Interim / Quarterly Report • Nov 17, 2009
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
This document contains a selection of translated excerpt from the german version. For full information complying with the legal standards and regulations, please revert to the official «Halbjahresbericht 2009»
Sunny Markets. Solar Industries is building its company structure along the entire value added chain of photovoltaics – from silicon production via module production to systems installation and services: A growing market with enormous potential.
Solar Industries AG – a portfoliocompany of
26 BALANCE SHEET
27 STATEMENT OF INCOME
28 CHANGES IN EQUITY
29 CASH FLOW
IMPRESSUM
Published by New Value AG Concept IRF Communications AG Design Michael Schaepe Werbung Photos getty Production MDD Management Digital Data AG Printing NZZ Fretz AG
Careful and sustainable handling of nature and its resources is important to New Value AG. For this reason the business report 2008/09 has been printed on paper which comprises at least 50% recycling fibres and at least 17.5% fresh fibres from certified forestry (FSC).
The drastic decline in the economy has slowed for the time being. As we regain our footing, many markets are already beginning to grow again. However, this sharp turnaround and the return of euphoria to the stock markets are still insufficient indicators of a quick recovery in the real economy. Just how sustainable the latest rebound will be remains unknown. We therefore remain prepared for inconsistency in the economy in the near future.
Most of New Value's portfolio companies have enjoyed success in this demanding environment. Renewable energy projects have performed particularly favorably. 3S Industries AG once again posted record profits in the first half of 2009 despite uncertainty in the market. The company is excellently positioned, both in terms of technology and the tap-
ping of new sales markets, to take part in the enormous growth potential of the solar industry. Another highlight has been the successful positioning of Silentsoft AG in the market for determining and optimizing the so-called environmental footprint of real estate. The software specialist now offers innovative M2M networks for remote monitoring of buildings using real-time data. On the other hand, some portfolio companies have felt the effects of the economic downturn. Natural lubricant specialist Natoil AG has been particularly strongly affected by the crisis in the machine industry.
The current recession can only be overcome through innovation and hard work. However, a weak economy also offers opportunities. Lagging production pressure allows companies to direct their focus toward strategic matters and optimize their operational efficiency. Bumpy growth is thus an opportunity for reviewing the business model.
In times of serious societal and economic threats, sustainability has become a key criterion. Sustainability-based investment instruments are popping up everywhere. For New Value, social impact has always been a deciding investment criterion. Innovations in renewable energies, health care, new materials and information technology are meeting current societal and social needs in addition to the challenges of the 21st century head-on.
We are proud to be a part of the success of numerous growth firms – not just financially but through active involvement in business development. Companies in which New Value has invested in with confidence include Meyer Burger Technology AG, producer of wafers for solar module production. Following the impressive increase in the company's value in the last several years, New Value sold all of its shares during the reporting period, thus completing its exit.
In the past several months, the value of investment companies in general and of private equity instruments specifically have been a topic of much discussion due to the discrepancy between net asset value and market valuation. Individual observers see the drop in value as a good opportunity for entry, others see it as sign of distrust. The truth probably lies somewhere in between. We believe that the discussion regarding the reduction in investment companies' NAV is too one-sided. For you as a shareholder, NAV serves as an important orientation measure, especially for capital increases. More decisive, however, are stock price performance, portfolio valuation and the manner in which the portfolio is managed – as with any other listed company. For private equity investment companies, investment focus, financing and leverage, (over)commitments, diversification and liquidity of the underlying instruments are also important, as clearly evidenced by the events of the last two years. In this regard, New Value is performing well. The concept is proven.
New Value portfolio companies are well positioned for an economic rebound. New Value will continue to implement its strategy of sustainable growth. Everyone stands to benefit from this policy: young companies, the Swiss job market and our shareholders, to whom I would like to extend my sincere thanks on behalf of the Board of Directors and the investment management team for their renewed trust.
Kind regards,
Rolf Wägli President of the Board of Directors
Net Asset Value +18.6%, Earnings CHF 10.2 million
New Value earned profits of CHF 10.2 million (same period last year: CHF 3.0 million) from the active management of its portfolio. This is primarily the result of a rebound in the price of shares of 3S Industries AG since March 31, 2009, which rose by 120% from CHF 9.95 on March 31, 2009, to CHF 21.90 on the closing date of September 30, 2009. This encouraging development resulted in an upvaluation of New Value's investment by CHF 16.9 million. The sale of shares in Meyer Burger also contributed positively to the results. New Value sold all 1,000 of its shares in Meyer Burger at an average price of CHF 248.99. The sale marked
the end of a very successful investment by New Value in solar company Meyer Burger. Due to slower than expected business growth for Idiag AG and Bogar AG, value adjustments of CHF -2.40 million and -3.57 million respectively were posted. Overall, New Value generated earnings per share of CHF 3.39 during the first six months of the 2009/10 fiscal year (April to September 2009).
