VNV Global Ltd.
Financial Statement Release
Vostok New Ventures Ltd. Financial Report for the Fourth Quarter 2016 and the Period January 1, 2016–December 31, 2016
Stockholm, 2017-02-15 08:00 CET --
- Net result for the period was USD 135.47 million (mln) (January 1, 2015–December 31, 2015: 145.18). Earnings per share were USD 1.77 (1.97).
- Net result for the quarter was USD 51.54 mln (-5.3). Earnings per share for the quarter were USD 0.63 (‑0.07).
- The net asset value of Vostok New Ventures (“Vostok” or “the Company”) was USD 725.52 mln on December 31, 2016 (December 31, 2015: 503.44), corresponding to USD 8.47 per share (December 31, 2015: 6.85). Given a SEK/USD exchange rate of 9.0971 the values were SEK 6,600.09 mln (December 31, 2015: 4,204.90) and SEK 77.02 per share (December 31, 2015: 57.21), respectively.
- The group’s net asset value per share in USD increased by 23.6% over the period January 1, 2016–December 31, 2016.
- During the quarter, October 1, 2016–December 31, 2016 the group’s net asset value per share in USD increased by 7.5%.
- The increase of the group’s net asset value per share in USD during the quarter is mainly driven by a revaluation of the investment in Avito.
- During the quarter, Vostok New Ventures acquired secondary shares in Comuto SA (“BlaBlaCar”) in the amount of approximately EUR 32 mln at the same valuation as Vostok’s previous investment in BlaBlaCar in July 2016. Following the acquisition, Vostok owns approximately 8.0% of the shares in BlaBlaCar.
- Vostok New Ventures agreed during the fourth quarter of 2016 to invest into Sweden’s largest online property portal, Hemnet, through a co-investment vehicle. The Company invested SEK 93.3 mln (USD 10.3 mln) in the co-investment vehicle, which translates into equity exposure of approximately 7.0% of Hemnet on a fully diluted basis.
- In December 2016, Vostok New Ventures agreed to invest an additional USD 5.8 mln in OneTwoTrip through a purchase of secondary shares from an existing shareholder. Following the transaction, Vostok owns 14.6% of the company on a fully diluted basis.
- Vostok New Ventures sold all of its shares in IZH Holding (Zameen and Bayut) in December 2016 for a total consideration of USD 4.7 mln. This represents a multiple of 2.4x on invested capital over the 18 months from the initial investment.
- The number of outstanding shares at the end of the period was 85,688,309.
The Company will hold a telephone conference with an interactive presentation at 17:00 CET (11:00 a.m. ET) Wednesday, February 15. For call-in details, see separate press release issued Wednesday, February 8, at www.vostoknewventures.com.
For further information please contact:
Björn von Sivers, Head of Investor Relations, Tel +46 8 545 015 50
Vostok New Ventures Ltd, formerly Vostok Nafta Investment Ltd, is an investment company with the business concept of using experience, expertise and a widespread network to identify and invest in assets with considerable potential for value appreciation. The company has a special focus on online marketplaces and businesses with strong network effects. The Swedish Depository Receipts (SDRs) of Vostok New Ventures are listed on Nasdaq Stockholm, Mid Cap segment, with the ticker VNV SDB. For more information on Vostok New Ventures, visit www.vostoknewventures.com.
This information is information that Vostok New Ventures Ltd is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on February 15, 2017.