Key events during the quarter
- VEF invested an additional USD 5 mln into Creditas in the form of a convertible note.
- In August VEF announced that the Board of Directors had approved a new buyback program of up to a maximum of USD 10 mln. During the year, VEF has repurchased shares equivalent to USD 2.9 mln, of which USD 1.7 mln worth of shares were repurchased during the fourth quarter.
- USD NAV down 14% during the quarter, a reflection of the decrease in valuation of the underlying portfolio driven by market moves of listed peers. On a company level, delivery remained strong and broadly on forecast through the quarter.
Net asset value
- NAV of VEF's portfolio as at YE22 is USD 381.8 mln (YE21 761.7). NAV per share has decreased by 49.9% to USD 0.37 (YE21: 0.73) per share during FY22.
- In SEK, NAV equals 3,981 mln (YE21: 6,885). NAV per share has decreased by 42.1% to SEK 3.82 (YE21: 6.61) per share during FY22.
- Cash position, including liquidity placements, was USD 48.5 mln (YE21: 61.8) at the end of 2022.
Financial result
- Net result for 4Q22 was USD -61.5 mln (4Q21: 208.0). Earnings per share were USD -0.06 (4Q21: 0.22).
- Net result for FY22 was USD -377.4 mln (FY21: 275.5). Earnings per share were USD -0.36 (FY21: 0.30).
The financial result for the fourth quarter is principally a reflection of the decrease in valuation of the underlying portfolio (-12%) QoQ. Valuation changes in individual portfolio names were mainly driven by market moves in their respective listed peers coupled with moderately revised revenue forecasts, in parts, reflecting plans to reach profitability. The result for the quarter broadly mirrors the valuation decreases in global fintech indices, which experienced a further sell-off during the period. On an aggregated level, and specifically amongst the top portfolio names, underlying delivery remained strong and broadly on track vs. updated and profitability focused forecasts.
| Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | |
| Net asset value (USD mln) | 388.1 | 761.7 | 381.8 |
| Net asset value (SEK mln) | 3,178 | 6,885 | 3,981 |
| Net asset value per share (USD) | 0.47 | 0.73 | 0.37 |
| Net asset value per share (SEK) | 3.83 | 6.61 | 3.82 |
| VEF AB (publ) share price (SEK) | 4.04 | 6.05 | 2.45 |
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 2023-01-25 08:00 CET.
