* Net asset value (NAV) per share on 31 December 2012 amounted to EUR 9.10
(EUR 8.69). The total NAV amounted to EUR 301m (EUR 294m), corresponding to
a change of -0.1% (-7.4%) during the fourth quarter. During 2012, the NAV
increased by 2.4% (-31.7%)
* During the fourth quarter, the net result for the Group was EUR 2m (EUR
-25m), including EUR 5m (EUR -23m) change in value on investments. Earnings
per share amounted to EUR 0.09 (EUR -0.59) during the quarter. For the full
year, the net result for the Group was EUR 20m (EUR -153m) and earnings per
share amounted to EUR 0.49 (EUR -3.59
* Cash, cash equivalents and other short term investments on 31 December 2012
amounted to EUR 46m (EUR 39m)
* During October, East Capital Explorer repurchased an additional 132,369
shares at an average price of SEK 50.77 per share. On 10 October the share
buy-back program ended and since the repurchases began on 8 August, the
Company repurchased a total of 685,111 shares, corresponding to 2.0% of the
outstanding shares
* As announced on 23 October, the Board of Directors of East Capital Explorer
proposed an annual redemption program for the period 2013-2015 through which
5% of the Company's outstanding shares can be redeemed at NAV each year, if
the discount in the share price compared to NAV exceeds 10%
* The redemption program for 2013 was approved by the EGM on 4 December 2012
and the application period was 17 December 2012 - 14 January 2013
* On 27 November, East Capital Explorer divested EUR 4.2m in the East Capital
(Lux) Eastern European Fund
* On 30 November, the Company decided to invest an additional EUR 10m into the
East Capital Baltic Property Fund II, of which EUR 8.4m was drawn down
during December
* East Capital Explorer received a pay-out of EUR 14.2m from the East Capital
Power Utilities Fund during December. The Fund Manager has decided to close
the Fund earlier than planned, and the remaining proceeds are expected to be
distributed during the first quarter of 2013
* As announced on 19 December, East Capital Explorer decided to invest an
additional EUR 15m into the East Capital Russia Domestic Growth Fund and the
investment took place on 1 January 2013
* During December, an external valuation was made for East Capital Explorer's
direct investment in Melon Fashion Group (MFG). As of 31 December 2012, the
fair value of the holding in MFG amounted to EUR 44.2m, corresponding to an
increase of 27% compared to previous quarter which gave a positive
contribution of just over 3% to the NAV
* The closing price of the East Capital Explorer share as of 31 December 2012
was SEK 49.00 (corresponding to EUR 5.70)
ECEX Year-end Report 2012:
http://hugin.info/143006/R/1678066/547526.pdf
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originality of the information contained therein.
Source: East Capital Explorer AB via Thomson Reuters ONE
[HUG#1678066]
