Aurora Russia had a net asset value of GBP93.2m, or 82.9p per share, as at 30 September 2010.
Cash and cash equivalents as at 30 September 2010 were GBP4.25m.
Records management company OSG expanded with an Armenian operation and added additional racking in its main Moscow facility in Lobnya. Revenues were GBP9.8m representing an increase of 23 per cent compared to the prior year period. Ebitda is up 20 per cent to GBP1.4m as at 30 September 2010.
Unistream’s share in the Russia-outbound and inbound remittances is estimated at 19.2 per cent and 12.1 per cent respectively according to Q3 2010 official statistics published by the CBR first week of December. Volumes grew 10.9 per cent year-on-year and due to cuts in advertising and company-owned cash desk running costs, operating expenses reduced 11 per cent. Revenue for the nine months ended 30 September 2010 was RUR1.5bn which was down 10.1 per cent compared to the prior year period.
DIY company Superstroy resumed its growth strategy in May 2010 opening three new stores and increasing its trade space by 10.8 per cent. For the nine months ended 30 September 2010, Superstroy’s revenues have increased 13 per cent year-on-year to RUR4.93bn with wholesale revenues generating growth of 29 per cent while retail sales were up nine per cent.
Kreditmart has returned to its core business of broking mortgages now that the mortgage market has begun to grow again.
Flexinvest Bank’s interest and fee income grew 47 per cent compared to the prior year period and was at GBP746,000 for the nine months ended 30 September 2010.
Kreditmart’s broker fees were GBP424,000 for the nine months ended 30 September 2010, representing a 156 per cent increase year-on-year.
As at 30 September 2010, Flexinvest and Kreditmart had GBP18.0m in net assets down from GBP19.7 as at 31 March 2010. This decrease is mostly attributable to the depreciation of the Rouble against the Sterling
Dan Koch, chairman of Aurora Russia, says: “Growth has now returned to Russia’s economy with economists expecting increases in GDP of c. four per cent over the next few years. I am optimistic that the worst of the recession is over and continue to believe that our portfolio companies are well positioned to benefit from the improved economic climate. I am also encouraged to see that there is renewed activity in the Russian IPO and M&A market which suggests a better exit climate for our investments.”
