Heliad Equity Partners: 2009 six-month report published / Second-quarter profit of EUR 2.3m

Heliad Equity Partners GmbH & Co. KGaA / Half Year Results
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++ 2009 six-month report published
++ Second-quarter profit of EUR 2.3m
++ A break-even mid-year result of EUR -0.1m
++ NAV as at 30 June: EUR 9.17/share 

Heliad Equity Partners GmbH & Co. KGaA (ISIN: DE000A0L1NN5/ WKN: A0L 1NN) recorded a profit of EUR 2.3 million in the second quarter of 2009, compared to a loss of EUR -1.3 million in the same period a year ago. In particular, positive developments on the equities markets led to write-ups of financial assets in the first half of 2009 amounting to EUR 4.4 million (first half of previous year: EUR 0.7 million) and smaller investment write-downs totalling EUR 5.3 million (first half of previous year: EUR 17.3 million). Other operating expenses were reduced by EUR 3.6 million in comparison to the first half of 2008.

After a loss of EUR -2.4 million in the first quarter of this year, Heliad therefore reported a near break-even consolidated result of EUR -0.1 million for the first six months of 2009 (first half of previous year: EUR -9.7 million). As a result, earnings per share for the first half of this year were EUR -0.02 (first half of previous year: EUR -1.39).
Consolidated revenues for the first half of 2009 amounted to EUR 15.9 million (first half of previous year: EUR 52.9 million) and, in the reporting period, consisted entirely of sales revenue from the sales-related segment (assona and Marketing Vision). The previous year's six-month revenue also included EUR 40.9 million in income from the sale of portfolio companies.

Balance sheet equity was EUR 65.5 million as at 30 June 2009 (EUR 65.1 million as at 31 December 2008), thereby considerably exceeding the stock market capitalisation of EUR 24.8 million. The equity ratio was 67% as of the reporting date. Heliad had consolidated cash and cash equivalents of EUR 30.4 million as of the end of the first half of the year (EUR 16.5 million at the holding company level). Of this amount, EUR 25.4 million were bank deposits (EUR 11.5 million for the holding company). Consequently, cash and cash equivalents covered 123% of market capitalisation as of the reporting date (67% for the holding company). In addition to cash and cash equivalents, Heliad has access to an unused credit line of EUR 20 million until the end of 2012.
Heliad's Net Asset Value (NAV) of EUR 9.17 per share as at 30 June 2009 was EUR 0.23 higher than the NAV of the prior quarter, corresponding to a 4% increase. The share price rose by 43% from the first to the second quarter of 2009 (SDAX: 18%), with Heliad shares being quoted on the reporting date at EUR 3.54, and hence trading at a 61% discount to NAV.
Ralf Flore, Heliad's CEO, notes: 'We are satisfied with Heliad's performance in the first half of the year. Our investment portfolio has enjoyed steady growth due to its relative independence from the business cycle as well as our active investment approach. The latter implies that we closely collaborate with the management of our portfolio companies, especially in implementing buy-and-build strategies. In the first half of this year, we acquired a stake in DEAG Deutsche Entertainment AG, a new portfolio company in which we now have a holding of just over 20%. The pipeline of further transactions looks good, and we have adequate financial leeway for making acquisitions. The share buyback programme begun this month will work towards raising the NAV and consequently the attractiveness of Heliad shares.'

The complete financial report for the first half of 2009 is available at http://www.heliad.com/investor-relations-1/publications/financial-reports
++ About Heliad

Heliad is a publicly listed investment company which invests in high-growth companies in German-speaking countries. Heliad relies in this respect on established, owner-managed business models with sales of between EUR 10 million and EUR 100 million and a focus on service providers ('asset-light' focus).

With this investment focus and its buy-and-build strategy, Heliad is positioned in the attractive niche between venture capital and traditional buyouts. With around 4,900 employees, the 13 companies currently in Heliad's portfolio generate combined sales of more than EUR 650 million. Further information about the company can be found at www.heliad.com.

Heliad Equity Partners GmbH & Co. KGaA
Thomas Kunder
Chief Financial Officer
Phone: +49 69 71 91 59 65 39
E-Mail: investor-relations@heliad.com

14.08.2009  Financial News transmitted by DGAP

Language:     English
Issuer: Heliad Equity Partners GmbH & Co. KGaA               Gr├╝neburgweg 18
              60322 Frankfurt am Main
Phone:        +49 69 71 91 59 65 0
Fax:          +49 69 71 91 59 65 11
E-mail:       info@heliad.com
Internet:     www.heliad.com
ISIN:         DE000A0L1NN5
WKN:          A0L1NN
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr               in Berlin, M├╝nchen, Stuttgart
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