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Interim report - third quarter and nine months period 2022

MAR

Key events during the quarter

  • VEF welcome Mahaana, Pakistan’s first digital wealth manager to the portfolio. VEF invested USD 1 mln in a USD 2.1 mln seed round making it our third investment in Pakistan.
  • VEF made a follow-on investment of USD 1.9 mln into Rupeek, India’s leading asset-backed digital lending platform.
  • In August a new share buyback program was announced. The purpose of the buyback program is to allow the flexibility to create additional shareholder value at a time when VEF shares trade at significant dislocation to their stated NAV.
  • Total USD NAV flat QoQ while VEF portfolio on a company level delivery remained strong and broadly on forecast through the quarter.

Net asset value

  • NAV of VEF’s portfolio as at 3Q22 is USD 444.9 mln (YE21 761.7). NAV per share has decreased by 42.0% to USD 0.42 (YE21: 0.73) per share during 9M22.
  • In SEK, NAV equals 5,023 mln (YE21: 6,885). NAV per share has decreased by 27.5% to SEK 4.79 (YE21: 6.61) per share during 9M22.
  • Cash position, including liquidity placements, was USD 56.3 mln (YE21: 61.8) at the end of 3Q22.

Financial result

  • Net result for 3Q22 was USD 4.8 mln (3Q21: 51.8). Earnings per share were USD 0.01 (3Q21: 0.06).
  • Net result for 9M22 was USD -315.8 mln (9M21: 67.5). Earnings per share were USD -0.30 (9M21: 0.08).

The financial result for the quarter reflects a weakening SEK/USD FX rate together with the value of the underlying portfolio remaining essentially flat QoQ (+0.7%). While valuation changes in individual portfolio names were mainly driven by market moves in their respective listed peers, similar to 2Q22, the VEF portfolio delivery on an aggregated level remained strong and broadly on forecast, coupled with some headwinds in certain portfolio currencies.


Dec 31, 2020Dec 31, 2021Sep 30, 2022
Net asset value (USD mln)388.1761.7444.9
Net asset value (SEK mln)3,1786,8855,023
Net asset value per share (USD)0.470.730.42
Net asset value per share (SEK)3.836.614.79
VEF AB (publ) share price (SEK)4.046.052.16

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. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-10-26 08:00 CEST.

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Vef 3q22 Eng

Datum 2022-10-26, kl 08:00
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