Fram Skandinavien AB (publ) publishes annual report and consolidated financial statements for 2023

The annual report is also attached in its entirely to this press release.

Key highlights

As of the 31st of December 2023, the estimated total net asset value for Fram B shareholders amounted to 247 mSEK, which corresponds to approximately 68 SEK per share. As of the same date, the closing price for the B share was 29.7 SEK per share.

The NAV per share was approximately 130% above the closing price of the Fram B share on the same day and represented a decrease of -12% compared to 31st of December 2022. As of the year end, the closing price per share resulted in a discount of approximately -57% compared to the NAV/share.

During the year 2023, Fram prioritized enhancing the profitability of its portfolio companies, improving capital efficiency by implementing cost reduction measures, both in the ventures and on the group level. The effect of these measures will not be fully visible until the final month of Q1 2024.

For DragonLend, the local auditors of its operating company in Vietnam preferred to make a year-end provision/write-off of ca. 2/3rds of all receivables in DragonLend (ca. 14 mSEK). This booking was made despite most of these clients only being a few days late on payments (which is common in this client group) and the clients in question still paying back the loan receivables on an extended timeline based on signed payment plans. This local audit practice is conservative, but has no immediate cash effects or effects on the NAV. Furthermore, the Group also sees no impact from this on the ongoing potential divestiture dialogues. The Group’s internal estimates of receivables potentially at risk is less than one fourth of the amount provisioned/written off.

For further information, please contact

Christopher Beselin, Chairman & IR Phone: + 84-34-71273 14
Email: [email protected]

Tuyet Phan, Group Finance Director Phone: + 84-79-8811021
Email: [email protected]

Per Rundblom, CEO Phone: + 46-708445900
Email: [email protected]

Certified Adviser

Svensk Kapitalmarknadsgranskning AB (SKMG), https://www.skmg.se

Briefly about Fram^

Fram^ is a listed investment company focused on the digital consumer, blockchain and other tech in Southeast Asia. The management group and board of Fram^ have 100 years of joint experience of company building and investments, both in emerging markets and in Europe. The company management's collective experience from global and regional leaders such as Kinnevik, Cevian Capital, Boston Consulting Group, Rocket Internet, Ericsson, Lazada and Bima constitutes a multifaceted and necessary foundation for successfully investing in companies in emerging markets and helping them to grow.

This information is information that Fram Skandinavien is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-04-11 08:00 CET.

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