Vef Ab · OMXSTO:VEFAB
Vef Ab — Q3 2021 Earnings Presentation
18 slides from Vef Ab's earnings presentation, November 2021
Slide 1: Results Presentation
J ¢ - Results Presentation The emerging market fintech investor
Slide 2: Recent highlights
Recent highlights Ver Successful recent capital raise - $102 min in Aug-21 We successfully raised $102 min of additional capital to continue investing in our mandate of EM Fintech. It was our biggest raise to date and supported by both our current shareholder base and a host of quality new investor
Slide 3: 9M21 financial highlights
9M21 financial highlights NAV . NAV of VEF’s portfolio increased during 9M21 to USD 553.6mIn. NAV per share increased by 13.6% to USD 0.53 per share during 9M21. . In local currency, NAV increased to SEK 4,837 min. NAV per share increased by 21.1% to SEK 4.64 per share during 9M21. . Cash position,
Slide 4: VEF is well positioned for continued growth with ~$102m of fresh capital
VEF is well positioned for continued growth with ~$102m of fresh capital VEFr Key hi Strong support from well-renowned global investors (new and existing) Ruane, A ‘ Cunniff & HIGHCLERE Goldfarb a Fal fidelity ROBECO INTERNATIONAL The Investment Engineers Swedbank Cs EAST CAPITAL Robur Timely Raise
Slide 5: NAV reaches a new high of USD 553.6 min
NAV reaches a new high of USD 553.6 min Dec-+15, Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 NAV Evolution (USD min) Mar-18. Jun-18 Sep-18 1Q20 COVID impact Next 3 quarters post-COVID growth Net proceeds from Nov’20 capital raise Decs8 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 =)
Slide 6: Share price, NAV/share and the premium/discount
Share price, NAV/share and the premium/discount Ver NAV/share & share price development Premium/(Discount) to NAV! 7.0 50% 40% 6.0 30% 5.0 20% 10% 40 or 10% 3.0 -20% 20 -30% -40% 1.0 -60% 0.0 ~60% Dec-15 Jul-#6— Feb-17_ Sep-17. Apr-18-Nov-18 Jun-19— Jan-20 Aug-20. Mar-21 Oct-21 Dec15 — Jul-16 Feb-17
Slide 7: Portfolio commentary
Portfolio commentary Portfolio evolution through 3Q21 Portfolio focus & concentration Pipeline ‘Othersinclude invest 2 Unadiusted for -Sim of other net liabilities We have 15 holdings as of 3Q21, diversified by geography, business type and stage of development. In 3Q21, we made one new investment: U
Slide 8: Creditas
Creditas Brazil's leading digital-first secured lending platform Ccreditas VEF Focus Asset Focused Ecosystem Founded 2012 Key region Brazil Share of NAV: 30.5% Fair value Investment Ownership stake Year of investment USD 169.0 min USD 73.4 min 8.4% 2017 Creditas in brief Creditas in figures Creditas
Slide 9: Creditas' strong business model is reflected well in its financial metrics
Creditas Ccreditas VEF Creditas’ strong business model is reflected well in its financial metrics CAGR 300 ™Recurring revenue —_™ Upfront revenue 2,921 257 YTD 21 YoY 181% 250 CAGR cyYi7-20 142% 170] , YTD 21 YoY 138% 424 200 CYt7-20 139% Credit _ . Revenue 10 Portfolio " 4,0 (RS million) (RS millio
Slide 10: Creditas, product suite rollout and value creation history
Creditas, product suite rollout and value creation history With a loan book now standing at BRL 2.9b and significant strides in the ibuyer space YTD, we see considerable upside in Creditas in the coming months a ee pm bcredi WY, i CG creditas Creditas $255m Series E at Sotmipchare $175b valuation Pl
Slide 11: Konfio
Konfio Digital banking and software tools for Mexico’s SMEs Konfio VEF Focus Diversified financial services for Mexican SMBs Founded 2014 Key region Mexico Share of NAV: 24.5% Fair value USD 135.6 min Investment USD 56.5 min Ownership stake 10.4% Year of investment 2018 Konfio builds digital banking
Slide 12: Konfio product suite expansion & value creation history
Konfio product suite expansion & value creation history kXonfio U E€ F Rolling out a three-pillar strategy of lending, SaaS and payments to serve Mexican SMEs a Konfio gesti®nix Konfio Konfio Konfio acquires ERP and Konfio becomes Mexico’s 4° accounting software Konfio develops payments Kontfio rais
Slide 13: VEF investment case
VEF investment case VEFr VEF provides unique access to one of the most exciting value creation spaces within emerging markets. NAV continues to reach new highs and a strong basis for continued growth YTD 2021 has started where 2020 left off and we remain encouraged by all we see in our portfolio as
Slide 14: Appendix
Appendix
Slide 15: 3Q21 income statement
3Q21 income statement VU € F a Result from financial assets at fair value through profit or loss Dividend and coupon income 202 204 7 7 Other income 8 72 8 12 Administrative and operating expenses -5,253 -2,821 41434 -850 Employee incentive programs 4 97 -207 779 312 Operating result 67,948 18,742 5
Slide 16: 3Q21 balance sheet
3Q21 balance sheet NON-CURRENT ASSETS Tangible non-current aesete Property, plant and equipment 134 on Total tangiblenon-current assets 134 an Financialnon-currentassets Financlalassets at ‘alr value through profitor loss Equity financial assets 456472 939.962 Liquid fnancial assets 86,873 48,205 Ot
Slide 17: VEF portfolio summary
VEF portfolio summary Ver ©& creditas Brazil Asset focused Ecosystem Dec-17 8.4% 169.0 Konfio Mexico Diversified FS for Mexican SMBs Jung 10.4% 56.5 135.6 Emerging Europe Cross-Border Remittances Jun-16 12.3% 13.9 29.2 OJUSPAY India Mobile Payments Platform Apr-20 9.9% 13.0 287 JUMOQ Africa Mobile M
Slide 18: Portfolio NAV distribution by geography — excl. cash
Portfolio NAV distribution by geography — excl. cash Ver EMEA 13% Asia Russia 3% Pakistan 2% Africa 4% Emerging Europe 6% India 10% Brazil 45% Mexico 30%