Stockholm, April 29, 2020 (GLOBE NEWSWIRE) --
Highlights during the quarter
- VEF invested USD 13.0 mln in Indian leading payment company Juspay.
- VEF invested an additional USD 0.43 mln in Finja in form of a convertible loan.
- Repurchased 2,019,482 Swedish Depository Receipts (SDRs) in the Company.
Net asset value
- NAV of VEF’s portfolio decreased by 25.3% during the quarter to USD 186.43 mln or USD 0.29 per share.
- In local currency, NAV decreased by 19.2% to SEK 1,879 mln or SEK 2.88 per share.
- Cash position at the end of 1Q20 was USD 24.0 mln.
Financial result
> Net result for 1Q20 was USD -62.17 million (mln) (1Q19: USD 1.56 mln). Earnings per share were USD -0,09 (1Q19: USD 0.00).
| Dec 31, 2018 | Dec 31, 2019 | Mar 31, 2020 | |
| Net asset value (USD mln) | 201.42 | 249.44 | 186.43 |
| Net asset value (SEK mln) | 1,806 | 2,325 | 1,879 |
| Net asset value per share (SEK) | 2.78 | 3.55 | 2.88 |
| VEMF SDB share price (SEK) | 1.75 | 2.94 | 1.985 |
Events after the end of the period
After the end of the period VEF has invested an additional USD 2.11 mln (EUR 1,94 mln) in TransferGo.
Following the outbreak of the Covid-19 virus, VEF is actively working with its portfolio companies to manage and alter any critical strategic decisions, adapting to and reflecting the current volatile environment. VEF has the capacity to live through a longer period of uncertainty while being conscious about operational expenses. Of late, the management of VEF have focused much of its energy on stress testing risk, pricing and business plans. VEF management remains in close contact with the portfolio companies and continuously work to ensure that they are well funded and equipped to bridge any liquidity constraints as a consequence of the Covid-19 outbreak and the VEF management is continuously evaluating implications on the valuation of our portfolio companies.
The Company will hold a telephone conference with an interactive presentation at 15:00 CEST (9:00 a.m. EDT) Wednesday, April 29, 2020. For call-in details, see separate press release issued on April 22, 2020 at www.vostokemergingfinance.com.
Visit VEF’s IR page for our financial reports and other information:
www.vostokemergingfinance.com/investor-relations/
For further information please contact:
Henrik Stenlund, CFO: +46 (0) 8-545 015 50
Vostok Emerging Finance Ltd is an investment company listed in Sweden that invests in growth stage private fintech companies. We take minority stakes and are active investors with board representation in each of our portfolio companies, always looking to back the best entrepreneurs in each market. We focus on scale emerging markets and invest across all areas of financial services inclusive of credit, payments, insurance and asset management. VEF trades in Sweden on Nasdaq First North under the ticker VEMF SDB.
Vostok Emerging Finance’s Certified Adviser on Nasdaq First North is Pareto Securities AB, +46 8 402 50 00, certifiedadviser.se@paretosec.com.
This information is information that Vostok Emerging Finance Ltd is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication at 08:00 CET on April 29, 2020.
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