Highlights during the quarter
During the second quarter VEF added one new company to the portfolio and made two follow on investments. VEF Invested:
- USD 0.9 mln into [Pakistan based financial wellness company Abhi.
- An additional USD 19.8 mln into Konfío, Mexico’s leading SME financial ecosystem.
- An additional USD 2.8 mln, via a convertible note, into digital money transfer provider TransferGo.
In May the shareholders approved the redomestication process from Bermuda to Sweden and at the AGM Hanna Loikkanen was elected to the VEF Board, both key milestones in our ongoing ESG drive.
Net asset value
- NAV of VEF’s portfolio increased during 1H21 to USD 404.3 mln. NAV per share increased by 0.4% to USD 0.48 per share.
- In local currency, NAV increased to SEK 3,440 mln. NAV per share increased by 7.6% to SEK 4.12 per share during 1H21
- Cash position, including liquidity investments, was USD 18.9 mln at the end of 1H21.
- Net result for 2Q21 was USD 0.5 mln (2Q20: USD 36.7 mln). Earnings per share were USD 0.00 (2Q20: USD 0.06).
- Net result for 1H21 was USD 15.8 mln (1H20: USD -25.4 mln). Earnings per share were USD 0.02 (1H20: USD -0.04).
|Dec 31, 2019||Dec 31, 2020||Jun 30, 2021|
|Net asset value (USD mln)||249.4||388.1||404.3|
|Net asset value (SEK mln)||2,325||3,178||3,440|
|Net asset value per share (USD)||0.38||0.47||0.48|
|Net asset value per share (SEK)||3.55||3.83||4.12|
|VEFL SDB share price (SEK)||2.94||4.04||3.76|
Events after the end of the period
- On the 2nd of July VEF completed the redomestication process from Bermuda to Sweden. VEF AB (publ) is from the 2nd of July the group’s parent company. The shares in VEF AB (publ) are traded under the ticker VEFAB on Nasdaq First North Growth Market from the 5th of July.
- On the 22nd of July VEF announced a USD 10 mln investment into BlackBuck, India’s largest online trucking platform. VEF participated in a broader equity financing round totalling USD 67 mln.
- In 2Q21 Guiabolso was marked down to zero with visibility around any return of capital unclear at quarter end, but in late July Guiabolso was acquired and VEF recouped c. USD 3 mln.
The Company will hold a telephone conference with an interactive presentation at 14:00 CEST (08:00 a.m. EDT) on Wednesday July 28 2021. For dial-in details, see separate press release issued on July 21, 2021 at vef.vc.
Visit VEF’s IR page for our financial reports and other information: vef.vc/investors