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Interim report - third quarter and first nine months 2023

MAR

Key events during the quarter

  • The central bank of Brazil cut SELIC interest rate from 13.75% to 12.75% in the quarter, with more expected by YE23. In contrast to much of the world, Brazil is now enjoying a tailwind from falling rates, with clear positive implications for macro, the banking system and fintech within that.
  • VEF invested an additional USD 3 mln into Gringo as part of their Series C funding round. Gringo is the most used and fastest growing app for Brazilian drivers.
  • VEF invested an additional USD 5 mln into Creditas in the form of a convertible loan note.

Net asset value

  • NAV of VEF’s portfolio as at 9M23 is USD 422.7 mln (YE22: 381.8). NAV per share has increased by 11% to USD 0.41 (YE22: 0.37) per share during 9M23.
  • In SEK, NAV equals 4,602 mln (YE22: 3,981). NAV per share has increased by 16% to SEK 4.42 (YE22: 3.82) per share during 9M23.
  • Cash position, including liquidity investments, was USD 35.4 mln (YE22: 48.5) at the end of 3Q23.

Financial result

  • Net result for 3Q23 was USD -56.5 mln (3Q22: 4.8). Earnings per share were USD -0.05 (3Q22: 0.01).
  • Net result for 9M23 was USD 40.7 mln (9M22: -315.8). Earnings per share were USD 0.04 (9M22: -0.30).

VEF CEO, David Nangle, comments:

“3Q23 delivered a growing number of data points highlighting an ongoing recovery in the investment world that VEF plays within. A better risk/reward balance is showcased by the majority of our companies being cash flow positive, or on a clear path to that destination. Growth is less euphoric, but business models are more robust and sustainable as a result.”


Dec 31, 2021Dec 31, 2022Sep 30, 2023
Net asset value (USD mln)761.7381.8422.7
Net asset value (SEK mln)6,8853,9814,602
Net asset value per share (USD)0.730.370.41
Net asset value per share (SEK)6.613.824.42
VEF AB (publ) share price (SEK)6.052.452.18


Events after the end of the period

On 3 October an Extraordinary General Meeting was held in Stockholm, where the Company’s shareholders approved a new long-term incentive program (LTIP 2023) for key employees. LTIP 2023 is a five-year incentive program with identical terms as LTIP 2022.

Visit VEF’s IR page for our financial reports and other information: vef.vc/investors

For further information please contact:

Éire Smith, Investor Relations: +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 2023-10-25 08:00 CEST.

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Vef 3q23 Eng

Datum 2023-10-25, kl 08:00
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Vef 3q23 Eng
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