Nine Months Report 2009 (VNV Global)

Summary

• Net result for the first nine months of 2009 was USD 103.61 mln, with earnings per share of USD 1.16.p.1
• Net asset value was USD 451.24 mln, corresponding to USD 4.47 per share.p.1
• Net asset value per share in USD decreased by 17.05% over the period; excluding new share issues it would have been +29.87%.p.1
• The RTS index increased by 81.91% in USD terms over the same period.p.1
• In the third quarter, net asset value per share in USD increased by 19.87% against +27.10% for the RTS index.p.1
• Liquid assets of the group amounted to USD 0.81 mln on September 30, 2009.p.3

Key insights

1. The result from financial assets at fair value through profit or loss amounted to USD 99.32 mln.p.2
2. Administrative costs at Black Earth Farming can be reduced by more than 20 percent over time as land registration nears completion.p.5
3. Tinkoff Credit Systems showed a net profit of USD 12.3 million with a 63 percent return on equity for the first nine months of 2009.p.6
4. RusForest harvested volumes increased by 18 percent to 459,000 m3 and sawmilling volumes by 37 percent to 125,000 m3.p.7
5. TNK-BP Holding's shares trade at a 30 to 40 percent discount to Russian peers.p.8
6. The Sayano-Shushenskaya accident killed 75 people and led to EBITDA estimate cuts of 10 to 20 percent.p.8
7. China consumes around 2.5 billion tons of thermal coal per annum and is set to add 60 to 100 GW of generating capacity each year.p.9