Leonardo Venture GmbH & Co. KGaA

euro adhoc: Leonardo Venture GmbH & Co. KGaA
Financial Figures/Balance Sheet / Leonardo Venture publishes figures for second and third quarter of 2008

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quaterly report


• Review of all values in the portfolio concluded • Investments in NanoCompound Holding AG and Rösler miniDaT GmbH written down in full • Amortization also at VRmagic Holding and MedicalCommunications GmbH • New valuation of investments leads to considerable loss for 2008

Leonardo Venture GmbH & Co. KGaA has concluded the review of the entire investment portfolio as publicized in the ad hoc announcement from November 19, 2008 and is now publishing the belated interim reports for the second and third quarters of 2008.

In addition to the complete write-down of the portfolio companies NanoCompound Holding AG and Rösler miniDaT GmbH with a total volume of EUR 10.7 million, which had already been announced, additional amortization was performed. This concerns the investments in VRmagic Holding AG and MedicalCommunications Soft- und Hardware GmbH, whose values were reduced by EUR 4.4 million and EUR 2.2 million, respectively.

The main reason for the amortization of NanoCompound Holding AG lies in massive problems in the business development, which have led to the liquidity being exhausted. In the case of Rösler miniDaT GmbH the review of the investment revealed that it does not have the corresponding recoverable value as a pure sales company. The cause of the impairment at VRmagic Holding AG is an unrealistic company valuation prepared in the framework of the company´s growth strategy. Unviable growth financing had been imputed in the underlying expert opinions for the valuation. On the whole, however, the profitable company has displayed a positive business development that promises further growth potential for the future. The devaluation of the fair value merely reduces to a realistic level the earlier excessive expectations placed on the future corporate development. At MedicalCommunications a sale to a strategic investor in the framework of an asset deal was prepared in the current 2008 fiscal year; this sale did not materialize, however. A lack of resources in the area of marketing and sales led to a downturn in revenues in 2008, something which triggered an amendment of the fair value. Leonardo Venture GmbH & Co. KGaA is currently conducting talks with the management of the company on possible growth financing so that MedicalCommunications may attain a considerable increase in revenues with highly competitive products.

The remaining investments of Leonardo Venture GmbH & Co. KGaA continue to be valued at continued acquisition costs to IFRS as of the end of the third quarter of 2008. The operational development of these is going according to plan, with some companies displaying an above-average growth potential.

On the whole the result from the new valuation of financial assets (investments) to IFRS as of the end of the third quarter of 2008 is EUR -17.4 million (previous year: EUR 0.3 m). Taking into consideration the other operating income and expenses, the ordinary operating result for the first nine months of 2008 is EUR -19.2 million compared to EUR -1.2 million in the same period of the previous year. The financial result of EUR 0.7 million is a considerable improvement over the previous year (EUR 0.4 m) as the hidden reserves in the portfolio companies have yielded appropriate interest and interest income was attained from the sums paid in following the capital increase. The result from ordinary activities is EUR -18.5 million compared to EUR -0.8 million in the first nine months of 2007. After the deduction of taxes, the loss to IFRS for the period January 1 to September 30, 2008 is EUR 18.7 million (previous year: EUR 1.1 m). This corresponds to a result of EUR -1.10 per share. In the current fiscal year no exits were realized in the portfolio, also due to the weak IPO and M&A market environment.

Leonardo Venture is still on a solid financial footing. The liquid funds as of the cut-off date at the end of September 2008 were EUR 14.8 million (December 31, 2007: EUR 18.5 million). As Leonardo Venture still does not have any long-term liabilities, the equity capital ratio at the end of the third quarter of 2008 is 97.5 percent.

The Supervisory Board and management intend to put the investment business of Leonardo Venture back on course in the 2009 fiscal year and to strategically re-orient the company. Against the background of the current favorable entry valuations with young growth companies, new and promising investment options are constantly being examined. To this end the investment advisory council is being consolidated. The Supervisory Board and management have already acquired a new member of this council in Prof. Dr. Manfred Gröger. Prof. Gröger is active as a professor for accounting and project management. At the annual general meeting planned for February 2009 the Supervisory Board and management will present the future strategy of the company.

About Leonardo Venture GmbH & Co. KGaA Leonardo Venture GmbH & Co. KGaA is a holding company focusing on companies in the fields of health and life quality in Germany and other German-speaking countries. As an early-phase investor Leonardo Venture not only makes available capital but also extensive know-how to its investments for their business development.

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ots Originaltext: Leonardo Venture GmbH & Co. KGaA
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Sandra Schwarz
Telefon: +49 (0)621 438 430 27
E-Mail: schwarz@leonardoventure.de

Branche: Financial & Business Services
ISIN:      DE0005878763
WKN:        587876
Börsen:  Börse Frankfurt / regulated dealing/prime standard

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