Three Months Report 2016 (VNV Global)

Summary

• Net result for the period was USD 4.14 million (January 1, 2015-March 31, 2015: 12.83), and earnings per share were USD 0.06 (0.17).p.1
• Net asset value was USD 507.59 mln on March 31, 2016 (December 31, 2015: 503.44), corresponding to USD 6.91 per share (6.85).p.1
• Net asset value per share in USD increased by 0.83% while the RTS index increased by 15.74% in USD terms.p.1
• The company invested USD 20 mln for 10% of Propertyfinder, paying USD 5 mln in December 2015 and USD 15 mln in the first quarter 2016.p.1
• Avito showed some 86% growth year-on-year in Q1 with EBITDA margins of 47%.p.2
• The company invested USD 1.2 mln (SEK 10 mln) in Carable and mandated a repurchase of up to 10% of outstanding shares.p.1

Key insights

1. In Avito's November 2015 transaction, a buyer increased its stake from 17.4% to 67.9% at an equity valuation of USD 2.7 bln, leaving Vostok with 13.3%.p.4
2. Vostok received a USD 30.6 mln dividend from Avito in late December 2015.p.4
3. Gett is valued at USD 34.5 mln, up 34.6% from entry level, after MCI invested USD 20 mln in the company.p.5
4. BlaBlaCar has over 20 million members in 19 countries and has raised more than USD 300 mln in funding.p.6
5. Delivery Hero has over 200,000 restaurants connected in 24 countries, and its loan carries a nominal interest rate of 7.25-10.25%.p.10
6. Gross investments in financial assets were USD 15.03 mln in the first quarter (2015: 4.07).p.11
7. Liquid assets amounted to USD 28.19 mln on March 31, 2016 (December 31, 2015: 43.66).p.11