Fram Skandinavien AB (publ) publishes interim report January - March 2022Summary of the quarter
Despite the Lunar New Year holidays that occurred during the first quarter, the Group reports another strong quarter. The groups net sales increased by + 114% to SEK 20,722 thousand. The EBIT margin also improved significantly and amounted to -9% during the quarter, compared with -29% during the same period in 2021.
Both groups business areas grew steadily during the first quarter, with + 131% growth in Digital Brands and + 93% in IT Development. Growth in Digital Brands was primarily driven by continued strong organic growth at Carmudi. Growth in the IT Development business area was primarily driven by the acquisition of Exertus IT AB, but also by underlying organic growth.
Profitability at EBIT level in IT Development increased significantly, from a margin of 2% in the first quarter of 2021 to 16% in the first quarter of 2022. The EBIT margin in Digital Brands has also risen from -36% in Q1 2021 to -14% in Q1 2022.
As of March 31, 2022, the groups net asset value amounted to SEK 268 M (SEK 74 per share), which corresponds to a net asset value discount of approx. 50% compared to the closing price for FRAMB on the same date. The net asset value has been taken from in line with IFRS 13 - Fair Value Measurement and International Private Equity and Venture Capital Valuation Guidelines ("IPEV"), based on historically reported figures and confirmed market valuations.
As of last March, the groups cash amounted to approx. 19.4 MSEK.
The report in its entirety is available on Fram ^s website investors.fram.asia and attached to this press release.
This information is such that Fram Skandinavien AB (publ) is obliged to disclose in accordance with the EU Market Abuse Regulation (EU nr 596/2014). The information was provided, through the agency of the below contact person, at the time stated in this press release, by Bequoted. For further information, please contact
Christopher Beselin, board member & acting CEO
Phone: + 84-34-71273 14
Email: [email protected]
Son Ngo, Finance Director
Phone: + 84-91-8157680
Email: [email protected]
Certified Adviser
Svensk Kapitalmarknadsgranskning AB (SKMG), +46 11 32 30 732, [email protected]
The following documents can be retrieved from beQuoted
Fram-Skandinavien-AB-publ-publishes-interim-report-January-.pdf
Fram-Skandinavien-AB-publ 2022-Q1 1.pdf 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 over 75 years of joint experience of company building and investments, primarily in emerging markets. The company managements collective experience from global and regional leaders such as Kinnevik, Cevian Capital, McKinsey & Company, Rocket Internet, Ericsson, Lazada and Bima constitutes a multifaceted and necessary foundation for successfully investing in companies in emerging markets.
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