Q2 2022 Kinnevik AB Earnings Call Transcript
Good morning, and welcome to the presentation of Kinnevik's results for the second quarter in 2022. I'm Georgi Ganev, Kinnevik CEO; and with me today is our CFO, Erika Söderberg Johnson; our Chief Strategy Officer, Samuel Sjostrom; and our Director of Corporate Communications, Torun Litzen.
Let's move to Page 2 directly. The sharp market downturn we have seen during 2022 will likely have deeper economic effects than we expected 6 months ago. Rising interest rates to combat higher inflation has caused valuation multiples for growth companies to contract considerably. An economic recession in our key geographies is the next likely step. And combining this with a tougher fundraising environment has caused extreme pressure on cash-consuming growth companies. Ultimately, this may have a material negative impact on some of our less resilient companies. But that said, I am confident that Kinnevik will, over the long term, emerge from this downturn as a stronger company and regard the current downturn as a net positive for two reasons.
Firstly, we have allocated
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