The Net Asset Value (NAV) of New Value rose in comparison with the beginning of the reporting period by 18.6% to CHF 79.64 million. NAV per share increased from CHF 21.76 to 24.28. New Value's share price at the end of the reporting period on September 30, 2009, was CHF 15.60, or about 9% higher than at the end of March 2009.
Between April and June 2009, New Value took part in two growth financing initiatives for existing portfolio companies: Lubricant company Natoil AG completed a capital increase totaling CHF 1.06 million in June, including CHF 0.15 million in new funds and the conversion of previous bond financing into capital stock. New Value contributed CHF 0.09 million to the capital increase and converted a CHF 0.3 million bond. It thus increased its share in the company from 23.8% to 30.5%.
In May and July 2009, New Value also acquired new shares in health care software specialist Qualilife SA as planned totaling CHF 1.28 million, increasing its share of the company's equity from 18.2% to 38.1%.
In September, New Value invested CHF 0.52 million in a CHF 1.0 million convertible bond issued by Idiag AG. New Value had previously taken over a stock package from an institutional investor valued at CHF 0.44 million, increasing New Value's share in Idiag from 45.5% to 49.7%.
In September, New Value also invested in a CHF 0.5 million convertible bond from Swiss Medical Solution.
Undeterred by the current weak market, in the fist six months of 2009, 3S Industries AG continued on its path of fast growth. The company managed to once again double its sales over the same period last year. At the same time, 3S opened its own offices in Hong Kong and Singapore, thus strengthening its presence in the important Asian market. Its consideration for various prestigious projects is proof of 3S's leadership in technology: 3S developed a special solar module tester for Thales Alenia Space that simulates the properties of the sun in space with maximum accuracy. 3S also outfitted the roof of the Matterhorn Glacier Paradise restaurant on the Klein Matterhorn near Zermatt with solar modules and was awarded a contract from Bertrand Piccard's solar airplane project, Solar Impulse, to develop a new soldering technology for combining solar cells.
In early 2009, Solar Industries AG founded SI Solutions GmbH, a provider of photovoltaic systems, in Puchheim, Germany. This step allows Solar Industries to grant its Italian production firms easy access to the German sales market.
Idiag's focus on proprietary products and the associated task of selling retail products only resulted in a drop in sales. Only sales of SpiroTiger Sport rose slightly. Additional world-renowned soccer teams such as Manchester United were impressed with the training benefits offered by SpiroTiger. SpiroTiger athletes Nino Schurter (cross country mountainbiking) and Simone Niggli-Luder (orienteering) both won gold in world championships.
At Bogar AG, the strong Swiss franc hampered its planned expansion into Eastern Europe. The company also had to deal with a sharp downturn in the demand for anti-flea products due to the long winter.
Natoil was in turn affected by the heavy drop in business in the machine building and automobile supplier industries.
In May 2009, Silentsoft signed agreements for the installation of over 1,200 telemetry systems, including highprofile projects in the cities of Zurich and Winterthur. Silentsoft will also intensively pursue the Green Building market segment. To this end, the company is working with EPFL Energy Center to offer comprehensive joint solutions in this promising future market.
During the reporting period, Swiss Medical Solution AG welcomed Marc Neuschwander, former CEO of Bayer Switzerland, as its new President and Dr. Peter Röttger, member of the board of directors of the German Diabetes Foundation, as the newest member of its own Board of Directors. In addition, Dr. Thomas Kaltenbach has been the company's new CEO since June.
Qualilife SA welcomed new CEO Walter M. Huber in May of 2009. In September 2009, Dirk Sebald joined the Board of Directors as President.
Earnings from investments and loans totaled CHF 19.1 million (same period last year: CHF 6.9 million), while expenditures from investments and loans increased from CHF 2.5 million during the same period last year to CHF 7.2 million. These expenditures include value adjustments for Idiag and Bogar as a result of weaker than expected business development for both companies. Operating expenses totaled CHF 1.4 million (same period last year: CHF 1.4 million).
During the reporting period, the proportion of renewable energy firms in the total portfolio once again increased due to a rebound in the price of 3S shares since March 31, 2009, to ((xx))% (end of last year: 35.0%). This was followed by health care at ((xx))% (same period last year: 20.5%) and medical technology at ((xx))% (same period last year: 18.0%) as the next most important sectors. On September 30, 2009, liquid funds and financial assets totaled CHF 6.9 million or 8.6% of the portfolio. These funds will be used to strengthen and promote current and new investments. The investment team is currently reviewing several opportunities, namely in the cleantech and health care segments. Our goal is to take advantage of the low-price buying phase and conduct several new investments in the coming six months.
