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Pomegranate Investment AB (publ) Releases Financial Report for the Second Quarter 2017 and the Period January 1, 2017–June 30, 2017.

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NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO ANY U.S. PERSON

Highlights of the reporting period

  • Net asset value per share as per end of Q2 2017 amounted to EUR 29.8, an increase of 28% compared with same period in 2016.
     
  • As part of the preparations for an IPO, on April 7, 2017, Pomegranate became a group through the addition of a Swedish subsidiary to Pomegranate Investment AB. Therefore, as of Q2 2017 the Company reports group consolidated numbers in accordance with IFRS accounting principles, while Swedish RFR2 accounting principles apply to parent company reporting. The Company’s reporting currency continues to be EUR.
     
  • Net result for the quarter was EUR 2.2 million (Q2 2016: EUR 0.9 million).
     
  • Net result for the period January 1, 2017 – June 30, 2017 was EUR 0.5 million (EUR 0.2 million). Earnings per share were EUR 0.10 (EUR 0.06).
     
  • The total net asset value of the Company was EUR 161.0 million on June 30, 2017, (December 31, 2016: EUR 132.6 million), corresponding to EUR 29.8 per share, (December 31, 2016: EUR 31.9).
     
  • The Company’s net asset value per share in EUR increased by 1% over the period April 1, 2017– June 30, 2017. The Company’s net asset value per share in EUR decreased by 7% over the period January 1, 2017– June 30, 2017, due to the increased share count following the recent new share issue in March 2017.
     
  • The increase of the group’s net asset value per share in Q2 2017 is mainly driven by the revaluation of its investment in Sheypoor.
     
  • Cash and cash equivalents amounted to EUR 40.9 million at June 30, 2017 (December 31, 2016: 29.0 million) excluding liquidity management investments in GIF Fund and PMA.
     
  • The number of outstanding shares at the end of the period was 5,404,601, following registration of the 1,250,000 new shares issued in the EUR 30 million capital raise in March 2017.

Events after the end of the reporting period

  • In August 2017, Pomegranate placed another EUR 1 million in liquidity management in its PMA with Griffon Capital.
     
  • In August 2017, Igor Gorin resigned as board member due to new commitments within the banking industry which does not allow him any board positions in public companies. He has also relinquished awarded warrants.

Management Comments

Florian Hellmich, CEO of Pomegranate Investment AB (publ), commented:  

“With a +28% year-on-year increase in our NAV per share we continue confidently to roll out our investment strategy. Iran has so far this year seen landmark investments on the FDI front in tandem with GDP for the Iranian calendar year ending March 2017 coming in at an impressive 12.5%. This backdrop reinforces our constructive outlook and with our strong cash position we remain focused on expanding our portfolio aiming to complete a number of very interesting deals we are working on before year end.”

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
Email: ir@pomegranateinvestment.com

About Pomegranate

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.

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