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Interim Report 2008 Content Interim Report 2008 Content KEY FIGURES 03 THE COMPANY AND ITS ENVIRONMENT 04 The Company 05 Share price and net asset value 06 PORTFOLIO 08 Public equity 09 Private equity 10 FINANCIAL REPORT 12 FINANCIAL INFORMATION 18 Consolidated nancial statements at 30 June 2008 19 This is a translation of the nancial report written in French and has been prepared for the convenience of English-speaking readers. In the event of any discrepancy between this document and the French original, only the French original is authoritative. 3 Key Figures In EUR 30.06.2008 30.06.2007 Per share data Estimated value 112.21 123.80 Market price 80.00 95.90 Dividend (paid) 3.40 3.00 Diluted net income per share 1.88 12.99 EUR million 30.06.2008 30.06.2007 Earnings Net income 8.8 61.5 Balance sheet Equity 524.7 584.7 Total assets 533.9 598.8 EUR million 30.06.2008 % 30.06.2007 % Investments Listed companies 319.7 62 357.4 60 Direct private equity investment 88.8 17 92.1 16 Private equity funds 41.9 8 35.4 6 Loans and receivable 5.4 1 1.3 0 Total non-current investments 455.8 88 486.2 89 Trading assets 12.9 3 18 3 Cash at banks 46.6 9 88 15 Total investments 515.3 100 592.2 100 30.06.2008 30.06.2007 Shares Total shares issued 4,773,321 4,773,321 Shares held by the Company 97,245 50,423 THE COMPANY AND ITS ENVIRONMENT The company and its environment / 5 | The company | BIP Investment Partners SA (BIP) is an investment company founded in April 2000 under the name BGL Investment Partners at the joint initiative of Banque Générale du Luxembourg (BGl), now Fortis Banque Luxembourg, and a group of private investors in Luxembourg. BIP aims to create value for its shareholders over the medium term through investments in listed and unlisted companies with signi cant growth potential in Luxembourg and neighbouring countries. BIP invests in listed companies and promising unlisted companies, either directly in the form of private equity or indirectly through interests in private equity or venture capital funds. The Board of Directors regularly reviews weightings and limits for these three types of assets. Investments in listed companies Private equity BIP invests in high-capitalization listed companies that are based BIP intends to win a leading place in Luxembourg and its region in Luxembourg and neighbouring countries or carry signi cant for private equity investments including management buyouts, weight in the Luxembourg economy. These investments, which development capital and later-stage venture capital. yield attractive returns for a level of risk close to the market average, provide a sound base for the portfolio, generating a As an active shareholder, BIP promotes entrepreneurship and reliable ow of earnings to fuel steady rises in the dividends paid provides support for the continuing development of the compa- out each year. nies it invests in. BIP also uses its research capabilities and familiarity with businesses and markets to identify small and medium-sized listed companies, a category often neglected by institutional investors, with potential for attractive gains. In most cases, these companies are based in the countries surrounding Luxembourg. In additional to its geographical pro le, BIP uses in-depth knowledge of speci c economic sectors to acquire interests in companies in these areas. 6 \ The company and its environment Private equity and venture capital BIP is listed on the Luxembourg stock exchange and is a investment funds component of the LuxX index. BIP offers its shareholders privileged access to the best Fortis Banque Luxembourg holds a 25.8% equity interest in BIP, performing private equity and venture capital funds La Luxembourgeoise holds 10%. investing in companies based in Luxembourg and neighbouring countries, focusing on technology centres and high-growth business sectors. BIP aims to create value through its expertise in portfolio management and active support for the companies in which it holds direct interests, in particular by fostering synergies between them. | Share price and net asset value | 130 120 110 100 90 80 70 60 50 40 30 BIP estimated fair value BIP share price 02/07/2007 02/11/2007 02/07/2005 02/01/2007 02/07/2006 02/11/2005 30/10/2004 02/11/2006 02/01/2008 02/01/2006 02/05/2007 02/09/2007 02/03/2007 30/12/2004 02/05/2005 02/09/2005 02/03/2005 02/05/2008 02/05/2006 