NEW VALUE AG / Preliminary Results/Strategic Company Decision
08.04.2010 06:34
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New Value sells investment in Meyer Burger/3S Industries -
focuses on Cleantech and Health
Preliminary net profit for the year of CHF 5.5 million - par value
repayment and new payout policy
Listed Investment Company New Value (SIX:NEWN) has sold its investment in
Meyer Burger Technologies/3S Industries effective the end of March 2010.
Through the merger of these two solar industry pioneers, a powerful
business partnership was created. New Value thus considered its many years
of work in helping develop 3S Industries and its role as a growth financier
complete. The successful exit is also reflected in New Value's year-end
results. As of the fiscal year ended March 31, 2010, New Value posted
preliminary profits of approximately CHF 5.5 million. It is planned to
share part of the profits with investors through a par value repayment. Net
Asset Value rose +11.7% over the previous year to CHF 24.30 per share
(unaudited). New Value seeks to further focus its investment portfolio on
the Cleantech and Health sectors. Its considerable liquid assets will be
primarily invested in young growth firms. New ventures are currently under
evaluation.
The shares of Meyer Burger/3S Industries, New Value's most important
investment so far, were sold on the stock market at favorable prices.
Market
demand for Meyer Burger securities was very high, allowing the entire
position to be sold without pressure on the share price.
New Value helped drive the development of 3S Industries with growth capital
and management guidance since its founding in 2001. As an active investor,
New Value supported the 3S management team in gradually internationalizing
the company and structuring its activities, particularly through
concentration on photovoltaics and mechanical engineering. For New Value,
3S Industries' IPO was not a short-term exit opportunity but rather an
important step in the company's medium-term development. As a key investor,
New Value supported the further growth of the company, specifically in its
acquisition of module tester Pasan SA and string soldering systems
manufacturer Somont GmbH, as well as its merger with Meyer Burger. New
Value's exit at this time is in line with its investment strategy.
Ordinary and special payout through par value repayment
The substantial capital gains from the sale of 3S Industries shares had a
positive effect on 2009/2010 year-end results (as of March 31, 2010).
Preliminary profits for 2009/10 total CHF 5.5 million (previous year: CHF
-13.9 million). Net Asset Value rose accordingly from CHF 21.76 at the end
of March 2009 to CHF 24.30 per share unaudited (+11.7%). Liquid and
financial assets amount to approximately CHF 30 million.
The new earnings will be used primarily for investments in growth
companies. In addition, New Value will introduce an active payout policy to
replace its previous practice of reinvesting all profits. This will aid in
preserving and furthering the company's development. At the general
assembly of shareholders on July 8, 2010, the Board of Directors will
recommend a payout in the form of a par value repayment in conjunction with
the 3S exit, consisting of an ordinary and a special part of CHF 0.80 each,
equalling CHF 1.60 in total. The Board of Directors will adjust the
company's Investment Policy on time to reflect the change.
'We are proud to have supported the development of an exemplary firm like
3S Industries over several years, from its first inception through its
resounding market success, including its recent merger with Meyer Burger,'
says Rolf Wägli, President of New Value's Board of Directors. 'As an
investment firm specialized in venture capital, the time has come for New
Value to divest. We increased the value of the original Private Equity
investment by a factor of more than 10 and gained significant knowledge in
the renewable energies industry, which we will continue to use to the
benefit of our shareholders,' explains Wägli.
Focus on Cleantech and Health
New Value will build on its broad, 10-year experience while keeping
important core elements of its previous investment strategy in place. As a
growth capital financier in Switzerland and the German-speaking region, New
Value is committed to helping sustainable business concepts succeed through
active management support and transfer of expertise. In the past few weeks,
New Value took part in additional fundraising initiatives by two of its
portfolio companies, Silentsoft and Swiss Medical Solution.
'We firmly believe in Switzerland as a lucrative technology center for
venture capital investors,' says Peter Letter, Head of Investment
Management. 'The cleantech and health industries, two of this century's
economic and social megatrends, offer particularly excellent investment
opportunities at reasonable prices. We have been active in both these areas
for many years and have the necessary expertise and network. We are
currently in intense discussion with several growth firms, and we expect to
make new investments in the coming months,' says Letter.
Information about New Value AG
New Value, officially listed at the SIX Swiss Exchange, invests directly in
promising private companies in Switzerland and neighbouring 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.
Kontakt:
Marcel Rogenmoser
08.04.2010 06:34 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: 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, München, Düsseldorf, Stuttgart; Open
Market in Frankfurt; Foreign Exchange(s) SIX
End of News DGAP News-Service
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DGAP-Adhoc: New Value sells investment in Meyer Burger/3S Industries - focuses on Cleantech and Health - Preliminary net profit for the year of CHF 5.5 million - par value repayment and new payout policy
| Source: EQS Group AG