Heliad Equity Partners: Financial report for third quarter report published

Heliad Equity Partners GmbH & Co. KGaA / Quarter Results

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++ Financial report for third quarter report published ++ Consolidated net income of EUR -1.1 million after first three quarters    of 2009
++ Share price rises by 27%
++ Shareholding in DEAG raised to more than 25%

Heliad Equity Partners GmbH & Co. KGaA (ISIN: DE000A0L1NN5/ WKN: A0L 1NN) generated consolidated net income after minority interests of EUR -1.1 million in the first three quarters of 2009, as against EUR -13.9 million in the equivalent period in the previous year. While in the first three quarters of 2008 the portfolio had to absorb write-downs of EUR 20.9 million, mainly as a result of highly negative developments on the stock markets, write-downs on financial assets and securities in the first three quarters of 2009 amounted to EUR 6.2 million. The write-downs in the current year were countered by income of EUR 5.9 million from revaluations (Q1-Q3 2008: EUR 0.7 million). Other operating expenses were also reduced year-on-year by EUR 3.1 million to EUR 10.4 million.
Consolidated sales in the first three quarters amounted to EUR 23.8 million (Q1-Q3 2008: EUR 60.2 million) and consisted almost exclusively of revenues in the sales-related services segment (assona and Marketing Vision). Sales for the equivalent period in the previous year also included proceeds of EUR 40.4 million from the sale of portfolio companies.
Heliad concluded the third quarter with consolidated net income of EUR -1.0 million (Q3 2008: EUR -4.2 million). 

Group shareholders' equity amounted to EUR 63.8 million as of 30 September 2009 (31 December 2008: EUR 65.1 million), corresponding to an equity ratio of 71% (31 December 2008: 68%). Shareholders' equity as posted in the balance sheet was thus clearly in excess of the company's market capitalisation of EUR 31.5 million on 30 September 2009. At the same time, 63% of the company's market value was covered by liquid funds, which amounted to EUR 19.8 million at the Group at the end of the third quarter of 2009 (at the holding company: EUR 9.1 million). Moreover, Heliad has an unused acquisitions credit line of EUR 20 million.
Heliad's share price rose by 27% during the third quarter. The company's share thus outperformed the SDAX (+20%) and the LPX 50 TR, the comparative index for publicly listed private equity companies (+25%), over the same period. The share was listed at a price of EUR 4.50 as of 30 September 2009 and was thus trading at a 49% discount to the company's intrinsic value (NAV) of EUR 8.84 per share.

'We are more or less satisfied with our business performance in the first three quarters of 2009,' commented Ralf Flore, Chief Executive Officer of Heliad, 'especially since our portfolio companies have mostly shown stable developments in spite of the extremely difficult economic situation. We attribute this above all to our investment strategy, with its focus on specialist service companies relatively immune to economic cycles. Not only that, the portfolio companies receive support from our experienced management team, which provides the various management teams with advice and hands-on assistance, particularly when it comes to implementing buy-and-build strategies. We increased our stake in DEAG to more than 25% in the third quarter. We see our assessment of this company's great potential as being corroborated by the investment made by Sony Music Entertainment, which acquired 49% of the company's classical music business at the beginning of July. Within our share buyback programme we had acquired 140,000 treasury stock shares by 30 September 2009. Given the high level of discount between the share price and NAV, we see these shares as representing an attractive investment.'

The complete financial report on the third quarter of 2009 can be downloaded from:
++ 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

11.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de

Language:     English
Company: 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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