Pomegranate Investment AB (publ) Releases Financial Report for the period of 12 months ended April 30, 2022.

| 20 juni, 2022 | 0 kommentarer

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 185.1 million as per April 30, 2022, corresponding to EUR 29.7 per share, compared with NAV per share of EUR 31.4 as per October 31, 2021.

• Most of the companies in the portfolio have continued to perform very well operationally over the course of the reporting period but have been impacted by a general reduction in tech / growth company valuations, which influence the peer multiples on which many are valued. However, considering the environment, it is a show of strength of our portfolio companies that the resulting NAV change is only a 5.4% reduction in NAV/share as per April 30, 2022 compared with October 31, 2021.

• Digikala continued to show considerable growth in GMV in the second half of Iranian year 1400 compared with the previous year, all while maintaining positive EBITDA. All in all, year-on-year GMV growth in Iranian year 1400 stood at 51%, revenue growth at 65% and it is now the 3rd consecutive year with positive EBITDA and operational cash flow. While deterioration in peer multiples had a negative effect on the valuation of Digikala in local currency.

• In the reporting period, Pomegranate concluded an agreement for an investment of EUR 14 million in Digikala, as part of a smaller internal fundraise, to fund further capacity development and new projects.

• Alibaba travel has seen a significant recovery in predominantly domestic travel and the valuation has been adjusted up accordingly.

•The Iranian stock market has started 2022 in a strong fashion and activity in the local financial markets has increased. Thanks to a strong market and good relative performance, Pomegranate’s investment in the GIF fund has increased by about 8.5% in value compared with October 31, 2021.

• Griffon Capital continues to grow its business and offering and remains profitable, and the company has seen a strong start to 2022 following the increased activity in the market.

• Pomegranate paid the second and last tranche of EUR 309 thousand for its Takhfifan investment in the reporting period.

• Sheypoor continues to increase revenue year on year.  Due to a slowdown in certain sectors of the economy, the revenue growth rate has been impacted negatively, as have peer multiples, resulting in a slight decreased valuation of Sheypoor in local currency.

• Pomegranate continues to first establish IRR (Iranian Rial) based valuations for all the portfolio companies, which are then translated into EUR valuations. The Iranian rial NIMA mid spot rate appreciated by 2.3% in value against the EUR over the 6-month period from November 1, 2021 – April 30, 2022, resulting in a small broad positive valuation effect compared to the last report. 

• Following approval at the Company’s AGM on September 13, 2021, a total of 84,793 new shares were issued to board and management under the LTIP 2018 and LTIP 2020 programs.

• In November 2021, Pomegranate successfully completed an offering of 750,000 new shares at a price of 20 EUR/share for gross proceeds of EUR 15 million. The Offering consisted of an institutional offering and a smaller shareholder offering with preference for existing shareholders.

• Cash and cash equivalents amounted to EUR 21.1 million as per April 30, 2022 (October 31, 2021: 9.2). Additionally, the Company had a liquid portfolio of SEK and EUR denominated corporate bonds at a value of EUR 2.5 million as per April 30, 2022, which results in a total sum of cash and liquid investments of EUR 23.6 million (October 31, 2021: 11.1). The Company’s investments in different Griffon equity products have been reclassified from liquid to other investments.

• The number of outstanding shares at the end of the period was 6,239,394. 

Events after the end of the reporting period 

• Pomegranate concluded its obligation related to the investment agreement with Digikala of EUR 14 million.

Management Comments

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

“We are very proud of our or portfolio, and especially the continued growth and profitability of the key holdings that helps to mitigate the general decline in market multiples. We have moved forward and completed the agreement to investment more in our largest portfolio asset – Digikala, to contribute to its further growth and many interesting projects. With our strong balance sheet and portfolio we are confidently moving forward to consolidate our efforts around e-commerce, marketplaces and online classifieds.”

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: [email protected]

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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