Ad-hoc | 18 November 2008 06:29
NEW VALUE AG / Half Year Results
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Information on first halfyear 2008/09 (per 09/30/2008)
Active management of the portfolio – Halfyear profit
In the first half of the fiscal year 2008/09, the portfolio companies of
New Value defied the menacing economic slump and further increased growth.
The net asset value, despite the demanding economic environment, increased
to CHF 28.19 by 30 September, 2008 (31 March, 2008: CHF 27.37). That
results in earnings per share of CHF 1.02.
Active management of the New Value portfolio resulted in a profit of CHF
2.99 million (same period during the previous year: CHF 29.7 million). This
is attributable primarily to 3S Industries. The previous year's figure was
affected by extraordinary factors. Most recently, New Value benefited in
part from valuation gains on 3S Industries, and in part from additional
sales of shares. Income from investments and loans was CHF 6.9 million
(same period during the previous year CHF 32.9 million), while expenses
from investment and loans increased to CHF 2.34 million in comparison with
the same period during the previous year (same period during the previous
year CHF 1.9 million). These expenses include the value adjustment for
Mycosym of CHF 2.1 million in particular. Operating expenses amounted to
CHF 1.5 million (same period during the previous year CHF 1.4 million).
Investment in Qualilife, realignment of FotoDesk Group
As already reported in the first quarter, New Value acquired an 18.2%
interest in Qualilife SA, Lugano, in June 2008. Qualilife develops IT
solutions that make it possible for older people with disabilities to use
computers and the internet without limitation. Colorplaza SA became part of
FotoDesk Group AG, of which New Value was a shareholder as a result of a
share exchange. FotoDesk Group, with headquarters in Zug, has established
what is to date a unique online photo service that brings together image
processing, the provision and archiving of digital photos, and the printing
of photos.
Preparation for future growth at the solar companies
3S Industries AG took over Somont GmbH, a German specialist and producer of
stringer soldering machines. In July 2008, 3S Industries carried out a
capital increase for this purpose, and did so successfully despite a
difficult market environment. As a result, about CHF 62 million in cash
flowed to the company. In the last two months, the financial crisis had its
impact on the stock price of 3S Industries and the net asset value of New
Value, although the set-back is unsubstantiated fundamentally. The company
therefore sticks to its financial forecast of CHF 110 Mio. Sales and an
estimated EBIT margin of just above 10% (Sales in 2007 were CHF 26,3 Mio.)
Solar Industries has agreed to a joint venture for the construction of a
silicon factory with the Italian companies api nòva energia S.r.l. and
Silicio Engineering S.r.l. The disclosure marks the start signal for the
'new' Solar Industries, which New Value re-oriented at the end of 2007
together with other shareholders. High-purity polysilicon for photovoltaic
(PV) applications is to be manufactured at the silicon factory, where
production is expected to start at the beginning of 2010. Solar Industries
and api nòva energia each own 41.5% of the joint venture named Italsilicon,
and Silicio Engineering owns the remaining 17%. In addition, with its
strategic partner MX Group, Solar Industries founded the company Solarcell
S.p.A., which will build a production facility for crystalline silicon
solar cells. Solar Industries is ambitious and wants to extend its sphere
of influence more broadly. The company is currently reviewing other
commitments along the value-added chain in solar module production. Solar
Industries is planning to increase their share capital by 50% until the end
of 2008. New Value intends to participate.
Portfolio development: Gradual upgrade
During the reporting period, renewable energy's share of the entire
portfolio fell to 45.2% (as of March 31, 2008, 52.1%), primarily as a
result of the profit-taking in 3S Industries. Health with 13.2% (previous
year 13.9%) and medical technology with 13.2% (previous year 11.2%) follow
as the next most important sectors. As of September 30, 2008, liquid assets
and financial assets totaled CHF 14.9 million or 17.8% of the portfolio.
Information about New Value AG
New Value, officially listed at the SIX Swiss Exchange, invests directly in
promising private companies in Switzerland and neighbouring German-speaking
countries with above-average market and growth potential. As an investment
company, New Value promotes innovative business models with venture capital
and accompanies those to market success. The portfolio covers companies of
different stages of development, starting with the market introduction
phase up to medium-sized enterprises with stable profits. A broad
investment approach is deliberately followed regarding industry sectors.
The portfolio contains companies active in renewable energy, medical
technology, health, information technology and new materials. New Value
assigns great value to ethical business concepts and good corporate
governance while selecting their portfolio companies. Criteria such as
meaningfulness, social responsibility and ecological sustainability are
considered by New Value as decisive competitive advantages, which affect
and enhance the quality of products and services offered and thus,
facilitate an above average increase of value potential. Since the
formation of New Value, EPS Value Plus AG, Zurich, has served as investment
manager.
18.11.2008 Financial News transmitted by DGAP
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Language: English
Issuer: NEW VALUE AG
Bodmerstrasse 9
8027 Zürich
Schweiz
Phone: +41-43-344 38 38
Fax: +41-43-344 38 39
E-mail: info@newvalue.ch
Internet: www.newvalue.ch
ISIN: CH0010819867
WKN: 552932
Listed: Freiverkehr in Berlin, Stuttgart, München, Düsseldorf; Open
Market in Frankfurt; Foreign Exchange(s) SWX
End of News DGAP News-Service
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