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Regulatory ACQ Bure

Interim report January – September 2022

January – September 2022

  • Cash and cash equivalents and short-term investments amounted to SEK 3,438.1M (3,454.0) on 30 September 2022.
  • Operating profit was SEK -10.2M (-4.7).
  • Profit after tax was SEK -6.9M (-4.7).
  • Earnings per share was SEK -0.20 (-0.19).

July – September 2022

  • Operating profit was SEK -5.4M (-2.1).
  • Profit after tax was SEK -2.0M (-2.1).
  • Earnings per share was SEK -0.06 (-0.06).
  • ACQ has moved cash and cash equivalents amounting to SEK 3,132M from a blocked account to short-term Swedish government bonds following approval from Nasdaq Stockholm. The bonds are held in a depository at SEB which is blocked under the same terms and conditions as the blocked bank account.

CEO comment

After a difficult first six months of the year, stock markets rose in July, with the SIX RX gaining 12 per cent. However, the recovery was short-lived. The Stockholm stock market went on to lose around 7 per cent in August and September. This left the combined fall for the first nine months of the year at 31 per cent. At the macro level, the economic climate continued to be challenging. Exceptionally high electricity prices, continued inflationary pressure, and interest rate hikes point to a decline in economic activity with, among other things, lowered profit expectations as a result.

Work on identifying a target company continued during the quarter. We believe that the revaluation we have seen in the market is likely to create more (new) potential investment opportunities, while the uncertainty ahead also needs to be taken into account.

As I wrote in the previous quarterly report, the change in interest rates has, among other things, meant that short-term interest instruments now yield a certain return. We therefore moved SEK 3,132M of ACQ’s cash and cash equivalents, which had been held in a blocked bank account, to Swedish government bills in August. We believe that it is in the best interests of all ACQ shareholders to seek returns on ACQ’s capital until we have completed a company acquisition.

Henrik Blomquist