Financial Report for the Fourth Quarter and Twelve Months 2018 (VNV Global)

Summary

• Net result for the period was USD -4.86 million, against 161.39 in the previous year.p.1
• Net asset value was USD 876.71 mln on December 31, 2018, corresponding to USD 10.37 per share.p.1
• NAV per share in USD decreased by 0.4% over 2018 and by 3.9% during the fourth quarter.p.1
• BlaBlaCar agreed to acquire Ouibus from SNCF and announced a EUR 101 mln funding round.p.1
• The BlaBlaCar transaction led to a positive revaluation of Vostok's holding by approximately 34.8% or EUR 35.6 mln.p.1
• On January 25, 2019, Vostok announced it had sold all its shares in Avito for a total consideration of USD 540 mln.p.1
• Avito produced a 34x return on invested capital, equal to an IRR of some 37%.p.2

Key insights

1. Earnings per share were USD -0.06 for the period against 1.94 a year earlier.p.1
2. A Special General Meeting on February 14 was to vote on a distribution of some USD 236 mln, or SEK 25 per SDR.p.2
3. 85% of Avito's total active items are in the General categories.p.4
4. Personal belongings and Children's goods alone make up 40% of Avito's active items.p.4
5. Up to 75% of revenue in Avito General is estimated to come from professionals.p.5