Annons
Year-End Report 2022

Key events during the quarter

  • VEF invested an additional USD 5 mln into Creditas in the form of a convertible note.
  • In August VEF announced that the Board of Directors had approved a new buyback program of up to a maximum of USD 10 mln. During the year, VEF has repurchased shares equivalent to USD 2.9 mln, of which USD 1.7 mln worth of shares were repurchased during the fourth quarter.
  • USD NAV down 14% during the quarter, a reflection of the decrease in valuation of the underlying portfolio driven by market moves of listed peers. On a company level, delivery remained strong and broadly on forecast through the quarter.

Net asset value

  • NAV of VEF’s portfolio as at YE22 is USD 381.8 mln (YE21 761.7). NAV per share has decreased by 49.9% to USD 0.37 (YE21: 0.73) per share during FY22.
  • In SEK, NAV equals 3,981 mln (YE21: 6,885). NAV per share has decreased by 42.1% to SEK 3.82 (YE21: 6.61) per share during FY22.
  • Cash position, including liquidity placements, was USD 48.5 mln (YE21: 61.8) at the end of 2022.

Financial result

  • Net result for 4Q22 was USD -61.5 mln (4Q21: 208.0). Earnings per share were USD -0.06 (4Q21: 0.22).
  • Net result for FY22 was USD -377.4 mln (FY21: 275.5). Earnings per share were USD -0.36 (FY21: 0.30).

The financial result for the fourth quarter is principally a reflection of the decrease in valuation of the underlying portfolio (-12%) QoQ. Valuation changes in individual portfolio names were mainly driven by market moves in their respective listed peers coupled with moderately revised revenue forecasts, in parts, reflecting plans to reach profitability. The result for the quarter broadly mirrors the valuation decreases in global fintech indices, which experienced a further sell-off during the period. On an aggregated level, and specifically amongst the top portfolio names, underlying delivery remained strong and broadly on track vs. updated and profitability focused forecasts.


Dec 31, 2020Dec 31, 2021Dec 31, 2022
Net asset value (USD mln)388.1761.7381.8
Net asset value (SEK mln)3,1786,8853,981
Net asset value per share (USD)0.470.730.37
Net asset value per share (SEK)3.836.613.82
VEF AB (publ) share price (SEK)4.046.052.45


Events after the end of the period

No significant events after the end of the period.

Visit VEF’s IR page for our financial reports and other information: vef.vc/investors

Source: MFN
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