DOCSLIB.ORG

Commissioned Research

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Commissioned Research Commissioned Research Luxembourg │ Investment company │ www.luxempart.lu │ August 02 2021 Closing share Price (30/07/2021) Luxempart EUR 58.50 Target valuation range Discount season is almost over EUR 69.00 - 84.00 Impressive track record with 10-year CAGR > 12%... Risk Low Over the past 10 years, Luxempart realised a 12.2%, CAGR, making it the 4th best Reuters LUX.LU performer in our coverage. The only investment companies preceding are Sofina Bloomberg LXMP LX and Brederode, which have a similar hybrid portfolio, and Tubize, a mono-holding. Shares number (m) 20.08 …but with a clear ‘return and discount’ mismatch Market cap. (m) 1,175 Over the last 3 years, Luxempart has clearly outperformed its benchmark. NAV 30/07/2021 92.69 NAV/share increased at a CAGR of 8.1% since 2018 whereas its TSR only rose by -36.1% (Discount)/Premium 2.4%. Hence, its discount increased, whereas it should have decreased, to a ~37% 1 year price perf. 22.4% record level. Normally, players having a similar portfolio all trade at or above NAV Diff. with Euro Stoxx -7.8% as discounts declined at such well-performing investment companies. Volume (sh./day) 1,968 Road towards lower discount is clear and achievable H/L 1 year 61.00 - 44.00 In our view, this mismatch is unjustified and has nothing to do with its portfolio. Free Float 23.9% We believe factors like transparancy, visibility and liquidity are hurting today’s Foyer Finance 50.4% discount. Therefore, we suggest 5 specific measures, Luxempart can take to reduce Sofina Group 6.1% this discount and unlock additional shareholder value: Stable Shareholders 16.6% Provide more granularity on the most important private assets Treasury Shares 3.0% Increase its visibility on the market through coverage, corporate access, … Improve liquidity on the stock market by going for a secondary listing (Brussels) Bring dividend growth back to the historical average of 8-10% Increase liquidity on the market via a rise in free float, capital increase and commence optional dividends Valuation based on technicalities and not fundamentals creating interesting buying opportunity In our view, Luxempart’s valuation today is driven by technical factors rather than Company description fundamental portfolio inputs. Using our target discount methodology, we arrive at Luxempart is a Luxembourg based a target discount of 15%. This is still conservative when looking at peers like Sofina investment holding company with and Brederode. Applying our two discount scenarios, we arrive at a target range of more than 25 years of existence. EUR 69 – EUR 84. That corresponds with a 20%-46% upside from today’ share price Luxempart invests in several level. European countries, mainly in the DACH region, Luxembourg, Belgium, France and Northern- Italy. 65 ue EUR 12/17 12/18 12/19 12/20 12/21e - - 60 End FY Price 53.00 50.50 53.00 49.00 - - - 55 50 End FY NAV 65.29 70.09 78.40 85.11 - - - 45 End FY Discount -18.8% -27.9% -32.4% -42.4% - - - 40 EPS 21.81 3.44 10.31 7.80 - - - 35 Cash EPS - - - - - - - Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep 19 19 19 20 20 20 20 21 21 21 Div. 1.34 1.41 1.48 1.60 1.73 - - Y/Y 0.0% 5.0% 5.2% 8.1% 8.0% - - Analyst: Payout 6.1% 39.0% 20.7% 6.8% - - - Joren Van Aken Yield 2.7% 2.9% 2.8% 3.3% 3.0% - - Equity Analyst +32 2 662 88 83 [email protected] 1 COMMISSIONED RESEARCH 2/08/2021 Table of contents Company overview ....................................................................................................................... 4 Strategic positioning ................................................................................................................ 5 Diversified portfolio of EUR 1.7bn ............................................................................................... 5 Direct investments – The core of the portfolio ....................................................................... 5 Listed – Shift towards a focused portfolio ........................................................................... 6 Private – Foyer as the cornerstone of Luxempart ............................................................... 6 Investment funds – Aim to double in 5 years’ time ................................................................. 8 Financial position ................................................................................................................. 8 Mismatch between impressive track record and discount .......................................................... 9 Communication, visibility and liquidity ...................................................................................... 10 Communication...................................................................................................................... 10 Visibility .................................................................................................................................. 