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Scandinavian Credit Fund I AB (publ) reports a NAV rate for August of 79.94. That's down 3.40 %.
The fund's decline is explained exclusively by a negative development for Scooper, as a write-down of almost SEK 100 million was made during the month. No payments to shareholders have been made during the month.
The fund has not had any new lending during August, however, a lift has been carried out on already granted credits corresponding to approximately SEK 4 million. During the month, a derivative product was sold for approximately SEK 13 million.
Pledged assets
The fund has mortgaged credits corresponding to approximately 60 percent of the current NAV. Pledges are collateral that the fund takes when taking out loans and has the purpose of protecting the fund as a lender when issued credits cannot be paid according to plan. The pledges are included in the NAV at their assessed market values.
The management of the Norwegian loan intermediary company Scooper revised down its forecast for 2023 during August. This meant that the fund adjusted down the assessed market value by almost SEK 100 million. The business model has been negatively affected by the rapidly rising market interest rates, which is why earnings have fallen. The company has therefore decided on a strategy change from growth focus to cash flow focus.
The Danish electricity distributor Blue Energy has been adversely affected by fierce price competition and has lost customers. The fund has decided to wind down operations under orderly conditions. The shareholding is almost completely written down.
The third shareholding in which the fund is the majority shareholder is Global Scanning. They have a world market share of around 70 percent for industrial scanners. The fund assesses that there is no need for impairment at the present time.
The fund is also the owner of properties in Kopparberg, Norrtälje and in Björnrike, Idetfjallby | Mountain cabins in Björnrike/Vemdalen. The fund works to refine the properties, both in terms of building technology and letting.
Management strategy
The fund works actively to manage and refine the assets. Hans Westerberg is now chairman of the board of Blue Energy, Global Scanning and Scooper. What these companies have in common is that they must lower the cost mass in order to achieve a lower break-even level and thus become less sensitive to loss of revenue.
Payment
Payments are made via Euroclear as repayment of capital. No withholding tax is therefore deducted. Taxation of the shares is done according to current capital gains taxation.
Payment is made when the fund has accumulated enough cash for the payment to be meaningful. This is because the payments are associated with administrative work and costs.
The settlement date for payments will in future take place on the same day as the monthly NAV, i.e. the last day of the month. And published on the first working day of the month. The payment is made five working days later.
The payment is paid pro rata to the Fund's shareholders. More information about the payment is communicated on the Fund's website: kreditfonden.se
There you can also find a section with FAQ (frequently asked questions). Questions and answers are updated continuously and as new questions are received by the Fund within 2-3 banking days.