Annual Report 2018 (VNV Global)

Summary

• Net asset value was USD 876.71 mln on December 31, 2018, corresponding to USD 10.37 per share.p.9
• NAV per share in USD decreased by 0.4% over 2018, while the MSCI Emerging Markets index decreased by 16.6% in USD terms.p.9
• The investment portfolio increased by USD 21.66 mln during 2018.p.9
• The four biggest investments were Avito (55.5%), BlaBlaCar (16.2%), Gett (5.7%) and Property Finder (4.1%).p.9
• Investments were made in ten new portfolio companies, including Busfor (USD 8.5 mln) and Booksy (USD 7.0 mln).p.9
• Vostok first invested in Babylon in mid 2017 and owns 10% of the company.p.6

Key insights

1. Vostok sold its remaining shares in Delivery Hero for USD 1.1 mln during 2018.p.9
2. The Company partly redeemed its 2017/2020 unsecured bonds of SEK 600 mln listed on Nasdaq Stockholm and issued new 2018/2022 bonds.p.9
3. Babylon completed 71,692 consultations in one week, of which 50,479 were AI and 21,213 human.p.6
4. 95% of Babylon consultations completed last year received a 4 or 5-star rating.p.6
5. Around a third of all adults in Rwanda now use Babylon's service.p.6