TIG Themis Industries Group GmbH & Co. KGaA
TIG Themis Industries Group: 2009 half-year report published ++ EUR 1.5 million profit in the second quarter of 2009
TIG Themis Industries Group GmbH & Co. KGaA / Half Year Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- ++ 2009 half-year report published ++ EUR 1.5 million profit in the second quarter of 2009 ++ Around EUR 19 million as liquidity ++ NAV rises to EUR 7.23 per share as at 30 June TIG Themis Industries Group (ISIN: DE000A0XYL04) has gone back to the profitable zone in the second quarter of 2009 and achieved profits of EUR 1.5 million. In the respective quarter of 2008, TIG has shown a loss of minus EUR 2.6 million. The improvement in earnings is due to further profitable sales of fund investments from TIG's 'vintage portfolio' and a reduction in other operating expenses of approximately 40% versus the comparison period due to the implementation of savings measures. After recording a loss in the first quarter of 2009, TIG now shows a nearly balanced earnings situation of minus EUR 70 thousand for the first six months of the year. Earnings per share improved from minus EUR 2.10 in the first half of 2008 to minus EUR 0.01. Balance sheet equity was EUR 38.5 million as of 30 June 2009. Taking into account bank liabilities of EUR 5.9 million, TIG had an equity ratio of 84.3% as at the reporting date. TIG had a liquidity of EUR 18.9 million as of 30 June 2009 compared to EUR 6.1 million the year before. Liquidity therefore comprised 41% of the total assets as at the reporting date, amounting to EUR 45.7 million as at the reporting date. EUR 2.94 million in capital was called for fund investments in the first half of 2009 ('capital calls'), with TIG simultaneously receiving a return of EUR 240 thousand. The Company sold six fund investments during the reporting period to further optimise its financial structure and reposition TIG. The Company received further proceeds from these sales and reduced its total commitments from fund investments to EUR 33.4 million, down from EUR 40.5 million at the end of 2008. The relation liquidity vs. commitments is now 1:2. Three more fund investments are in the process of being sold, and it is planned to complete these sales in the third quarter of 2009. TIG had a net asset value (NAV) of EUR 7.23 per share as of 30 June 2009, representing an increase of EUR 0.35 over the value of the previous quarter, whilst TIG's shares are quoted at a discount of 50% below NAV as of the reporting date. The share repurchase program that TIG authorised in June therefore increases the NAV and should thus improve the attractiveness of the stock. As TIG CEO Christoph D. Kauter notes, 'I am very content with the developments in the first half year. We have been profitable in the second quarter and made further significant improvements in our capital structure and balance sheet over the first six months of 2009. This is reflected in our strong equity and liquidity positions. With respect to our investment strategy, we also further expanded our network of European private equity restructuring teams and established a continuous deal flow. As a result, we examined the investment potential of around 40 companies with need for restructuring in the first six months of the year. Last month, we completed our first transaction since the repositioning of TIG at the end of 2008, consisting of an asset deal in which we jointly with Frankfurt CapitalPartners (FCP) AG acquired 100% of the insolvent Berlin company i-d media AG. Further attractive deals are in the pipeline for this year.' The complete financial report for the first half year of 2009 is available at www.themis-industries.de/43-1-Financial-Reports. ++ About TIG Themis Industries Group The TIG Themis Industries Group is an industrial holding company that specialises in investments in small- and medium-sized companies in turnaround and special situations. Restructuring teams throughout Europe quickly revitalise TIG's equity interests to create competitive, high return companies. These investments are then either sold at a profit or remain in the portfolio as base investments providing high dividends and returns. Contact: TIG Themis Industries Group GmbH & Co. KGaA Ulf Boenicke Head of Investor Relations Phone: +49 69 71 91 59 65 39 investor-relations@themis-industries.de 13.08.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: TIG Themis Industries Group GmbH & Co. KGaA Grüneburgweg 18 60322 Frankfurt am Main Deutschland Phone: 069 - 71 91 59 65 - 0 Fax: 069 - 71 91 59 65 - 11 E-mail: info@themis-industries.de Internet: http://www.themis-industries.de ISIN: DE000A0XYL04 WKN: A0XYL0 Listed: Freiverkehr in Stuttgart; Entry Standard in Frankfurt End of News DGAP News-Service ---------------------------------------------------------------------------
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