Three Months Report 2012 (VNV Global)

Summary

• Net result for the period was USD 44.47 million, with earnings per share of USD 0.46.p.3
• Net asset value was USD 523.60 mln on March 31, 2012, or USD 5.39 per share.p.3
• Net asset value per share increased by 6.41% while the RTS index increased by 18.52% in USD terms.p.5
• The three biggest investments are TNK-BP Holding (22.7%), Black Earth Farming (15.3%) and Tinkoff Credit Systems (11.8%).p.5
• Avito raised USD 75 mln in new equity, bringing in Baring Vostok Private Equity and Accel Partners.p.4
• Liquid assets of the group amounted to USD 119.08 mln on March 31, 2012.p.12

Key insights

1. Baring Vostok has invested some USD 1.5 bln in 54 companies since its launch in 1994.p.4
2. Avito's revenue amounted to approximately USD 8.5 million in 2011, compared with approximately USD 1 million in 2010.p.9
3. Tinkoff Credit Systems retail deposits increased by 110.8% in 2011, from USD 169.9 mln to USD 358.4 mln.p.10
4. The Tinkoff Credit Systems net loan portfolio increased by 104.2% in 2011, from USD 300.6 mln to USD 613.8 mln.p.10
5. Black Earth Farming sales revenue for full year 2011 was USD 64.2 million compared with USD 44.4 million in 2010.p.8
6. RusForest's rights issue will provide approximately SEK 452 million before costs.p.11