VEF

Key events during the quarter

• NAV showed signs of recovery, increasing 7.5% QoQ, driven in part by a recovery of peer multiples and local currency performance. Juspay (+32% QoQ) and Gringo (+68% QoQ) were amongst key drivers, as valuation unlock was driven by a move to mark-to-model valuation for both.

• Creditas announced its 4Q/YE22 summary financial results delivering top line revenues of BRL 1.8 bln in 2022, +118% YoY. Positive trends of improving gross margins off a more efficient cost base continue to be driven through this more moderated growth window.

• Konfío’s commitment to bank Mexican SMEs benefitted from a two-year extension and increase of their credit line to MXN 4.1 bln with Goldman Sachs and Gramercy, which allows for the granting of nearly 10,000 fresh loans.

• VEF issued its maiden bond allocation and impact report. Funds raised in the bond were allocated to fund portfolio companies that derive 90% or more of their revenues from one or several sustainable finance categories: Konfío, Solfácil, Rupeek and Mahaana.

Net asset value

• NAV of VEF’s portfolio as at 1Q23 is USD 410.4 mln (YE22 381.8). NAV per share has increased by 7.5% to USD 0.39 (YE22: 0.37) per share during 1Q23.

• In SEK, NAV equals 4,261 mln (YE22: 3,981). NAV per share has increased by 7.0% to SEK 4.09 (YE22: 3.82) per share during 1Q23.

• Cash position, including liquidity investments, was USD 45.7 mln (YE22: 48.5) at the end of 1Q23.

Financial result

• Net result for 1Q23 was USD 28.4 mln (1Q22: -24.1). Earnings per share were USD 0.03 (1Q22: -0.02).

The first quarter broad-based recovery in financial markets had a positive impact on the financial results in 1Q23. On average peer valuation multiples were in positive territory through the quarter and combined with underlying portfolio performance was the key driver of overall NAV. On an aggregated level, portfolio performance remained strong, with moderated revenue growth a reflection of plans to reach break-even at a majority of portfolio companies.

Events after the end of the period

No significant events after the end of the period.
Visit VEF’s IR page for our financial reports and other information: vef.vc/investors