Helsinki, Finland, 2015-11-11 09:00 CET (GLOBE NEWSWIRE) --
Norvestia Oyj Stock exchange release 11 November 2015 at 10:00
NORVESTIA’S NET ASSET VALUE INCREASED BY 2.1% IN OCTOBER
| Return on NAV, 1 month | 2.1% | ||||||
| Return on NAV, since beginning of year | 7.3% | (dividend-adjusted) | |||||
| Return on Amended NAV, since beginning of year* | 6.7% | (dividend-adjusted) | |||||
| Return on NAV, 12 months | 7.5% | (dividend-adjusted) | |||||
| 31/10/2015 | 30/9/2015 | 31/12/2014 | |||||
| Net Asset Value/share, EUR | 9.99 | 9.78 | 9.59 | ||||
| Amended Net Asset Value/share, EUR* | 10.09 | 9.88 | 9.73 | ||||
| Share price, EUR | 7.80 | 7.32 | 7.40 | ||||
| ASSETS | EUR million | EUR million | EUR million | ||||
| NON-CURRENT ASSETS | |||||||
| Interests in associates | 7.9 | 7.9 | 7.3 | ||||
| Loan receivables from associates | 1.7 | 1.7 | 1.9 | ||||
| Other investments | 6.5 | 6.4 | 4.6 | ||||
| Deferred tax assets | 3.9 | 3.5 | 3.7 | ||||
| CURRENT ASSETS | |||||||
| Shares held for trading | 69.7 | 62.2 | 65.4 | ||||
| Other financial assets at fair | |||||||
| value | 51.4 | 49.8 | 52.0 | ||||
| Cash and receivables | 20.6 | 26.1 | 17.1 | ||||
| ASSETS IN TOTAL | 161.7 | 157.6 | 152.0 | ||||
| Current liabilities | -2.3 | -2.6 | -0.4 | ||||
| Deferred tax liabilities | -6.4 | -5.2 | -4.7 | ||||
| NET ASSET VALUE | 153.0 | 149.8 | 146.9 | ||||
| AMENDED NET ASSET VALUE* | 154.6 | 151.4 | 149.0 | ||||
Number of shares 15,316,560
* External valuations made to support the 2014 financial statements and confirm the fair values of growth equity investments resulted in an appreciation in the value of one of the associates, Coronaria Hoitoketju Oy. According to IFRS, this type of appreciation of investments in associates cannot be booked because the associates are accounted for in Norvestia's consolidated financial statements using the equity method.
ACCOUNTING PRINCIPLES
Shares held for trading mainly consist of listed shares and derivative contracts that are measured at fair value by the last trade price on active markets on the balance sheet date. Other financial assets at fair value consist mainly of funds whose fair value is determined as the funds’ Net Asset Value on the balance sheet date. The group also includes bonds, the fair value of which is measured at the last trade price on the balance sheet date.
Other investments include unlisted shares and private equity fund investments, which are measured at fair value. If the investments have no active market then the fair value is determined using various valuation methods that are usually based on forecasted cash flows. Private equity fund investments are valued according to the practice generally used in the sector, i.e. the fair value of the private equity fund investment is the latest fund value announced by the private equity fund management company.
Norvestia Oyj
Jonna Vaarnanen Financial Director Tel. +358-9-6226 380
DISTRIBUTION Nasdaq Helsinki Main media www.norvestia.fi
