Vostok Nafta Annual Report 2014 (VNV Global)

Summary

• Net asset value was USD 388.47 million on December 31, 2014, or USD 5.24 per share.p.5
• Net asset value per share in USD decreased by 25.65% over the year, while the RTS index decreased by 45.19%.p.5
• New equity investments included Yell.ru (USD 8 million), Quandoo (EUR 5.5 million) and GetTaxi (USD 25 million), plus debt investments in Delivery Hero (EUR 25 million) and Kite Ventures (EUR 8 million).p.5
• Avito full year revenues were RUB 4,305 million (USD 76.5 million), up 79%, with an adjusted EBITDA margin of 50.6%.p.8
• Tinkoff Bank generated a net profit of RUB 3.4 billion and net interest income of RUB 30.8 billion, with a total capital ratio of 21.8% and a Tier 1 capital ratio of 15.9%.p.10
• Recruit acquired 100% of Quandoo at a valuation of approximately EUR 214 million, an expected 2.3x return and an IRR of 242%.p.13

Key insights

1. The investment portfolio decreased by USD 245.82 million over the year.p.5
2. Gross investments in financial assets were USD 145.33 million (27.81) and proceeds from sales were USD 67.00 million (252.04).p.21
3. Investment banks assign Avito valuations ranging from USD 1.8-3.5 billion.p.9
4. Vostok Nafta owns EUR 8 million of Kite Ventures senior secured debt carrying 13% annual nominal interest and a 2-year maturity.p.14
5. Yell.ru recorded over 3.7 million unique monthly visitors in December, up 74% year-on-year, with more than 700k reviews.p.4
6. Rocket Internet invested EUR 496 million in primary and secondary shares of Delivery Hero.p.14
7. There were approximately 9,850 shareholders at the end of December.p.17