10 Liquidity ................................................................................................................................. 11 Dividend policy ........................................................................................................................... 12 Shareholder structure – Potential liquidity issue ....................................................................... 13 Valuation .................................................................................................................................... 14 Scenario 1: Discount to revert to historical mean ................................................................. 15 Scenario 2: Discount to move towards target discount following suggested solutions ........ 15 Conclusion – Clear upside is on the cards .............................................................................. 16 Appendix: ESG ............................................................................................................................ 17 2 COMMISSIONED RESEARCH │ Luxempart 2/08/2021 COMPANY PROFILE VALUATION Luxempart is a Luxembourg-based investment company For the valuation, we applied two discount scenarios. managing a portfolio of ~EUR 1.8bn (DPe). Luxempart’s In the first scenario, the discount reverts to its historical portfolio consists of three pillars: a listed portfolio (18%), a average of ~30%. This results in a target valuation of EUR private equity portfolio (63%) and investment funds (19%). 69. Luxempart has an impressive track record with a 10Y CAGR In the second scenario, we apply our target discount of 12.2%, making it the 4th best performer in our investment methodology which indicates a 15% discount to NAV as company coverage. Only Brederode and Sofina perform justified for Luxempart’s profile. That would bring us to a better, i.e. when excluding mono-holdings, which both target valuation of EUR 84. coincidentally have a very similar portfolio to the one of Combining these two scenarios, we arrive at a valuation Luxempart. range of EUR 69 – EUR 84. That corresponds with a 20%- 46% upside. INVESTMENT CASE SWOT ANALYSIS Luxempart is a long-term investor with a flexible investment Strengths policy. Luxempart offers investors access to Foyer, the • Impressive track record largest insurer in Luxembourg. Additionally, Luxempart has • Exposure to small- & midcap companies a diversified portfolio of listed assets, private equity and • Strong financial position investment funds focused on the BeLux, France, the DACH • Unique asset: Foyer region and Northern-Italy. The impressive track record of • Long-term investment horizon with Luxempart with a CAGR of 12.2% over the last 10 years entrepreneurship in mind makes it one of the best performing investment companies. Weaknesses • No analyst coverage Since the market downturn in March 2020, the discount of • Limited free float and traded volume Luxempart has remained at an elevated level of ~35-40%. • Only one listing on Luxembourg stock exchange Our research indicates that this does not correspond with Opportunities the quality of the investment portfolio. In our view, clear • Increased visibility on financial markets to communication, increased visibility and liquidity on the decrease discount market are all factors that could contribute to a lower • Investment funds to double in 5 years discount to NAV going forward. • Additional focus in listed portfolio • Increased exposure to high-growth markets Luxempart has the right tools and profile to become as • Improve transparency towards financial markets successful as Sofina and Brederode. The main goal should • Increase dividend growth towards 8-10% p.a. be to show that potential to the market. • Provide investors with an optional dividend Threats • Liquidity issue remains or worsens if nothing is done • Overpaying for growth in current markets • Lack of dividend growth 3 COMMISSIONED RESEARCH │ Luxempart 2/08/2021 Company overview Luxempart (Bloomberg Ticker: LXMP LX) was created in 1988 under the name BIL-Participations. In July 1992, the Banque International à Luxembourg (BIL) sold the main part of its interests to Foyer Finance, an investment company controlling, amongst other assets, Foyer S.A., the number 1 insurance company in Luxembourg for individuals and professionals. Foyer also has an asset management business. This was also the moment when Sofina stepped in as a shareholder. Today, the Foyer Group is the cornerstone asset in the portfolio of Luxempart. Luxempart has a direct stake of 27.9% in Foyer S.A. As Foyer S.A. also owns 12.9% of itself, Luxempart owns a total stake of 31.5%, representing
Load more

Recommended publications
  • Press Release
