Pomegranate Investment AB (publ) releases Financial Report for the period of 6 months ended April 30, 2020 and 12 months ended April 30, 2020
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO ANY U.S. PERSON
Highlight of the reporting period
- The net asset value of the Company was EUR 118.2 mln as per April 30, 2020 corresponding to EUR 21.9 per share, compared with NAV per share of EUR 21.1 as per October 31, 2019.
- Digikala achieved 137% growth in NMV in Iranian year 1398 and reached positive adjusted EBITDA for the year as well as achieved many performance records, including highest number of Monthly Active Users – 26 M and highest Daily Net Order – 160 thousand.
- Iranian stock market reached new all-time highs, after already being the world's best performing stock exchange in 2019 in EUR terms, which is reflected in both the significantly higher value for the GIF fund investment and boosted performance of Griffon Capital.
- Griffon Capital posted a healthy profit for 2019, they have successfully launched two ETFs and assets under management have increase significantly during the reporting period and thereafter, thereby confirming the success of the strategic shift to local asset management and a complete revaluation of the business has been performed with a significantly higher value as a result.
- Valuation of Sheypoor revised upwards following monetization success, with 3.6x growth in revenue in 1398 over 1397. Traffic growth with new all-time highs in Monthly Active Users in beginning of 1399, as well as continued cost control, have contributed to a very good position for Sheypoor for 1399.
- Pomegranate continues to first establish IRR (Iranian Rial) based valuations for all the portfolio companies, and then translate into EUR valuations. The Iranian rial NIMA mid spot rate depreciated by 24% in value against the EUR over the 6-month period from Oct 1, 2019 – Apr 30, 2020 resulting in broad negative FX valuation effect.
- Cash and cash equivalents amounted to EUR 13.3 million as per April 30, 2020 (October 31, 2019: 14.3). Additionally, the Company had liquid investments with Griffon Capital at a value of approx. EUR 5.8 million as per April 30, 2020, which means a total sum of cash and liquid investments of EUR 19.1 million (October 31, 2019: 17.9).
- The number of outstanding shares at the end of the period was 5,404,601. There are no outstanding warrants as per April 30, 2020, since the remaining warrants expired out of the money on December 31, 2019.
For additional information, please visit the Company’s website at www.pomegranateinvestment.com or contact:
Investor Relations contact:
Gustav Wetterling, CFO
Tel: +46 8 545 015 50
Pomegranate Investment AB (publ) is based in Sweden and was founded in 2014 by a pioneering team with a long and successful track record of investing in high growth companies in emerging markets, particularly in the technology sector. Pomegranate is an investment company that has a strong position primarily in Iran’s consumer technology sector, which, with the easing of international sanctions, represents an extraordinary growth opportunity for European investors. We are entrepreneurs, we have invested in entrepreneurs and a significant proportion of our investors are entrepreneurs themselves.
This press release does not constitute an offer of any securities of Pomegranate Investment. This press release may not be distributed in the United States or to any “U.S. person”, including any U.S. citizen or permanent resident (‘green card holder’) or any entity organised in the United States, whether located inside or outside the United States. Pomegranate shares represent an investment in Iran that is not suitable for U.S. persons.