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Eastnine — Net Asset Value 2010
Apr 9, 2010
3037_rns_2010-04-09_68a8eb8b-eb5f-4355-9322-fae13f7b0300.pdf
Net Asset Value
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PRESS RELEASE
Stockholm, 9 April 2010
Net Asset Value SEK 114 per share on 31 March 2010
On 31 March 2010 the net asset value per share in East Capital Explorer amounted to EUR 11.67 (corresponding to SEK 114i ). The total net asset value amounted to EUR 408m (corresponding to SEK 4.0bn)
"We are pleased that our total net asset value has reached EUR 408m. Despite the financial crisis, we are now back above the level of our IPO both in EUR and SEK terms." says Gert Tiivas, CEO of East Capital Explorer AB
- The increase in the total net asset value (EUR) was 8.8 percent compared to 28 February 2010. The increase in NAV per share, however, was 10.5 percent due to the ongoing share repurchase program.
- The value of cash, cash equivalents and bonds per share amounted to EUR 2.38 (SEK 23), corresponding to a total of EUR 83m (SEK 808m) of which EUR 35m (SEK 336m) is available for future investments
- The closing price per share on 31 March 2010 was SEK 82.50 (corresponding to EUR 8.47)
| % Fair | % Fair | Fair value | |||
|---|---|---|---|---|---|
| value | value | per | Fair | ||
| change | change | share, | value, | % | |
| Portfolio on 31 March 2010 | March | 2010 | EUR | MEUR | of NAV |
| Fund Investments | |||||
| East Capital Bering Russia | 5.7% | 22.0% | 1.16 | 40 | 10% |
| East Capital Bering Ukraine | 16.1% | 26.3% | 0.25 | 9 | 2% |
| East Capital Bering Balkan | 6.0% | 17.4% | 1.18 | 41 | 10% |
| East Capital Bering Central Asia | 3.2% | 10.4% | 0.66 | 23 | 6% |
| East Capital Bering New Europe |
6.8% | 9.7% | 0.53 | 18 | 5% |
| East Capital Pow er Utilities Fund |
23.4% | 42.6% | 2.99 | 105 | 26% |
| East Capital Special Opportunities Fund | 9.6% | 35.4% | 1.52 | 53 | 13% |
| East Capital Russian Property Fund1 | 0.03 | 1 | 0% | ||
| East Capital (Lux) Eastern European Fund (EUR) | 11.3% | 20.3% | 0.39 | 14 | 3% |
| 12.4% | 27.9% | 8.72 | 305 | 75% | |
| Direct Investments | |||||
| OAO Melon Fashion Group (MFG) | 0.0% | 0.0% | 0.30 | 10 | 3% |
| TEO LT, AB | 4.5% | 27.4% | 0.32 | 11 | 3% |
| 2.3% | 12.6% | 0.62 | 22 | 5% | |
| Short-term Investments1,2 | |||||
| Short-term Investments (incl. bonds) | 1.52 | 53 | 13% | ||
| Cash and cash equivalents | 0.86 | 30 | 7% | ||
| 2.38 | 83 | 20% | |||
| Total Portfolio | 11.72 | 410 | 100% | ||
| Other assets and liabilities net | -0.05 | - 2 |
0% | ||
| Net Asset Value (NAV) | 8.8% | 19.5% | 11.67 | 408 | 100% |
1EUR 40m has been committed to the East Capital Russian Property Fund. To date, no investments have been made in the fund. Total draw-downs of EUR 1.5m have been made, of which EUR 0.4m has been used to cover costs in the fund. The remaining committed EUR 38.5m is still held in short term investments.
2 On 25 January 2010, East Capital Explorer AB announced an investment of EUR 5m together with Intrum Justitia and East Capital Financials Fund. On 26 M arch an additional investment of EUR 5m into the East Capital Bering Ukraine fund was announced. These funds are committed but still held in short term investments. Note that certain numerical information may not sum due to rounding.
i 1 EUR = SEK 9.74 on 31 March 2010. Source: Reuters.
Following the share buy-backs, the total number of shares outstanding in East Capital Explorer AB on 31 March was 34 951 675.
This report has not been subject to review by the Company's auditors.
The full net asset value report including the portfolio on 31 March 2010 is included in the attached pdf-file.
Contact information:
Gert Tiivas, CEO East Capital Explorer +46 8 505 977 30 Mathias Pedersen, CFO East Capital Explorer +46 8 505 977 48
Financial reporting calendar - East Capital Explorer:
- Monthly Net Asset Value report on the fifth working day after the end of each month
- Annual General Meeting 2010 in Stockholm on 28 April 2010
- Interim Report 1 January 31 March 2010, 11 May 2010
About East Capital Explorer │ East Capital Explorer AB is a Swedish company, created with the specific aim of bringing unique investment opportunities in Eastern Europe to a broader investor base. The company invests mainly in East Capital's private equity and semi-public equity funds that provide exposure to companies not otherwise accessible via the local stock exchanges in Eastern Europe. East Capital Explorer targets fast growing sectors such as the power utilities, financial, retail and consumer goods and real estate sectors. East Capital Explorer has appointed East Capital to manage its investment activities. Since 9 November 2007, East Capital Explorer is listed on NASDAQ OMX Stockholm, Mid Cap.
This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act or demands made in the exchange rules.