Stockholm, March 07, 2018 (GLOBE NEWSWIRE) --
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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