Peter Letter CEO of EPS Value Plus AG
| Company | Title | shares/ nominal |
Currency | price per 30/09/2009 |
+/- vs. 31/03/2009 |
Market value CHF 1) |
Share of PF 2) |
Comp. share |
|---|---|---|---|---|---|---|---|---|
| Renewable Energies/Solar Technology | ||||||||
| 3S Industries | Shares | 1,415,187 | CHF | 21.90 | +120.1% | 30,992,595 | 39.0% | 10.2% |
| Solar Industries | Shares | 1,554,100 | CHF | 5.00 | 0.0% | 7,770,500 | 9.8% | 33.1% |
| Medtech | ||||||||
| Swiss Medical Solution | Shares | 311,581 | CHF | 5.00 | 0.0% | 1,557,905 | 8.2% | 38.9% |
| Convertible loan | 907,013 | CHF | 489.72% | +2.9% | 4,441,796 | |||
| Convertible loan | 500,000 | CHF | 108.93% | n/a | 544,652 | |||
| Idiag | Shares | 6,928,621 | CHF | 0.64 | –46.7% | 4,434,317 | 7.8% | 49.7% |
| Convertible loan | 518,458 | CHF | 334.25% | n/a | 1,732,947 | |||
| Health | ||||||||
| Mycosym International | Shares | 194,337 | CHF | 21.75 | 0.0% | 4,226,830 | 5.9% | 49.1% |
| Loan | 457,648 | CHF | 100.00% | 0.0% | 457,648 | |||
| Bogar | Shares | 233,795 | CHF | 15.29 | -50.0% | 3,574,726 | 4.5% | 29.8% |
| Information Technology (IT) | ||||||||
| FotoDesk Group | Shares | 4,502,115 | CHF | 1.00 | 0.0% | 4,502,115 | 7.2% | 45.0% |
| Convertible loan | 1,050,000 | CHF | 117.63% | +9.0% | 1,235,088 | |||
| Silentsoft | Shares | 20,312 | CHF | 176.13 | 0.0% | 3,577,553 | 4.5% | 25.7% |
| QualiLife | Shares | 661,706 | CHF | 3.02 3) | 0.0% | 2,000,000 | 2.5% | 38.1% |
| New Materials | ||||||||
| Natoil | Shares | 125,274 | CHF | 12.69 3) | 0.0% | 1,590,000 | 2.0% | 30.5% |
| Total | 72,638,672 | 91.4% 4) |
1) In accordance with IFRS, the market value of convertible bonds includes a valuation of the borrowed capital portion at net present value using the effective interest method and of the option portion.
2) Based on market value including liquid funds and financial investments.
3) No change in the share price based on average acquisition price compared to the previous year's price (only absolute change in the price per share with no impact on portfolio valuation for the overall position).
4) Market value / net assets (investment level)
Stock Quotes CHF 15.60 (SIX Swiss Exchange) EUR 10.10 (Xetra)
Net Asse Value (NAV) CHF 24.28 per share
Share capital CHF 32.8 Mio.
Issued shares 3 287 233 registered shares (nominal value CHF 10 per share)
Market capitalisation CHF 51.3 Mio.
SIX Swiss Exchange since May 2006 (previously at the Berne eXchange from August 2000 until December 2006) Xetra, Open Market Frankfurt, Berlin, Dusseldorf, Munich and Stuttgart
Ticker-Symbols NEWN (CH), N7V (DE)
Valorennummer 1081986 Wertpapierkennnummer 552932 ISIN CH0010819867
Investment Manager EPS Value Plus AG Zurich (www.epsvalueplus.ch)
0.5% per quarter, as measured by the NAV
10%, if > or = 10% growth p.a. 20%, if > or = 15% growth p.a.
| 08.12.2009 | New Value at the Münchner |
|---|---|
| Kapitalmarktkonferenz MKK | |
| 26.01.2010 | Release quarterly newsletter |
| per 12.31.2009 | |
| 05.05.2010 | New Value at the Fachmesse 2! in Zürich |
| 10.06.2010 | Release annual results |
| and annual report 2009/2010 | |
| 08.07.2010 10th annual shareholders meeting | |
1) The LPX Venture Index contains the 20 largest Private Equity Companies worldwide, that predominantly (at least 50%) make venture investments.
