TIG Themis Industries Group GmbH & Co. KGaA / Final Results
19.03.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
++ Net loss of EUR -24.5 million for the year due to write-downs in
investment portfolio
++ Stable balance sheet with an equity ratio of around 88 per cent as at
the end of the year
++ Operating cash flow of EUR 2.8 million - Market capitalisation fully
backed by EUR 11.7 million in liquid assets as at the end of the year
++ Further progress achieved in repositioning TIG
The TIG Themis Industries Group (ISIN: DE000A0XYL04) published its 2008
annual results today.
The Group had a result from ordinary activities of EUR -25.4 million
(previous year: EUR 4.8 million). The net loss for the year was also EUR
-25.4 million (previous year: net income of EUR 4.8 million). This change
is primarily due to the financial market situation in 2008, which led to a
reduction in the value of TIG's investment portfolio in the amount of EUR
17.0 million in the case of listed investments and EUR 10.0 million in the
case of non-listed investments. In total, TIG had financial assets of EUR
29.6 million as at the balance sheet date (previous year: EUR 52.3
million).
This resulted in an accounting equity of EUR 38.6 million as at the balance
sheet date (previous year: EUR 64.1 million). Based on a total debt of EUR
5.4 million (previous year: EUR 0.7 million), TIG's equity ratio was 87.8
per cent as at the end of 2008 (previous year: 98.9 per cent). Total assets
fell from EUR 64.8 million at the end of 2007 to EUR 44.1 million at the
end of 2008.
TIG's accounting equity of EUR 38.6 million was more than three times
higher than its market capitalisation of EUR 11.5 million as at the
reporting date. Liquidity improved significantly over the previous year to
EUR 11.7 million (2007: EUR 3.8 million), which included a cash flow from
operating activities of EUR 2.8 million or EUR 0.52 per share. TIG's market
capitalisation was therefore fully backed by cash as at the end of 2008.
This significant increase in TIG's liquidity was mainly due to the
successful disposal of around half of its fund-of-funds portfolio ('vintage
portfolio'), which is no longer strategically relevant due to the
repositioning of the Group performed in 2008. The secondary market
transactions generated close to EUR 16 million in proceeds. As a result of
additional transactions performed up to today's date, 19 March 2009, TIG's
liquidity has increased further to around EUR 15 million.
TIG's NAV fell from EUR 11.60 at the end of 2007 to EUR 7.25 at the end of
2008, that is, by 37 per cent, which is less than the fall in its share
price.
Christoph D. Kauter, CEO of TIG: '2008 was dominated by the financial
crisis and its effects on the real economy, which also affected the private
equity sector. Given this environment, TIG decided to take advantage of the
opportunities offered by the situation. In the Extraordinary General
Meeting of September 2008, a decision was made to place the future
investment focus on restructuring situations involving small and
medium-sized European companies and to expand TIG's object from pure
fund-of-funds investments to a greater emphasis on direct investments. In
the fourth quarter of 2008 and first months of 2009, we therefore made
intensive efforts to move forward with this repositioning. The
fund-of-funds portfolio was optimised through transactions, while at the
same time initial partnerships were formed with European restructuring
teams and a suitable number of potential direct investment transactions
examined. In spite of the market turbulence in 2008, which also affected
TIG, we can still present a healthy balance sheet that will allow us to
profit from the favourable company valuations currently available in the
market and the need for restructuring. In the upcoming quarters, we plan to
undertake first transactions. Furthermore, we expect any fluctuations in
our balance sheet to be small in 2009.'
You can find the detailed Annual Financial Report as at 31 December 2008
under the following link:
http://www.themis-industries.de/files/tig_annual_financial_report_31_12_20
08.pdf
++ About TIG Themis Industries Group
The TIG Themis Industries Group is an industrial holding company that
specialises in investments in small- and medium-sized companies in
turnaround and special situations. Restructuring teams throughout Europe
quickly revitalise TIG's equity interests to create competitive, high
return companies. These investments are then either sold at a profit or
remain in the portfolio as base investments providing high dividends and
returns.
Contact:
TIG Themis Industries Group GmbH & Co. KGaA
Ulf Boenicke
Head of Investor Relations
Phone: +49 69 71 91 59 65 39
investor-relations@themis-industries.de
DGAP 19.03.2009
---------------------------------------------------------------------------
Language: English
Issuer: TIG Themis Industries Group GmbH & Co. KGaA
Grüneburgweg 18
60322 Frankfurt am Main
Deutschland
Phone: 069 - 71 91 59 65 - 0
Fax: 069 - 71 91 59 65 - 11
E-mail: info@themis-industries.de
Internet: http://www.themis-industries.de
ISIN: DE000A0XYL04
WKN: A0XYL0
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, München
End of News DGAP News-Service
---------------------------------------------------------------------------
DGAP-News: TIG Themis Industries Group presents its 2008 annual results
| Source: EQS Group AG