Net asset value per share on 31 December 2011 amounted to EUR 8.69 (EUR 12.33^[1]). The total net asset value amounted to EUR 294m (EUR 430m), corresponding to a change of -7.4% (8.0%) during the fourth quarter (quarter-on-quarter) and a change of -31.7% (25.9%) since 31 December 2010

During the fourth quarter, the net result was EUR -25m (profit of EUR 38m), including EUR -23m (EUR 44m) changes in value on investments. Earnings per share amounted to EUR -0.61 (EUR 0.85) during the quarter. For the full year, the net result amounted to EUR -153m (profit of EUR 115m) and earnings per share amounted to
EUR -3.69 (EUR 2.55)

Cash, cash equivalents and other short term investments on 31 December 2011 amounted to EUR 39m (EUR 44m)

During the quarter, East Capital Explorer has continued to buy shares in TEO LT for an additional EUR 1.3m bringing the total investment during 2011 to EUR 3.3m. East Capital Explorer currently holds 3.4% of the company's shares. No further investment was made during the fourth quarter. During 2011, East Capital Explorer made new fund and direct investments amounting EUR 39.7m. Proceeds from divestments amounted to EUR 45.2m which resulted in profits of EUR 4.5m over the full investment period

In September, the board of East Capital Explorer decided to utilize its authorization to buy-back shares and in October, the board decided to prolong the share buy-back program until 30 March 2012. During the period 15 September until 31 December, East Capital Explorer repurchased 1,081,554 of its own shares at an average price of SEK 51.54 per share, which corresponded to 3.1% of the Company's outstanding number of shares

During December, external valuations were performed for East Capital Explorer's investments in Melon Fashion Group, Populi, and Trev-2 Group. As a result, on 31 December 2011 the fair value of the holding in Melon Fashion Group increased 1.4%, the fair value of Populi was reduced by 94%, and the fair value of the holding in
Trev-2 Group remained unchanged. The significant reduced value of Populi is due to the lacking improvement of the earlier announced problems in the company

On 15 October, Mia Jurke succeeded Gert Tiivas as CEO of East Capital Explorer