Scandinavian Credit Fund I AB (publ) reports a NAV rate for January of NAV 73.33. It is down by 0.52%.
No new lending took place either to external borrowers or to the majority-owned companies during January.
During January, the fund closed the remaining currency hedges. This means that the fund lowers the running costs. Volatility in the fund's NAV will increase somewhat in the future, depending on the development of the Swedish krona. The fund has, in descending order, assets in USD, NOK, EUR, GDP and DKK. During January, the Swedish krona weakened against all these currencies and the NAV was positively affected by SEK 22 million, corresponding to 0.95%.
During January, the fund assessed that the profit sharing agreement that the fund has on raw land with a property developer will not be able to materialize. This entailed a write-off of SEK 26 million that took place during January.
Pledged assets
The three majority-owned companies managed without liquidity additions during January and the assessment is that they will also do so during February. The fund works in close collaboration with the respective company management to develop the businesses and thereby increase their value.
Three of the cottages in Björnrike have now been sold and there will therefore not be a need for further lifting to finance the operation. A cabin now fully equipped for rent via Skistar. The fund will evaluate the rental income to assess whether more cabins should be equipped for rental. Idetfjallby | Mountain cabins in Björnrike/Vemdalen.
Management strategy
The fund works actively to manage and refine the assets. Hans Westerberg is now chairman of the board of the three shareholdings. What these companies have in common is to lower the cost mass to get a lower break-even level and thus become less sensitive to loss of revenue.
Refund
The fund receives many questions regarding when the next repayment will take place. As previously communicated, it will happen in Q1 2024 at the earliest and the fund will return when it becomes relevant.
Repayments are made via Euroclear as repayment of capital. No withholding tax is therefore deducted. Taxation of the shares is done according to current taxation rules, depending on which form of savings was used. The fund cannot answer questions regarding taxation as the fund does not have insight into individual investors' savings, but it is a matter between the investor and its advisors and custodian institutions.
Repayment takes place when the fund has accumulated enough cash for repayment to be meaningful. This is because the repayments are associated with administrative work and costs.
The record day for repayments will henceforth 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 refund is made five working days later.
The payment is paid pro rata to the Fund's shareholders. More information about repayment is communicated on the fund's website: https://kreditfonden.se/
