Fram Skandinavien AB (publ) publishes interim report Q1 2024
Significant events during the quarter
Fram continues to focus on taking steps towards breakeven in core holdings.
As of 30th of April 2024, the net asset value amounted to 262 mSEK (72 SEK per share), which was approximately +170% above the closing price of the Fram B share on the same day and represented an increase of +6% compared to 31st Dec 2023.
Fram has made additional progress in reducing losses of ventures in portfolio. Carmudi’s results for Q1 2024 showed a meaningful uptrend, GMV grew by +203% y-on-y, Gross Profit increased by +345% y-on-y and number of car transactions increased by +138% compared to Q1 2023. EveHR’s revenues increased by +20% compared to the same period last year. Liven technology experienced significant growth across key metrics (revenues grew by +60% y-on-y, Gross Profit increased by +18% y-on-y, reaching positive EBITDA for the quarter). Group adj. EBIT losses were reduced by 33% y-on-y, with more cost savings flowing through in Q2.
The negotiations for the sale of DragonLend to Gologiq is still ongoing but as an actual transaction becomes less likely with time (also since DragonLend needs to pay back its creditors step by step as their loans mature and the loan book hence decreases in size as time goes by), for the sake of prudence, the Company has decided to fully provision the DragonLend investment in the NAV for the time being, resulting in a negative 4.6% impact vs. previously reported total NAV.
After this adjustment, the current NAV portfolio of Fram consists of four holdings, including three private tech companies and one public tech company.