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Annual Report 2008 Worldreginfo - 9D07ae6d-07Ec-4D7f-A80a-D2881640dc1a Worldreginfo - 9D07ae6d-07Ec-4D7f-A80a-D2881640dc1a Summary

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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). 25% 200 20% 150 In line with other financial holding 15% Share price companies, the share price also 100 10% shows a significant discount 50 Discount to NAV 5% compared to its (adjusted) NAV. - Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 0% DIVIDEND PRICE INFORMATION EUR Excluding the 2008 anniversary 8 dividend, Luxempart’s dividend Gross dividend/share (€) 7 has experienced a compound annual growth rate of 8.6% (10.2% 6 extraordinary dividend included). 5 4 Given an investment made in 1992, 3 the Luxempart share has provided Net dividend/share (€) 2 an annual yield of 16.8% based on 1 its share price and the net dividend (and 18.2% based on the gross - 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 dividend). SHARE PRICE IN 2008 VS. LUX X EUR Despite a fall of 18.7% in its share 275 price in 2008, Luxempart continues Luxempart 255 to be a defensive value, strongly 235 outperforming the Lux X index 215 which had lost 58.7% by the end of 195 175 December 2008. 155 135 115 95 Lux X Index (rebased) 75 Dec-07 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 - 4 - Luxempart Annual Report 2008 WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a PORTFOLIO BREAKDOWN Luxempart is currently investing in a number of sectors which can be grouped as follows: LUXEMPART Real Estate Private Energy Media & Financial & Comm. Development Insurance Equity INDUFIN POWEO AUDIOLUX ATENOR FOYER FINANCE Bartech, 54.3% CAPITAL 2.9% 99.6% 10,4% 18.2% All Tag Security, 13.2% PARTNERS SICAR Office Development, 22.6% 50% Alphamin Group, 96.3% Vellemann, 23% SEO RTL Group FOYER S.A. PAUL WURTH 5.4% 0.6% 4.7% Rowies, 75% 11% Preflexibel, 66.7% Traficon International, 68.7% UTOPIA Investment Actief Construct, 29.1% 54.7% fund : Kyotec, 40% NTVC I Vemedia, 8.6% XDC Mangrove II Waterleau 2.9% LBO France APAX France DefiEurocap III SES FCPR Conso Invest 3.1% EUB 10% DNR 8.1% DS CARE 45% QUIP Holding GmbH 54.3% Luxempart Capital Partners Sicar 100% IEE 9.6% Mangrove III Thrombogenics - 5 - Luxempart Annual Report 2008 WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a Mission Statement Luxempart supports the development of companies which are leaders in their field of activity. It acts as a relay for local Luxembourg shareholders who want to take part, via its structure, in the development of both local and regional companies. Luxempart creates value for its shareholders by, on one hand, investing for the short-term in companies to convert gains at the time of exit (for example, private equity) and, on the other, for the long-term to benefit from recurring revenue and plan for an exit at the time an opportunity presents itself. - 7 - Luxempart Annual Report 2008 WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a MESSAGE TO THE SHAREHOLDERS The financial crisis which has borne down the Given this difficult economic climate, the main world’s markets has significantly impacted the objective of companies has been to survive the economies and policy strategies of every crisis. In the absence of short-term and country. medium-term visibility, an emphasis has been put on two main indicators: the importance of This financial crisis, which began with the shareholder’s equity, which reflects the ability bankruptcy of Lehman Brothers in September to weather the crisis, and the importance of 2008, has gradually turned into a global threat cash, which reflects the ability to seize on new and led to a drop in the GDP of industrialised investment opportunities. countries, a slowdown in emerging countries, massive intervention in the economy by Despite the seriousness of the crisis, central banks and governments, a rapid Luxempart closed out 2008 with a increase in unemployment, etc. All of these consolidated net profit of €37.50 million. elements have been undermining investor and consumer confidence and are delaying Its recurring result increased by 36% thanks to economic recovery: analysts appear to agree a rise in dividends paid by the companies in that 2009 will also be an extremely difficult which we have holdings, particularly RTL year and that a recovery may only begin in Group and SES, which paid significantly 2010. higher dividends. - 8 - Luxempart Annual Report 2008 WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a The small 11% decrease in adjusted NAV A current cash position of €276 million will reflects the quality of Luxempart’s portfolio enable Luxempart to cautiously pursue future under poor stock market and economic investment opportunities. conditions. This small decline is due to the stability of the SES share price, the positive We end this message on this prospect and by progress made by Cegedel’s share price, and thanking our shareholders for their trust. the low ratio of bank shares in the Luxempart portfolio. We would also like thank all of our employees for their loyalty and effectiveness. In line with the dividend policy, a proposal will be made at the General Meeting for the payment of a gross ordinary dividend of €5.60/share (unchanged compared to 2007) Gaston SCHWERTZER and a gross extraordinary dividend of Chairman €1.40/share for Luxempart’s 20th anniversary. Since 1992, when BIL Participations was taken François TESCH over by Luxempart’s current shareholders of Managing Director reference, the return on investment has been 17%. At the operational level, the 2008 fiscal year was marked by the continued development of Private Equity activities through several acquisitions and an increase in Luxempart’s commitment in Indufin Capital Partners SICAR from €25 million to €50 million. Luxempart sold its share in Cegedel (via Luxempart-Energie) for €187 million in January 2009. - 9 - Luxempart Annual Report 2008 WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a THE BOARD OF DIRECTORS Gaston SCHWERTZER, Chairman of the Board of Directors Frank WAGENER, Vice-Chairman François TESCH, Managing Director Members: Ernst Wilhelm CONTZEN (since 27.04.2009), Independent Non-Executive Director Pierre DRION, Independent Non-Executive Director André ELVINGER, Non-executive director François GILLET, Non-Executive Director Alain HUBERTY, Executive Director Jo SANTINO, Executive Director René STEICHEN (until 20.03.2009) Non-Executive Director Standing: François Gillet - Alain Huberty - François Tesch - Frank Wagener - René Steichen Sitting: Pierre Drion - André Elvinger - Gaston Schwertzer - Pascale Finck (Secretary of the Board of Directors) Jo Santino The Board of Directors of Luxempart Management Room, Leudelange headquarters - 10 - Luxempart Annual Report 2008 WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a THE MANAGEMENT COMMITTEE François TESCH Jacquot SCHWERTZER Managing Director of Luxempart Member of the Management Committee Chairman of Audiolux Chairman of Luxempart Capital Partners Executive Director SICAR Alain HUBERTY Pascale FINCK Executive Director Secretary of the Board of Directors General Secretary of Luxempart Secretary of the Management Committee Jo SANTINO Executive Director Director of Luxempart Managing Director of Indufin Capital Partners SICAR Standing: Pascale Finck, Alain Huberty, Jo Santino, Sitting: François Tesch, Jacquot Schwertzer - 11 - Luxempart Annual Report 2008 WorldReginfo - 9d07ae6d-07ec-4d7f-a80a-d2881640dc1a CORPORATE GOVERNANCE INTRODUCTION - Luxempart’s external audit The Luxempart Corporate Governance In addition, the Charter includes the
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