Press Releases


Flat Capital’s year-end report January-December 2022

Flat Capital AB (publ) ("Flat") publishes its year-end report for January-December 2022 where the net asset value (NAV) per share corresponds to SEK 10.81, which represents a decrease of -9.6% for the full year or -4.0% for the quarter. This should be seen in the light of the fact that both Flat and the portfolio companies have experienced significant events, both positive and negative, during the year. Due to continued negative developments in the capital markets in H2-2022, it was decided to apply an additional market adjustment of -20% to certain holdings. The market adjustment was applied on the one hand to those holdings that raised capital in Q2-2022, and thus were not adjusted in that period, and on the other hand to those holdings whose comparable listed peers and relevant indices were deemed to exceed the previous market adjustment of -30% applied in H1-2022. Flat now enters the new year with a strong portfolio of entrepreneur-driven companies in leading positions that are well capitalized, capable of taking them to profitability. This, combined with Flat’s own cash position, means that we are well-positioned for the year ahead and we aim to take advantage of the investment opportunities that we are confident will arise in 2023.

Financial position

  • Net asset value (NAV) amounted to 346,774 KSEK, corresponding to 10.81 SEK per share, which represents a decrease of -9.6% per share for the year or -4.0% per share for the quarter.
  • Net cash amounted to 76,159 KSEK, equivalent to 22% of net asset value as of 31 December 2022.
  • No dividend to shareholders is proposed.

The period October-December

  • Change in value of financial assets amounted to -12,324 KSEK (55,422). The change in value includes, among other things, exchange rate effects of +5,253 KSEK. 
  • Operating expenses for the period amounted to 1,671 KSEK (1,122).
  • Operating profit amounted to -13,995 KSEK (54,300). The operating profit includes unrealized changes in value of -12,324 KSEK (55,422).
  • Profit after tax amounted to -14,542 KSEK (47,617).
  • Earnings per share amounted to -0.45 SEK (1.87).

The period January-December

  • Change in value of financial assets amounted to -66,235 KSEK (79,966).
  • Operating expenses for the period amounted to 5,389 KSEK (5,436).
  • Operating profit amounted to -71,624 KSEK (74,530). The operating profit includes unrealized changes in value of -90,395 KSEK (70,735) and realized value changes of 24,160 KSEK (9,232).
  • Profit after tax amounted to -64,648 KSEK (67,741).
  • Earnings per share amounted to -2.08 SEK (4.35).

Other events during the period

  • Investments during the quarter amounted to 31 KSEK (47,665).
  • On 11 November 2022, Antonio Melani was appointed as the new CFO of Flat.
  • On 22 December 2022, board member Nina Siemiatkowski announced that she will leave the company's board at the end of 2022 due to time constraints resulting from her commitment as founder and CEO of Milkywire AB.

Other events after the end of the period

  • On 3 February 2023, Flat announced an investment of approximately 5.4 MSEK in DeepL, a German-based AI company that aims to eliminate language barriers worldwide through the use of artificial intelligence.

This text has been translated using DeepL.

Link to the report on the website:

For further information, please contact:
Hanna Wachtmeister, CEO,, +46 (0) 70 661 60 05
Antonio Melani, CFO,,+46 (0) 72 221 81 32

Certified Adviser:
Augment Partners AB,, +46 (0) 8 604 22 55

About Flat Capital:
Flat Capital is an investment company that focuses on growth stage companies with prominent entrepreneurs in leading positions and primarily makes investments through its network of world-class investors and entrepreneurs. The company was founded in 2013 by entrepreneurs Nina and Sebastian Siemiatkowski (founders and CEOs of Milkywire and Klarna, respectively) and is led by CEO Hanna Wachtmeister together with an experienced board of directors. Examples of portfolio companies include Klarna, Instabee and Truecaller. The company aims to provide long-term capital and is essentially a passive minority shareholder, while Flat Capital's experience and network are available to the extent the entrepreneur wishes. The aim is to facilitate successful company building and enable exposure to otherwise hard-to-reach and promising companies. More information is available at

Note: This is a non-official translation of the Swedish original text. In case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.