Okay, I think with that, we are set. Very warm welcome to the VNV Global conference call for the fourth quarter and 12-month report of 2022. Today, our CEO and Managing Director, Per Brilioth, and I, Dennis Mohammad, an Investment Manager at VNV, will walk you through the financials and key events for the fourth quarter of 2022. Per and I will hold a presentation followed by a Q&A, where you guys are very welcome to type in your questions in the dedicated Zoom chats, and we'll address these questions after the presentation. With that, handing it over to you, Per.
Great. Thanks, Dennis, and welcome everyone. We'll flick through a few slides highlighting the Q4 results and some comments on the individual names and then or a Q&A. You can flick forward here, Dennis. Our you know, we've got this intro slide, which all you will be familiar with.
We still do what we do, still got 70 companies in the portfolio. We've written down our NAV, of course, which means that our IRR for the past, well, is it now getting on to 11 years, has come off to just under 18%. Yeah, more focused on the actual report. $613 million, which is down from some $1.4 billion at the beginning of or the last day of 2021.
That sort of downward adjustment, 11%. We were down 11% during the fourth quarter, the one we're reporting now. The full year, it's obviously more 'cause it's all the way down from $1.4 billion. That equates to some SEK 56 per share. That's the current.
Or that's the NAV as per the last day of December. If we go to the next page and we highlight a little bit what the key events were, I think it's no question. I think. I mean, there's some stuff that's gone up a little bit in the portfolio, and there's some stuff that's gone down.
I think the main topic here, is Voi, which we've written down by 40% since the third quarter. So there's no sort of getting about that seems to sort of be the a big thing to talk about in this report, and we will. We, that would be the main driver. I mean, Voi, this is of course by no means reflective of the performance of the company during this fourth quarter. It's doing really well. It's the best fourth quarter that the company has ever had. We'll come back to sort of try to give you more details to the extent we can share some details on Voi.
but this is sort of only driven by the fact that the peer group that we use when valuing Voi, and the same peer group that we've used for the past quarters, had a terrible Q4. We may think this valuation is too low, but can't change the valuation method, you can't change the peer group.
If that's down, the market is down. Are we sort of a seller at these levels? No. Are we a buyer at these levels? Yes. We come into more details. I think the other big event during the quarter or like in this report at least, is that we've now we been able to sort of show with you more details around our ownership in Gett.
At a fully diluted basis, we own just under 50% of Gett, which is, which is, an, a result of the financial restructuring that we did, earlier, last year. That, now that that restructuring is done and the financial risk around the company has gone, 'cause this is a debt-free company after that restructuring, also from the fact that the management of the company has sort of really delivered a turnaround, in the sort of second half, if you will, of 2022, and the company is profitable, et cetera. We've been able to also to, I mean, the result is that the company has been revalued, upwards in our portfolio.
That's a positive sort of driver, somewhat compensating for the negative adjustment at Voi. Babylon seems sort of relevant mention here because the $20 million that we did invest happened in the fourth quarter. Now that we've already talked about that because we that happened before we issued the third quarter report, so that's not news per se, but it's something that in our portfolio is of course something that one needs to and has to and wants to talk about when we talk about a fourth quarter result.
In this report, we also make clear our visions to sort of broaden out our financing options, by announcing our plans to start to sort of build a business, a fund business. We're getting ready to launch Call it a co-investment fund, which will co-invest with VNV into the new deals. This is something that's, I think is in the interest of us, the shareholders of VNV, because it sort of broadens out the liquidity available for our investments and future sort of investments.
It also establishes sort of a future sort of a cash flow generator to the VNV Global shareholders in that, if successful and if growing, these kind of businesses become very valuable. For the potential investors into the fund, one can, y ou know, this is attractive because it gives them access to our deal flow, and it gives them access directly into that deal flow without the sort of the volatility of a share price running around, up and down between the NAV. It's very attractive, of course, because our, we trade at a big discount to the NAV. There are segments of the capital markets that prefer to do this in draw-down structures.
