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15 Jul 2013 11:39
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Β 15 July 2013
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Aurora Russia Limited ("Aurora Russia" or the "Company")
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Results for the twelve months ended 31 March 2013
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Β·; The Board and the Manager continue to focus on ensuring optimal exits from the investee companies
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Financial highlights
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Β·; Net asset value per share for the Company as at 31 March 2013 of 54.4p per share (Net asset value Β£61.2m) down from 66.8p per share at 31 March 2012 (Net asset value Β£75.1m)
Β·; The movement in the value of the portfolio companies principally reflects the lower valuation of comparable companies following a period of weakness in the Russian equity markets
Β·; Cash and cash equivalents at 31 March 2013 were Β£23.1 million
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Portfolio highlights
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OSG
Β·; OSG was sold to Elbrus Capital, a Russian private equity fund in March this year for a total enterprise value of up to $60.8 million.
Β·; The purchase price was based on projected 31 March 2013 year-end EBITDA of $6.3 million and net debt of $13.0 million.
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Unistream Bank
Β·; Revenues for the twelve months ended 31 December 2012 were RUR 155 bn, up 13% YoY
Β·; EBITDA of RUR189m for 2012, up 9% YoY
Β·; Unistream's share in the Russia-outbound transfer market is estimated at 13% as at Q1 2013
Β·; Equity valuation of Aurora Russia's stake in Unistream at 31 March 2013 was Β£12m, compared to the valuation at 31 March 2012 of Β£16.3m
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Superstroy
Β·; Revenues grew by 29% YoY for the twelve months ended 31 December 2012 to RUR9.5bn
Β·; EBITDA, before non-recurring costs, of RUR376m for 2012, up 128% YoY
Β·; Equity valuation of Aurora Russia's stake in Superstroy at 31 March 2013 was Β£10.4m, compared to the valuation at 31 March 2012 of Β£15.0m
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Flexinvest
Β·; Revenues grew by 254% YoY for the twelve months ended 31 December 2012 to Β£3.4m
Β·; Equity valuation of Aurora Russia's stake in Flexinvest Bank and Kreditmart at 31 March 2013 was Β£10.4m, compared to the valuation at 31 March 2012 of Β£15.1m
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Commenting, Gilbert Chalk, Chairman of Aurora Russia, said:
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"The Board will continue to pursue all options for maximising shareholder value and returning further capital to shareholders in the near term. Whilst the Russian economy has shown signs of some slowdown it remains buoyant compared to many of its OECD peers and provides a relatively stable backdrop for the Board to continue to seek to realise assets at realistic valuations. We will continue to consult with shareholders on the best means and time frame in which to seek further returns to shareholders."
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Enquiries:
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Aurora Russia Limited
Gilbert Chalk +44 (0)7768 527973
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Numis Securities Limited
Nominated Adviser: Hugh Jonathan +44 (0)20 7260 1000
Corporate Broking: Rupert Krefting / Nathan Brown
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FTI Consulting
Paul Marriott +44 (0)207 269 7252
Jack Hickey
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