Financial report for the second quarter and six months period 2019
Stockholm, Aug. 14, 2019 (GLOBE NEWSWIRE) --
Highlights during the quarter
- VEF announced that it has agreed to sell its stake in iyzico, Turkey’s leading payments provider, at a value of USD 33.9 mln, resulting in an expected IRR of 63% and CoC return of 3.1x at the time of closing. The exit is part of a broader sale agreement with iyzico’s venture investors, with the full purchase valuation set at USD 165 mln.
- VEF invested an additional USD 23.5 mln into Creditas, a Brazilian secured lending platform, as part of a USD 231 mln Series D investment round led by SoftBank.
- VEF made a follow-on investment in FinanZero, a Brazilian online consumer loan marketplace, who closed a Series B investment round of SEK 100 mln (USD 10.5 mln).
- Repurchased 953,000 Swedish Depository Receipts (SDRs) in the Company.
Net asset value
- NAV of VEF’s portfolio increased by 17% during the quarter to USD 238.7 mln or USD 0.37 per share.
- In local currency, NAV was SEK 2,212 mln and SEK 3.41 per share.
- Cash position at the end of 2Q19 was USD 25.2 mln pre-iyzico fund flows.
Financial result
- Net result for 2Q19 was USD 35.5 mln (2Q18: USD 7.93 mln). Earnings per share were USD 0.05 (2Q18: USD 0.01).
- Net result for the six-months period was USD 37.06 mln (1H18: 20.93 mln). Earnings per share were USD 0.06 (1H18: 0.03).
| June 30, 2018 | December 31, 2018 | June 30, 2019 | |
| Net Asset Value (USD mln) | 220.16 | 201.42 | 238.67 |
| Net Asset Value (SEK mln) | 1,973 | 1,806 | 2,212 |
| Net Asset Value per share (SEK) | 2.98 | 2.78 | 3.41 |
| VEMF SDB share price (SEK) | 2.01 | 1.75 | 2.50 |
The Company will hold a telephone conference with an interactive presentation at 15:00 CEST (09:00 a.m. EDT) Wednesday, August 14, 2019. For call-in details, see separate press release issued Wednesday, August 7, 2019 at www.vostokemergingfinance.com.
For further information please contact:
Henrik Stenlund, CFO: +46 (0) 8-545 015 50
Vostok Emerging Finance is an investment company with the goal of investing in early stage modern financial services companies across emerging and frontier markets. 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 August 14, 2019.
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