Without the volatility of the listed market. Access to deal flow, which we really think is fairly unique and broad, will be the attractiveness of that. Those will be the key events. Just quickly going on into the next slide and touching upon the balance sheet a little bit before we go into the details. There we go. 66 million dollars of cash. We should really add to that because we have a line, which is also liquidity management, which is not cash cash, but nearly cash. If you add that back to the cash level, we've got cash of about $74 million.
Add that to the value of our portfolio, which is then we've sort of adjusted in this quarter, as every quarter, but now downwards. You get to a total sort of asset portfolio of $778 million, and we subtract the borrowing that we have outstanding, which this end of this quarter is on a $64 million, which is up a little bit since the end of the third quarter.
That's not because we borrowed more money. We have what we have outstanding, but in Swedish crowns. Unusual for us Swedes, the Swedish crown has increased in value a little bit over this quarter versus the U.S. dollar. That's something we have been used to going the other way.
Now it's gone up, adjusted a little bit and hence our borrowing in Swedish kronas when measured in dollar terms, has gone up somewhat. After that introduction, I'll hand over to my colleague, Dennis, who will run you through some more details on the actual numbers. Over to you, Dennis.
Thank you, Per. As Per mentioned, NAV came in at roughly $613 million per Q4 2022, which amounts to a fair value change of roughly $77 million versus Q3 2022, and corresponds to roughly $5.3 per share or SEK 55.7 per share.
In dollar terms, we're down 11% quarter-over-quarter, and in SEK terms, we're down roughly 18%, with the difference being driven by FX headwinds, as Per mentioned, as the Swedish krona appreciated against the dollar during the quarter. At this NAV per share, our NAV discount is down to roughly 50%-55% at current market cap versus where we closed the third quarter at roughly 65%.
As Per also mentioned, FX has impacted our debt position, taking it to roughly $164 million versus $150 million in Q3. This is up roughly 8%, 9% over the quarter. Zooming out and looking at the full year 2022, NAV is down from roughly $1.4 billion in Q4 2021 to $613 million in Q4 2022. That corresponds to a NAV decrease in USD by 56% and in SEK by roughly 49% over the year.
Coming back to the fourth quarter, and looking at the main drivers for the fair value change in Q4, if we start off with the listed holdings, as Per mentioned, Babylon's down some 40% during the quarter. That had an impact of roughly $16 million on our NAV. Despite this $20 million funding from us in a round of total $8 million, where we participated, Babylon has also announced its intentions to sell its IPA asset in California, which should give it the funding that it needs to get to profitability. This hasn't closed yet, we haven't seen, as per year end.
We haven't seen a big valuation uptick on Babylon. However, it's worth mentioning that Babylon is up roughly $14 million since year-end. Till today, so to speak. The other one on the public side is Swvl that is down another 83% over the quarter.
That had roughly a $10 million impact on our NAV. As Per mentions in the MD introduction to the Q4 report, there are a few drivers to that, one of them being the devaluation of the Egyptian pound, which impacted the company's runway. As you are aware, we're working on seeing if there's any value to be salvaged in the case of Swvl.
There's more details in the Q4 report. Moving on to the private holdings. The main drivers on the downside were primarily Voi, as Per mentioned, which is down an additional 40% this quarter, which corresponds to $57 million on our NAV.
The main driver here is the peer group, which is unchanged from previous quarters, but it has come down a lot. As you know, we don't disclose exact peers, but it's taking one example from this very specific space, the public company Bird is down roughly 50% during the fourth quarter of 2022.
Voi is valued at roughly $360 million, full company equity value, and our stake at roughly $84 million, when excluding the convertible notes that we have in Voi. Additional markdowns across the portfolio. Main ones being when either going from a transaction to a peer group model, which was less of the case in this quarter, as quite a lot is already on a peer group model.
There are some movements in the case of Breadfast, for instance, and Vezeeta. Also when we see companies transitioning from focusing on growth to profitability, thereby maybe growing slower than the peer group on the top line. Since we value these companies on top line, that has an impact as well.
