Vostok Nafta Investment Six Months Report 2014 (VNV Global)

Summary

• Net result for the period was USD –91.04 million, compared with –24.68 in the same period of 2013.p.3
• Net asset value was USD 428.94 mln on June 30, 2014 (December 31, 2013: 633.97), or USD 5.73 per share (7.05).p.3
• Net asset value per share in USD decreased by 18.75% over the period January 1, 2014–June 30, 2014, while the RTS index decreased by 32.34%.p.6
• Vostok Nafta invested USD 8 mln in Yell.ru in the context of a total raise of USD 11 mln.p.9
• After the reporting period, Vostok Nafta made a USD 7.5 mln investment in Quandoo and a USD 25 mln investment in GetTaxi.p.17

Key insights

1. Quandoo is currently in 78 cities across 8 EMEA markets.p.4
2. GetTaxi's revenues are typically some 15–30% of the fare value, in a taxi services market of some USD 30 bln.p.5
3. The Russian e-commerce market is expected to grow to approximately USD 25 bln in 2016 according to Goldman Sachs Investment Research.p.7
4. TCS reported a net loan portfolio of RUB 75 bln as of March 31, 2014, up 37% since the end of 1Q 2013.p.8
5. Yell.ru had 3.2 mln UMVs in June 2014 compared to 1.3 mln in June 2013.p.9
6. Liquid assets of the group amounted to USD 69.28 mln on June 30, 2014 (December 31, 2013: 246.57).p.10
7. Vostok Nafta owns 33.3% of the total shares outstanding in Yell.ru.p.9