Financial Report for the First Quarter 2019 (VNV Global)

Summary

• On January 25, 2019 Vostok announced it had sold all its shares in Avito for a total consideration of USD 540 mln.p.1
• Vostok distributed SEK 25 per share (USD 215.3 mln) through a mandatory split and redemptions program.p.1
• Net asset value was USD 584.87 mln on March 31, 2019 (December 31, 2018: 876.71), or USD 7.57 per share (December 31, 2018: 10.37).p.1
• NAV per share in USD decreased by 27.0%, and by 0.1% when adjusted for the SEK 25 distribution.p.1
• Follow-on investments were USD 10.1 mln in VOI, USD 2.3 mln in Gett and USD 0.2 mln in Shwe Property, plus a new USD 7 mln investment in Shohoz.p.1
• Net result for the quarter was USD -26.58 million, against 26.24 a year earlier.p.1
• The portfolio is Mobility 44.8%, Classifieds 16.1% and Digital Health 6.7%, with cash at 24.9%.p.5

Key insights

1. VOI raised a total of USD 30 mln during the quarter.p.6
2. BlaBlaLines has 500k members, and BlaBlaBus is planned to connect 60 cities across Germany and Benelux in its first year.p.6
3. Property Finder increased its stake in Zingat of Turkey to nearly 40% from 17%.p.3
4. The liquid assets of the group amounted to USD 150.38 mln.p.7