Strong development in Strax and Explorica during the second half of the year 2013
The Group’s result amounted to MSEK -41.6 (-27.4) corresponding to -1.15 (-0.76) per share. Equity, as at December 31, 2013 amounted to MSEK 209.2 (281.1) corresponding to SEK 5.63 (7.82) per share. The Group’s cash and holdings in listed shares amounted to MSEK 15.5 (18.1).
MyPublisher was divested in April 2013 to the American company Shutterfly Inc. Novestra’s ownership amounted to 25 percent and Novestra’s part of the purchase price amounted to a total of MSEK 62.7 compared to the carrying value of MSEK 61.2 as at March 31 2013. 15 percent of the purchase price is held as a guarantee in connection with the transaction and will be paid out 18 months after divestment date while the remaining amount was paid out in cash.
As previously communicated, another Novestra portfolio company has appointed advisors in ongoing M&A and IPO processes with a possible divestment or listing within the next 9 months. The prerequisites are deemed good as the companies have had, and are expected to show positive development in 2014.
Novestra estimates that Strax will reach a turnover of approximately MEUR 75 for 2014 and Explorica a turnover of approximately MUSD 70 for the financial year 2013/2014. At the closing of the month of January both companies were on par or slightly above the projected turnover.
The Extraordinary General Meeting held on October 10, 2013 resolved on a distribution of SEK 1.00 per share through a mandatory redemption procedure.
The total return on the Novestra share since 2002 including dividends amounts to 199.8 percent, corresponding to an annual return of 10.5 percent. The total return index for the Stockholm stock exchange during the same period gave a return of 8.6 percent per year.
Comments from the Managing Director
“The ongoing process to realize the values in the portfolio is expected to be either through industrial sales or through listings in combination with distribution of shares to Novestra’s shareholders.
We expect to have an additional divestment of one of the current holdings within 9 months and thereafter have established the future strategy for Novestra. The distribution of SEK 1.00 per share in November 2013 resulted in Novestra having distributed approximately a total of MSEK 380 to the shareholders. We have a positive outlook for 2014 with strong development in the remaining portfolio companies and significantly reduced costs in Novestra,” says Johan Heijbel.
The information provided in this report is such that AB Novestra is obliged to make public according to the Securities Market Act (sv. lagenomvärdepappersmarknaden). The information has been released to the media for publication on February 11, 2014 at 8.55 am (CET).
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