Stockholm, Feb. 20, 2019 (GLOBE NEWSWIRE) --
Financial result
- Net result for the year 2018 was USD 3.45 million (mln) (2017: 53.2 mln). Earnings per share were USD 0.01 (2017: 0.08).
- The positive net result for 2018 is primarily driven by the mark up in valuation of iyzico, TransferGo, FinanZero and Magnetis.
- Net result for 4Q18 was USD -3.89 mln (4Q17: USD 11.0 mln). Earnings per share were USD -0.01 (4Q17: USD 0.02).
- The negative net result for the fourth quarter was mainly driven by the revaluation of Guiabolso and REVO following a mark to model valuation and the share price development in Vostok Emerging Finance’s only listed company, Tinkoff Bank.
Net asset value
- The net asset value (NAV) of VEF was USD 201.42 mln as at December 31, 2018 (December 31, 2017: USD 198.56 mln), which is an increase by 1.4% in USD over the year.
- Net asset value per share was USD 0.31 (December 31, 2017: USD 0.30).
- NAV in SEK was 1,806 mln as at December 31, 2018(December 31, 2017: SEK 1,635 mln) and SEK 2.78 per share (December 31, 2017: SEK 2.47 per share).
Key events during the fourth quarter
- Tinkoff paid one dividend of USD 0.24 per share on October 1, amounting to USD 0.18 mln, and one dividend of USD 0.28 per share on December 12, amounting to USD 0.28 mln.
- On December 20, VEF invested an additional USD 1.75 mln in iyzico.
- VEF sold 2.130 mln shares in TCS Group Holding PLC, at a value of in total USD 36.64 mln.
- VEF repurchased 55k Swedish Depository Receipts (SDRs) in the Company for the purpose of delivery of shares in connection with the Long-Term Incentive Program.
- iyzico and Creditas became the largest holdings in the portfolio representing a combined 25% of the NAV.
Key events after the end of the period
- VEF sold the remaining 508 258 shares in TCS Group Holding PLC, at a value of USD 8.71 mln.
The Company will hold a telephone conference with an interactive presentation at 14:00 CET (08:00 a.m. EDT) Wednesday, February 20, 2019. For call-in details, see separate press release issued Wednesday, February 13, 2019 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, +46 8 402 50 00, certifiedadviser.se@paretosec.com.
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 CET on February 20, 2019.
Attachment
