Vostok New Ventures Twelve Months Report 2015 (VNV Global)

Summary

• Net result for the period was USD 145.18 million, with earnings per share of USD 1.97.p.1
• Net asset value was USD 503.44 million on December 31, 2015, or USD 6.85 per share.p.1
• Net asset value per share in USD increased by 30.65% over the year, while the RTS index decreased by 4.26% in USD terms.p.1
• Naspers increased its stake in Avito from 17.4% to 67.9% at an equity valuation of USD 2.7 billion.p.1
• The company obtained a USD 25 million secured credit facility from Pareto Bank ASA, Pareto Securities AB and Pareto Securities AS.p.1
• Gross investments in financial assets were USD 78.81 million and proceeds from sales were USD 61.64 million over the twelve months.p.10

Key insights

1. The company made a EUR 3.5 million (USD 4 million) investment in Wallapop.p.1
2. Vostok agreed to invest USD 20 million for 10% of Propertyfinder, with USD 5 million disbursed first and USD 15 million to follow.p.7
3. Liquid assets amounted to USD 43.66 million on December 31, 2015, up from USD 14.05 million on December 31, 2014.p.10
4. Vostok received a USD 30.6 million dividend from Avito and remains a minority shareholder with a 13.3% stake on a fully diluted basis.p.5
5. Dividend and coupon income was USD 31.54 million, of which USD 30.57 million came from Avito dividends.p.10