Slide 1: Results Presentation | Q2 2020
Results Presentation | Q2 2020
Slide 2: 2Q20: Strong Quarter and Company Stress Test – More Clarity and Confidence in All
2Q20: Strong Quarter and Company Stress Test – More Clarity and Confidence in All Q1 Q2 • COVID-19 presented a wide range of potential outcomes • Q2 was a more confident affair with more clarity and for 2020. predictability, with more data points to hand. • Outlook was unclear - hence we planned for
Slide 3: Fintech: The World Is Moving Faster Than Ever Towards a Digital Financial Future
Fintech: The World Is Moving Faster Than Ever Towards a Digital Financial Future Across the globe, customers are moving away from cash and substituting to plastic, are no longer queuing in bank branches and using digital alternatives instead, while ecommerce and digital payments have seen increased
Slide 4: 2Q20 Financial Highlights and Key Developments
2Q20 Financial Highlights and Key Developments HIGHLIGHTS DURING THE QUARTER NET ASSET VALUE FINANCIAL RESULT • Strong performance by VEF’s portfolio • NAV of VEF’s portfolio increased by 19.7% • Net result for 2Q20 was USD 36.7 mln (2Q19: companies through this volatile window, led during 2Q20 to U
Slide 5: NAV Evolution Since Inception
NAV Evolution Since Inception
Slide 6: 2Q20 NAV Evolution QoQ
2Q20 NAV Evolution QoQ Fair Value (USD mln) QoQ Change Company Geography Valuation Method 1Q20 2Q20 (%) (USD mln) Brazil Creditas 50.4 80.7 60.3% 30.4 MTM Mexico Konfio 32.4 28.1 -13.2% -4.3 Calibration Methodology Emerging Europe TransferGo 13.5 21.4 58.2% 7.9 MTM India Juspay 13.0 13.0 - - Recent
Slide 7: VEF Portfolio
VEF Portfolio Invested Amount Jun'20 Fair Value Company Geography Business Type Investment Date % Ownership Dif. (%) Dif. (USD mln) (USD mln) (USD mln) Creditas Brazil Secured Lending Platform Dec-17 9.6% 48.5 80.7 66% 32.2 Konfio Mexico SME Lending Jun-18 11.4% 27.5 28.1 2.1% 0.6 TransferGo Emergin
Slide 8: Portfolio Mix and Commentary
Portfolio Mix and Commentary VEF Portfolio NAV as at June 30th 2020 • We have 12 holdings in our portfolio as of 2Q20, diversified by geography, business type and stage of development. • In April 2020, we made our first investment in India: USD 223.2 mln Current Holdings and • Invested USD 13 mln in
Slide 9: Portfolio NAV Distribution by Geography, ex cash
Portfolio NAV Distribution by Geography, ex cash
Slide 10: 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) Jul 27, 2020 2.75 3.15 12.7% 223.2 208.6 * As at June 30, 2020
Slide 11: Outlook and Guidance for 2020
Outlook and Guidance for 2020 Robust 2Q20 performance A healthy stress test and strong portfolio reaction. Our clarity and confidence has recovered, supported by a growing shift towards digital financial services globally. Has led to a more positive outlook for 2H20 (versus 1Q20) Robust performance
Slide 12: Appendix
>EF Vostok Emerging Finance Appendix
Slide 13: 2Q20 Income Statement
2Q20 Income Statement Expressed in USD thousands Note 1H 2020 1H 2019 20.2020 202019 Result from financial assets at fair value through profit or loss* 3 -24,072 39,934 37,703 37,836 Dividend and coupon income 197 251 100 97 Other income 60 - 60 - Total operating profit -23,815 40,185 37,863 37,933
Slide 14: 2Q20 Balance Sheet
2Q20 Balance Sheet Expressed in USD thousands Note NON-CURRENT ASSETS Tangible non-current assets Property, plant and equipment 244 275 Total tangible non-current assets 244 275 Financial non-current assets Financial assets at fair value through profit or loss 3 Equity financial assets 203,026 210,3