Net asset value (NAV) and financial results for the three-month period 2022
The VNV Global AB (publ) (“VNV Global”) group’s net asset value was USD 1,174.47 million (mln) on March 31, 2022 (December 31, 2021: 1,401.13), corresponding to USD 10.22 per share (December 31, 2021: 12.13). Given a SEK/USD exchange rate of 9.3024 the NAV was SEK 10,925.38 mln (December 31, 2021: 12,663.61) and SEK 95.10 per share (December 31, 2021: 109.63), respectively.
The group’s NAV per share in USD decreased by -15.79% and in SEK by -13.33%.
Net result for the period was USD -221.71 mln (January 1, 2021–March 31, 2021: 23.68), mainly driven by value changes in Babylon USD -83.8 mln, Gett -80.7 mln and Russian and Ukrainian portfolio companies USD -46.9 mln.
Earnings per share were USD -1.92 (0.24).
Key events during the quarter January 1, 2022–March 31, 2022
Investments: During the first quarter of 2022, VNV Global invested a total of USD 60.4 mln, mainly in Wasoko (USD 20.0 mln), Breadfast (USD 7.9mln), HousingAnywhere (USD 5.9 mln) and Booksy (USD 5.0 mln).
Wasoko: Wasoko (formerly Sokowatch) is a leading B2B marketplace in Africa that provides free same-day delivery of essential goods and financing to informal retail stores in the USD 600 billion informal retail sector across Africa.
Swvl: Swvl completed its SPAC merger on March 31, 2022 and is now listed on Nasdaq under the ticker SWVL. VNV Global owns 14.4 million shares (11.2% ownership) in the company. Swvl is a global provider of transformative tech-enabled mass transit solutions, offering intercity, intracity, B2B and B2G transportation across more than 100 cities in over 20 countries.
Gett: The Company announced it had terminated its SPAC plans due to overall market volatility, and that it would exit the Russian market.
Bond loan 2022/2025: In January 2022, VNV Global successfully placed a new senior unsecured bond. The bonds, in an initial amount of SEK 1,200 mln within a framework of SEK 2,000 mln, run with a tenor of three years and carry a fixed rate coupon of 5.00 per cent p.a.
Buy-back of own shares: The Company repurchased 628,959 common shares during the first quarter of 2022. The bought back shares are held in treasury.
Key events after the end of the period
No significant events have occurred after the end of the reporting period.
The Company will hold a telephone conference with an interactive presentation at 15:00 CEST (09:00 a.m. EDT) Thursday, April 21, 2022. To register for the conference call and webcast, see separate press release issued Thursday, April 14, 2022, at www.vnv.global.