That has been the case in for instance, Booksy, that has come down in the fourth quarter as well. In terms of drivers on the upside, BlaBlaCar is the one that stands out, which is up some 13% on a price per share basis on the strong of on the back of a strong 2023 business plan outlook. But worth mentioning here is that we also converted our outstanding convertible loan to BlaBlaCar during the fourth quarter, increasing our ownership in BlaBlaCar to some 10.5%.
BlaBlaCar is now valued at roughly $1.4 billion, and our stake, our 10.5% stake is valued at roughly $142 million, in the case of BlaBlaCar. Gett is the other one on the upside, which is up some 35% on a price per share basis, on the back of us having normalized the valuation, by removing the discount that we, that we have had in historic quarters and which was motivated, by the uncertainty associated with the financial restructuring of Gett, that is now completed.
We've also in this quarter gone over to valuing Gett on an EV/EBITDA model, as the company has delivered very strong results and very strong EBITDA for the last five, six months of 2022. Gett is valued at roughly $260 million full company equity value, and our stake is valued at $126 million. Last on Gett, as Per mentioned, we've moved to better disclosure on our ownership, which as Per mentioned, is roughly 48%, 49% in the company.
The last company to mention here is Wasoko, which is up some 40% on a price per share basis, on the back of a very strong 2023 business plan and outlook for the year to come. Main investments in the quarter was our $20 million ticket into Babylon. That was the only larger ticket that was done during the quarter, other than a few small tickets into existing portfolio companies. There were no exits done in the fourth quarter of 2022.
I think the last point on my end in this quarter and what you see in the NAV is that the absolute vast majority of companies are now valued or mark to model and therefore follow the public markets. Very little is on transactions, as transactions generally go sell quite a lot faster.
That's a point that obviously impacts the movements going forward as well, given our valuation methodology. That's it for me. Handing it over to you, Per.
Thanks, Dennis. Showing you the portfolio as of the end of December. BlaBlaCar is now the biggest in Gett because of those revaluations, Voi a little bit lower. Otherwise, it's fairly a similar picture to what we've seen before.
I think highlighting now that the world is so, One thing that's worth to highlight when the world is now so focused on profitability rather than growth, is that to give you a rough idea, is that, some 40%.
Of this portfolio is profitable at the EBITDA level or higher, which is usually the case in our companies already today. Another 40% of the portfolio will be profitable at the same level during the next 12 months.
Leaving only about 20%, which is en route to become profitable, but a little bit later than that, basically. I think that's important, sort of. Important to highlight that, because from a distance, one can sort of get the feeling that that's not the case. 40% EBITDA profitable today, another 40% profitability expected next 12 months, and the remaining parts soon thereafter.
The other part of portfolios, reflect to page nine or whatever it is, page eight maybe, is which, you know, we typically wanna try to give more transparency and highlight more the part of portfolio, both for the reason that we think that our future larger names are already here. Some of these names will be the ones we talk about a few years down the line. In the same way that Voi, BlaBlaCar, Gett, et cetera, were in the shadows of other larger holdings, which we have sold over the years. The future sort of large parts of our portfolio, be it NoTraffic or Olio, or Flo, otherwise, you know, there's lots of companies here that has that potential. Also to sort of highlight that these are companies that I think importantly...
I sort of sense that it's sometimes people get following, you know, our portfolio from a distance and have sympathy with that. A lot of people do that. When you follow it from a distance, you may feel that this is a large number of names and they're, you know, is there anything with substance there? I think the other point we'd like to sort of stress is that these are companies where most of them have products which the clients not only pay in cash to get access to, but they're also in an increasingly sort of growing fashion. Clearly sort of have gone past that route.
Moreover, many of these companies are also funded and have the ability to fund themselves without the presence of existing shareholders if they don't want to. I mean, we obviously have our pro rata rights to pick up our share of any future funders. I think there's NoTraffic, for example, is a company that we own 7% of, and Israeli company, but very active in this sort of mobility. They essentially sell a software for running traffic lights in a much more modern way.
We own 7% of that, and we're carrying it at, you know, somewhere slightly too low level, I'd probably argue, because we see sort of that's a company that will fund themselves, and they're getting attraction at higher levels than both we invested at and where we have it carrying. That's a good example that there's real substance in this portfolio. Going into or just touching upon, you know, this continuously, go to the next page, Dennis. NAV is down, and well, we still trade at a 50%-60% sort of discount to NAV. Yeah, the new NAV per share is just under £56 a share.
