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Interim report - second quarter and six months period 2023

MAR

Key events during the quarter

  • Our NAV continued the 1Q23 recovery trend, increasing 17% in USD terms during the second quarter. The uplift was driven by strong performance in the respective peer multiples coupled with local currency tailwinds. Our top three holdings, Creditas (+7%), Konfío (+75%) and Juspay (+19%) were the main contributors on a portfolio level.
  • FinanZero successfully raised an additional USD 1.5 mln during the second quarter. Following strong investor appetite, the company extended the previous round from last year (2022) and raised the round at the same terms and valuation.
  • At our AGM in May, Katharina Lüth was appointed to the VEF board. Katharina’s vast operational experience and deep understanding of both traditional finance and fintech makes her an extremely valuable addition to the board.

Net asset value

  • NAV of VEF’s portfolio as at 1H23 is USD 479.2 mln (YE22 381.8). NAV per share has increased by 25% to USD 0.46 (YE22: 0.37) per share during 1H23.
  • In SEK, NAV equals 5,177 mln (YE22: 3,981). NAV per share has increased by 30% to SEK 4.97 (YE22: 3.82) per share during 1H23.
  • Cash position, including liquidity investments, was USD 45.3 mln (YE22: 48.5) at the end of 1H23.

Financial result

  • Net result for 2Q23 was USD 68.7 mln (2Q22: -296.6). Earnings per share were USD 0.07 (2Q22: -0.28).
  • Net result for 1H23 was USD 97.2 mln (1H22: -320.7). Earnings per share were USD 0.09 (1H22: -0.31).

The second quarter continued recovery in financial markets had a positive impact on the financial results in 2Q23. The key drivers of overall NAV performance were both expansion of peer valuation multiples through the quarter and underlying portfolio performance. On an aggregated level, portfolio performance remained strong, with continued moderated revenue growth a reflection of plans to reach break even at a majority of portfolio companies.


Dec 31, 2021Dec 31, 2022Jun 30, 2023
Net asset value (USD mln)761.7381.8479.2
Net asset value (SEK mln)6,8853,9815,177
Net asset value per share (USD)0.730.370.46
Net asset value per share (SEK)6.613.824.97
VEF AB (publ) share price (SEK)6.052.452.04


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

For further information please contact:

Henrik Stenlund, CFO: +46 (0) 8-545 015 50

About Us

VEF AB (publ). is an investment company whose Common Shares are listed in Sweden. We invests 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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-07-19 08:00 CEST.

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Vef 2q23 Eng

Datum 2023-07-19, kl 08:00
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Vef 2q23 Eng
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