FRANCE - Siparex Croissance clocks up good performance for 2005

Fay
06 March 2006

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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.

Consolidated shareholders’ equity attributable to the Group at 31 December 2005 amounted to EUR 136.29m, corresponding to net consolidated shareholders’ equity of EUR 29.63 per share, up by 5% from 31 December 2004. The 31 December 2005 share price (EUR 30.45) was 2.7% higher than net consolidated shareholders’ equity per share, but there was no longer a differential compared with the 27 February 2006 share price (EUR 29.60). After the capital reduction following the simplified share buy-back offer that ended on 6 January 2006, net consolidated shareholders’ equity per share stood at EUR 29.45.

The shareholders’ meeting on 25 April 2006 will be asked to distribute a dividend of EUR 8.5m, representing virtually all parent company income. This dividend of EUR 2.14 per share, or EUR 2.354 for shares eligible for the loyalty bonus, is 40% higher than for 2004. This change reflects both the 22% increase in the total dividend distribution and the EPS enhancing impact of the January 2006 capital reduction (18%). The pretax yields are 7.23% and 7.95%, respectively, regarding the 27 February 2006 share price.

Thanks to the tax status of SCR venture capital companies, individual shareholders are entitled to receive a tax exemption on dividends, and, for shares acquired since 1 January 2001, on capital gains from disposals. To benefit from this tax treatment, which considerably increases the yield, shareholders must hold their shares for a period of five years and reinvest their dividends in the company during the same period.