Fram Skandinavien AB (publ) publishes annual report and consolidated financial statements for 2024
Fram Skandinavien AB (publ) announces today that the annual report and consolidated financial statements for the financial year 2024 is available on the company's website: https://investors.fram.asia.
The annual report is also attached to this press release.
Key highlights
As of the 31st of December 2024, the estimated total net asset value for Fram shareholders amounted to 111.9 mSEK, which corresponds to approximately 31 SEK per share. The closing price for the B share was 7.45 SEK per share. This corresponded to a discount of approximately 76% compared to the NAV/share.
The NAV per share represented a decrease of -54% compared to 31st of December 2023. The closing price per share resulted in a discount of approximately 76% compared to the NAV/share.
During 2024, Carmudi’s full-year loss was reduced by 83% to -1.1 mSEK. EveHR recorded a +16% y-o-y revenue increase and significantly improved its financial performance, reducing its net loss by 55% to -1.5 mSEK. Liven demonstrated healthy growth, with revenues up +35%, while its net loss decreased by 40%, from -1.8 mSEK to -1.0 mSEK.
Following the cessation of divestiture negotiations along with creditor demands for principal repayment, DragonLend initiated a controlled wind-down of its loan portfolio in line with the settlement agreement with its creditors. From Q2 2024, DragonLend's operations were reclassified as ‘Discontinued operations’ and reported under ‘Other operating costs’ in Fram’s financial statements. The total cost associated with these discontinued operations amounted to 1,519 kSEK.
In order to create an appropriately sized cash buffer, Fram also sold down the vast majority of the shares in SEA Group during the year, at an average exit price in line with its original entry price.
The current portfolio of Fram consists of 4 holdings - 3 private companies and 1 public company, with a total invested amount of 36.1 mSEK. The largest position in the portfolio is Carmudi, representing ca. 70% of NAV, followed by EveHR at 12% and Liven at 11%. The share price appreciation in the group’s public holding, SEA Group, is approaching +100% since Fram’s first entry. As Carmudi and EveHR are approaching/at breakeven, the group will consider new allocations for its surplus cash to improve its return.