Financial Report for the Second Quarter and First Six Months 2017 (VNV Global)

Summary

• Net result for the period was $8.64 million, with earnings per share of $0.10.p.1
• Net asset value was $733.28 million on June 30, 2017, corresponding to $8.56 per share.p.1
• Net asset value per share in USD increased by 1.1% over the period but decreased by 1.3% during the quarter, mainly due to a revaluation of Avito.p.1
• Vostok announced a £17.3 million investment in the digital healthcare provider babylon.p.1
• Avito posted revenues of RUB 7,155 million for the first six months, 38% growth, with an EBITDA margin of 62%.p.2
• The stake in Avito is valued at $430.3 million ($3.2 billion for the entire company), a 4.0% decrease, and represents 51.4% of the portfolio.p.4

Key insights

1. Avito's quarterly revenues of RUB 3,865 million were up 32%, with an EBITDA margin of 64%.p.2
2. Uber is investing $225 million into the combined Yandex and Uber Russia company, which has an agreed valuation of $3.73 billion.p.2
3. The Company issued SEK 600 million of bonds at a fixed 5.50 per cent per annum, maturing on June 22, 2020.p.1
4. Vostok received $6.8 million in dividends from Avito in January 2017.p.4
5. BlaBlaCar has over 40 million members in 22 countries.p.5
6. Wallapop's value rose 60% year to date.p.7
7. Delivery Hero repaid its loan of EUR 25 million after its IPO on the Frankfurt stock exchange.p.12