East Capital Explorer AB - Interim Report 1 January - 30 June 2011

  • Net asset value per share on 30 June 2011 amounted to EUR 10.97 (EUR 11.00 on 30 June 2010[1]). The total net asset value amounted to EUR 382m (EUR 383m), corresponding to a change of -9.1% (-6.5%) during the second quarter and a change of -11.0% (12.3%) during the first six months of the year. Since 30 June 2010 the net asset value changed -0.3% (34.1%)
  • For the first six months 2011, the net result for the Group was EUR -40m (EUR 49m). For the shareholders of the Parent Company the net result was EUR -35m (EUR 38m) and earnings per share amounted to EUR -1.00 (EUR 1.08)
  • Exchange rate changes in EUR vs. USD during the period had an impact of EUR -14m (EUR 12m) reported in "Other Comprehensive Income," due to exchange rate differences on translation of foreign operations
  • Cash, cash equivalents and other short-term investments on 30 June 2011 amounted to EUR 66m (EUR 92m), corresponding to EUR 1.89 (EUR 2.65) per share
  • In April 2011, the AGM of East Capital Explorer approved the Board's proposal under the Company's new dividend policy to pay a dividend to the shareholders of SEK 0.80 (-) per share from the 2010 results. This was paid out on 20 April 2011
  • Also in April, East Capital Explorer sold units worth EUR 13m in the East Capital Special Opportunities Fund and EUR 20m in the East Capital Power Utilities Fund. The annualized return realized in these exits amounted to 26.5% and 7.2% respectively
  • In April, Komercijalna Banka Skopje paid a dividend of EUR 0.7m and in May, TEO LT paid a dividend of EUR 1.2m to East Capital Explorer
  • In June, East Capital Explorer sold its holding in Wimm-Bill-Dann Foods for EUR 7.4m, and realized an annualized pre-tax return of 17.4% on its initial EUR 6.8m investment

Events after the end of the period

  • In July, East Capital Explorer, agreed to buy an additional 15 percent of the shares in Melon Fashion Group for EUR 14m from Swedfund. The final deal size is dependent on actions of other shareholders
  • The total net asset value on 31 July 2011 amounted to EUR 383m, corresponding to EUR 10.99 (SEK 99) per share. Cash, cash equivalents and other short-term investments per the same date amounted to EUR 66m (SEK 551m) corresponding to EUR 1.89 (SEK 17) per share. EUR 61m (SEK 551m) of those were available for future investments

--------------------------------------------------------------------------------

[1] Comparable figures for the corresponding period 2010 are stated in
parentheses.

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.

Source: East Capital Explorer AB via Thomson Reuters ONE