Twelve Months Report 2016 (VNV Global)

Summary

• Net result for the period was USD 135.47 million (2015: 145.18), and earnings per share were USD 1.77 (1.97).p.1
• Net asset value was USD 725.52 mln on December 31, 2016 (December 31, 2015: 503.44), corresponding to USD 8.47 per share (6.85).p.1
• Net asset value per share in USD increased by 23.6% over 2016 and by 7.5% during the fourth quarter.p.1
• Avito grew revenues by 75% to RUB 11,678 mln during 2016 with an EBITDA margin of 54%.p.2
• During the quarter the company acquired secondary shares in BlaBlaCar of approximately EUR 32 mln and now owns approximately 8.0% of the company.p.1
• The company invested SEK 93.3 mln (USD 10.3 mln) in a co-investment vehicle, translating into exposure of approximately 7.0% of Hemnet.p.1
• Gross cash investments in financial assets were USD 31.66 mln over twelve months (2015: 78.81), and proceeds from sales were USD 7.83 mln.p.12

Key insights

1. Avito is valued at USD 449.3 mln, a 37% increase compared with the latest transaction in October 2015.p.4
2. Vostok bought 7.0% of OneTwoTrip in secondary shares for roughly USD 5.8 mln and now owns 14.6% of the company.p.2
3. BlaBlaCar has over 40 million members in 22 countries and has raised more than USD 300 mln in funding.p.5
4. Gett has raised over USD 640 million in venture funding and is active across 60+ cities.p.5
5. Gett secured a seven-year USD 100 mln debt facility with Sberbank Investments LLC.p.6
6. Delivery Hero connects over 300,000 restaurants and operates in 33 countries.p.12
7. Result from financial assets was USD 133.84 mln (2015: 120.81), mainly from the revaluation of Avito, Gett, Wallapop and Merro.p.12