Pomegranate Investment AB (publ) Releases Financial Report for the period of 6 months ended October 31, 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 123.2 mln as per October 31, 2020 corresponding to EUR 22.8 per share, compared with NAV per share of EUR 21.9 as per April 30, 2020.
- Digikala achieved 168% growth in NMV in the first half of Iranian year 1399 compared with same period in the previous year, all while maintaining positive adjusted EBITDA. It also recorded the highest ever number of monthly orders at – 2 million.
- Iranian stock market has experienced a correction in recent months after having reached new all-time highs in the first half of 2020, which together with FX is reflected in a lower value for the GIF fund investment.
- Griffon Capital posted a healthy profit for 2019 in EUR terms, which confirmed the success of the strategic shift to local asset management and the strong performance has accelerated further in 2020 which is reflected in a significantly higher valuation.
- Valuation of Sheypoor in local currency increased thanks to continued revenue growth, while the value in EUR was more than offset by the significant local FX depreciation.
- 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 52.8% in value against the EUR over the 6-month period from May 1, 2020 – Oct 31, 2020 resulting in a broad and significantly negative valuation effect.
- Cash and cash equivalents amounted to EUR 11.5 million as per October 31, 2020 (April 30, 2020: 13.3). Additionally, the Company had liquid investments with Griffon Capital at a value of approx. EUR 4.8 million as per October 31, 2020, which means a total sum of cash and liquid investments of EUR 16.3 million (April 30, 2020: 19.1).
- The number of outstanding shares at the end of the period was 5,404,601.
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.