FRANCE - Siparex Croissance clocks up good performance for 2005

Sigefi Private Equity’s listed private equity vehicle, Siparex Croissance, has today announced its performance in 2005. The fund, which is quoted on Eurolist’s C compartment, recorded its best performance in five years for parent company net income - amounting to EUR 8.9m, versus EUR 7.8m in 2004 and EUR 5.1m in 2003. Net capital gains for the year rose by 27% to EUR 15.5m. Consolidated net income, calculated according to IFRS standards, totalled EUR 8.4m, versus EUR 14.7m in 2004. IFRS net income in 2004 benefited from exit prices greater than the valuations on 31 December 2003, with a difference of EUR 6.9m, as well as a EUR 9.3m increase in unrealised capital gains. Of that amount, EUR 7.8m was realised during the course of 2005 and was not reflected in IFRS net income for that year. Nevertheless, the value of the portfolio increased by EUR 7.7m in 2005, after additions to allowances.