Financial Result
> Net result for 3Q17 was USD 27.48 million (mln) (3Q16: USD 13.99 mln). Earnings per share were USD 0.04 (3Q16: USD 0.02).
> Net result for the nine-months period was USD 42.16 mln (9M16: 27.22 mln). Earnings per share were USD 0.06 (9M16: 0.04).
> 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 REVO and Sorsdata following the 1Q17 investment round.
Net Asset Value
> The net asset value of VEF was USD 186.9 mln as at September 30, 2017 (December 31, 2016: USD 144.3 mln),
> Net asset value per share was USD 0.28 (December 31, 2016: USD 0.22).
> Based on the period end USD/SEK exchange rate of 8.109 (December 31, 2016: 9.10), net asset value was SEK 1,515 mln (December 31, 2016: SEK 1,313 mln) and SEK 2.29 per share (December 31, 2016: SEK 1.99 per share), respectively.
Key Events during the Third Quarter
> During the third quarter VEF sold 1.6 mln GDRs in Tinkoff Bank, approximately 25% of its position, yielding USD 20.6 mln.
> On September 15, 2017, VEF invested USD 3.0 mln in Magnetis, Brazil’s leading Roboadvisor.
Key Events after the end of the Period
> After the end of the period, VEF has sold 586,536 shares GDRs in Tinkoff Bank, approximately 12% of its position, yielding USD 10.4 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.
> As at October 31, 2017, VEF’s net asset value was USD 195.0 mln (SEK 1,629.1 mln at a USD/SEK exchange rate of 8.3555), or USD 0.29 per share (SEK 2.46).
> On November 10, 2017, VEF invested an additional USD 98.7k in FinanZero via a two-year convertible loan note.
The Company will hold a telephone conference with an interactive presentation at 14:30 CET (08:30 a.m. ET) Wednesday, November 29. For call-in details, see separate press release issued Wednesday, November 22, 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 EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication at 08:00 CEST on November 29, 2017.