    Press release Luxembourg, 4 July 2011 INTERIM REVISION OF THE LUXX INDEX Following the end of the first half of 2011, there was no change to the companies that are included in the LuxX index of the Luxembourg Stock Exchange. However, an adjustment was made in the weighting of the companies making up the index, based on their closing prices, the number of shares outstanding and their free-float. Therefore, on Friday 1 July 2011, the index had the following configuration: Weighting Number Weighting Number Company at 30/06/2011 of shares at 1/03/2011 of shares Aperam 11.13% 210 14.33% 210 ArcelorMittal 19.62% 345 20.00% 345 BIP Investment Partners 2.21% 15 2.09% 15 Dexia 1.85% 364 2.62% 364 Foyer 0.80% 7 0.70% 7 KBC Group 7.07% 110 7.42% 110 Luxempart 3.19% 56 2.98% 56 Reinet Investments 17.23% 581 15.43% 581 RTL Group 10.95% 68 11.02% 68 SES 22.32% 490 20.00% 490 Socfinaf 2.27% 40* 1.83% 4 Socfinasia 1.36% 20* 1.59% 1 (* split at 01-07-2011) About the Luxembourg Stock Exchange The Luxembourg Stock Exchange began operating as a limited company in 1929, and has since gained extensive experience in listing and trading of securities from many different regions. Today the Luxembourg Stock Exchange has two markets — regulated and Euro MTF — with 29,694 international bond issues representing 42% of total international bonds listed on EU markets. It also lists some 6,440 shares and units of investment funds in around twenty currencies, offering a wide range of investment opportunities, as well as 264 depositary receipts of issuers based in emerging markets.
    [Show full text]
  • Annual Report 2019
    ANNUAL REPORT 2019 ANNUAL REPORT 2019 CONTENTS Annual report 2019 Management report on consolidated accounts p. 6 Corporate Governance p. 29 Annual remuneration report p. 53 Information on Corporate Social Responsibility (CSR) p. 57 Operational Group Chart p. 58 Our main investment lines p. 60 Fund of Funds: our main lines p. 78 Financial information IFRS consolidated Financial statements p. 84 Annual accounts and report of the réviseur d’entreprises agrée p. 134 Contents 5 2019 MANAGEMENT REPORT ON THE SOCIAL AND CONSOLIDATED FINANCIAL STATEMENTS as at 31 December 2019 OUR DNA Luxempart is a Luxembourg based investment holding › Investments are realized along the following company with more than 25 years of existence, an estimated guidelines net asset value of 1.58 € billion and a market capitalisation • investment amounts up to € 100 million of nearly 1.1 € billion as of end of 2019. • investment in listed and non-listed companies • no exit pressure Luxempart invests in several European countries, mainly • involvement on board level in the DACH region (Germany, Austria and Switzerland), • supportive, hands-on approach Luxembourg, Belgium and France. Its core team is based • no sector focus but affinity for energy, insurance, tele- in Luxembourg. communication, security, health care and education Luxempart also holds a fund of funds portfolio through Luxempart shareholders and management believe in investments in selected European funds. It is a sponsor of value creation through patient involvement, European several closely associated funds in Italy, France and Ger- mind-set and ambitious team spirit. many. Luxempart will develop, next to its direct investment activity, its fund exposure to additional geographies and Our evolution has been characterized by a successful di- strengthen its fund team.
    [Show full text]
  • Luxx Price Index
    LuxX Price and return BASIS 1,000 AS OF 4TH JANUARY 1999 2021 The LuxX Index The LuxX Index is a basket index with a twofold computation, ie the Price LuxX Index and the Return LuxX Index. The Price index is published as of 4 January 1999. The Return LuxX Index is similar to the Price index except that it takes into account the stripped net dividends. In so doing, it enables the investors to assess their return on investment. The Return index has been published since 31 March 1999. 1. INDEX ENTRY REQUIREMENTS 3. THE LUXX INDEX IS A BASKET INDEX a) all shares issued by Luxembourg companies listed on the The LuxX Index relies on a basket of easily tradable securities Luxembourg Stock Exchange having directly or indirectly meeting the requirements defined above. an economic activity in Luxembourg, a significant activity on the Luxembourg Stock Exchange market or whose part The number of securities included in the basket for a given of the shareholders is Luxembourg-based are eligible. share is obtained by applying its weight to the basis The Executive Committee decides on the eligibility capitalisation of the index basket. The resulting amount in respect of each company by assessing whether one is then divided by the last stock exchange price of the month of these requirements are adequately met; preceding the index update date. b) the LuxX Index is an open index, which means that the number of eligible constituent companies is not limited. 4. REVISION OF THE INDEX CONSTITUENTS As a matter of fact, any company meeting the requirements specified in paragraph above can be retained among A revision of the LuxX Index constituents is made annually the index constituents.
