down. Overall, we feel still very keen on BlaBlaCar, and hence also the funding that we did and their ability to make use of that funding to be a little bit more aggressive versus competition and also in M&A. Just a few points on the new investments that we have made during the quarter. BestDoctor is like an Oscar Health or an Alan of Russia. We have invested about $10 million into that company, and we are yet to disclose the actual valuation. This is obviously a market we know super well in terms of Russia. The clients of BestDoctor is, as you can imagine, the most advanced IT companies in Russia, which are large and which are very modern. We also know Avito very well and are close to Yandex and Mail and these others as well. This is now a business model that's getting quite established in the rest of the world. BestDoctor is leading that in Russia, and we feel that this really has a potential of a 10x upside if you allow yourself 5 years or 5 years+, and are very excited to be part of that. The other one would be Collectiv Food, which is like a curated marketplace for food supply into restaurants, which that space has been a very antique sort of process, but it's now digitalizing, and that brings a lot of opportunity in a very large market, GBP 145 billion for Europe alone. A lot of middlemen to take out if you digitalize this, but also improvements in terms of sourcing all the foods, ordering the right amount et cetera, and strong potential network effects, a very strong team, and a very large market. This is exactly what we want to do, and we're very happy to be shareholders in this company now. The third one that we can mention at this point is Tise, which is a social marketplace. You can think of it as the intersection of an Instagram and a classified, and very, very strong network effects. Norwegian company, Norwegian management team, young but very, very aggressive. The benchmarks for this would be the Poshmark in the U.S. which is now listed with a market cap of about $3 billion, I believe, or Vinted in Europe, which raised money last time around at four and a half billion euros. We've invested some SEK 6 million into this, but we're not in the position to talk about the valuation just yet. As you can imagine, the upside here is very large, and we are very excited about it. I think with that, we'll open up the floor for questions. If the operator could help us organize that, George, if you could take us back to, unless we're already there, to the portfolio slide as a starting point, I think that's good. Thank you. If you wish to ask a question, please dial 01 on your telephone keypads now to enter the queue. Once your name has been announced, you can ask your question. If you find it's answered before it's your turn to speak, you can dial 02 to cancel. Once again, that's 01 to ask a question or 02 if you need to cancel. We currently have 1 question in the queue so far. That's from the line of Stefan Wård of Pareto Securities. Please go ahead. Your line is open. Hello. I would like to ask for an update as much as you feel you can comment on the development of Voi in the quarter. You keep the valuation of Voi unchanged. We have seen bits and pieces that it seems like the momentum in the business is quite strong. If you could give us some reflection around Voi would be greatly appreciated. Thank you. Yeah. Thank you, Stefan. That's a good point. I failed to mention that our darling Voi is really steaming ahead. I think the figure stats we have been able to share is that they did 18 million rides during the second quarter, which is like 9x year-over-year. That sort of speaks for itself in terms of the growth it's seeing. It's with that become the largest pan-European e-scooter player, leaving all the others behind, which is important because there are network effects here. There are benefits of being the largest, and they're clear, and so that's important and further augments the value of the company. It's also won nearly half of all the licenses in Europe, which is far more than any competitor have. Furthermore, it's won about 80% of the tenders in the U.K., so really strong. Yeah, no, it's kept unchanged. It's kept at the last transaction, which is the way our sort of NAV build-up works. As I think all of you know, very briefly, the NAVs in rough terms, basically, we use the last transaction for 12 months unless something very material happens, and then we go to model. You can see from the report which holdings are in the model and which are not. Voi is clearly at the last transaction. The company's growing so strongly, I think there'll be good reason to revisit that certainly when we do the Q3, if not before. Company doing very, very well, basically. I hope that answers your question, Stefan, on Voi, a little bit, at least. Apologies for not being able to fill you in with more details. What I would like to mention now, though, is that, and apologies for being a little bit coy about this, but there's just a lot of stuff going on at the same time, and we weren't able to include anything in the report and neither in the presentation material that we've supplied for this event. For those of you who are in front of your screens, we've just now announced that our portfolio company, Swvl, is also to list through a SPAC. This is fantastic news for us, and obviously nothing to do with this quarter, but important to note now that we're speaking. The company's been valued at $1 billion, and it's raising nearly $450 million in gross proceeds. We participated with a more nominal, but still $2.7 million in a PIPE transaction, which totals about $100 million. It's expected to close in the fourth quarter, and it's a significant revaluation, as you'll note, from where we have it in the accounts on the second quarter. It's about another $100 million for us, coming up to about $140 million, which adds about SEK 108 per share to our NAV. Obviously nothing as per this quarter, but happy to have it out there and the company's waiting for the last signatures to announce, and then hence we announced on the back of that. This also obviously explains a little bit more about the unfortunate resignation, unfortunate, but fortunate. Victoria Grace, our board member, resigned from the board yesterday. That was announced before opening this morning or late last night, I think. The statement as per resignation was that she was resigning, and she was citing a looming conflict of interest. Obviously the SPAC that Swvl is merging with is a SPAC called The Queen's Gambit, and Victoria is the sponsor of that SPAC. As you can imagine, a difficult position to be in, and hence her stepping off our board so that we can act freely as shareholders in Swvl and with any potential conflict of interest being removed in this way. Sorry, that was not part of Stefan's question, but I just got a text that it's been publicized, so I thought I'd mention that, too. We can go back to whatever other questions there may be, if the operator could help us. Thank you. Once again, if there are any further questions, please dial 01 on your telephone keypads now. Okay, there seem to be no further questions from the phones at this time. All right. Well, thanks everyone for joining in. I'll speak to you all in 3 months. Thanks.