Proventus' end-year report shows stable 2008 results
April 7, 2009
Proventus is developing well despite the prevailing financial turmoil and reports stable group operating income for 2008 at MSEK 208.8 (211.3) and income after financial items amounted to MSEK 178.0 (163.7). Income for the year 2008 amounted to MSEK 133.5 (107.7).
The result is negatively affected by the holding in BRIO, the leading toy company in which Proventus recently announced a financial restructuring. All other investments – which include the wind-power company o2 Produktion, J.Lindeberg, and Design Research, with subsidiaries Artek and Tom Dixon – are performing in line with, or better than, 2007.
Since 2005, Proventus has been active in providing development capital to smaller and medium sized companies, who cannot access sufficient bank financing but are unwilling to seek equity capital. The portfolio shows a healthy growth, and has increased from MSEK 340 at the end of 2007 to MSEK 614 at the end of 2008. Income from the portfolio amounted to MSEK 75.6 (37.3).
The Group’s reported net worth per 31 December 2008 increased to SEK 3.0 billion (2.9), which is an increase of 8 per cent or SEK 0.2 billion, when taking into account distributed dividends. The Board estimates that the net worth including hidden reserves remain at least at the same level as at the end of 2007 at SEK 3,5–4 billion.
The annual report will be published (in English and Swedish) in June 2009 at the latest.