    [Show full text]
  • Holding & Investment Companies Overview
    HOLDING & INVESTMENT COMPANIES OVERVIEW May 22nd 2013 Jan-Willem Billiet +32 2 429 45 04 [email protected] Tom Simonts +32 2 429 37 22 [email protected] Table of contents Financial calendars ................................................................................................................................................. 3 Valuation matrix & Recommendation overview .............................................................................................. 4 Dividend data ............................................................................................................................................................ 5 Valuation graphs ...................................................................................................................................................... 6 Average holding discount ..................................................................................................................................... 7 Sector performance ................................................................................................................................................ 8 Track record .............................................................................................................................................................. 9 Favourite list .............................................................................................................................................................. 10 Cascade structures and traditional
    [Show full text]
  • Press Release
    Press release Luxembourg, 26 June 2013 Interim Revision of the LuxX Index on 1 July 2013 In accordance with the rules governing the LuxX index, the executive committee of the Luxembourg Stock Exchange has decided to rebalance the LuxX index (base 1,000 as at 04/01/1999). The LuxX index will have the following composition as from Monday, 1 July 2013: Weighting Number Weighting Number Company at 1/07/2013* of Shares at 2/01/2013 of Shares Aperam 4.64% 181 7.38% 241 ArcelorMittal 20.00% 768 20.00% 577 BIP Investment Partners 1.85% 12 2.08% 15 Foyer 0.72% 5 0.84% 7 KBC Group 9.49% 113 9.79% 141 Luxempart 2.95% 35 3.02% 46 Reinet Investments 16.82% 409 20.00% 534 RTL Group 20.00% 110 12.67% 62 SES 20.00% 315 20.00% 342 Socfinaf 1.78% 30 2.17% 39 Socfinasia 1.76% 20 2.05% 26 * Estimate based on closing prices of 25 June 2013 About the Luxembourg Stock Exchange (LuxSE) The Luxembourg Stock Exchange is the leading exchange for the listing of international securities. It offers a high quality and efficient listing service that meets the needs of international capital markets and their participants. The long experience of the LuxSE in international securities combined with its established listing procedures attract a very wide range of issuers and financial instruments. Currently, the Luxembourg Stock Exchange has around 42,000 quotation lines, including some 28,000 related to bonds. These come from 3,000 issuers in 100 countries.
    [Show full text]
  • Annual Report Net Assets
    Key IFRS consolidated figures million of € 31/12/2016 31/12/2015 PROFIT Recurring profit 31.06 21.24 Capital gains on investment 105.13 41.76 Consolidated net profit 136.19 63.00 Group share 136.19 63.00 Revaluation of non-current financial assets 49.51 31.00 Total comprehensive income 185.70 94.00 BALANCE SHEET FIGURES Consolidated equity – Group share 1,254.12 1,091.77 CASH POSITION 2016 Group cash position 103.91 165.54 ANNUAL REPORT NET ASSETS Consolidated net assets 1,254.12 1,091.77 KEY FIGURES PER SHARE (€) Equity – Group share 62.56 54.34 12, rue Léon Laval Net assets 62.56 54.34 L-3372 Leudelange Net profit – Group share 6.79 3.13 Tél. : +352 43 743 5101 Fax : +352 425 462 Total comprehensive income – Group share 9.26 4.66 e-mail : [email protected] www.luxempart.lu R.C.S. B 