Vostok Nafta Three Months Report 2015 (VNV Global)

Summary

• Net result for the period was USD 12.83 million, with earnings per share of USD 0.17.p.2
• Net asset value was USD 398.51 million on March 31, 2015, or USD 5.42 per share.p.2
• Net asset value per share in USD increased by 2.58%, while the RTS index increased by 11.35%.p.5
• Avito first quarter revenues were RUB 1,207 million (USD 20.6 million), up 42%, with an adjusted EBITDA margin of 46.4%.p.6
• Recruit acquired 100% of Quandoo at a valuation of approximately EUR 214 million, an expected 2.3x return on invested capital and an IRR of 242%.p.8

Key insights

1. The company sold all its shares in Quandoo for a total consideration of USD 12.5 million.p.16
2. Gross investments in financial assets were USD 4.07 million (2014: 54.35) and proceeds from sales were USD 23.62 million.p.9
3. The company owns EUR 25 million in senior secured debt of Delivery Hero.p.9
4. It sold 85% of the Delivery Hero equity component for a total consideration of USD 9.3 million.p.16
5. Tinkoff Bank cut approval rates down to 15%, grew its loan portfolio by 12.8% and acquired over 560,000 new active customers.p.7
6. Gett has 10 million app users across the 32 cities where it is active.p.2
7. The new Avito valuation is roughly 7.5% higher than the valuation as per December 31, 2014.p.6