DGAP-News: Altira Group releases its annual results for 2011: Concentration on growth of the core areas continues ++ Assets under management increase by 19 per cent ++ EBIT of EUR -3.5 million ++ Comfortable equity ratio of 81 per cent
(firmenpresse) - DGAP-News: Altira AG / Key word(s): Final Results
Altira Group releases its annual results for 2011: Concentration on
growth of the core areas continues ++ Assets under management increase
by 19 per cent ++ EBIT of EUR -3.5 million ++ Comfortable equity ratio
of 81 per cent
24.04.2012 / 14:33
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Altira Group releases its annual results for 2011
++ Concentration on core areas continues
++ Assets under management increase by 19 per cent
++ EBIT of EUR -3.5 million
++ Comfortable equity ratio of 81 per cent
++ Further growth expected in 2012
Altira AG ('Altira Group'), an asset management company focusing on
alternative investment strategies, suffered a loss in financial year 2011
due to the adverse capital market environment. The Company had an operating
loss of EUR 3.5 million and a loss before taxes of EUR 24.9 million, due
primarily to non-recurring non-cash write-downs as at the balance sheet
date. The Company nevertheless also managed to create the conditions
necessary to return to a profitable path in this transitional year. Assets
under management, for example, rose by 18.7 per cent to EUR 921 million
during the course of the year 2011 (2010: EUR 776 million).
'The difficult capital market environment in the year just ended had a
major effect on us,' stated David Zimmer, Chairman of the Management Board.
'Although our net income for the year is unsatisfactory, 2011 was by no
means a lost year. It was a year of transition and consolidation. We
focused strictly on our core business areas and further expanded them. We
believe this period of focus will prove its value in the medium term. We
see great potential for sustainable growth in our areas of specialisation,
Renewable Energies&Natural Resources, Africa and German 'Mittelstand'&Restructuring.'
In the area of renewable energies, the Altira Renewables Management team
structured and invested approximately EUR 440 million raised in 2010 and
2011 from well-known German insurance companies in solar energy systems.
Work is currently being done on follow-up projects in this area. Altira
Renewables Management added a number of experienced experts to its
investment team in 2011, thereby laying the foundation for further growth,
particularly in new markets outside Europe. Some EUR 600 million in
investments in 2011 make Altira Group one of Europe's largest providers of
project financing in the solar sector.
In the area of Natural Resources, the newly launched fund VCH Commodity
Alpha performed well in its first year - from March to December the assets
under management could be increased by EUR 3.0 million. In contrast, VCH
Expert Natural Resources recorded an outflow of funds. Its performance
especially suffered in August, during the turbulence in capital markets.
Due to the negative performance in 2011, no performance fee was achieved.
In 2012, the performance of both natural resources funds so far is again in
positive territory and above their respective benchmark.
In the Africa area, ADC African Development Corporation, a listed business
development company managed by Altira, reported further increases in value
for its equity investments. The capital raised in 2010 was mostly used for
two further acquisitions. In this difficult market environment, ADC also
managed to raise EUR 9.2 million through a capital increase, and gained a
strategic investor. In addition, the Africa area also saw the launch of a
new investment fund in 2011, VCH Africa. Despite of a difficult market
environment, the fund recorded an inflow about EUR 1.5 million and achieved
a performance of approximately 15 per cent year to date.
In the area of 'German Mittelstand', a number of equity investments made by
Heliad, a listed business development company managed by Altira, were
successfully sold as part of a reorganisation. Although difficult capital
market conditions also made write-downs necessary in the core portfolio,
taking into account sales of non-core areas Heliad was able to report
profits and a significantly strengthened equity ratio of approximately 66
per cent at the end of the year. The Clearsight investment team,
specialised in restructuring, and on which the Altira Group holds 40 per
cent, successfully launched its second fund in 2011 only two years after
the launch of its first fund. Therefore, it has sufficient investment
capital for coming years.
Altira Group revenues fell by 18.5 per cent to EUR 14.1 million in
financial year 2011 (2010: EUR 17.3 million). On balance, the Company
reported an operating loss (EBIT) of EUR 3.5 million (2010: profit of EUR
0.9 million) and a loss before taxes (EBT) of EUR 24.9 million (2010:
profit of EUR 1.2 million). The decrease in earnings was mainly due to
disposals of financial assets and securities (EUR 17.7 million).
The Company had liquid assets of EUR 7.6 million as at the balance sheet
date. The Altira Group's equity ratio of 81 per cent at the end of 2011
shows that the Company is soundly funded. There are no liabilities to
banks.
The complete consolidated financial statements are available for download
at www.altira-group.de under 'Reports' in the Investor Relations area.
++ About Altira Group
The Altira Group is an owner-managed, exchange-listed asset management
company focusing on alternative investment strategies for institutional as
well as private investors. It concentrates on both established and newly
emerging growth markets in the following areas of specialisation:
__ Renewable Energies&Commodities
__ Africa
__ German Medium-Sized Companies&Restructuring
Contact:
Altira Aktiengesellschaft
Andreas Rösel
Tel: +49 69 719 12 80 0
E-Mail: investor-relations(at)altira-group.de
End of Corporate News
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24.04.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Altira AG
Grüneburgweg 18
60322 Frankfurt / Main
Germany
Phone: +49 (0)69 719 12 80 - 0
Fax: +49 (0)69 719 12 80 - 011
E-mail: info(at)altira-group.de
Internet: www.altira-group.de
ISIN: DE0001218063
WKN: 121806
Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Entry
Standard in Frankfurt
End of News DGAP News-Service
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166300 24.04.2012
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altira-group-releases-its-annual-results-for-2011-concentration-on-growth-of-the-core-areas-continues-assets-under-management-increase-by-19-per-cent-ebit-of-eur
3-5-million-comfortable-equity-ratio-of-81-per-cent
Unternehmensinformation / Kurzprofil:
Datum: 24.04.2012 - 14:33 Uhr
Sprache: Deutsch
News-ID 138444
Anzahl Zeichen: 8857
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