27846 ANNUAL REPORT 2016 LUXEMPART - Group Net Asset Value Breakdown of consolidated portfolio at 15/03/2017 (estimated value) - Total : € M 1,090 Financial calendar 18 May 2017 Interim Management Statement NET CASH 30 August 2017 Publication of 2017 half-year results € M 109 / 9 % LONG-TERM INVESTMENTS 17 November 2017 Interim Management Statement € M 713 / 57 % SECURITIES 30 March 2018 Publication of 2017 annual results € M 67 / 5 % LUXEMBOURG € M 419 GERMANY € M 107 30 April 2018 Annual General Meeting PIPE FRANCE € M 157 € M 61 / 5 % BELGIUM € M 30 GERMANY € M 40 SWITZERLAND € M 6 UNITED KINGDOM € M 15 TOTAL INVESTMENTS € M 1.075 / 86 % PRIVATE EQUITY € M 302 / 24 % LUXEMBOURG € M 419 BELGIUM € M 29 GERMANY € M 249 FRANCE € M 90 FRANCE € M 247 GERMANY
    [Show full text]
  • Annual Report 2007 Enterprise Today While Thinking of Tomorrow
    Financial calendar 28/04/2008 Ordinary General Meeting Annual report 2007 20/08/2008 Board of Directors meeting – results to end of 6/2008 Summary 08/12/2008 Board of Directors meeting – 2009 budget 25/03/2009 Board of Directors meeting – 2008 results and proposed appropriation of the results 27/04/2009 Annual General Meeting Composition of the portfolio p.1 Enterprise today Message to the shareholders p.3 while thinking Organisational structure p.4 of tomorrow Information on the shareholdings 12, rue Léon Laval - L- 3372 Leudelange Main listed shareholdings p.6 Tel.: +352 420 947 - Fax: +352 425 462 e-mail: [email protected] www.luxempart.lu Private Equity p.16 WorldReginfo - 1d284765-0915-4783-8537-e28274ce0360 Financial calendar 28/04/2008 Ordinary General Meeting Annual report 2007 20/08/2008 Board of Directors meeting – results to end of 6/2008 Summary 08/12/2008 Board of Directors meeting – 2009 budget 25/03/2009 Board of Directors meeting – 2008 results and proposed appropriation of the results 27/04/2009 Annual General Meeting Composition of the portfolio p.1 Enterprise today Message to the shareholders p.3 while thinking Organisational structure p.4 of tomorrow Information on the shareholdings 12, rue Léon Laval - L- 3372 Leudelange Main listed shareholdings p.6 Tel.: +352 420 947 - Fax: +352 425 462 e-mail: [email protected] www.luxempart.lu Private Equity p.16 WorldReginfo - 1d284765-0915-4783-8537-e28274ce0360 Consolidated key figures 400 IFRS (International Financial Reporting Standards) 350 300 In € M 31.12.2007 31.12.2006
    [Show full text]
  • Luxempart-Annual-Report-2013-Uk.Pdf
    2013 Annual Report of Luxempart’s share price from January 2013 Key consolidated figures to end-March 2014 vs. Lux X 31/12/2013 31/12/2012 PROFIT (millions of ) Recurring profit 31.58 24.70 Capital gains on investment 60.34 -1.80 Taxes -0.32 -0.30 Share in associates 1.01 4.22 Share of profit from assets held for sale and discontinued operations - 1.48 Consolidated net profit 92.61 28.30 Group share 89.99 28.32 Minority share 2.62 -0.02 Revaluation of non-current financial assets 48.82 23.01 Total comprehensive income 141.43 51.31 BALANCE SHEET FIGURES (millions of ) Consolidated equity – Group share 971.58 863.99 CASH POSITION Group cash position 256.12 229.09 NET ASSETS (millions of ) 1 Consolidated net assets 973.14 858.67 KEY FIGURES PER SHARE () Equity – Group share 43.26 37.64 Net assets 2 43.33 37.40 Net profit – Group share 3.94 1.23 Total comprehensive income – Group share 6.08 2.23 1 Net assets now excludes the value of own shares. 2 Net assets per share is calculated by dividing net assets by the number of shares issued excluding own shares Breakdown of portfolio at 20/03/2014 (estimated value) Consolidated portfolio total: : E 1,032 M Cash 331 M / 32% Supportive investments 493 M / 48% Trading and other assets 59 M / 6% Private equity and funds 149 M / 14% of Luxempart’s share price Performance and net asset value Since 2003, Luxempart’s share price has shown a compound annual growth rate of 11% (11% for net assets).
