Ann: Record revenue as portfolio-wide profitability approaches, page-8

I like getting a bit of sell side opinion for shares I own.

FYI below are the quarter on quarter revenue growth figures for the individual businesses as well as the portfolio - putting aside the typical bumpiness in the results from the second string businesses I think it still looks pretty good.

QUARTER ON QUARTER REVENUE GROWTH		Mar-17	Jun-17	Sep-17	Dec-17	Mar-18	Jun-18	Sep-18	Dec-18	Mar-19	Jun-19	Sep-19	Dec-19
		Qtr	Qtr	Qtr	Qtr	Qtr	Qtr	Qtr	Qtr	Qtr	Qtr	Qtr	Qtr
Autodeal			12%	0%	17%	-6%	0%	22%	2%	30%	15%	13%	1%
CarsDB			1%	25%	305%	-8%	-67%	127%	194%	-10%	-78%	115%	140%
Encuentra24			18%	-1%	-13%	16%	3%	2%	2%	1%	6%	4%	-8%
Hoppler			49%	8%	-31%	53%	63%	8%	39%	-18%	-5%	7%	-33%
iMyanmar			27%	-7%	2%	10%	42%	-28%	73%	-8%	28%	-22%	16%
LankaPropertyWeb			-9%	18%	13%	80%	-24%	-3%	-9%	41%	-26%	16%	22%
Meqasa			211%	-64%	126%	123%	-40%	34%	2%	15%	54%
TechAfrica						1020%	37%	66%	-24%	3%	1%
ToLet			-48%	38%	41%	-32%	29%	19%	49%	-49%	44%
West Africa												18%	-4%
Zameen			7%	24%	25%	27%	-11%	38%	0%	61%	-2%	1%	15%
Pakwheels			36%	23%	65%	-39%	26%	-27%	39%	-16%	-19%	18%	21%
Infocasas			7%	11%	52%	0%	21%	30%	24%	-4%	42%	54%	-11%
Propzy			33%	52%	60%	-76%	62%	124%	101%	-18%	143%	41%	43%
Moteur			98%	-45%	299%	-47%	60%	-30%	175%	-22%	-12%	12%	44%
TOTAL (PORTFOLIO BASIS)			14%	11%	21%	11%	-2%	21%	14%	24%	5%	10%	10%

Other than another good result for Zameen, a couple of things of note this quarter are:

1. Increase in stakes in AutoDeal and Infocasas, at the cost of a dilution to the overall portfolio due to the equity placement. I see this as a positive given both businesses are growing consistently and now EBITDA-positive.







2. The forecast cash outflows for the next quarter suggest FDV is scaling up. These typically run at around $5m per quarter and although there is typically some overestimation in the forecasts, $8.6m would be a very sizeable increase. Particularly notable is the bump in staff costs, which should typically have less fluctuation than advertising etc. and have been consistently around $2m in recent quarters.