SUMMARY FINANCIAL HIGHLIGHTS
Novestra has concluded its restructuring and consolidation phase which the company has worked on in the past year. The remaining portfolio companies all show positive cash flows, or are fully financed with current business plans.
The aggregate net revenue in the portfolio companies where Novestra holds a direct ownership (i.e. excluding Continuum) exceeded MSEK 1,200 in 2002. Most portfolio companies expect an increase in revenue and improved results also during 2003.
With the present business focus, Novestra will have no further capital need for the next few years. Novestra’s liquidity situation is adequate for enabling a successively increased ownership in its portfolio companies, and for allowing for new investments. Novestra expects to be able to show a positive result for 2003.
Due to the general decline of valuations on the financial markets, substantial write-downs have been made even in those portfolio companies that have had a positive development during the period. The minor investments, which Novestra’s has estimated to have uncertain market values, have been written down to 0 during the period.
Cash and cash equivalents, including investments made within liquidity management, amounted to MSEK 68.4 (140.5) corresponding to SEK 2.9 per share (6.0). Shareholders’ equity amounted to MSEK 189.4 (448.5)
corresponding to SEK 8.1 (19.2) per share.
The result for the prolonged financial year (comprising eighteen months) amounted to MSEK –254.9 corresponding to a result of SEK –10.9 per share. During the period, the result and shareholders’ equity have been debited by non-realised write-downs totalling MSEK 155.2 corresponding to SEK 6.6 per share. Solidity amounted to 97.7% (97.7).
For further information, please contact Mr Peter Ekelund, Managing Director, Phone No. +46 8 545 017 50.
About AB Novestra
Novestra is an independent venture capital investment company with focus on investments in growth companies. Novestra’s portfolio of companies includes Explorica, Inc., myPublisher, Inc., Netsurvey AB, Qbranch AB and Strax Holdings, Inc.as well as the co-investment company Continuum Group Ltd. Novestra’s shares are listed on the O-List of Stockholmsbörsen.
For information regarding AB Novestra, please see www.novestra.com
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