If we go to the next page, we'd just like to take a few moments to touch upon some of the larger names in the portfolio. In doing that by order of size, BlaBlaCar is now the largest, which is great because we strongly believe in. It's coming from a history, as you all know, of marketplaces which is so beautiful to own because it becomes very high barrier to entry, winner takes everything type of situations and basically you don't need to invest. It's the zero capital. BlaBlaCar sort of fits those attributes very well.
Logic that we also have had this company in our portfolio for a while and that it now gets also to be the largest holding. That's partly 'cause you've seen we've increased our ownership. That's from a convertible that we've had, and we've converted that into equity, as I think it's become clear now. Also that it's gone up a little bit in valuation. Here, and this is very logical because this is a true marketplace, but it's also true marketplace around cost savings. In tougher times, like we're arguably in a in tougher times now in Europe, there's a bigger sort of propensity to try to save on costs.
Cost-sharing platforms will be in higher demand. BlaBlaCar is that. Moreover, that the costs we're sharing when we use BlaBlaCar is petrol. The price of petrol, because of the war and everything, is higher. Even more sort of inclination to share those costs. Tough time during COVID, but I mean, we see it, this company is beyond that now and firing on all cylinders. I mean, number of passengers was $17.4 million during the fourth quarter in 2022. That's up 20%, roughly 80% year-on-year. Sort of revenues move around that on the upside. This is very similar to classifieds where you don't monetize a market until you have a critical mass on liquidity.
Once you have that, you monetize, everything gets monetized. Monetization growth becomes very lumpy here, but it's very much driven and the ability to monetize it is driven by liquidity, which is passengers. That the number of passengers keeps on performing like it is very, very important. This company is, as I stated, those of you who sort of followed our capital markets day, saw Nadja Borisova, the CFO, point out that it's been EBITDA positive during the second half of 2022, and it's expected to be that for the full year of 2023. Very much in that bucket of profitable companies. Going on to the second largest in the portfolio now is Gett.
You all know Gett is the-- you can use Gett in London for black cabs, it's the Uber for black cabs, which is in a market with very high growth potential, because of the sort of the youth of that space for black cabs and Gett is sort of has that position. There's lots of upside there. The real value at Gett today is in Israel, where the company is, where the company very much is the absolute leading player. The company is EBITDA positive and has-- and that's a result of the work that the management team has done over the second half of the year. It's growing well as well.
It's growing 30% year-over-year in Israel. Where it owns Israel, and that's a profitable market that's still growing. It has some sort of more exponential growth, if you will, in their sort of smaller markets, being around the U.K. and also their software business. Very excited about that. Good also to sort of finally be able to move beyond the financial restructuring and show the transparency that you're used to, in that we now own just under 50% of the company on a fully diluted basis, a bit more, without dilution, which is essentially management options and management incentive programs.
Then to Voi, our, which is obviously marked down during this quarter, but as I think we try to sort of portray in this slide and the report is that it's not that the company is doing 40% worse during this quarter. That's purely a factor, as Dennis has pointed out, of these, of the peer group, of the listed peer group that we use that has come down a lot during this quarter. That's the same, the same valuation method, same peer group as last quarter. You know, we may think it's too low, but you don't change valuation methods for peer group from quarter to quarter.
That stays the same and it sort of spits out the value, and that's the value we use. The company as such is doing well. It's the best fourth quarter ever. As we point out there and have pointed out before, it's on a, it's on a, on a path to show sort of EBITDA profitability at the full company level during 2023. It's just that last time reflecting on the value, which is $300 million and a bit now, last time we had that value was I think it's going back three years. At that point in time, we maybe had a handful of cities. I think we counted to around 20.
It was, you know, it was cutthroat, full body contact competition. You know, a lot of people had established themselves and everyone were out in the streets like all over Europe. So you fast-forward today and the company is in 100 cities. This has become and in these 100 cities, Voi is number one in most of them and number one and number two in sort of 90% of them. So really, really a leading position. Moreover, in an increasing amount of cities, this is now regulated. You can't do this business if you don't have a license from the city. Voi is the leader of a number of licenses, as this slide shows, in Europe.
