Financial Report for the First Quarter 2018
Stockholm, May 16, 2018 (GLOBE NEWSWIRE) --
- Net result for 1Q18 was USD 13.0 million (mln) (1Q17: USD 7.06 mln). Earnings per share were USD 0.02 (1Q17: USD 0.01).
- The positive net result over the 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 FinanZero based on the latest transaction on March 23, 2018.
Net Asset Value
- The net asset value (NAV) of VEF was USD 211.82 mln as at March 31, 2018 (December 31, 2017: USD 198.56 mln), which is an increase by 6.6% in USD over the first quarter 2018.
- Net asset value per share was USD 0.32 (December 31, 2017: USD 0.30).
- Based on the period end USD/SEK exchange rate of 8.36 (December 31, 2017: 8.23), net asset value was SEK 1,771 mln (December 31, 2017: SEK 1,635 mln) and SEK 2.68 per share (December 31,2017: SEK 2.47 per share), respectively.
Key Events during the Period
- During February 2018, VEF sold 810k shares in TCS Group Holding PLC, at a value of in total USD 16.72 mln.
- On March 23, 2018 FinanZero closed a financing round whereby VEF took up its rights and invested an additional USD 0.9 mln.
Key Events after the end of the Period
- Tinkoff paid a dividend of USD 0.31 per share on April 4, 2018, amounting to USD 0.93 mln.
- During April 2018, VEF sold 250k shares in TCS Group Holding PLC, at a value of in total USD 4.98 mln.
- As at April 30, 2018, VEF’s NAV was USD 208.11 mln (SEK 1,806 mln at a USD/SEK exchange rate of 8.6774, or USD 0.31 per share (SEK 2.73).
The Company will hold a telephone conference with an interactive presentation at 14:00 CEST 08:00 a.m. EDT) Wednesday, May 16, 2018. For call-in details, see separate press release issued Wednesday, May 9, 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 May 16, 2018.