Pomegranate InvestmentAB (publ) Releases Financial Report for the Period May 1, 2018 – July 31, 2018.

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

Highlight of the reporting period

  • Net result for the period Maj 1 – July 31, 2018 was EUR -17.6 million (mln) (May 1, 2017 - July 31, 2017: EUR 2.4 mln). Result per share was EUR -3.3 (0.4). 

  • The net asset value of the Company was EUR 113.8 mln on July 31, 2018, (April 30, 2018: 131.4), corresponding to EUR 21.1 per share, (April 30, 2018: 24.3). 

  • The Company’s net asset value per share in EUR decreased by 13.4% over the period May 1, 2018– July 31, 2018. Based on an updated risk adjustment component for the EUR translation of underlying unchanged IRR values of recent transaction valuations in portfolio companies. 

  • In July  2018, Pomegranate received EUR 92 thousand from the discontinued Carvanro project, as recovered value following closure.

  • Cash and cash equivalents amounted to EUR 23.1 million as per July 31, 2018 (April 30, 2018: 23.4). Additionally, the Company had short term investments with Griffon Capital at a value of ca EUR 2.2 million as per July 31, 2018. Which means a total sum of cash and short term investments of EUR 25.3 million.
     
  • The number of outstanding shares at the end of the period was 5,404,601.

Events after the end of the reporting period

  • The final tranche of EUR 3.8 million related to Sarava’s February 2018 fundraising was transferred in August 2018.
  • At the Company’s AGM on September 6, 2018, the shareholders resolved on introduction of new long-term incentive program for management as well as Board of Directors. About half of the warrants granted under the previous system will expire shortly and the proposed LTIP 2018 is therefore a necessary step in order to keep continued incentive scheme in place. 

Management Comments

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

Underlying growth of our portfolio companies in local currency terms as well as market share growth continues to be strong with a persistent shift towards online businesses locally, while overall - adjusting to a radically changed macro environment is always painful. We are well equipped, capital and know-how wise to continue to build together with our partners. Having closed our London office, now is the time to be even more local than before.

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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