Key events during the quarter
- In 4Q23 our USD NAV increased 5% QoQ, ending 2023 up 16% YoY. Key NAV drivers continue to be improved portfolio company forecasts and outlook, combined with strengthening peer multiples, all driven by an improving macro and market outlook.
- VEF successfully closed its second SEK 500 mln sustainability bond. The bond effectively rolled our previous issue, at improved terms, with a new duration set to December 2026. An important event that allowed us to de-risk duration matching of expected portfolio exits to our new bond maturity.
- In November, we returned to a core tradition of hosting one of our board meetings in a focus investment geography - India. The mood on the ground was overwhelmingly positive, with a backdrop of political stability, underlying economic growth and buoyant capital markets, driven by both significant domestic and international capital flows.
Net asset value
- NAV of VEF's portfolio as at YE23 is USD 442.2 mln (YE22 381.8). NAV per share has increased by 16% to USD 0.42 (YE22: 0.37) per share during FY23.
- In SEK, NAV equals 4,441 mln (YE22: 3,981). NAV per share has increased by 12% to SEK 4.26 (YE22: 3.82) per share during FY23.
- Cash position, including liquidity investments, was USD 21.6 mln (YE22: 48.5) at the end of 2023.
Financial result
- Net result for 4Q23 was USD 19.4 mln (4Q22: -61.5). Earnings per share were USD 0.02 (4Q22: -0.06).
- Net result for FY23 was USD 60.1 mln (FY22: -377.4). Earnings per share were USD 0.06 (FY22: -0.36).
VEF CEO, David Nangle, comments:
"We finish 2023 on a positive footing. 4Q23 continued a 2023 trend of better, and incrementally more positive with each passing quarter. The 16% (USD 60.4 mln) growth in NAV in 2023 benefitted from strong macro and market level performance. At a portfolio level, growth remains robust and forecasts are bottoming out - in many cases we are starting to revise up estimates again."
| Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | |
| Net asset value (USD mln) | 761.7 | 381.8 | 442.2 |
| Net asset value (SEK mln) | 6,885 | 3,981 | 4,441 |
| Net asset value per share (USD) | 0.73 | 0.37 | 0.42 |
| Net asset value per share (SEK) | 6.61 | 3.82 | 4.26 |
| VEF AB (publ) share price (SEK) | 6.05 | 2.45 | 1.84 |
Events after the end of the period
No significant events have taken place after the end of the period.
Visit VEF's IR page for our financial reports and other information: vef.vc/investors
For further information please contact:
Kim Ståhl, CFO: +46 (0) 8-545 015 50
About Us
VEF AB (publ.) is an investment company whose Common Shares are listed in Sweden. We invest in growth stage private fintech companies, take minority stakes and are active investors with board representation in our portfolio companies, always looking to back the best entrepreneurs in each market. We focus on scale emerging markets and invest across all areas of financial services inclusive of payments, credit, mobile money and wealth advisors. VEF trades in Sweden on Nasdaq Stockholm's Main Market under the ticker VEFAB. For more information on VEF, please visit http://www.vef.vc.
This information is information that VEF AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-01-24 08:00 CET.
