TFG Venture Capital reports nine month figures

TFG Venture Capital has published its results for the first nine months of 2001. The company generated EUR 10.9m during the period, compared with EUR 30.2m in the same period in the previous year. Earnings before depreciation, interest and taxes amounted to EUR 1.7m, down from EUR 23.3m the previous year. Due to the high level of depreciation in H1, the operating result is still negative; earnings before interest and taxes (EBIT) amounted to EUR-55.0m. Turning to the TFG portfolio, in Q3 the company acquired a 4.1% shareholding in US-based biotechnology company Merix Bioscience Inc for an investment of EUR 2.34m. This brought the number of investments to 88 and total funds under management to EUR 225.8m. Listed investments in TFG’s portfolio, measured in accordance with EVCA guidelines, fell in value to EUR 114.6m in the last quarter, a drop of 5.7% compared to EUR 121.5m on June 30. In addition to the falling share price of listed companies, the lower portfolio value is due to the partial sale of investments in Roesch and Vectron. By number of companies, some 16% of the TFG portfolio are currently seed investments, 45% are start-ups and 27% are growth capital investments.

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