Vostok Nafta Investment Annual Report 2012 (VNV Global)

Summary

• Net asset value per share in USD increased by 31.32% in 2012, while the RTS index decreased by 10.50% in USD terms.p.5
• TCS Bank reported a net profit of USD 122 mln on revenues of USD 658 mln, a return on average equity of nearly 59%.p.3
• Horizon Capital paid a total of USD 40 million for 4 percent of TCS Bank, valuing it at USD 1 billion and generating a positive result of USD 57 million.p.9
• Vostok Nafta's stake in Avito was reduced from 23.8 percent to 13.8 percent following two transactions in the company.p.5
• Avito showed revenues of approximately USD 30 mln in 2012 compared to USD 9 mln in 2011.p.10

Key insights

1. The company's stock price rose by some 73% in USD during 2012.p.3
2. TCS Bank's net credit card portfolio grew by 141% to USD 1.7 bln, giving it a 7.2% market share.p.3
3. TCS retail deposits increased by 143% from USD 358.4 mln in 2011 to USD 878 mln in 2012.p.9
4. Following the Naspers transaction, Naspers holds an 18.6% stake in Avito.p.11
5. Black Earth Farming reported a first full year net profit of USD 7.2 mln for 2012 compared with a net loss of USD 44.2 mln in 2011.p.13
6. After the RusForest restructuring Nova will hold 25%, current shareholders 25% and previous bondholders the remaining 50%.p.4
7. The investment portfolio decreased by USD 123.55 mln during 2012.p.5