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(Alliance News) - Chrysalis Investments Ltd on Wednesday reported a net asset value fall in the first quarter of its financial year 2023, citing foreign exchange as the largest NAV detractor.
The announcement came a day after Chrysalis reported its financial year 2022 figures, noting a 41% annual decline in NAV.
The company said foreign exchange impacted its first quarter NAV by 3.30p per share.
Chrysalis, an investor in technology and finance startups said NAV per share at December 31 was 128.26 pence per share, down 46% from 237.86p a year prior and down 13% from 147.79p on September 30.
The company noted that an external valuer and independent valuation committee put a focus on a more "market-base approach."
Chrysalis's net cash at January 30 stood at GBP66 million, compared to cash of GBP66 million at February 18, 2022. With a further GBP12 million position in money transfer and lending firm Wise PLC, the company has a total liquidity of GBP78 million, down 27% from GBP107 million in mid-February 2022.
The firm said that 80% of portfolio is either profitable, funded, or has 2-year cash runway.
Meanwhile, while on Tuesday it largely blamed Stockholm-based payments and shopping service firm Klarna Bank AB for its decline in NAV over financial year 2022, on Wednesday it reiterated that Klarna expects to achieve run rate profitability during the second half of 2023. In March 2022, Klarna reported a pretax loss of SEK6.58 billion for 2021, around USD630 million, widened from SEK1.63 billion, around USD160 million, in 2020.
Chrysalis Investments shares were 2.3% lower at 84.75 pence each in London on Wednesday morning.
By Tom Budszus, Alliance News reporter
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