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Eastnine — Net Asset Value 2013
Jun 10, 2013
3037_rns_2013-06-10_683a27d5-5b04-4223-8300-3a5c46484dde.pdf
Net Asset Value
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PRESS RELEASE
Stockholm, 10 June 2013
Net Asset Value (NAV) SEK 78 per share on 31 May 2013
NAV and share price development
- NAV per share on 31 May 2013 amounted to EUR 9.07 (SEK 78)
- NAV per share (EUR) decreased by 0.5% (increased by 0.2% in SEK) compared to 30 April 2013
- The value of cash, cash equivalents and other short term investments per share amounted to EUR 0.14 (SEK 1), corresponding to an aggregate of EUR 4m (SEK 37m)
- The closing price per share on 31 May 2013 was SEK 47.80 (EUR 5.55) corresponding to a increase of 1.9% compared to 30 April 2013
- The number of shares outstanding in East Capital Explorer on 31 May 2013 was 31,424,309. The Company did not hold any own shares
- EUR 1 = SEK 8.61 on 31 May 2013
Events during the month
- East Capital Explorer received a dividend of EUR 0.3m from Komerciljalna Banka Skopje on 2 May
- As announced on 21 May, the Company is exiting East Capital Bering New Europe Fund and received the first installment of EUR 5.8m. The remaining portion of the Company's holding in the Fund is expected to be distributed within three to six months
- During May, East Capital Explorer divested its holding of EUR 4.5m in East Capital (LUX) Eastern European Fund
- On 29 May, a drawdown of EUR 0.7m was made for previously committed capital to East Capital Baltic Property Fund II for the acquisition of a retail property in Latvia, Prisma Hypermarket
- The earlier announced acquisition of a majority stake in Starman, the leading cable TV, broadband internet and voice cable services provider in Estonia, was completed on 30 May. East Capital Explorer has invested EUR 23.6m into Starman for a 51% stake in the company
- Starman will be treated as a subsidiary of East Capital Explorer and as a result, the Company's interim report for the period 1 January - 30 June 2013 will be postponed to 29 August
Financial reporting calendar
- Monthly Net Asset Value report on the fifth working day after the end of each month
- Interim Report, 1 January 30 June 2013 on 29 August 2013
- Interim Report, 1 January 30 September 2013 on 11 November 2013
Portfolio on 31 May 2013
| % Fair1 value change May |
% Fair1 value change 2013 |
Fair value per share, EUR |
Fair value, EURm |
% of NAV |
|
|---|---|---|---|---|---|
| Fund Investments | |||||
| East Capital Bering Balkan Fund | -0.1% | 3.9% | 1.29 | 40.5 | 14% |
| East Capital Russia Domestic Growth Fund | 1.8% | -1.9% | 1.23 | 38.6 | 14% |
| East Capital Bering Russia Fund | -2.0% | -7.8% | 0.82 | 25.6 | 9% |
| East Capital Bering Central Asia Fund | -3.3% | 18.5% | 0.70 | 22.0 | 8% |
| East Capital Special Opportunities Fund | 2.6% | 9.6% | 0.65 | 20.5 | 7% |
| East Capital Baltic Property Fund II | 0.0% | 2.4% | 0.59 | 18.6 | 7% |
| East Capital Special Opportunities Fund II | -2.4% | -14.8% | 0.54 | 16.9 | 6% |
| East Capital Bering New Europe Fund | 1.5% | -1.6% | 0.23 | 7.2 | 3% |
| East Capital Bering Ukraine Fund R | -4.5% | -4.4% | 0.16 | 5.0 | 2% |
| East Capital Bering Ukraine Fund A | 3.6% | -1.2% | 0.12 | 3.8 | 1% |
| East Capital Power Utilities Fund | -6.2% | -2.1% | 0.05 | 1.7 | 1% |
| East Capital (Lux) Eastern European Fund | 4.2% | 2.9% | - | - | 0% |
| -0.2% | 0.4% | 6.38 | 200.4 | 70% | |
| Direct Investments | |||||
| Melon Fashion Group | 0.0% | 0.0% | 1.41 | 44.2 | 16% |
| Starman | 0.0% | 0.0% | 0.75 | 23.6 | 8% |
| Komercijalna Banka Skopje | -10.4% | -15.9% | 0.23 | 7.3 | 3% |
| Trev-2 Group | 0.0% | 0.0% | 0.24 | 7.4 | 3% |
| East European Debt Finance (EEDF) | -0.7% | 0.2% | 0.02 | 0.8 | 0% |
| -1.0% | -1.6% | 2.65 | 83.3 | 29% | |
| Short-term Investments | |||||
| Cash and cash equivalents | 0.14 | 4.3 | 2% | ||
| 0.14 | 4.3 | 2% | |||
| Total Portfolio | 9.16 | 288.0 | 101% | ||
| Other assets and liabilities net | -0.10 | -3.0 | -1% | ||
| Net Asset Value (NAV) | -0.5% | -0.7% | 9.07 | 285.0 | 100% |
1) The fair value change calculation is adjusted for investments and distributions during the period, i.e. it is the percentage change between the starting fair value plus any added investment during the period and the ending fair value plus any proceeds from divestments or dividends received during the period.
Note that certain numerical information may not sum due to rounding.
Contact information
Catharina Hagberg, Acting CEO, East Capital Explorer, +46 8 505 885 52 Charlotte Åsberg, Investor Relations Manager, East Capital Explorer, +46 8 505 885 94
About East Capital Explorer
East Capital Explorer AB (publ) 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 special fund products but it also makes direct investments into private and public companies. East Capital Explorer's main investment theme is domestic growth and the Company targets fast growing sectors such as Retail and Consumer goods, Financials and Real Estate. East Capital Explorer has appointed East Capital to manage its investment activities. East Capital Explorer is listed on NASDAQ OMX Stockholm, Mid Cap.
Listing: NASDAQ OMX Stockholm, Mid Cap - Ticker: ECEX - ISIN: SE002158568 - Reuters: ECEX.ST - Bloomberg: ECEX SS Equity - Analysts: Carnegie, Svenska Handelsbanken
This report has not been subject to review by the company's auditors and the 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 10 June 2013.