Natural Talents. Mycosym International supports nature with biology: natural crop technologies for water saving and curing of root fungal attack on olive trees. This ensures growth of both plants and sales.
Mycosym – a portfoliocompany of
Innovative technologies are crucial in order to reduce CO2 emissions. They allow an efficient use of energy and the introduction of facilitated processes. Among other green-tech companies that provide new highly sophisticated solutions New Value's portfolio company Silentsoft is portrayed in the latest edition of ((name of publication, topics covered)).
The primary goal of the convention is to stabilize the amount of greenhouse gases in the atmosphere at a level that prevents dangerous man-made climate changes. Among the threatening effects are more droughts and flooding, less ice and snow in the mountains, more extreme weather incidents and rising sea level. Especially for future generations it is of highest priority that the Copenhagen conference will be successful in reinforcing and prolonging the Kyoto treaties thereby also embedding developing and emerging countries.
Silentsoft has a unique experience in large scale deployment of real-time building monitoring. Currently, it operates telemetry on more than 30,000 sites in 12 countries to provide the business information needed to help companies save energy costs and reduce CO2 emissions.
This starts by capturing all energy parameters of each building using low cost sensors with radio frequency transmission to avoid expensive cabling. These parameters include:
«Silentsoft is partnering with research universities, governments and its building energy management clients to develop this enhanced product offering which positions Silentsoft as a clean-tech company.»
Gary Nichols-Roth, Managing Editor of Government Projects at Sovereign Publications, publisher of the COP 15 edition of Climate Change "addressing the challenge"
«We have chosen to highlight Silentsoft's innovative technology as one of the leading promising solutions essential to creating a global low carbon economy post Copenhagen and Kyoto.»
These real-time measurements undergo digital processing on the Silentsoft M2M platform. Some typical examples of this processing are:
The visibility provided is used to establish and monitor in real-time the baseline energy signature, energy index, energy category and CO2 emissions of each building.
In addition, Silentsoft partners with a vehicle telemetry provider that measures real-time fuel consumption and CO2 emissions by monitoring the CAN-bus (electronic interface in a vehicle that provides access to vehicle diagnostics). Both buildings and vehicles real-time energy and CO2 data can be consolidated into a single window solution. This integrated view ensures companies have a complete solution for their energy optimisation and CO2 reduction needs.
Business segments: Mechanical and process technology for the solar industry, energy-generating construction materials Locations: Lyss and Neuchâtel, Switzerland, Freiburg and Umkirch, Germany Number of employees as of 12/31/2008: 302 full-time staff Sales 01/01 – 06/30/2009: CHF 63.5 million (+108%) New Value holdings as of 09/30/2009: CHF 31.0 million; corresponds to 10.2% share of equity New Value Board Representative: Rolf Wägli (President) Website: www.3-s.ch Ticker symbol: BX Bern Exchange: SSS; Open Market Frankfurt: S3V
p 3S Industries AG (3S), along with group partners 3S Swiss Solar Systems, Somont and Pasan, is a worldwide marketer of production lines using leading technology for the manufacture of solar modules. The group covers the entire value chain of photovoltaic solar module production and combines key competencies in soldering, laminating and testing under one roof. 3S production lines guarantee stable processes, high throughput and maximum product quality with minimal waste. 3S sells complete, turnkey production lines with varying degrees of automation as well as individual line components. 3S also offers innovative, building-integrated solar systems for rooftop, façade or shading use.
p At the EUPVSEC industry conference in mid-September in Hamburg, 3S unveiled its newest developments: a highly automated turnkey production line, the CER-TUS Stringer, an automatic laminating line and a new process for string testing.
p 3S also took part in three prestigious projects: It designed a special solar module tester for Thales Alenia Space. 3S also outfitted the roof of the Matterhorn Glacier Paradise restaurant, built to the latest environmental standards on the Klein Matterhorn near Zermatt, with solar modules. Last but not least, 3S was awarded a contract from Bertrand Piccard's solar airplane project, Solar Impulse, to develop a new soldering technology for combining solar cells.
p Valuation at CHF 21.90 per share corresponds to the market price on September 30, 2009 (at March 31, 2009: CHF 9.95). The stock price rebounded sharply during the reporting period, quoting 120.1% higher on the closing date than on March 31, 2009.
