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Eastnine — Net Asset Value 2011
Sep 7, 2011
3037_rns_2011-09-07_15b21378-aa54-42c4-9819-99edd6701c30.pdf
Net Asset Value
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PRESS RELEASE
Stockholm, 7 September 2011
Net Asset Value SEK 91 per share on 31 August 2011
- On 31 August 2011 the net asset value per share in East Capital Explorer amounted to EUR 9.96 (corresponding to SEK 91i ). The total net asset value amounted to EUR 347m (corresponding to SEK 3.2bn)
- The total net asset value (EUR) decreased 9.4 percent compared to 31 July 2011
- The value of cash, cash equivalents and other short term investments per share amounted to EUR 1.75 (SEK 16), corresponding to an aggregate of EUR 61m (SEK 557m). EUR 42m (SEK 383m) of those were available for future investments
- As previously announced, in August East Capital Explorer invested EUR 4m into Estonian infrastructure construction company, Trev-2 Group
- Also in August, East Capital Explorer announced Gert Tiivas intends to resign as CEO of East Capital Explorer once the board names a successor
- The closing price per share on 31 August 2011 was SEK 56.50 (corresponding to EUR 6.20)
| % Fair1 value |
% Fair1 value |
Fair value per |
Fair | ||
|---|---|---|---|---|---|
| change | change | share, | value, | % | |
| Portfolio on 31 August 2011 | August | 2011 | EUR | EURm | of NAV |
| Fund Investments | |||||
| East Capital Bering Russia | -13.3% | -23.6% | 0.94 | 32.7 | 9% |
| East Capital Bering Ukraine A | -13.8% | -25.8% | 0.17 | 5.8 | 2% |
| East Capital Bering Ukraine R | 0.1% | -6.7% | 0.17 | 5.9 | 2% |
| East Capital Bering Balkan | -9.3% | -10.6% | 1.21 | 42.0 | 12% |
| East Capital Bering Central Asia | -8.4% | -23.0% | 0.56 | 19.5 | 6% |
| East Capital Bering New Europe | -17.3% | -22.3% | 0.42 | 14.8 | 4% |
| East Capital Power Utilities Fund | -14.8% | -29.4% | 1.31 | 45.7 | 13% |
| East Capital Special Opportunities Fund | -18.7% | -21.8% | 0.96 | 33.3 | 10% |
| East Capital Special Opportunities Fund II | -8.9% | -16.8% | 0.88 | 30.8 | 9% |
| East Capital (Lux) Eastern European Fund | -14.1% | -13.0% | 0.24 | 8.4 | 2% |
| -12.8% | -21.6% | 6.86 | 239.1 | 69% | |
| Direct Investments | |||||
| Melon Fashion Group | 0.0% | 3.8% | 0.41 | 14.3 | 4% |
| TEO LT | -1.2% | -6.2% | 0.42 | 14.6 | 4% |
| East European Debt Finance (EEDF)2 | -1.9% | 3.9% | 0.01 | 0.3 | 0% |
| Populi | 0.0% | -35.7% | 0.08 | 2.7 | 1% |
| Komercijalna Banka Skopje | -7.3% | -1.0% | 0.35 | 12.2 | 4% |
| Trev-2 Group | 0.0% | 0.0% | 0.11 | 4.0 | 1% |
| -2.3% | -3.1% | 1.38 | 48.1 | 14% | |
| Short-term Investments2 | |||||
| Other short-term investments (incl. bonds) | 0.58 | 20.4 | 6% | ||
| Cash and cash equivalents | 1.17 | 40.7 | 12% | ||
| 1.75 | 61.1 | 18% | |||
| Total Portfolio | 9.99 | 348.3 | 100% | ||
| Other assets and liabilities net | -0.03 | -1.1 | 0% | ||
Net Asset Value (NAV) -9.4% -19.2% 9.96 347.1 100% 1) Fair value change calculation adjusted to reflect investments in East Capital Bering Balkan Fund of EUR 5.0m, in TEO of EUR 1.6m, in Populi of EUR 0.5m, in Komercijalna Banka Skopje of EUR 13.0m, in Trev-2 Group of EUR 4.0m, as well as divestments of EUR 5.0m from East Capital (Lux) Eastern European Fund, EUR 12.5m from East Capital Special Opportunities Fund, EUR 20.3m from East Capital Power Utilities Fund, and EUR 7.4m from Wimm-Bill-Dann. It is also adjusted for pre-tax dividends of EUR 1.2m and
EUR 0.7m received from TEO LT and Komercijalna Banka Skopje respectively. 2) In January 2010, the company announced an investment of EUR 5m in East European Debt Finance together with Intrum Justitia and East Capital Financials Fund. So far EUR 0.3m has been drawn down. The remaining commitment is still held in short term
Note that certain numerical information may not sum due to rounding.
investments.
The total number of shares outstanding in East Capital Explorer AB on 31 August 2011 was 34,851,675.
This report has not been subject to review by the company's auditors.
The full net asset value report with the portfolio as of 31 August 2011 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
- Interim Report, 1 January 30 September 2011 on 11 November 2011
- Year-end Report 2011, 15 February 2012
- Annual Report 2011 available in March 2012
- Annual General Meeting 2012 on 25 April 2012
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 alternative investment funds as well as in direct investments into private and public companies. 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 and demands made in the exchange rules. It was released for publication at 07:00 a.m. CET on 7 September 2011.
i 1 EUR = 9.12 SEK on 31 August 2011. Source: Bloomberg