Vef Ab · OMXSTO:VEFAB
Vef Ab — Vostok Emerging Finance — Q4 2019 Earnings Presentation
16 slides from Vef Ab's earnings presentation, February 2020
Slide 1: 4Q19 Results Presentation
>EF Vostok Emerging Finance 4Q19 Results Presentation
Slide 2: 2019 Highlights
2019 Highlights 2 Portfolio Exits in 2019: Tinkoff & iyzico • Tinkoff Bank: 6.1x CoC return / 65% IRR • iyzico: 3.2x CoC return / 57.5% IRR Landmark investment rounds for two of our portfolio companies • Our largest portfolio company, Creditas, recently raised a USD 231 mln Series D funding round. •
Slide 3: 4Q19 Financial Highlights
4Q19 Financial Highlights Net asset value • NAV of VEF’s portfolio increased by 0.2% during the quarter to USD 249.4 mln. • In local currency, NAV decreased by 4.8% to SEK 2,325 mln and SEK 3.55 per share. • Cash position at the end of Q4 was USD 40.1 mln. Financial result • Net result for 4Q19 was
Slide 4: 4Q19 Income Statement
4Q19 Income Statement n 1, 2019. in 1, 201! Oct 1, 2018. Dec31,2019 Dec 31,2018 Expressed in USD thousands Result from financial assets at fair value through profit or loss* Dividend and coupon income Total operating profit Operating expenses General administrative expenses Employee incentive progra
Slide 5: 4Q19 Balance Sheet
4Q19 Balance Sheet Expressed in USD thousands Dec 31,2019 Dec 31,2018 NON-CURRENT ASSETS Tangible non-current assets Property, plant and equipment Total tangible non-current assets Financial non-current assets Financial assets at fair value through profit or loss Equity financial assets 162,002 Liqu
Slide 6: VEF Business Overview and Update
VEF Business Overview and Update
Slide 7: VEF – Emerging Markets Fintech Investors
VEF – Emerging Markets Fintech Investors Within emerging and frontier markets, we focus on the more populous and scalable markets, referenced Geography against competition for opportunities. We target all lines of financial services inclusive of payments, credit, mobile money and financial Sector ma
Slide 8: Portfolio Commentary
Portfolio Commentary • Today we have 11 holdings in the portfolio, diversified by geography, business type and stage of development, with Xerpa the latest addition. • Exits – Completed exits of Tinkoff & iyzico in 2019, both yielding c. 60% IRRs each. • Creditas and Konfio are starting to emerge as
Slide 9: VEF Portfolio
VEF Portfolio Invested Amount Dec'19 Fair Value Investment Company Geography Business Type % Ownership (USD mln) (USD mln) Date Creditas Brazil Secured Lending Platform 9.6% 48.5 73.2 Dec-17 Konfio Mexico SME Lending 11.4% 27.5 41.6 Jun-18 JUMO Africa Mobile Money Marketplace 6.8% 14.6 16.9 Oct-15 R
Slide 10: Portfolio NAV Distribution by Geography (ex cash)
Portfolio NAV Distribution by Geography (ex cash) 10
Slide 11: VEF Shares and Corporate Governance
VEF Shares and Corporate Governance
Slide 12: Share Price, NAV/Share and the Discount
Share Price, NAV/Share and the Discount Share Price, NAV/share Discount to NAV Date Latest Share Price NAV/Share* Discount NAV* Market Cap (SEK) (SEK) (USD mln) (USD mln) Feb 4th, 2020 3.20 3.55 9.9% 249.4 220.4 * As at Dec 31, 2019 12
Slide 13: Our Investor Relations Focus to Date
Our Investor Relations Focus to Date – The 80 Investor marketing and conversion has been excellent, the story resonates and we have a growing following in the market. We continually have new smaller shareholders in the base while a number of size investors are looking for blocks. Equity Research For
Slide 14: VEF Shareholder Structure
VEF Shareholder Structure Owner Holding, SDRs Holding, % Libra Fund¹ 179,336,674 27.1% Ruane Cunniff & Goldfarb¹ 135,127,741 20.4% Swedbank Robur Funds 57,674,245 8.7% Fidelity FIL 56,518,611 8.5% Wellington Management¹ 31,857,094 4.8% Gadd & Cie S.A 15,660,000 2.4% Svenska Handelsbanken AB 15,288,0
Slide 15: Outlook and Guidance 2020
>EF Vostok Emerging Finance Outlook and Guidance 2020
Slide 16: Outlook for 2020
Outlook for 2020 Exciting diversified VEF has assembled an exciting and diversified fintech portfolio, with sizable holdings in some of the best portfolio fintech assets across the emerging world. 2019 saw our first 2 portfolio exits: Tinkoff (Russia) and iyzico (Turkey), both generating c. 60% IRRs
Vostok Emerging Finance — Q4 2019 Earnings Presentation on 6ix