Annual Report 2016 (VNV Global)

Summary

• The group's net asset value was USD 725.52 mln at December 31, 2016, equal to USD 8.47 per share, up 23.6% over the year.p.9
• Avito grew 2016 revenues by 75% to RUB 11,678 mln (USD 192.5 mln), with an adjusted EBITDA margin of 54%.p.11
• Follow-on investments in 2016 went to BlaBlaCar (USD 79.6 mln), OneTwoTrip (USD 8.3 mln) and Merro (USD 1.2 mln).p.9
• Over the same period the RTS index increased by 52.2% and the MSCI Emerging Markets index by 8.6% in USD terms.p.9
• BlaBlaCar has over 40 million members in 22 countries and has raised more than USD 300 mln in funding to date.p.12

Key insights

1. Vostok New Ventures values its stake in Avito at USD 449.3 mln, a 37% increase compared with the latest transaction in October 2015, and owns 13.3% of the company.p.11
2. Gett's transaction with the Volkswagen Group values the company at over USD 1 bln, and Gett secured a seven-year USD 100 mln debt facility with Sberbank Investments.p.15
3. BECO Capital saw 950 deals last year versus around 200 in 2013 and invests in less than one percent of what it sees.p.6
4. Over a billion dollars went into the MENA technology ecosystem from 2013 to 2016, against about 50 million dollars in the decade 2000-2010.p.6
5. Vostok New Ventures invested USD 20 mln for 10% in primary equity of Propertyfinder.p.16
6. The Delivery Hero debt carries a nominal interest rate of 7.25-10.25% and was funded with EUR 25 mln of senior secured debt.p.21
7. During 2016 the company sold all its shares in Zameen (USD 4.7 mln) and refinanced its USD 25 mln credit facility with a SEK 300 mln senior secured bond.p.9
8. In the MENA region, 160 million people include 85 million connected and about 45 million digitized consumers, against a 50 million tipping point.p.5