Vef Ab · OMXSTO:VEFAB
Vef Ab — Q1 2021 Earnings Presentation
19 slides from Vef Ab's earnings presentation, May 2021
Slide 1: Results Presentation
J ¢ - Results Presentation The emerging market fintech investor
Slide 2: Summary
Summary VEFr NAV mark continues its upward journey reaching fresh highs NAV per share rose to a fresh all-time high of SEK 4.24 and NAV to USD 403.4 min, driven by continued strong performance across the portfolio. Strong start to year from VEF key holdings — Creditas and Konfio 2021 has kicked off
Slide 3: 1Q21 financial highlights
1Q21 financial highlights NAV . NAV of VEF’s portfolio increased during 1Q21 to USD 403.4 min. NAV per share increased by 4.3% to USD 0.49 per share. . In local currency, NAV increased to SEK 3,520 min. NAV per share increased by 10.8% to SEK 4.24 per share. . Cash position, including liquidity inve
Slide 4: Mar-21 Dec-20 Sep-20
• • • • • 100 150 200 250 300 350 450 400 0 50 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21
Slide 5: Portfolio commentary
Portfolio commentary Portfolio evolution through 1Q21 Portfolio focus & concentration Cash position Pipeline We have 14 holdings as of 1Q21, diversified by geography, business type and stage of development. In 1Q21, we made 2 new investments: USD 7 min in Rupeek, India’s fastest growing asset-backed
Slide 6: Creditas
Focus Asset Focused Ecosystem Fair value USD 169.0 mln Founded 2012 Investment USD 73.4 mln Key region Brazil Ownership stake 9.8% Share of NAV: 41.8% Year of investment 2017 Origination (BRL mln) Revenue (BRL mln) 450 140 Recurring revenue Upfront revenue 140 400 120 120 350 100 100 300 250 80 80 2
Slide 7: New investment USD mln 4Q20 3Q20
200 • 150 • 100 • • 50 0 2Q19 1Q20 2Q20 3Q20 4Q20 2017 2018 New investment USD mln
Slide 8: Konfio: diversified financial services for Mexican SMBs
Focus Diversified financial services for Mexican SMBs Fair value USD 61.0 mln Founded 2014 Investment USD 27.5 mln Key region Mexico Ownership stake 11.0% Share of NAV: 15.1% Year of investment 2018 CAGR 2017-2020E
Slide 9: Rupeek: secured lending platform
Focus Secured Lending Platform Fair value USD 7.0 mln Founded 2015 Investment USD 7.0 mln Key region India Ownership stake 1.4% Share of NAV: 1.7% Year of investment 2021 Indian gold loan industry and Rupeek in figures 01 INDUSTRY RUPEEK 02 +$1.5tn #1 Value of gold held by Indian Rupeek is India’s f
Slide 10: Minu: salary on demand
Focus Salary on demand Fair value USD 0.5 mln Founded 2019 Investment USD 0.5 mln Key region Mexico Ownership stake 1.2% Share of NAV: 0.1% Year of investment 2021 01 02
Slide 11: Investment pipeline and deal flow
VEFr Deal flow as healthy as ever with fintech in emerging markets gaining momentum and high profile exits. Country by country approach to searching for opportunities and teams that we believe will be winners in their space. Leverage our deep fintech expertise, global lens on financial services and
Slide 12: NAV/share and share price development
NAV/share & share price development Premium/(Discount) to NAV1 4.5 10% 4.0 0% 3.5 -10% 3.0 -20% 2.5 -30% 2.0 -40% 1.5 1.0 -50% NAV/Share (SEK) Share Price (SEK) Premium/(Discount) to NAV Key figures
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Slide 14: Outlook for 2021 and beyond
Outlook for 2021 and beyond Ver 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 and expect this trend to continue into 2021. Creditas, compounding from a larger base The value of
Slide 15: Appendix
Appendix
Slide 16: 1Q21 income statement
1Q21 income statement VU € F Result from financial assets at fair value through profit or loss * 3 16,304 61775 Dividend and coupon income 97 97 Other income S - Total operating profit 16,401 -61,678 Administrative and operating expenses -922 734 Employee incentive programs 4 123 239 Total operating
Slide 17: 1Q21 balance sheet
1Q21 balance sheet NON-CURRENT ASSETS ‘Tangible non-current assets Property, plant and equipment 197 on ‘Total tangible non-current assets 197 ant Financial non-current assets Financial assets at fair value through profitor loss 3 Equity financial asecte 350,224 393,062 Liquid financial assets 40,67
Slide 18: VEF portfolio summary
VEF portfolio summary Ver Ccredites Brazil Secured Lending Platform Dec-17 9.8% 169.0 « konfio Mexico Diversified FS for Mexican SMBs Juns 1.0% 27.5 61.0 Emerging Europe Cross-Border Remittances Jun-16 18.4% 1.0 25.9 OJUSPAY India Mobile Payments Platform Apr-20 9.9% 13.0 18.7 niba Brazil Accounting
Slide 19: Portfolio NAV distribution by geography
Portfolio NAV distribution by geography - ex cash Asia 9% EMEA 15% Africa 4% Pakistan 2% Russia 4% India 7h Emerging Europe 7% Mexico 7% Brazil 59% VEFr