Published: 2017-08-30 08:00:00 CEST
Vostok Emerging Finance Ltd
Interim information

Financial Report for the Second Quarter 2017 and the Period January 1, 2017–June 30, 2017

Financial Result

Net result for 2Q17 was USD 7.6 million (mln) (2Q16: USD 10.8 mln). Earnings per share were USD 0.0039 (2Q16: USD 0.0163).

Net result for the six-months period was USD 14.7 mln (1H16: 13.2 mln). Earnings per share were USD 0.022 (1H16: 0.0200).

The positive net result over the period is primarily driven by the positive share price development in Vostok Emerging Finance’s only listed equity holding, Tinkoff Bank, and the mark up in valuation of REVO and Sorsdata following the 1Q17 transaction.

Net Asset Value

The net asset value of Vostok Emerging Finance Ltd (“VEF” or the “Company”) was USD 159.2 mln as at June 30, 2017 (December 31, 2016: USD 144.3 mln),

Net asset value per share was USD 0.24 (December 31, 2016: USD 0.22).

Based on the period end USD/SEK exchange rate of 8.47 (December 31, 2016: 9.10), it was SEK 1,349 mln (December 31, 2016: SEK 1,313 mln) and SEK 2.04 per share (December 31, 2016: SEK 1.99 per share), respectively.

Key Events during the Second Quarter

On April 20, 2017, VEF agreed to invest an additional USD 0.4 mln into FinanZero, leading an investment round totalling USD 0.5 mln.

On April 21, 2017, VEF concluded the second and third tranche pertaining to the agreed total investment of USD 1 mln into Finja.

On May 15, 2017, VEF announced an investment of USD 3.3 mln into Nibo, a leading player in the Brazilian Accounting SaaS space focusing on SMEs and accountants.

In June 2017, VEF invested an additional USD 2.9 mln in TransferGo via a two-year convertible loan note.

Key Events after the end of the Period

In July 2017, VEF sold 600k GDRs in Tinkoff Bank, approximately 10% of its position, yielding USD 6.9 mln.

In August 2017, VEF sold an additional 475k GDRs in Tinkoff Bank, approximately 8% of its position, yielding USD 6.2 mln.

As at July 31, 2017, VEF’s net asset value was USD 168.7 mln (SEK 1,371.8 mln at a USD/SEK exchange rate of 8.1331), or USD 0.25 per share (SEK 2.07).

 

The Company will hold a telephone conference with an interactive presentation at 16:00 CEST (10:00 a.m. EDT) Wednesday, August 30. For call-in details, see separate press release issued Wednesday, August 23, 2017 at www.vostokemergingfinance.com

 

For further information please contact:
Henrik Stenlund, CFO, Tel +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 Securities Markets Act. The information was submitted for publication at 08:00 CEST on August 30, 2017.


vef_2q17_web.pdf