Financial Report for the Second Quarter and the First Six Months 2019 (VNV Global)

Summary

• Net asset value was USD 697.74 million on June 30, 2019 (December 31, 2018: 876.71), or USD 8.94 per share (December 31, 2018: 10.37).p.1
• NAV per share in USD, adjusted for the SEK 25 distribution, increased by 17.9%, driven by the revaluation of Babylon (USD 102.8 mln), VOI (USD 5.8 mln), Hemnet (USD 4.1 mln) and Booksy (USD 3.4 mln).p.1
• Babylon announced a round of USD 500 mln with an option to raise a further USD 50 mln at a post money valuation of USD 2 bln; Vostok invested a further USD 71 mln.p.2
• Vostok invested USD 16 mln in return for a 10% stake in SWVL.p.2
• Gross investments were USD 91.83 mln (2018: 39.76) and proceeds from sales USD 539.87 mln (2018: 1.09).p.8
• The portfolio is Mobility 47.0%, Digital Health 21.9% and Classifieds 16.1%.p.6

Key insights

1. Net result for the second quarter was USD 112.48 mln, against -14.07 a year earlier.p.1
2. In April 2019 Vostok invested USD 16.3 mln in Gett and USD 7.7 mln in Babylon through a convertible note.p.1
3. The Board awarded the Managing Director an extraordinary bonus of USD 15 mln following the exit of Avito.p.1
4. Dostavista addresses a market of USD 400 bln globally, with one million couriers registered.p.3
5. SWVL's target is USD 1 bln in GMV by 2023, and its Nairobi operation reached Cairo's size in six weeks versus 10 months.p.3
6. JamesEdition features over 100,000 items and has more than 10 million monthly page views.p.8
7. In May 2019 Booksy closed a round in which Vostok participated with USD 3.5 mln, and in June Vostok invested USD 11.7 mln in VOI through a convertible note.p.9