    [Show full text]
  • Annual Report 2008 Worldreginfo - 9D07ae6d-07Ec-4D7f-A80a-D2881640dc1a Worldreginfo - 9D07ae6d-07Ec-4D7f-A80a-D2881640dc1a Summary
    Annual Report 2008 WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a Summary Key figures Key consolidated IFRS figures 3 Consolidated portfolio 3 Share price information 4 Dividend information 4 Portfolio breakdown 5 Mission statement 7 The Company Message to the shareholders 8-9 Board of Directors 10 Management Committee 11 Corporate governance 12-20 The Portfolio Main listed holdings 21-25 Unlisted holdings 26-35 Investment funds 36-39 Financial calendar 41 Appendices (on cd-rom) Statutory accounts Consolidated accounts Management report on the statutory accounts Management report on the consolidated accounts Corporate governance charter Luxempart Annual Report 2008 WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a Key consolidated IFRS figures (International Financial Reporting Standards) € Mios 2008 2007 Δ% Shareholder’s equity – Group share 612,15 751,99 -18,7 Recurring result 18,69 13,71 36,3 Capital gains on investments 8,51 43,45 -80,4 Net result – Group share 37,50 58,81 -36,2 € 2008 2007 Δ% Book value per share – Group share 265,25 319,88 -17,1 Net consolidated result per share – Group share 16,25 25,02 -35,1 Consolidated recurring result per share 8,10 5,83 38,9 Gross dividend per share – Ordinary 5,60 5,60 - – Extraordinary 1,40 - - Total dividend 7,00 5,60 25 Average weighted number of shares 2.307.822 2.350.789 - Consolidated portfolio PORTFOLIO BREAKDOWN AS OF 16.03.2009 OTHERS 1,41% SES 24,61% CASH 37,62% Direct Private Equity 4,32% RTL GROUP 3,95% FOYER TREASURY STOCK/SHARES 10,17% 2,26% PAUL WURTH ICP SICAR ATENOR 4,85% 5,08% LCP SICAR 2,57% 3,34% - 3 - Luxempart Annual Report 2008 WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a SHARE PRICE AND NET ASSET INFORMATION AS OF 16.03.09 EUR 400 45% Since 1992, Luxempart’s share price (excluding dividend payments) has 350 40% experienced a compound annual 35% 300 NAV growth rate of 12.6% (13.4% for 30% 250 NAV).
    [Show full text]
  • Press Release Memorandum of Understanding (“Mou”) Regarding
    Press release Memorandum of Understanding (“MoU”) regarding the combination of CEGEDEL, SOTEG and Saar Ferngas 23 July 2008 The Minister of Economy and Foreign Trade of the Grand Duchy of Luxembourg is pleased to announce that the State of Luxembourg, SNCI, ArcelorMittal, RWE Energy, E.ON Ruhrgas, Electrabel and SOTEG have signed a Memorandum of Understanding (“MoU”) regarding the combination of CEGEDEL, SOTEG and Saar Ferngas. The shares of CEGEDEL are listed on the Luxembourg Stock Exchange and Euronext Brussels. SOTEG and SFG are unlisted privately held companies. Transaction Rationale The liberalisation of European energy markets has led to increasing and further continuing sector consolidation. This has changed the competitive situation for European energy suppliers significantly. Today, only integrated, international operating utilities with a certain scale have the critical mass to survive the sector consolidation and remain independent. CEGEDEL, SFG and SOTEG are particularly exposed to these adverse market conditions as the three companies are rather small in size and only serve markets comparatively small in size and volume. The formation of a strong, integrated utility headquartered in Luxembourg addresses key strategic aims of Luxembourg and the Greater Region: - Guaranteeing the security and quality of energy supply in Luxembourg and neighbouring countries - Preserving employment in the energy sector - Fostering of economic development in Luxembourg and the greater region through the offering of competitive energy prices to industrial and private customers In order to safeguard above mentioned interests, the State of Luxembourg in its role as major shareholder of CEGEDEL and SOTEG, had initiated discussions in 2007 with the shareholders of those companies and Saarbrücken-based German regional utility Saar Ferngas with a view to combining the three companies.
