Slide 1: Results Presentation 4Q20
Results Presentation 4Q20 The emerging market fintech investor 1
Slide 2: 4Q20 Highlights
— Results presentation 4Q20 Highlights Strong Finish In Banner Year For All Things Digital • Q4 ended 2020 on a strong note as our companies continue to benefit from the shift to digital financial services across the emerging world, which saw a step change in growth through 2H20 due to COVID-19. NAV
Slide 3: 4Q20 Financial Highlights
— Results presentation 4Q20 Financial Highlights NAV Financial Result • NAV increased during 4Q20 to USD 388.1m • 4Q20: Net result USD 60.5m (4Q19: USD 0.77m), • In local currency, NAV increased to SEK 3,178m. EPS of USD 0.08 (4Q19: USD 0.00) NAV/share increased by 6% to SEK 3.83 • In USD terms, NAV
Slide 4: NAV Reaches a New High of USD 388.1m
— Results presentation . NAV Reaches a New High of USD 388.1m VEF NAV Evolution (USDm) Q4 NAV reaches fresh high 400 Net proceeds Q1 350 from capital • COVID-19 impact; NAV decrease of 25% Q2 & Q3 raise 300 Post-COVID growth Q2 250 Q1 • Clarity and confidence returns coupled COVID with market recove
Slide 5: 4Q20 NAV Evolution
— Results presentation 4Q20 NAV Evolution 5
Slide 6: Key facts: Creditas
— Results presentation Focus Secured Consumer Lending Fair value USD 169.0 mln Founded 2012 Investment USD 73.5 mln Key facts Key region Brazil Ownership stake 9.8% Share of NAV: 44% Year of investment 2017 Origination Revenue Origination (BRLm) Recurring revenue (BRLm) Upfront revenue (BRLm) 350 12
Slide 7: Creditas – North Star Investment and Driving NAV
— Results presentation Creditas – North Star Investment and Driving NAV Creditas Stake Valuation Since Initial Investment (USDm) 200 Investment Series E Series E Fundraising (USD 25m) 169.0 • In 4Q20 Creditas raised a USD 255m Series E funding round, giving the business a USD 1.75b post-money valuat
Slide 8: Key facts: Konfio
— Results presentation Focus Diversified financial services for Mexican SMEs Fair value USD 48.5 mln Founded 2014 Investment USD 27.5 mln Key facts Key region Mexico Ownership stake 11.0% Share of NAV: 13% Year of investment 2018 8
Slide 9: Key facts: Juspay
— Results presentation Focus Mobile Payments Fair value USD 17.4 mln Founded 2012 Investment USD 13.0 mln Key facts Key region India Ownership stake 9.9% Share of NAV: 4% Year of investment 2020 Our first investment into India, Juspay is the country’s Growing digitization of Indian payments 01 leadi
Slide 10: Key facts: Nibo
— Results presentation Focus Accounting SaaS provider for SMEs & Accountants Fair value USD 13.6 mln Founded 2012 Investment USD 6.5 mln Key facts Key region Brazil Ownership stake 20.1% Share of NAV: 4% Year of investment 2017 Customers 300k 300k ` Addressable SMEs 10m+ 600k ` Implied market share
Slide 11: Portfolio Mix and Commentary
— Results presentation Portfolio Mix and Commentary VEF NAV as at 4Q20 Portfolio Evolution Through 2020 USD 388.1m • We have 12 holdings as of 4Q20, diversified by geography, business type and stage of development. Cash & Liquid • In 2020, we made our first investment in India: Invested USD 13m Asse
Slide 12: Portfolio NAV Distribution by Geography - ex Cash
— Results presentation Portfolio NAV Distribution by Geography - ex Cash Pakistan Asia Africa 2% Russia 7% 3% India 3% 5% EMEA 15% Emerging Europe 9% Mexico 15% Brazil 63% LatAm 78% 12
Slide 13: Pipeline Heating Up
— Results presentation Pipeline Heating Up • 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 exper
Slide 14: Share Price, NAV/Share and the Discount
— Results presentation Share Price, NAV/Share and the Discount Share Price, NAV/share Discount to NAV 4.5 30% 4.0 20% 3.5 10% 3.0 0% 2.5 -10% 2.0 -20% 1.5 -30% 1.0 -40% 0.5 -50% 0.0 -60% Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 NAV/Share Share Price Discoun
Slide 15: Sustainability and ESG
— Results presentation Sustainability and ESG Our capital positively impacts the financial inclusion of people and SMEs in EM while staying true to our mandate of maximizing returns Sustainability At VEF Fintech For Financial Inclusion Majority of VEF portfolio companies play an important role in th
Slide 16: Outlook and Guidance for 2021
— Results presentation Outlook and Guidance for 2021 NAV, a Strong Basis for Continued Growth With a return to a clear growth narrative through 2H20, we are 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 VE
Slide 17: Appendix
— Results presentation. Appendix 17 16
Slide 18: 4Q20 Income Statement
— Results presentation 4Q20 Income Statement 1. Financial assets at fair value through profit or loss are carried at fair value. Gains or losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category is presented in the income statement within
Slide 19: 4Q20 Balance Sheet
— Results presentation 4Q20 Balance Sheet 19