Business segments: Solar industry firms along the value chain for PV solar module manufacture Locations: Niederurnen, Switzerland; Milan, Italy; and Puchheim, Germany Number of employees as of 09/30/2009: 9.5 full-time staff (8 of which are in Puchheim) and external partners (including non-fully-consolidated companies: 242 full-time positions) Sales development: to be announced New Value holdings as of 09/30/2009: CHF 7.77 million; corresponds to 33.1% share of equity New Value Board Representative: Rolf Wägli (President) Website: www.solarindustries.ch
p Solar Industries AG invests in existing and up-and-coming companies along the entire value chain of solar module manufacturing. Solar Industries strives toward a competitive industrial integration of these companies. In Italy, Solar industries works with Milan-based MX Group SpA, which operates production facilities for PV solar modules with an annual capacity of 120 MWp. The group is also involved in the planning and implementation of solar parks. Further major investments are planned for the construction of production facilities for solar cells and solar modules. These investments are focused on the fast-growing Italian market and other European countries. The Italian market will serve as a platform for long-term expansion at a later time into other European markets as well as overseas. Solar Industries also holds a majority interest in SI Solutions GmbH of Puchheim, Germany (near Munich), a provider of photovoltaic systems.
p MX Group, in which Solar Industries holds a minority interest, began producing solar modules in Italy. Plans call for gradually expanding currently semi-automated production to reach full automation. Production systems, including technical consulting, were provided by 3S.
p Valuation at CHF 5.00 per share corresponds to the price at the last capital increase in December 2008 (at March 31, 2009: CHF 5.00).
Business segments: In-vitro diagnostics Location: Büron, Switzerland Number of employees as of 09/30/2009: 7.6 full-time staff Sales development 01/01–06/30/2009: +91% New Value holdings as of 09/30/2009: CHF 1.56 million, corresponds to a 38.9% share of equity; additional CHF 4.99 million convertible bond New Value Board Representative: Peter Letter Website: www.swissmedicalsolution.ch
p Swiss Medical Solution AG develops, produces and sells self-tests for urinary tract infections to sales partners. These custom-tailored tests comprehensively address the specific needs of women, small children, the elderly and diabetics. The first application in use is the U-Lab® selftest for early detection in women.
p Valuation at CHF 5.00 per share using the discounted cash flow method (at March 31, 2009: CHF 5.00). The market value of the convertible bond includes a valuation of the borrowed capital portion at net present value using the effective interest method and of the option portion.
Idiag AG
Business segments: Diagnostics and rehabilitation for back and respiratory complaints Locations: Fehraltorf, Switzerland, and Bad Säckingen, Germany Number of employees as of 09/30/2009: 11 full-time staff Sales development 01/01 – 06/30/2009:–17% New Value holdings as of 09/30/2009: CHF 4.43 million; corresponds to 49.7% share of equity; additional CHF 1.73 million convertible bond New Value Board Representative: Paul Santner (President) Website: www.idiag.ch
p Idiag AG develops and markets innovative products for medical, therapeutic and sports applications in the back and respiratory growth segments. MediMouse® is a convenient measuring system for computer-assisted imaging and radiation-free examination of the shape and mobility of the spinal column. SpiroTiger® Medical is a respiratory training device used to improve the performance and endurance of respiratory muscles (for example, for shortness of breath in COPD patients). SpiroTiger® Sport is used by recreational and professional athletes to increase the endurance and strength of their respiratory muscles and upper body.
efits offered by SpiroTiger, including Manchester United and various top teams in the German Bundesliga.
p Idiag issued a convertible bond for CHF 1 million, with New Value investing CHF 0.52 million. Other investors included BioMedCredit AG, a financing firm specialized in health care and life science, as well as several private investors. The new funds will be disbursed to the company in three installments. Previously, New Value acquired a stock package from institutional investors valued at CHF 0.44 million.
p Valuation at CHF 0.64 per share using the discounted cash flow method (at March 31, 2009: CHF 1.20). A CHF -3.62 million value adjustment in the stock position was the result of a slowdown in business in 2009. The market value of the convertible bond includes a valuation of the borrowed capital portion at net present value using the effective interest method and of the option portion. Thanks to favorable conversion terms, the bond is now valued at CHF 1.73, corresponding to an upvaluation of CHF 1.21 million and resulting in an overall devaluation of the Idiag position of CHF -2.40 million.
Business segment: Plant technology Locations: Basel, Switzerland, and Seville, Spain Number of employees as of 09/30/2009: 5.5 full-time staff Sales development 01/01–06/30/2009: +76% New Value holdings as of 09/30/2009: CHF 4.23 million; corresponds to 49.1% share of equity; additional CHF 0.46 million loan New Value Board Representative: Peter Letter (President) Website: www.mycosym.com
p Mycosym International AG is a plant technology company that develops, produces and markets innovative biological soil conditioners using mycorrhiza (natural symbiosis of plants and soil fungi). Soil conditioners improve plant growth (vitalization, root volume), resulting in higher yield and fewer losses in intensive farming and allowing growth in extreme locations (aridity, salinity). Another benefit is reduced water consumption in agriculture and gardening. In some applications, resistance to pests and illnesses is increased.
p Valuation at CHF 21.75 per share using the discounted cash flow method (at March 31, 2009: CHF 21.75).