    [Show full text]
  • Annual Report 2008 Worldreginfo - 9D07ae6d-07Ec-4D7f-A80a-D2881640dc1a Worldreginfo - 9D07ae6d-07Ec-4D7f-A80a-D2881640dc1a Summary
    Annual Report 2008 WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a Summary Key figures Key consolidated IFRS figures 3 Consolidated portfolio 3 Share price information 4 Dividend information 4 Portfolio breakdown 5 Mission statement 7 The Company Message to the shareholders 8-9 Board of Directors 10 Management Committee 11 Corporate governance 12-20 The Portfolio Main listed holdings 21-25 Unlisted holdings 26-35 Investment funds 36-39 Financial calendar 41 Appendices (on cd-rom) Statutory accounts Consolidated accounts Management report on the statutory accounts Management report on the consolidated accounts Corporate governance charter Luxempart Annual Report 2008 WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a Key consolidated IFRS figures (International Financial Reporting Standards) € Mios 2008 2007 Δ% Shareholder’s equity – Group share 612,15 751,99 -18,7 Recurring result 18,69 13,71 36,3 Capital gains on investments 8,51 43,45 -80,4 Net result – Group share 37,50 58,81 -36,2 € 2008 2007 Δ% Book value per share – Group share 265,25 319,88 -17,1 Net consolidated result per share – Group share 16,25 25,02 -35,1 Consolidated recurring result per share 8,10 5,83 38,9 Gross dividend per share – Ordinary 5,60 5,60 - – Extraordinary 1,40 - - Total dividend 7,00 5,60 25 Average weighted number of shares 2.307.822 2.350.789 - Consolidated portfolio PORTFOLIO BREAKDOWN AS OF 16.03.2009 OTHERS 1,41% SES 24,61% CASH 37,62% Direct Private Equity 4,32% RTL GROUP 3,95% FOYER TREASURY STOCK/SHARES 10,17% 2,26% PAUL WURTH ICP SICAR ATENOR 4,85% 5,08% LCP SICAR 2,57% 3,34% - 3 - Luxempart Annual Report 2008 WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a SHARE PRICE AND NET ASSET INFORMATION AS OF 16.03.09 EUR 400 45% Since 1992, Luxempart’s share price (excluding dividend payments) has 350 40% experienced a compound annual 35% 300 NAV growth rate of 12.6% (13.4% for 30% 250 NAV).
    [Show full text]
  • ANNUAL REPORT Key IFRS Consolidated Figures
    2014 ANNUAL REPORT Key IFRS consolidated figures 31/12/2014 31/12/2013 3 PROFIT (millions of €) Recurring profit 17.43 38.19 Capital gains on investment 82.36 55.20 Taxes -0.63 -0.09 Consolidated net profit 99.16 93.30 Group share 99.16 93.30 Minority share - - Revaluation of non-current financial assets 28.86 49.58 Total comprehensive income 128.02 142.88 BALANCE SHEET FIGURES (millions of €) Consolidated equity – Group share 1,091.48 983.60 CASH POSITION Group cash position 256.57 204.72 NET ASSETS (millions of €) 1 Consolidated net assets 1,091.48 983.60 KEY FIGURES PER SHARE (€) Equity – Group share 48.60 43.80 Net assets 2 48.60 43.80 Net profit – Group share 4.42 4.09 Total comprehensive income – Group share 5.70 6.26 • 1 Net assets now excludes the value of own shares. • 2 Net assets per share is calculated by dividing net assets by the number of shares issued excluding own shares. • 3 After retrospective application of the standard IFRS 10. Net Asset Value Breakdown of Group Net Assets at 18/03/2015 (estimated value) total : € 1,076 M Cash € M 229 / 21 % Securities and others Long-term investments € M 65 / 6 % € M 605 / 56 % Private equity and Funds € M 177 / 17 % Performance of Luxempart’s share price and net asset value Since 2003, Luxempart’s share price has shown a compound annual growth rate of 12 % (11 % for net assets). During 2014, Luxempart’s net asset value (NAV) increased by 12 %. On 18 March 2015, the Company’s share price showed a discount of approximately 34 % in relation to its NAV.
    [Show full text]