Really has that sort of defensibility on the downside that also, you know, not only gaining these sort of this, you know, in this regulatory fashion, gaining the right to do these business models, and then in competition with sometimes all alone, but sometimes in competition with one, two, and not 10. Completely different sort of competitive picture. So it's completely different picture than when we last had it valued at these sort of levels. In fact, I think we have a hat here 'cause the company was so, I'll show you. Company made a hats round about that time, which showed that the company had 1 million rides.
This is the hat. It looks sort of funny on me. I'll take it off. Anyway, today, they've done 155 million rides. Anyway, company's doing well. I think we basically close the sort of overview. We've taken enough of your time, and open up for questions. Dennis, if you could organize this, that would be great.
Absolutely. Let's kick it off. The first question that has come in is around financing and the funding need. Per, i n the second quarter 2022 report, we mentioned that the existing portfolio we saw needed roughly $40 million in the year to come. A bit of an update on that and how we see the funding need for the coming 12 - 24 months.
Yeah, great question. Of that estimate of funding need in our existing portfolio of $40 million that we talked about in the summer, we've sort of invested roughly 30 of that. If our estimates are right, we have another 10 to go. I think that's probably pretty accurate. That's not counting new investments. Our pecking order in terms of priorities is for the use of cash, is that, you know, first and foremost, sort of support the companies in the portfolio that need, you know, need support and which we wanna support.
Number two is to sort of, it becomes very difficult not to sort of start off with looking at acquiring, you know, the instruments that we have outstanding, obviously the shares trade at a big discount, but also the debt. It's only after that we can look at new investments and as you'll know, I think we've sort of had this. We've had the same sort of mantra or, you know, way of working for decades, is that we always compare a new investment to our own stock price and where we can buy our own portfolio, which we know really well and which clearly now has been written down, a lot over the course of this year.
If that sort of trades at a discount that, you know, we compare any new investment to the level of our current trading, including the discount. It's arguably we get a lot of deal flow, but the deal flow that we have sort of comes in at, you could say, the equivalent level of our current NAV. It's hard to find something that's better than our own stock, you know, our own share, which is at half that price. I'm not saying it never happens, but. Hence sort of there will be the odd, but they're very small investments that we'll do. That's, but yeah, that's the current sort of thinking. I hope that gives you. Yeah, so that's the.
It's another 10 to go in the existing portfolio, 10, 15, call it, you know, that sort of level. Otherwise, like we said before, you know, the nature of the businesses we invest into is that nothing much happens below the EBITDA level. 40% of our companies are EBITDA positive, 40% will be in the next 12 months. That may not seem like a large number, but that's because the company, the portfolio holdings are very much moving towards profitability.
Super. Thank you. Another question that has come in is around exits on the horizon for the coming 12-24 months. Do we see any of the existing portfolio companies being in an exit phase? How do we think about cash or liquidity on the.
Yes, I think, when we speak in a year's time, there will have been some exits in the portfolio. We see an increasing amount of interest from strategics, into the market, including parts of our portfolio, which are the leaders in their spaces. There's some larger ones, and there are some smaller ones in the portfolio that all fit that bill and which we sort of sense that there's people's... There's strategic type of sort of buyers that are circling. In some cases that's more active, and in some cases it's sort of, it's early days. It's very difficult to go into any details, of, you know, negotiations and current sort of, the current.
You know, any details around that because they're not done until they're done. But, I would be very surprised if we don't, if we haven't seen some parts of our portfolio move on to other shareholders when we speak, in a year's time. I'd be even surprised if that's not the case when we speak in the summer.
Excellent. Thank you. Into the portfolio a bit, one question or a few questions that have come in on Swvl. Is there any more nuance, any more details that you can share? Any update in relation to the comments that were made in the fourth quarter report, but also obviously the share price that we've seen?
