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POMEGRANATE INVESTMENT AB (PUBL) – ANNUAL REPORT 2016 Strong investment mEUR pipeline 60 secured for raised in 2017 2016 New landmark deals Iranian signed economy growing, inflation down Annual Report 2016 Pomegranate Investment AB (publ) Corporate ID number 556967-7247 1 POMEGRANATE INVESTMENT AB (PUBL) – ANNUAL REPORT 2016 Important Information NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO ANY U.S. PERSON This report does not constitute an offer of any securities of Pomegranate Investment. This report may not be distributed in the United States or to any “U.S. person”, including any U.S. citizen or permanent resident (‘green card holder’) or any entity organised in the United States, whether located inside or outside the United States. Pomegranate shares represent an investment in Iran that is not suitable for U.S. persons. This report contains forward-looking statements. All statements other than statements of historical facts included in this presentation, including without limitation, those regarding the Company’s fnancial position, business strategy, plans, objectives, goals, strategies and future operations and performance and the assumptions underlying these statements are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties and other factors which are or may be beyond the Company’s control, which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements ex- pressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strat- egies and the environment in which the Company will operate in the future. Some numerical fgures included in this Presentation have been subject to rounding adjustments. Accordingly, numerical fgures shown as totals in certain graphs or tables may not be an exact arithmetic aggregation of the fgures that preceded them. 2 POMEGRANATE INVESTMENT AB (PUBL) – ANNUAL REPORT 2016 Annual Report 2016. Table of contents Pomegranate in Brief 4 Key Drivers 5 Investment Portfolio 6 Letter from the Managing Director 7 Administration Report 9 Corporate Governance 17 Financial Information Income Statement 22 Balance Sheet 23 Changes in Equity 24 Cash Flow Statement 25 Accounting Principles and Notes to the Financial Statements 26 Auditor’s Report 33 Information and Contact 34 The company’s accounting currency is EUR. All amounts are reported in EUR, unless otherwise specified. This report is a translation from the Swedish original. In case of any discrepancies, the Swedish version shall prevail. Corporate website www.pomegranateinvestment.com 3 POMEGRANATE INVESTMENT AB (PUBL) – ANNUAL REPORT 2016 Pomegranate Investment in brief What we do How we do it The Pomegranate Investment Mission Pomegranate Investment has used its unique competence in emerging market Pomegranate together with its local partners helps to develop development and investment management and identifed, analyzed, invested high growth companies in the Middle Eastern (including the and developed early stage and high potential business opportunities in e-com- Iranian) markets, in the consumer technology, e-commerce and merce and close by consumer sectors in the Iranian market. Business Idea from time to time in the off line consumer space. Pomegranate’s founders and senior management are all personally invested A strong set of possibilities in the company and have also committed to transfer their Pomegranate has invested in well defned Business Activities management experience and knowledge to the local businesses. • Sector scope: Consumer technology, e-commerce and offine Strategies In the offine retail space Pomegranate also partnered up with retail companies. world class international teams. Pomegranate Investment aims • Geographical scope: The growing Iranian market and close by to achieve mutual growth for all its stakeholders and hold a truly geographical markets. long term perspective on its investments. Pomegranate has applied Growth Oriented Investment Criterias Read more about our drivers for success on page 5. • Business activities with a leading position (1-3 market leading position). NAV per share Total Net Asset Value • Business activities with a signifcant customer base and large network. A strong EUR MEUR 35 150,000 • Business activities that are easily scalable. portfolio of companies 30 120,000 Signifcant holdings in Portfolio Companies 25 • Minority Holdings but with active board participation. 20 90,000 Well developed Specialist Competencies 15 60,000 • Emerging markets competence in the management group. 10 30,000 5 • Presence and network of business contacts in Iran and close by markets. 0 0 • A frst mover potential through an early entrance into the Iranian market. 