Investment AB Kinnevik (publ) ("Kinnevik") today announced that Avito reported a
trading statement for the second quarter 2014.
Avito owns and operates Russia's largest online classifieds site, Avito.ru.
Avito also has presence in Ukraine and during the second quarter, 2014 Avito
owned and operated the leading classifieds site in Morocco. In principle all
revenues are generated from Avito.ru.
Key performance indicators second quarter, 2014:
* Revenues of RUR 1,069m(1) (USD 31.8m(2)), grew by 85% compared to RUR 579m
in the second quarter 2013.
* EBITDA margin of 53% or RUR 569m(1) (USD 16.9m(2)), compared to RUR196.3m in
the second quarter 2013.
* Page views(3) amounted to 17bn for the second quarter 2014 compared to 11bn
for the same period previous year.
* Monthly audience(4) in June 2014 of 25.8m compared to 24.3m for the same
period of previous year.
Key performance indicators first half-year, 2014:
* Revenues of RUR 1,921m(1 )(USD 57.1m(2)), grew by 97% compared to the first
half-year 2013 (RUR 976m).
* EBITDA margin of 50% or RUR 962m(1) (USD 28.6m(2)), compared to the first
half-year 2013 (RUR 172.7m).
* Cash position amounted to USD 137m(2) as per June 30, 2014.
* Page views(3) amounted to 34bn compared to 21bn for the first half-year
Avito provides no guidance on future performance.
Subsequent events after the end of the reporting period
Avito signed a Transaction Agreement dated 13 June 2014 with subsequent
Amendment dated 2 July 2014 with Schibsted ASA to merge their businesses in
Morocco. The transaction will result in setting up a legal entity in Morocco
controlled by Schibsted ASA and operating under Avito brand name. Avito will not
consolidate the merged unit and will report it as associate in its consolidated
(1) Unaudited IFRS
(2) Russian ruble amount has been translated into U.S. dollars at a rate of RUR
33.6306 to $ 1.00, the official exchange rate quoted as of June 30, 2014 by the
Central Bank of the Russian Federation.
(3) Source: Live Internet and the Company
(4) Source: TNS Russia, desktop only
The information is of such character, which Kinnevik shall disclose in
accordance with the law on Trading with Financial Instruments (1991:980) and/or
the Securities Market Act (2007:528). The information was distributed for
disclosure at 8.00 a.m. on 28 August 2014.
For further information, visit www.kinnevik.se or contact:
Torun Litzén, Director Investor Relations +46 (0)8 562 000 83
+46 (0)70 762 00 83
Investment AB Kinnevik is a leading, long-term oriented, investment company
based in Sweden. Kinnevik primarily invests in consumer centric businesses that
provide innovative and value-added technology-enabled services. Our main areas
of focus are the Communications, e-Commerce, Entertainment and Financial
Services sectors. We own significant stakes in over 50 companies that operate in
more than 80 countries across five continents, with a particular emphasis on
growth markets. The Kinnevik Group employs more than 90 000 people around the
Kinnevik actively supports the companies in which it invests and plays an
influential role on their respective Boards. Kinnevik was founded in 1936 by
three Swedish families who continue to play a leadership role in the ownership
of the Company and in the pursuit of its entrepreneurial ventures.
Kinnevik's shares are listed on Nasdaq OMX Stockholm's list for large cap
companies under the ticker codes KINV A and KINV B.
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