Yeah, no, it's super unfortunate situation. With the benefit of hindsight, this company should have never gone public because now their base is that they are active and building very valuable assets in emerging markets, right? They run local platforms for local transportation in large messy cities. We're in this, you know, phase in the global economy now, dollar is super strong, lack of dollar liquidity, that's bad for typical emerging markets. We've seen a range of devaluations, which sort of takes down the these type of assets value in dollar terms. But one sort of cost of the company which has not gone down, which is very much dollar-based, is the listing cost, et cetera.
It's become a more and more untenable situation for the company. I think that's what's reflected in the share price of the company. The, you know, the initial business and the underlying business, you know, which we got involved with, which the company was focused on, and is still focused on, you know, running, I think have a lot of potential upside. It's sort of increasingly difficult for the company to fund that in this listed environment. We'll be active to sort of, to try to maintain exposure to certainly to the earlier type of assets that the company sort of is running. It's difficult to say more than that now.
Super. Thank you. Another question has come in on Voi and a bit on the market situation on consolidation in this industry. How do we see that playing out and what role will Voi play in that?
Yeah. It's, yeah, I think the market sort of You know, the market had a phase of consolidation a few years ago, which was at a time when the whole industry was subscale. The sort of the leaders in the space, and Voi would be number one there, have or of course, no longer subscale, in that they're becoming sort of profitable. One cost that sort of has increased is sort of reflecting on a very attractive part of this industry, which is that the market is moving more to a regulated area. As we've seen, Voi is the market leader in that aspect. It doesn't come for free. It.
There's no money involved in. You can't buy these licenses. You have to sort of prove, if you wanna run in a regulated space in a city in Europe, you have to sort of just prove that you can run this according to the terms that are put there by the cities, and which is typically safety, environment, parking, you know, being a good corporate citizen, et cetera, et cetera, et cetera. But in order to sort of run these processes versus the city authorities, you have to have a certain cost layer that deals with that only.
It's been, it's done, I think it's rather clear now that some of the smaller players, whereas they're well-run companies in sort of, they have well-run products, in terms of, you know, on the streets and hence sort of possess quite, you know, large sort of, business at the revenue level. They're, they're subscale because they, because they don't have the capacity to sort of, to be a counterpart to the cities. For the people like Voi, who are clearly sort of not subscale, you know, they are at scale and can do this efficiently, and they've proven that, there are M&A opportunities. Nothing is done until it's done, but that's, I think, a very natural phase for the company, over the course of 2023 to be engaged in.
Thank you. If I may add to that, Per, and that's, while that's very true for the very core of the business, so the scooter and bike sharing, I think this is a space where we're increasingly seeing a rationale of also building out the mobility platform, building out the mobility stack, but also the business model. You could add, you know, going, you know, the likes of Voi and Bird and these companies, they're primarily B2C focused today. You could add B2B revenue streams, you could add other modalities over time and there will probably or likely be M&A opportunities in that space also over the course of the coming years.
While that's maybe more medium to long term, and what you mentioned is probably more short term, is probably what I would, what I would add. Perfect. Moving on, we had another question on the performance of Booksy. Has it been in line with expectations, and have they scaled back on geographic expansion, is the question.
Thank you. Booksy has been, w hat can I say here? I think it's been a tough market to operate in, on the whole, the company is performing to expectations, I would say. I mean, you could differ maybe a little bit here and there. I would not expect the company sort of to be engaged in any further geographical expansion at Booksy. Like in all the companies here and beyond also our portfolio, the focus is very much now on profitability, to take destiny into your own hands, not to have to raise money from markets which are, you know, tough for, if in some cases essentially shut.
Booksy had this fortunate situation that they did raise money and has money, and in from where I sit, doesn't need money. That also means that they don't have. They have the markets they have, and they need to sort of expand on those. Some of them are very mature and generating sort of profits. On, you know, across the entire portfolio, that's not the case now, but will be in the not too distant future, I believe. It doesn't leave any room to sort of start expanding into new geographies. We're not ourselves on the board and not that close to the company, but I think that's an accurate sort of description of the company.