Business segments: Animal health and nutrition Location: Wallisellen, Switzerland Number of employees as of 09/30/2009: 8 full-time positions Sales development 01/01–06/30/2009 -34% New Value holdings as of 09/30/2009: CHF 3.57 million; corresponds to 29.8% share of equity New Value Board Representative: Rolf Wägli (President) Website: www.bogar.com
p Bogar AG is a specialist in natural and future-oriented pet health and nutrition that develops, produces and distributes high-quality herbal pet food supplements and care products. Bogar is a pioneer in the area of veterinary phytotherapy and a developer of an ever-expanding range of products for effective supportive nutrition as well as natural prevention and treatment of various illnesses and diseases in animals. The current product line consists of effective nutritional supplements as well as high-quality care compounds for dogs, cats and sporting and recreational horses.
p As of summer 2009, Bogar products are available through two of Germany's largest internet portals: www.zooplus.de (under the Trixie label) and www.shopapotheke.de.
p Valuation at CHF 15.29 per share using the discounted cash flow method (at March 31, 2009: CHF 30.57). A CHF -3.57 million value adjustment in the stock position was the result of a slowdown in business in 2009.
Business segments: Online photo service Locations: Zug and Basel, Switzerland, and Trivandrum, India Number of employees as of 09/30/2009: 46 full-time staff Sales development 01/01–06/30/2009: +91% New Value holdings as of 09/30/2009: CHF 4.5 million, corresponds to a 45% share of equity; additional CHF 1.24 million convertible bond New Value Board Representative: Peter Letter (President) Website: www.fotodesk.com
p Fotodesk Group AG is an integrated digital imaging services company that offers traditional photo printing alongside innovative lifestyle products such as self-stick posters, laptop skins and wall tattoos. Fotodesk expanded its offerings with an online boutique for fine art prints. Through its merger with flauntR, www.flauntr.com, an online portal for image editing, customers also have access to high-quality image editing applications. The company launched two online services, www.colormailer.com and www.fastlab.com.
p Valuation at CHF 1.00 per share corresponds to the capital transaction price upon the acquisition of Colorplaza SA by FotoDesk Group AG in June 2008 (at March 31, 2009: CHF 1.00). The market value of the convertible bond includes a valuation of the borrowed capital portion at net present value using the effective interest method and of the option portion.
Business segments: Information technology/M2M telemetry Location: Morges, Switzerland Number of employees as of 09/30/2009: 25 full-time staff Sales development 01/01–06/30/2009: +64% New Value holdings as of 09/30/2009: CHF 3.58 million; corresponds to 25.7% share of equity New Value Board Representative: Dr. Marius Fuchs (New Value cooperation partner) Website: www.silentsoft.com
p Silentsoft SA is a leading company in the machine to machine (M2M) communications technology sector. Silentsoft developed a proprietary technology with processes and software that make it possible to set up and operate large M2M remote monitoring networks for measuring, automatically transmitting and analyzing data from geographically distributed containers for liquids, powders or waste products. Founded as a pioneer in M2M communications in 2000, Silentsoft has developed into Europe's leading provider of wireless M2M network services for building management. These widely-used services allow property managers to monitor and manage gas tank levels, for instance, from a central location.
p Silentsoft also entered the field of M2M applications for energy optimization and CO2 reduction and formed a partnership with a leading provider of vehicle diagnostics and telematics technologies for the auto industry.
p Valuation at CHF 176.13 per share corresponds to the acquisition price at the last capital increases in February and November 2008 (at March 31, 2009: CHF 176.13).
Business segments: Software for clinics Locations: Business segments: Software for clinics Locations: Business segments: Software for clinics Locations: Business segments: Software for clinics Locations: Business segments: Software for clinics Locations: Business segments: Software for clinics Locations: Business segments: Software for clinics Locations: Business segments: Software for clinics Locations: Business segments: Software for clinics Locations:
p Qualilife SA is a software company that specializes in developing access technologies for the disabled, the elderly and hospital patients. Qualilife's newest development, QualiMedical UCS (Unified Communication Solution), is an innovative software platform that allows patients in hospitals and rehab clinics to access TV, radio, telephone and the internet or to watch videos. The software is intuitive and supports the use of special hardware for the disabled. Through interfaces to the administration system and targeted patient information, the solution supports work processes in the clinic, thus contributing to improving efficiency and quality.
p To finance the continued growth of Qualilife, New Value invested CHF 2.0 million in three increments. After the first financing round of 0.72 million in June 2008, New Value increased its investment between May and July 2009 with an additional CHF 1.28 million. It now holds a 38.1% share in Qualilife. The new funds are being used mainly for the expansion of international marketing structures and the further development of products for the health care industry.
p Valuation at CHF 3.02 per share corresponds to the average acquisition price (at March 31, 2009: CHF 3.00).
