Vostok New Ventures Nine Months Report 2015 (VNV Global)

Summary

• Net result for the period was USD 150.46 million, with earnings per share of USD 2.04.p.1
• Net asset value was USD 508.71 million on September 30, 2015, or USD 6.92 per share.p.1
• Net asset value per share in USD increased by 32.02% over the period, while the RTS index decreased by 0.12%.p.1
• In the third quarter the company made four new investments: USD 1 million in el Basharsoft, USD 7.5 million in Merro, USD 4 million in OneTwoTrip and USD 34 million in BlaBlaCar.p.1
• Naspers increased its stake in Avito from 17.4% to 67.9% at an equity valuation of USD 2.7 billion.p.5
• Gross investments in financial assets were USD 69.89 million and proceeds from sales were USD 60.44 million over the nine months.p.10

Key insights

1. Vostok Emerging Finance, holding Tinkoff Bank, was spun off to shareholders and trading in its SDRs started on July 16, 2015.p.1
2. Vostok invested EUR 30 million in BlaBlaCar as part of a USD 200 million round and owns approximately 2.1% on a fully diluted basis.p.7
3. Vostok remains a minority shareholder in Avito with a 13.3% stake.p.5
4. OneTwoTrip serves the USD 63 billion Russian travel market.p.8
5. The EUR 25 million Delivery Hero senior secured loan was restructured with a nominal interest rate of 7.25-10.25% and matures in August 2018.p.9
6. Liquid assets amounted to USD 1.78 million on September 30, 2015, compared with USD 14.05 million on December 31, 2014.p.10