Vostok New Ventures Ltd. Financial Report for the Second Quarter and the First Six Months 2019
Stockholm, Aug. 14, 2019 (GLOBE NEWSWIRE) --
Net asset value (NAV) and financial results for the six month period
- Vostok New Ventures’ net asset value was USD 697.74 million (mln) on June 30, 2019 (December 31, 2018: 876.71), corresponding to USD 8.94 per share (December 31, 2018: 10.37). Given a SEK/USD exchange rate of 9.2713 the NAV was SEK 6,468.90 mln (December 31, 2018: 7,864.96) and SEK 82.85 per share (December 31, 2018: 93.01), respectively.
- The group’s NAV per share in USD, adjusted for the SEK 25 distribution concluded on March 14, 2019, increased by 17.9%, mainly driven by the revaluation of Babylon (USD 102.8 mln), VOI (USD 5.8 mln), Hemnet (USD 4.1 mln) and Booksy (USD 3.4 mln).
- Net result for the period was USD 85.90 mln (January 1, 2018–June 30, 2018: 12.17). Earnings per share were USD 1.08 (0.14).
Financial results for the second quarter
- Net result for the quarter was USD 112.48 mln (-14.07). Earnings per share were USD 1.44 (-0.17).
Key events during the quarter April 1, 2019–June 30, 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, and invested an additional USD 7.7 mln (GBP 6.0 mln) in Babylon through a convertible note.
- 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 May 2019, Vostok New Ventures invested an additional USD 1.8 mln in DOC+ and USD 1.0 mln (SEK 10.0 mln) in Grace Health, an OB Gyn healthcare service for women in emerging markets.
- In June 2019, Vostok New Ventures invested USD 16 mln in SWVL, a Cairo-based, emerging markets focused intra-city bus operator; advanced an amount of USD 11.7 mln out of a total commitment of USD 17.5 mln in VOI through a convertible note in anticipation of final allocation; invested USD 2.5 mln in Booksy, a booking platform for beauty salons; and USD 11.6 mln in Dostavista, a Moscow-based last mile logistics company operating in Russia and several other markets. In June 2019, Vostok New Ventures invested USD 3.3 mln (EUR 3.0 mln) in JamesEdition, a classifieds platform focused on luxury categories including high-end cars and real estate.
- Vostok New Ventures revalues its holding in Babylon based on the funding round, concluded on August 2, 2019.
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 quarter no SDRs were repurchased.
- At the end of the period, the number of outstanding shares (SDRs), excluding 7,608,103 repurchased SDRs, was 78,080,206.
Key events after the end of the period
- After the end of the period, Vostok New Ventures invested an additional USD 7.5 mln (GBP 6.0 mln) in Babylon through a convertible note.
- After the end of the period, following final allocation, Vostok New Ventures invested the remaining USD 5.8 mln of its commitment in VOI through a convertible note for a total investment of USD 17.5 mln.
- During July 2019, Vostok New Ventures issued 147,000 new shares and corresponding SDRs in connection with the option program issued 2016 under its 2010 incentive program. Following the option exercise of 100,000 options, the number of outstanding shares (SDRs), excluding 7,608,103 repurchased SDRs, was 78,227,206.
- On August 2, 2019, Vostok New Ventures participated in the closing of a funding raise in Babylon with a total of USD 71 mln, including previously extended convertible loans. The USD 500 mln round, with an option to raise a further USD 50 mln, values the company at USD 2 billion (bln) post money.
The Company will hold a telephone conference with an interactive presentation at 15:00 CEST (09:00 a.m. EDT) Wednesday, August 14. For call-in details, see separate press release issued Thursday, August 8, 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 August 14, 2019.
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