Six Months Report 2016 (VNV Global)

Summary

• Net result for the period was USD 23.08 million (January 1, 2015-June 30, 2015: 52.78), and earnings per share were USD 0.31 (0.72).p.1
• Net asset value was USD 526.33 mln on June 30, 2016 (December 31, 2015: 503.44), corresponding to USD 7.17 per share (6.85).p.1
• Net asset value per share in USD increased by 4.3% in the first half and by 3.5% during the second quarter.p.1
• The company placed three-year senior secured bonds of SEK 300 million, maturing in June 2019 with a fixed coupon of 6.50%.p.1
• The company agreed to acquire another EUR 40 mln of BlaBlaCar shares and now owns just over 5%.p.2
• Following the Volkswagen investment of USD 300 mln in Gett, Vostok's holding is valued at USD 48.3 mln, up approx. 92% from entry level.p.23

Key insights

1. Gett and BlaBlaCar together represent close to 22% of net asset value.p.2
2. Gett has raised over $520 million in venture funding and serves more than 5,000 corporations.p.5
3. Delivery Hero has over 300,000 restaurants connected and operates in 33 countries.p.11
4. Kite Ventures debt carries 13% annual nominal interest.p.11
5. Gross investments in financial assets were USD 17.54 mln over six months (2015: 18.43).p.12
6. Liquid assets amounted to USD 40.07 mln on June 30, 2016 (December 31, 2015: 43.66).p.12
7. Avito is valued on the basis of the latest transaction, which values the company at USD 2.48 bln.p.22