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Eastnine — Net Asset Value 2011
May 6, 2011
3037_rns_2011-05-06_2fadc9e3-9019-4f9c-98af-60ddc20af804.pdf
Net Asset Value
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Net Asset Value SEK 103 per share on 30 April 2011
- On 30 April 2011 the net asset value per share in East Capital Explorer amounted to EUR 11.51 (corresponding to SEK 103i ). The total net asset value amounted to EUR 401m (corresponding to SEK 3.6bn)
- The total net asset value (EUR) decreased 4.6 percent compared to 31 March 2011
- The value of cash, cash equivalents and other short term investments per share amounted to EUR 1.70 (SEK 15), corresponding to an aggregate of EUR 59m (SEK 531m). EUR 55m (SEK 490m) of those were available for future investments
- In April, East Capital Explorer received approximately EUR 13m from the East Capital Special Opportunities Fund and EUR 20m from the East Capital Power Utilities Fund
- In April East Capital Explorer received a dividend of approximately EUR 0.7m from Komercijalna Banka Skopje which was immediately available for future investments
- At the end of April the Annual General Meeting of TEO LT decided to pay a dividend to the company's shareholders. East Capital Explorer expects to receive a dividend of approximately EUR 1.2m towards the end of May which will be available immediately for future investments
- The closing price per share on 30 April 2011 was SEK 80.25 (corresponding to EUR 8.98)
| % Fair1 value |
% Fair1 value |
Fair value per |
Fair | ||
|---|---|---|---|---|---|
| change | change | share, | value, | % | |
| Portfolio on 30 April 2011 | April | 2011 | EUR | EURm | of NAV |
| Fund Investments | |||||
| East Capital Bering Russia Fund | -6.1% | -8.9% | 1.12 | 39.0 | 10% |
| East Capital Bering Ukraine Fund A | -2.6% | -2.6% | 0.22 | 7.7 | 2% |
| East Capital Bering Ukraine Fund R | -4.4% | -10.5% | 0.16 | 5.7 | 1% |
| East Capital Bering Balkan Fund | -0.4% | 7.8% | 1.45 | 50.7 | 13% |
| East Capital Bering Central Asia Fund | -7.9% | -11.7% | 0.64 | 22.4 | 6% |
| East Capital Bering New Europe Fund | -0.7% | -0.2% | 0.55 | 19.0 | 5% |
| East Capital Power Utilities Fund | -10.0% | -17.2% | 1.64 | 57.1 | 14% |
| East Capital Special Opportunities Fund | -4.3% | -5.7% | 1.23 | 42.8 | 11% |
| East Capital Special Opportunities Fund II | 0.7% | 1.0% | 1.07 | 37.5 | 9% |
| East Capital (Lux) Eastern European Fund | -3.0% | 0.2% | 0.30 | 10.4 | 3% |
| -4.8% | -6.5% | 8.39 | 292.2 | 73% | |
| Direct Investments | |||||
| Melon Fashion Group | 0.0% | 0.0% | 0.40 | 13.8 | 3% |
| TEO LT | -0.6% | -4.6% | 0.45 | 15.6 | 4% |
| East European Debt Finance2 | -0.4% | 3.4% | 0.01 | 0.3 | 0% |
| Populi | -0.2% | -37.6% | 0.07 | 2.5 | 1% |
| Wimm-Bill-Dann | 0.4% | 1.8% | 0.21 | 7.3 | 2% |
| Komercijalna Banka Skopje | 2.7% | 11.0% | 0.38 | 13.2 | 3% |
| 0.5% | -1.3% | 1.51 | 52.6 | 13% | |
| Short-term Investments2 | |||||
| Other short-term investments (incl. bonds) | 0.77 | 26.8 | 7% | ||
| Cash and cash equivalents | 0.93 | 32.5 | 8% | ||
| 1.70 | 59.3 | 15% | |||
| Total Portfolio | 11.60 | 404.2 | 101% | ||
| Other assets and liabilities net | -0.09 | -3.0 | -1% | ||
| Net Asset Value (NAV) | -4.6% | -6.7% | 11.51 | 401.2 | 100% |
1) Fair value change calculation adjusted to reflect investments in East Capital Bering Balkan Fund of EUR 5.0m, in TEO of EUR 1.1m, in Populi of EUR 0.3m, in Komercijalna Banka Skopje of EUR 12.5m, 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. It is also adjusted for the EUR 0.7m dividend received from Komercijalna Banka Skopje.
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. At the end of April EUR 0.3m had been drawn down. The remaining commitment is still held in short term investments.
Note that certain numerical information may not sum due to rounding.
1 (2)
The total number of shares outstanding in East Capital Explorer AB on 30 April 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 30 April 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 June 2011 on 5 August 2011
- Interim Report, 1 January 30 September 2011 on 11 November 2011
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 as well as 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 6 May 2011.
i 1 EUR = 8.95 SEK on 30 April 2011. Source: Bloomberg