Business segments: Lubricants made using renewable raw materials Location: Immensee, Switzerland Number of employees as of 09/30/2009: 1.5 full-time staff Sales development 01/01–06/30/2009: -36% New Value holdings as of 09/30/2009: CHF 1.59 million; corresponds to 30.5% share of equity New Value Board Representative: Peter Letter Website: www.natoil.ch
p Natoil AG develops and distributes industrial lubricants with first-rate technical qualities made as much as possible using renewable raw materials. Their use enables substantial energy savings and reduces wear and tear thanks to lower friction. The current discussion over CO2 and the long-term trend toward higher prices for mineral oil products underscore the market potential for Natoil lubricants. Natoil uses seeds from a special type of domestically cultivated sunflower as its primary raw ingredient. This variation of the sunflower does not compete with food production.
p Valuation at CHF 12.69 per share (at March 31, 2009: CHF 25.38) corresponds to acquisition price during capital increases completed in June 2007, February 2008 and June 2009.
| 9/30/09 | 3/31/09 | ||
|---|---|---|---|
| Item Note |
CHF | CHF | |
| ASSETS | |||
| Non-Current Assets | |||
| Investments 5.2. |
64,226,541 | 53,530,700 | |
| Long-term Convertibles and Loans 4.3./4.4. |
7,867,479 | 5,638,153 | |
| Total Non-Current Assets | 72,094,020 | 59,168,853 | |
| Current Assets | |||
| short-term loans and convertibles 4.1./4.2. |
544,652 | 240,000 | |
| Other accounts receivable | 70,559 | 65,591 | |
| Accruals | 74,714 | 16,262 | |
| Cash and cash equivalents | 6,858,378 | 7,630,280 | |
| Total Current Assets | 7,548,303 | 7,952,133 | |
| Total Assets | 79,642,323 | 67,120,986 | |
| LIABILITIES AND SHAREHOLDER'S EQUITY | |||
| Shareholders Equity | |||
| Share capital paid-in 6 |
32,872,330 | 32,872,330 |
| Total Liabilities and Shareholders' Equity | 79,642,323 | 67,120,986 |
|---|---|---|
| Total Liabilities | 1,422,122 | 1,776,205 |
| Deferrals | 1,111,047 | 451,405 |
| Short-term Financial Liabilities | 311,075 | 1,324,800 |
| Liabilities | ||
| Total Shareholders' Equity | 78,220,201 | 65,344,781 |
| Accumulated profit/loss carried forward | 25,758,627 | 15,587,969 |
| Share premium | 20,672,809 | 22,115,981 |
| Treasury Shares 6.4. |
–1,083,565 | –5,231,499 |
| Share capital paid-in 6 |
32,872,330 | 32,872,330 |
| 4/1/2009 – 30/09/09 |
4/1/2008 – 30/09/08 |
||
|---|---|---|---|
| Item | Note | CHF | CHF |
| Income from investments and loans | |||
| Income from sale of investments | 5.2. | 553,336 | 1,042,924 |
| Unrealised income from investments | 4/5.2. | 18,426,091 | 5,797,110 |
| Interest income | 88,824 | 90,173 | |
| Total income from investments and loans | 19,068,251 | 6,930,207 | |
| Expenses from investments and loans | |||
| Unrealised losses on investments and loans | 4/5.2. | –7,238,383 | –2,340,474 |
| Investment expenses | –8,070 | –143,667 | |
| Total expenses from investments and loans | –7,246,453 | –2,484,141 | |
| Operating expenses | |||
| Investment management fee | 8 | –703,110 | –873,138 |
| External personnel expenses | –48,420 | –48,420 | |
| Expenses Board of Directors | –228,917 | –74,744 | |
| Expenses auditors | –46,875 | –37,202 | |
| Expenses Communication/IR | –261,292 | –215,749 | |
| Consulting costs (Legal and Tax) | –214 | –20,820 | |
| Other administrative expenses | –77,789 | –82,447 | |
| Capital tax | –60,000 | –55,000 | |
| Total operating expenses | –1,426,617 | –1,407,520 | |
| Financial income and expenses | |||
| Financial income | 27,098 | 60,609 | |
