Financial Report for the First Quarter 2018 (VNV Global)

Summary

• Net result for the period was USD 26.24 million, against 17.33 in the same period of 2017.p.1
• Net asset value was USD 906.35 mln on March 31, 2018, corresponding to USD 10.72 per share.p.1
• NAV per share in USD increased by 3.1% during the quarter, mainly driven by the revaluation of Avito and Propertyfinder.p.1
• Vostok made two new investments: Housing Anywhere (EUR 3.3 mln) and Booksy (USD 6 mln).p.1
• Vostok received USD 10.2 mln in dividends from Avito in January 2018.p.1
• Multiplying ARPPU with paying users yields 32% year-on-year growth at Avito.p.2
• Avito could generate revenues in the order of USD 500 mln and 60%+ EBITDA margins in 2020.p.2

Key insights

1. Earnings per share were USD 0.31 for the period against 0.20 a year earlier.p.1
2. Vostok invested USD 1 mln in El Basharsoft through a convertible note and USD 500k in Vezeeta through a convertible note.p.1
3. Vostok invested USD 1 mln in total in two ventures in Myanmar and USD 0.25 mln in Propertyfinder.p.1
4. Vostok lent EUR 4 mln in short-term debt to Marley Spoon as part of its liquidity management.p.1
5. NAV was SEK 7,576.74 mln, or SEK 89.87 per share, at a SEK/USD rate of 8.3596.p.1