· On 30 June 2010 the net asset value per share in East Capital Explorer
amounted to EUR 11.01 (corresponding to SEK 105[i]). The total net asset value
amounted to EUR 383.6m (corresponding to SEK 3.7bn)
· The total net asset value (EUR) decreased 2.3 percent compared to 31 May 2010
· On 8 June, East Capital Power Utilities Fund announced that a dividend
corresponding to 25% of the shareholders' initial investment should be made.
Accordingly, East Capital Explorer received EUR 20.3m during June
· On 15 June, East Capital announced its decision to close the East Capital
Russian Property Fund and to return the capital to the funds investors. East
Capital Explorer's remaining commitment of EUR 18.5m has been released and the
company's remaining assets in the fund, amounting to EUR 20.5m, have been
reclassified as short-term investments awaiting payout
· The value of cash, cash equivalents and other short term investments per
share amounted to EUR 2.65 (SEK 25), corresponding to a total of EUR 92.5m (SEK
880m) of which EUR 88m (SEK 835m) is available for future investments
· The closing price per share on 30 June 2010 was SEK 71.50 (corresponding to
EUR 7.50)
% Fair % Fair
value value Fair value
change change per share, Fair value, %
Portfolio on 30
June 2010 June 2010 EUR MEUR of NAV
--------------------------------------------------------------------------------
Fund Investments
East Capital Bering
Russia -1,1% 21,9% 1,16 40,4 11%
East Capital Bering
Ukraine A 5,5% 15,2% 0,22 7,8 2%
East Capital Bering
Ukraine R 2,8% 13,8% 0,17 6,0 2%
East Capital Bering
Balkan -3,0% -1,4% 1,14 39,7 10%
East Capital Bering
Central Asia -4,5% 3,9% 0,63 21,8 6%
East Capital Bering
New Europe -7,8% -4,8% 0,46 16,0 4%
East Capital Power
Utilities Fund(1) -4,5% 46,0% 2,23 77,6 20%
East Capital
Special
Opportunities Fund -3,5% 26,2% 1,42 49,6 13%
East Capital (Lux)
Eastern European
Fund (EUR) -2,4% 12,2% 0,37 12,9 3%
--------------------------------------------------------------------------------
-3,3% 19,6% 7,79 271,7 71%
Direct Investments
OAO Melon Fashion
Group (MFG) 0,0% 0,0% 0,30 10,4 3%
TEO LT, AB(2) 0,5% 22,4% 0,28 9,8 3%
East European Debt
Finance 0,0% 0,0% 0,01 0,3 0%
--------------------------------------------------------------------------------
0,2% 9,5% 0,59 20,5 5%
Short-term
Investments(3)
Short-term
Investments (incl.
bonds) 1,81 63,0 16%
Cash and cash
equivalents 0,85 29,5 8%
--------------------------------------------------------------------------------
2,65 92,5 24%
--------------------------------------------------------------------------------
Total Portfolio 11,04 384,7 100%
Other assets and
liabilities net -0,03 -1,1 0%
--------------------------------------------------------------------------------
Net Asset Value
(NAV) -2,3% 12,7% 11,01 383,6 100%
( )
()
(1) Fair value change calculation adjusted to reflect the EUR 20.3m after tax
received as dividend from East Capital Power Utitlies Fund in June.
(2) Fair value change calculation adjusted to reflect the EUR 0.9m after tax
received as dividend from TEO LT in May.
(3) On 25 January 2010, the company announced an investment of EUR 5m in East
European Debt Finance together with Intrum Justitia and East Capital Financials
Fund, At the end of June EUR 0.3m had been drawn down. The remaining
committment is still held in short term investments.
Note that certain numerical information may not sum due to rounding.
The total number of shares outstanding in East Capital Explorer AB on 30 June
was 34 851 675.
This report has not been subject to review by the Company's auditors.
The full net asset value report including the portfolio on 30 June 2010 is
included in the attached pdf-file.
Contact information:
Gert Tiivas, CEO East Capital Explorer +46 8 505 977 30
Mathias Pedersen, CFO East Capital Explorer +46 8 505 977 48
Financial reporting calendar - East Capital Explorer:
· Monthly Net Asset Value report on the fifth working day after the end of
each month
· Interim Report 1 January - 30 June 2010, 20 August 2010
· Interim Report 1 January - 31 September 2010, 11 November 2010
About East Capital Explorer ? East Capital Explorer AB is a Swedish company,
created with the specific aim of bringing unique investment opportunities in
Eastern Europe to a broader investor base. The company invests mainly in East
Capital's private equity and semi-public equity funds that provide exposure to
companies not otherwise accessible via the local stock exchanges in Eastern
Europe. East Capital Explorer targets fast growing sectors such as the power
utilities, financial, retail and consumer goods and real estate sectors. East
Capital Explorer has appointed East Capital to manage its investment activities.
Since 9 November 2007, East Capital Explorer is listed on NASDAQ OMX Stockholm,
Mid Cap.
This information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act or demands made in the exchange rules.
--------------------------------------------------------------------------------
[i] EUR 1 = SEK 9.53 on 30 June 2010. Source: Reuters.
[HUG#1429923]
100707 Press release: http://hugin.info/143006/R/1429923/376881.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
All reproduction for further distribution is prohibited.
Source: East Capital Explorer AB via Thomson Reuters ONE