| Financial expenses | –251,621 | –107,682 | |
| Total financial income and expenses | –224,523 | –47,073 | |
| Earnings before taxes | 10,170,658 | 2,991,473 | |
| Income tax | 0 | 0 | |
| Halfyear profit | 10,170,658 | 2,991,473 | |
| Other comprehensive income | 0 | 0 | |
| Total comprehensive income halfyear 2009 | 10,170,658 | 2,991,473 | |
| Average number of shares outstanding | 2,996,574 | 2,929,378 | |
| Result per share undiluted | 9 | 3.39 | 1.02 |
| Result per share diluted | 9 | 3.39 | 1.01 |
| Note | Share capital |
Treasury shares |
Share premium |
profit/loss carried forward |
Share holder's equity |
|
|---|---|---|---|---|---|---|
| CHF | CHF | CHF | CHF | CHF | ||
| Shareholder's equity per 4/1/2008 | 32,872,330 | –6,406,150 | 25,139,669 | 29,576,794 | 81,182,643 | |
| Purchase of treasury stocks | 6.4. | –7,913,325 | –7,913,325 | |||
| Sale of treasury stocks | 6.4. | 7,838,087 | –472,433 | 7,365,654 | ||
| Option plan | 0 | 0 | ||||
| Total comprehensive income halfyear 2008 | 2,991,473 | 2,991,473 | ||||
| Shareholder's equity per 30/09/2008 | 32,872,330 | –6,481,388 | 24,667,236 | 32,568,267 | 83,626,445 | |
| Shareholder's equity per 01/04/2009 | 32,872,330 | –5,231,499 | 22,115,981 | 15,587,969 | 65,344,781 | |
| Purchase of treasury stocks | 6.4. | –3,675,413 | –3,675,413 | |||
| Sale of treasury stocks | 6.4. | 7,823,347 | –1,443,172 | 6,380,175 | ||
| Total comprehensive income halfyear 2009 | 10,170,658 | 10,170,658 | ||||
| Shareholder's equity per 30/09/2009 | 32,872,330 | –1,083,565 | 20,672,809 | 25,758,627 | 78,220,201 |
| 4/1/2009 – 30/09/09 |
4/1/2008 – 30/09/09 |
||
|---|---|---|---|
| Item | Note | CHF | CHF |
| Cash flow from operating activities | |||
| Halfyear profit | 10,170,658 | 2,991,473 | |
| Adjustment interests paid | 62,822 | 696 | |
| Adjustment interests earned | –53,989 | –150,782 | |
| Unrealised income from investments | 4/5.2. | –18,426,091 | –5,797,110 |
| Unrealised losses from investments and loans | 4/5.2. | 7,238,383 | 2,340,474 |
| Realised income from Investments | 5.2. | –553,336 | –1,042,924 |
| Change in receivables | –4,968 | –9,218 | |
| Change in accruals | –58,451 | 64,411 | |
| Change in deferrals | 659,642 | –22,186 | |
| Net cash from operating activities | –965,330 | –1,625,166 | |
| Cash flows from investing activities | |||
| Loans granted 3) | 4 | –957,383 | –790,000 |
| Investments 1) 2) | 5.2. | –1,430,000 | –2,574,288 |
| Divestments | 5.2. | 1,686,454 | 5,957,709 |
| Interests received | 14,108 | 66,876 | |
| Net cash from financing activities | –686,821 | 2,660,297 | |
| Cash flows from financing activities | |||
| Purchase of treasury shares | 6.4. | –3,675,413 | –7,913,325 |
| Sale of treasury shares 1) | 6.4. | 5,943,284 | 7,365,654 |
| Change in other short-term liabilities 3) | –1,324,800 | –420,000 | |
| Interests paid | –62,822 | –696 | |
| Net cash from financing activities | 880,249 | –968,367 | |
| Net cash | –771,902 | 66,764 | |
| Cash and cash equivalents per 01/04 | 7,630,280 | 14,882,671 | |
| Net change in cash and cash equivalents | –771,902 | 66,764 | |
| Cash and cash equivalents per 30/09 | 6,858,378 | 14,949,435 | |
U-Lab® is an easy-to-use 5 minute home test to determine whether you suffer from an urinary tract infection or not. The test enables early treatment and can spare a doctor's visit. Good for your health and for the healthcare system.
Swiss Medical Solution – a portfoliocompany of
New Value AG Bodmerstrasse 9 P.O. Box CH-8027 Zürich Phone +41 43 344 38 38 Fax +41 43 344 38 39 [email protected] www.newvalue.ch
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.