Annual Report
2014/2015
Capitalising strengths. Creating opportunities. Building value with an attractive portfolio and fund investment services.

Ten-year financial summary

€mn2014/20152013/20142012/201362011/20122010/20112009/20102008/20092007/20082006/20072005/2006
 11 months         
Development of portfolio and value                    
New investment in the portfolio 71 20 42 22 9 8 4 14 40 22
“Portfolio value” (at reporting date)1 256 153 173 143 84 118 123 127 189 121
Number of investments (at reporting date) 24 19 20 18 16 17 19 21 30 32
Earnings position                    
Segment net income Private equity investments 24.9 40.4                
Segment net income Fund investment Services 2.2 8.0                
Net income 27.0 48.0 32.3 44.5 (16.6) 34.1 19.6 (51.1) 136.5 82.7
Retained profit 117.4 117.7 86.7 70.8 37.3 73.1 52.6 29.2 118.2 57.2
Financial position                    
Cash flows from operating activities 7.2 0.0 (12.0) (9.6) 0.9 (12.8) (3.5) 3.0 (2.6) (4.1)
Cash flows from investing activities (61.6) 67.9 18.7 (17.8) 34.1 36.3 28.8 11.2 65.4 169.3
thereof, proceeds from disposals of financial assets and loans and receivables 30.9 90.6 60.4 3.8 43.6 44.5 33.0 25.7 106.1 191.0
thereof, purchase of financial assets and loans and receivables (92.5) (22.7) (41.7) (21.6) (9.4) (8.2) (4.3) (14.5) (40.7) (21.7)
Cash flows from financing activities (27.4) (16.4) (16.4) (10.9) (19.1) (13.7) (5.5) (57.3) (71.4) (40.7)
Change in cash funds2 (82.4) 50.8 (9.8) (38.8) 14.9 (70.9) 10.6 (50.5) (9.0) 124.0
Asset position                    
Non-current assets 278.6 246.3 233.6 238.7 228.6 244.3 161.2 147.2 211.3 124.6
thereof, long-term securities 26.4 81.0 50.5 83.0 123.1 102.9 14.5 0 0 0
Current assets 48.6 86.3 77.1 59.5 51.3 71.8 127.1 125.1 183.0 195.5
thereof, cash and short-term securities 32.0 59.8 47.8 27.8 32.5 37.8 109.5 105.2 155.8 164.7
Equity 303.1 303.0 278.4 266.2 238.9 273.9 256.8 244.8 353.6 289.0
Liabilities 24.1 29.6 32.2 32.8 41.0 42.2 31.5 27.4 40.8 31.1
Total assets 327.2 332.6 310.7 299.0 279.9 316.1 288.3 272.3 394.4 320.1
Key indicators                    
Return on NAV per share after taxes3 (%) 10.0 15.9 11.2 16.8 (6.2) 12.7 7.3 (17.5) 56.2 36.4
Equity as a percentage of total assets (%) 92.6 91.1 89.6 89.0 85.3 86.7 89.1 89.9 89.7 90.3
Information on shares4                    
Earnings per share (€) 1.98 3.51 2.36 3.25 (1.22) 2.50 1.44 (3.73) 9.20 5.02
NAV per share (€) 22.16 22.16 20.36 19.46 17.47 20.03 18.77 17.90 25.09 19.07
Base dividend per share (; 2014/2015: recommended) 0.50 0.40 0.40 0.40 0.40 0.40 0.40 0.40 1.00 0.50
Surplus dividend/bonus per share (; 2014/2015: recommended) 0.50 1.60 0.80 0.80 0.40 1.00 0.60 2.50 2.50
Total amount distributed5 (2014/2015: recommended) 13.7 27.4 16.4 16.4 10.9 19.1 13.7 5.5 47.9 45.5
Number of shares (end of FY) 13,676,359 13,676,359 13,676,359 13,676,359 13,676,359 13,676,359 13,676,359 13,676,359 14,403,864 15,153,864
thereof, held by the company                 313.367  
Share price (; end of FY) 24.90 21.83 19.36 19.49 15.50 20.79 15.55 10.45 24.10 17.35
Market capitalisation (end of FY) 340.5 298.6 264.8 266.6 212.0 284.3 212.7 142.9 347.1 262.9
Number of employees 62 56 55 54 53 51 49 48 47 44

The table above contains data as originally reported in the respective annual consolidated financial statements.
1 Without interests in shelf companies and companies that are mainly attributable to third parties
2 Cash as well as short- and long-term securities
3 Change in net asset value per share relative to opening net asset value per share at beginning of reporting period, less dividends per share
4 Partly adjusted; earnings and cash flow per share relative to weighted average number of shares outstanding
5 Relates to respective financial year
6 Data restated based on change in accounting (IFRS 10)

 

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