Vostok New Ventures Ltd. Financial Report for the First Quarter 2019
Stockholm, May 15, 2019 (GLOBE NEWSWIRE) --
Key events during the quarter January 1, 2019–March 31, 2019
- On January 25, 2019, Vostok New Ventures (“Vostok” or “the Company”) announced it had sold all its shares in Avito for a total consideration of USD 540 mln.
- During the first quarter 2019, Vostok New Ventures distributed SEK 25 per share (USD 215.3 mln) through a mandatory split and redemptions program that was resolved at a Special General Meeting on February 14, 2019 and concluded on March 14, 2019.
- Following the sale of Avito, on January 28, 2019, the Company announced an early redemption of all outstanding bonds of series 2017/2020 and series 2018/2022. The redemption was completed on February 21, 2019.
- During the first quarter 2019 Vostok New Ventures made follow-on investments of USD 10.1 mln in VOI, USD 2.3 mln in Gett, USD 0.2 mln in Shwe Property and a new investment of USD 7 mln in Shohoz, a fast-growing ride-sharing service in Bangladesh.
Net asset value (NAV) and financial results
- The NAV of Vostok New Ventures was USD 584.87 mln on March 31, 2019 (December 31, 2018: 876.71), corresponding to USD 7.57 per share (December 31, 2018: 10.37). Given a SEK/USD exchange rate of 9.2821 the values were SEK 5,428.81 mln (December 31, 2018: 7,864.96) and SEK 70.28 (December 31, 2018: 93.01), respectively.
- The group’s net asset value per share in USD decreased by 27.0%, mainly driven by the distribution of SEK 25 per share to shareholders through a mandatory split and redemption procedure.
- The group’s net asset value per share in USD adjusted for the SEK 25 distribution decreased by 0.1%, which is mainly related to SEK weakness to USD/SEK.
- Net result for the period was USD -26.58 million (mln) (January 1, 2018–March 31, 2018: 26.24). Earnings per share were USD -0.33 (0.31).
Share (SDR) info
- On January 29, 2019, Vostok New Ventures announced that the Company’s Board of Directors had resolved on a renewed mandate to repurchase SDRs. During the reporting period Vostok New Ventures repurchased 7,316,101 SDRs. At the end of the period, the number of outstanding shares (SDRs), excluding 8,442,053 repurchased SDRs, was 77,246,256.
Key events after the end of the period
- On April 10, 2019, Vostok New Ventures announced that the Company’s Board of Directors had resolved to award Per Brilioth, Managing Director of Vostok New Ventures, an extraordinary bonus in the gross amount of USD 15 mln following the successful exit of Avito during January 2019.
- In April 2019, Vostok New Ventures invested an additional USD 16.3 mln in Gett as part of an extension of the previous round.
- In April 2019, Vostok New Ventures invested an additional GBP 6 mln in Babylon through a convertible note.
The Company will hold a telephone conference with an interactive presentation at 13:00 CEST (07:00 a.m. EDT) Wednesday, May 15. For call-in details, see separate press release issued Thursday, May 9, at .
For further information please contact:
Björn von Sivers, Investor Relations: +46 (0)8-545 015 50
Vostok New Ventures 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 .
This information is information that Vostok New Ventures Ltd is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CEST on May 15, 2019.
Attachment