The business model as such, we essentially love. It's a SaaS business with more days upside on top of that. As you'll know, we're also exposed to the same business model in a different company here in Sweden. This company is called Bokadirekt, where we own a slightly larger part of as a percentage, but very mature and very, very clear marketplace sort of upside in a not too dissimilar manner to Hemnet, which is no longer part of our portfolio, but sort of has the same attributes and dominant brand, etc. Booksy is in this dominant sort of in the same fashion in Poland, which is their home market. Poland alone, I think will provide the sort of return that we're looking for.
Say, if we're looking for a 30%-48% sort of annual return, I think Booksy Poland alone will deliver that. Then you have the upside of their other markets, Spain, U.K., France, U.S., and maybe some others, that gives some optionality on the upside beyond that. The business models, when they reach maturity, like we see here in Sweden and we see in Poland across two different companies, is something that's very nice to look at.
Perfect. One question, moving over to more the VNV level. I'm reading this question here. Can you elaborate on how you will reduce costs and make the operations leaner? If possible, do you have cash reserves for repurchasing the VNV share, as we're trading to a good discount to NAV?
We're very focused on our own cost base. We've all, you know, since I joined the company in 2000, long time ago, we've always been very focused to have a cost base that's not higher than 2% of the NAV. We're within that now. Obviously, the NAV is one thing, and the market cap is also something to look at. We've been in sort of, you know, borderline in those sort of areas. We have reduced costs. We have been engaged in cost-cutting of late, and maybe it doesn't show up so much in the fourth quarter, but it will show up over the course of 2023.
We had an Amsterdam office and which we closed, and parting with some people there, which is sad because they're very good people. We, it's just we, you know, when we're less active on looking on new investments, we have a different kind of need, and we definitely had a need to sort of reduce the cost base. We're so that's a reflection of that we are active in, you know, in sort of looking, analyzing our own costs and doing something about them, taking them down, essentially. The other question on buying back stock.
When we have liquidity, we've got $74 million of cash, if you include the sort of liquidity management type of cash, $66 million without that. Of course, the uses of that cash is, well, it's the OpEx that we have, and it's to pay the coupon, but also we have funding needs that we talked about before, which is maybe $10 million-$15 million. I think that covers basically the, you know, the cash pile that we have covers that and more. We're limited in buying back our own stock by the covenants of our bond.
Although we would like to, and in a typical environment, we would sort of be involved in that in sort of quite a big way, given that we're trading, at this kind of a discount, is we have some limitations on that, in sort of, in the, in the current environment.
Excellent. I think the last question, we actually got another one now, but the second to last question of the list. Can you comment on the line other equity investments, which was marked down some $19 million, in the fourth quarter? That's, for reference, that's, that is, investments below top 10 or below 2% of NAV, so that part of the portfolio. I can start off maybe by mentioning that obviously there will be more details to exactly which companies are part of the overall portfolio and the valuations of each line item, in the annual report that we publish in February. For now, Per, any comments on that part of the portfolio?
I mean, that's the other part of the portfolio that I briefly touched upon. Some of those we may have marked down because the model takes in inspiration and data from a listed peer group and then takes it down. Some of them, we are close to transactions which will take them higher and above where we initially had them on the last transaction. The sort of the momentum is more on the upside for a lot of those. It's very sort of different picture company to company. As Dennis says, there, you can sort of look to them line by line in the annual report, which is out in a few weeks.
Yes. I think I'm looking through the question list, and I think we have covered most.
Okay, good. Thank you for listening in, and thanks for all these good questions. Happy New Year to you all. Then, you know, full of enthusiasm for this year. I mean, the companies that we have are doing well. I think, you know, the valuations move around, but we very much looking forward sort of also the short-term here as there's the activity around the portfolio, et cetera. If there is anything else anyone sort of comes up with in terms of questions later on, just pinging us on email or give us a holler, then we will sort of try to help you out.
Thanks for that, and we'll see you, when we talk about our Q1 report, which Dennis remind me that with that's April, right?
April, correct. I have the exact date. The financial calendar is actually updated on the website. The first quarter report is due on April 20th, 2023.
April twentieth. Afternoon my time, April 20th, we'll be talking if not before. Thank you very much.
Thank you.