Financial results: bmp AG, Castle Private Equity, Private Equity Holding, TFG Venture Capital, UCA AG

bmp AG has published preliminary nine month results for 2002. Turnover increased by 103% from EUR 3.05m for the first nine months 2001 to EUR 6.2m in the first nine months 2002. bmp announced that losses have been reduced from -EUR 21.06m in the first nine months 2001 to EUR 4.8m in the first nine month 2002.

LGT Private Equity’s Castle Private Equity AG has seen its net asset value continue its downward trend, falling –1.3% per share ($) in September 2002 and –14.8% per share ($) over the year 2002 to date. This trend is partly driven by lower valuations of listed portfolio companies and a number of lower new financing rounds and write-downs in venture partnerships.

Private Equity Holding AG has reported a fall in its fair value from SFr 213.52 (EUR 145.66) to SFr 168.49 (EUR 114.94) per share between 1 April 2002 and 30 September 2002. With effect from 31 October 2002 the fair value had slightly fallen to SFr 167.47 (EUR 114.24). The company states portfolio write-downs as the main reasons for the decline. Private Equity Holding argues that currently weak market conditions and operational aspects in mainly venture investments are responsible for the unrealised write-downs, while the buyout segments were liable for the larger part of SFr 24m (EUR 16.37m) of returns in the second quarter of the financial year 2002/2003 ending 30 September 2002.

TFG Venture Capital AG & Co KGaA has again charged substantial impairment losses on its portfolio in the third quarter. The company revised the value of its equity interests downwards by EUR 31.8m as of the balance sheet date 30 September 2002. Especially valuation risks among the firm’s pre-IPO investees have been reduced. TFG’s preliminary estimates say that the latest write-downs increased the loss for the first nine months of 2002 to a total of EUR 42-46m. In addition the company has decided to leave the SMAX with effect from 20 December 2002 in order to save costs of the listing and to use funds more cautiously. TFG will return to complying with the reporting and publishing requirements of the German commercial code with effect from end of 2002.

UCA AG has made write downs of EUR 730,000 to reach a value of EUR 3.2m for its 15 portfolio companies. The net asset value of the UCA share reached EUR 3.3 per share on 30 September 2002. For the first nine months 2002 the company reports turnover of EUR 750,000 compared with EUR 8.2m for the same period in 2001. UCA’s first nine months 2002 EBITDA was reported at EUR 70,000.

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• GPs
• DACH