Financial Report for the Fourth Quarter and Twelve Months Period 2017
March 07 2018 - 2:00AM
Financial Report for the Fourth Quarter and Twelve Months Period
2017
Financial Result
- Net result for 4Q17 was USD 11.0 million (mln) (4Q16: USD 21.4
mln). Earnings per share were USD 0.02 (4Q16: USD 0.03).
- Net result for the twelve-months period was USD 53.2 mln
(12M16: 48.7 mln). Earnings per share were USD 0.08 (12M16:
0.07).
- The positive net result over the twelve-months period is
primarily driven by the share price development in Vostok Emerging
Finance’s (“VEF” or the “Company”) only listed equity holding,
Tinkoff Bank, and the mark up in valuation of REVO and Sorsdata
following the 1Q17 investment round.
Net Asset Value
- The net asset value of VEF was USD 199.2 mln as at December 31,
2017 (December 31, 2016: USD 144.3 mln),
- Net asset value per share was USD 0.30 (December 31, 2016: USD
0.22).
- Based on the period end USD/SEK exchange rate of 8.23 (December
31, 2016: 9.10), net asset value was SEK 1,640 mln (December 31,
2016: SEK 1,313 mln) and SEK 2.48 per share (December 31, 2016: SEK
1.99 per share), respectively.
Key Events during the Fourth Quarter
- During the fourth quarter, VEF has sold 741,536 GDRs in Tinkoff
Bank, approximately 15% of its position, yielding USD 13.2
mln.
- On October 18, 2017, VEF announced that it had made an
investment of USD 30 mln into leading Brazilian personal finance
platform, GuiaBolso, taking the lead in a broader investment round
of close to USD 40 mln.
- On November 10, 2017, VEF invested an additional USD 0.1 mln in
FinanZero via a two-year convertible loan note.
- On December 11, 2017, VEF announced that it had made an
investment of USD 25 mln into leading Brazilian digital secured
loan platform, Creditas. VEF led a broader Series C investment
round of USD 50 mln.
Key Events after the end of the Period
- On February 6, 2018, VEF invested an additional USD 0.05 mln in
FinanZero via a short-term loan note.
- On February 23, 2018, VEF subscribed to an additional 903
shares in FinanZero following conversion of its outstanding
convertible loan in the amount of USD 0.1 mln.
- During February 2018, VEF sold 810k shares in TCS Group Holding
PLC.
- As at February 28, 2018, VEF’s net asset value was USD 214.3
mln (SEK 1,769.5 mln at a USD/SEK exchange rate of 8.256), or
USD 0.32 per share (SEK 2.68).
The Company will hold a telephone conference with an interactive
presentation at 15:00 CET (09:00 a.m. ET) Wednesday, March 7. For
call-in details, see separate press release issued Wednesday,
February 28, 2018 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.
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 CEST on
November 29, 2017.
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