Helsinki, Finland, 2016-12-07 08:00 CET (GLOBE NEWSWIRE) --
Norvestia Oyj Stock Exchange Release 7 December 2016 at 9:00
NORVESTIA’S NET ASSET VALUE INCREASED BY 2.6% IN OCTOBER-NOVEMBER
Norvestia regularly publishes its Net Asset Value in interim reports. Taking into account the ongoing voluntary exchange offer for all Norvestia’s shares and securities made by CapMan Plc, Norvestia has decided to exceptionally release its Net Asset Value per 30 November 2016 due to changes in value of Growth Equity investments. The Board of Directors of Norvestia has considered the release of the updated Net Asset Value necessary in order for all Norvestia’s shareholders to have as accurate information as possible when assessing the exchange offer.
| Return on NAV, 2 months | 2.6% | ||||||
| Return on NAV, since year-end | 10.8% | (dividend-adjusted) | |||||
| 30/11/2016 | 30/9/2016 | 31/12/2015 | |||||
| Net Asset Value/share, EUR | 11.38 | 11.09 | 11.04 | ||||
| Share price, EUR | 10.25 | 8.95 | 7.99 | ||||
| ASSETS | EUR million | EUR million | EUR million | ||||
| NON-CURRENT ASSETS | |||||||
| Investment portfolio | |||||||
| Growth Equity investments | 34.9 | 28.3 | 28.4 | ||||
| Investments in private equity funds | 6.4 | 6.2 | 4.2 | ||||
| Loan receivables from Growth Equity investments | 3.1 | 3.1 | 1.7 | ||||
| CURRENT ASSETS | |||||||
| Financial assets held for trading | |||||||
| Investments in listed shares | 69.9 | 77.6 | 74.8 | ||||
| Investments in funds | 25.5 | 29.4 | 32.9 | ||||
| Investments in interest-bearing securities | 18.0 | 18.1 | 17.1 | ||||
| Cash and receivables | 26.4 | 20.3 | 15.9 | ||||
| TOTAL ASSETS | 184.2 | 183.0 | 175.0 | ||||
| Current liabilities | -2.5 | -6.9 | -1.9 | ||||
| Net deferred tax liabilities | -7.4 | -6.3 | -4.1 | ||||
| NET ASSET VALUE | 174.3 | 169.8 | 169.0 | ||||
Number of shares 15,316,560
ACCOUNTING PRINCIPLES
All investments of the Group are classified as financial assets at fair value through profit or loss.
Listed shares and derivative contracts are measured at fair value by the last trade price on active markets on the balance sheet date. The fair value of investments in funds is determined as the funds’ net asset value at the balance sheet date. The fair value of investments in interest-bearing securities is based on the last trade price on the balance sheet date or, in an illiquid market, on values determined by the counterparty.
Growth Equity investments, private equity fund investments and loan receivables from Growth Equity investments are measured at fair value. If the investments have no active market then the fair value is determined quarterly by using valuation methods according to the International Private Equity and Venture Capital Guidelines (IPEV). The valuations are based on forecasted cash flows or peer group multiples. In estimating fair value of an investment, a method that is the most appropriate in light of the facts, nature and circumstances of the investment is applied. External valuations are made at least once a year to verify the fair values of Growth Equity investments. Norvestia’s audit committee approves the valuations quarterly.
Private equity fund investments are valued according to the practice generally used in the sector, i.e. the fair value of the private equity fund investment is the latest fund value announced by the private equity fund management company. The value is calculated according to the IPEV Valuation Guidelines. Loan receivables from Growth Equity investments are valued at fair value based on acquisition price.
Norvestia has published stock exchange releases related to the voluntary exchange offer made by CapMan Plc 3 November 2016 and 18 November 2016.
Norvestia Oyj
Juha Kasanen
Managing Director
Tel. +358-9-6226 380
DISTRIBUTION
Nasdaq Helsinki
Main media
www.norvestia.fi