2014 2015 2016 2014 2015 2016 • Strong business understanding in e-commerce and close by Net asset value per share, Total NAV consumer sectors. (fully diluted) Net asset value per share • An organisation professionally set up for transactions and fnancing with a strong fnancial base. 5 Largest Shareholders Where we want to be Vision 1. SEB* 2. Nordea Bank AB* Pomegranate Investment is already an established name, which shall 3. Pareto Securities AB* continue to offer a unique exposure to the unparalleled investment- 4. Euroclear Sweden AB* and growth opportunities in the region in which it operates. 5. Zebra Holdings and Investments (Guernsey) Limited *Owner-registered Nominee. 4 POMEGRANATE INVESTMENT AB (PUBL) – ANNUAL REPORT 2016 Pomegranate has applied Growth Oriented Investment Criterias First mover advantage Unique Strong growth in internet and 56.4% Pomegranate was founded already in demographics smartphone penetration 52.2% 2014 by emerging market specialists Iran’s population of approx. Iranian internet penetration of around 50 50.4% with a strong track record. Since 2014, 80 million is one of the percent is still relatively low but outperform- Pomegranate’s portfolio has grown largest in the region, equiv- ing countries like India (26 percent) and Egypt signifcantly. Pomegranate believes that alent to the size of Germany. (36 percent). Growth, however, is signifcant Q1 Q2 Q3 by having entered Iran earlier than most, it The population is young, with with an annual growth rate of 11 percent over the has established a critical head-start in the more than 60 percent of the pop- last two year period. 3G/4G availability of 60 percent country and is well-positioned to continue expanding in Iran’s ulation currently under the age of 35, in the beginning at the end of 2015, a thirty fold increase compared to 2013, can be an rapidly evolving consumer technology end e-commerce sectors. or in the middle of their careers. Additionally, Iranians indicator of Iran leapfrogging into modern ICT infrastructure. As opposed are highly educated with the highest literacy rate in the to internet penetration, mobile penetration is well developed with 142 A further EUR 60 million raised in 2016 and additional investments MENA region, secondary school participation of approx. phones per 100 people. Smartphone penetration in Iran has been growing during the year serve as evidence of this frst mover advantage. 80 percent and tertiary education participation among at signifcant rates from 50.4 percent in Q1 of 2016 to 56.4 percent in Q3, the highest in the world, ahead of the UK, France and an increase of 12 percent in just nine months. Germany. Iran’s urbanisation rate of 73 percent is twice A diversified economy enabling growth that of India (33 percent), well ahead of Italy (69 per- With growing internet and smartphone penetration and a developing Despite having the world’s largest reserves of natural gas and the cent) and close to the levels of Germany (75 percent) and domestic regulatory environment for the space it is reasonable to assume fourth largest reserves of crude oil, the Iranian economy is highly France (80 percent) – a good starting point for rolling an accelerated online consumption behavior. diversifed with the oil and gas sector accounting for only 23 percent out new infrastructure. of Gross Value Added (GVA) in 2014, compared to 30 percent in United Arab Emirates and 50 percent in Kuwait. Other signifcant Unique demographics with a large, young, well Strategic location, already strong exports educated and urban population supports Pomegran- sectors include retail trade, real estate, construction and profession- Iran’s central location in the middle east, bordering countries with ate’s investments in the chosen sectors of consumer al services, which together make up a larger share of the economy a total population in excess of 400 million, including almost 40 technology, e-commerce and ofine retail. than oil and gas. million consuming households who are projected to grow at 5.2 percent annually until 2025, provides the opportunity A diversifed economy has enabled a growing consuming class for the country to become a regional trading hub. – more than 55 percent of the Iranian population has an annual purchasing power parity adjusted income above USD 20,000, Despite the efects of sanctions and constrained stock twice as high as in China or India, and second only to Russia and fow of foreign direct investments, Iran today exports among the BRIC-economies. Additionally, retail sales per capita more than Egypt, Pakistan and Morocco combined. in Iran is larger than in Turkey, Malaysia
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