Financial Report for the Fourth Quarter and Twelve-Month Period 2019 (VNV Global)

Summary

• Net asset value was USD 776.98 million on December 31, 2019 (December 31, 2018: 876.71), or USD 9.94 per share (December 31, 2018: 10.37).p.1
• NAV per share in USD increased by 30.0%, adjusted for the SEK 25 redemption program, driven by the revaluation of BlaBlaCar, Babylon and VOI.p.1
• The sale of Avito at a 37% IRR over 11 years funded a USD 215 mln special dividend and some USD 54 mln in buy backs.p.3
• By category the portfolio is Mobility 53.0%, Digital Health 24.9% and Classifieds 17.0%.p.7
• Gross investments in financial assets were USD 215.67 mln (2018: 56.33) and proceeds from sales USD 539.87 mln (2018: 1.09).p.9

Key insights

1. BlaBlaCar noted 20.7 mln passengers in the fourth quarter of 2019, a 37.5% increase on the same quarter in 2018.p.4
2. Babylon's first close of USD 400 mln of a USD 550 mln round was at USD 1.5 bln pre-money.p.3
3. Babylon delivered 1.6 mln consultations with a health professional and 1.5 mln AI consultations in 2019.p.3
4. BlaBlaCar ended 2019 with 89.2 mln members, against 71.3 mln at the end of 2018 and 54.8 mln at the end of 2017.p.9
5. VOI raised USD 85 mln in primary capital in its November 2019 round, with Vostok New Ventures participating with USD 47.5 mln.p.10
6. Gett serves over 17,000 companies globally, including a third of the Fortune 500.p.5
7. The total amount outstanding under the company's bond loan is SEK 650 mln after a SEK 100 million subsequent issue in November 2019.p.1