Vostok New Ventures Six Months Report 2015 (VNV Global)

Summary

• Net result for the period was USD 52.78 million, with earnings per share of USD 0.72.p.1
• Net asset value was USD 438.43 million on June 30, 2015, or USD 5.97 per share.p.1
• Net asset value per share in USD increased by 13.78% over the period, while the RTS index increased by 17.30%.p.1
• In the second quarter the company made three new investments: USD 4.5 million in Naseeb Networks, USD 2.4 million in Wallapop and USD 2 million in IZH Holding.p.1
• Avito second quarter revenues were RUB 1,572 million (USD 28.3 million), up 47%, with an adjusted EBITDA margin of 50.5%.p.5
• On July 16, 2015 the subsidiary Vostok Emerging Finance, holding the Tinkoff stake, was spun off to shareholders.p.6

Key insights

1. The company put USD 4 million into OneTwoTrip.p.3
2. Gett is active in four countries across 30 cities and has over 2,000 corporate clients.p.7
3. Gett's addressable market within its existing markets is worth some USD 30 billion.p.7
4. The company owns EUR 25 million of Delivery Hero senior secured debt with a 9.5-10.5% annual nominal interest.p.9
5. In February the company sold 85% of the Delivery Hero equity component for approximately USD 9.4 million.p.9
6. The total Naseeb Networks funding round amounted to USD 6.5 million and included Piton Capital.p.8
7. Avito page views amounted to 24 billion, compared with 17 billion in the same period of the previous year.p.5