02/09/2006 02/03/2008 30/06/2004 02/03/2006 30/08/2004 The company and its environment / 7 Indices Liquidity The table below lists performances of main references: 30.06.2008 30.06.2007 Total number of shares traded on the Luxem- 59,157 157,662 30.06.2008 31.12.2007 Change bourg Stock Exchange Eurostoxx 50 3,353 4,399 -23.8% S&P 500 1,280 1,468 -12.8% LuxX 1,991 2,419 -17.7% BIP - 80.00 98.00 -18.4% share price BIP - estimated 112.21 123.85 -9.4% fair value PORTFOLIO Portfolio / 9 | Public Equity | Company Number of shares held Share price at Share price at Percentage change at 30.06.2008 30.06.2008 31.12.2007 Altamir Amboise (1) 830,964 6.50 9.05 -28.2% ArcelorMittal 700,000 62.80 53.19 18.1% Evertz Technologies 584,200 19.51 29.64 -34.2% (in CAD) EVS 735,682 56.78 79.60 -28.7% Fortis 2,700,000 10.16 18.01 -43.6% Metris 570,133 7.10 13.25 -46.4% Nanogate 478,307 20.00 29.70 -32.6% RTL Group 942,247 72.14 77.53 -6.9% SES 2,710,000 16.10 18.00 -10.6% Vale (in BRL) 700,000 47.70 50.75 -6.0% (1) New investment made during the rst semester 2008. Listed investments are recognized under “Available-for-sale The portfolio of listed securities also includes investments nancial assets” on the balance sheet. This item also includes appearing under “Financial assets held for trading” on the bal- listed investments not shown above and representing a total ance sheet. They represent an amount of EUR 12,859,268 on amount of EUR 53,357,198 on the basis of market prices at 30 the basis of market prices at 30 June 2008. June 2008. 10 \ Portfolio | Private Equity | Direct investments At 30 June 2008 Cost Percentage interest BIP’s representation (in EUR million) Cargolux 30.2 11.5% 1 director Artelis 9.3 9.5% 1 director EuroDNS 6.4 20% 1 director XDC 6.0 12.9% 1 director NordSüd Spedition 5.3 49% 1 director Assisteo 3.0 20% 1 director IEE 2.6 10% 1 director 21Net 2.4 12% 1 director Escaux 2.1 21% 1 director Technolia 1.9 48% 1 director IP Casting 1.6 25% 1 observer Enzymotec 1.4 3% 1 director SmartAir 0.5 27% 1 director Only the main direct Private Equity investments are listed above. Portfolio / 11 Investments in Private Equity Funds (Indirect investments) At 30 June 2008 Cost Percentage Paid-in capital (in EUR million) of fund held Hamilton Lane Co-Investment Fund 6.5 90% 6.1% Lynx Capital Ventures 5.3 98% 14.7% Apax France VII 4.6 62% 1% Life Sciences Partners III 4.0 68% 6.8% Mangrove II 3.3 66% 4.2% Carlyle Venture Partners III 2.9 42% 1.6% Carlyle Venture Partners II 2.8 86% 0.8% Carlyle Europe Technology Partners 2.5 97% 2.4% Denkaria B.V. (BMI) 2.2 100% 25% New Tech Venture Capital (NTVC) 2.2 100% 9.7% Vertex III 1.9 53% 3.4% Robertsau Investissement 1.7 100% 9.7% Millennium Material Technologies Fund II 1.6 100% 4.9% European Investment Fund 1.2 21% 0.1% Saarländische Wagnis nanzierungsgesellschaft 1.0 100% 10.1% Field 0.7 15% 14.3% Carlyle Europe Technology Partners - Co-Investments 0.7 76% 2.4% Coller International Partners IV 0.6 84% 0.2% Carlyle Europe Technology Partners II 0.2 2% 1.4% FINANCIAL REPORT Financial Report / 13 The Board of Directors of BIP, an investment company listed on the Luxembourg Stock Exchange, met on 11 July 2008 and con rmed results for the six months to 30 June 2008. While market conditions were extremely unsettled in the rst half of the year, assets held by BIP Investment Partners held up well in the face of the overall trend, with the Company’s net asset value per share down 9.4% compared with declines of 17.7% and 23.8%, respectively, for the LuxX and EuroStoxx 50 indices. The share price fell 18.4%, widening the gap relative to net asset value to 28.7% at June 30. Over the six-month period, net pro t totalled EUR 8,816,373 in a context of unfavourable nancial markets. The international banking sector was particularly hard hit, taking a toll on markets generally, and BIP was forced to write down EUR 18.8 million of its investment in the Fortis group to set the value of this investment at EUR 27.4 million or 5.2% of net assets. The resilience of investments in steel and mining combined with selective divestments in this sector helped limit the impact of this writedown on earnings. Investment Activities In June, BIP acquired an equity interest in Germany’s NordSüd Private Equity Spedition, a leading supplier of logistics services operating a eet of over 400 trucks, through a leveraged buyout.
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