Financial Report for the Third Quarter and First Nine Months 2017 (VNV Global)

Summary

• Net result for the period was $16.43 million, with earnings per share of $0.19.p.1
• Net asset value was $735.80 million on September 30, 2017, corresponding to $8.68 per share.p.1
• Net asset value per share in USD increased by 2% over the period and decreased by 1% during the quarter.p.1
• The Company issued corporate bonds of SEK 600 million with a fixed interest rate of 5.50 per cent per annum, maturing on June 22, 2020.p.1
• The stake in Avito is valued at $458.5 million ($3.5 billion for the entire company), a 2.0% increase in valuation, and represents a 13.3% holding.p.7

Key insights

1. Monetization at leading classifieds exceeds $10 per internet capita, and Avito is optimistic about reaching similar levels.p.2
2. Vertical classifieds such as REA can reach $20 per internet capita, while multi-verticals like Finn or TradeMe reach $30.p.2
3. BlaBlaCar has less than two percent of the 3 billion annual people-trips of 100-800 km in Europe.p.2
4. Reaching BlaBlaCar's penetration in France in all countries would result in 150 million+ members.p.2
5. Avito is expected to be able to reach best in class margins of at least 70%.p.5
6. BlaBlaCar has over 50 million members in 22 countries.p.8
7. OneTwoTrip serves the underpenetrated $63 billion Russian travel market.p.10