12 May 2015
Eyrir Invest’s portfolio companies performed well in 2014. Stork recently published its annual accounts, showing a significant improvement in operational results. The operations of Fokker Technologies, which also recently published its annual accounts, were in line with budget and improved from previous year. For Marel, the year was characterized by the refocusing plans and the share price developed in line with the progress of the refocusing efforts. The share price of Marel has performed well in 2015, rising to 1.23 Euros today from 0.89 at year end 2014. The share price development of Marel has a strong impact on Eyrir Invest’s net results as Eyrir´s 29% shareholding in Marel is Eyrir Invest’s largest holding.
Despite the favorable progress last year for Eyrir Invests assets, Eyrir booked a net loss of €34 millions which is mainly due to a lower book value of Eyrir´s holding in London Acquisition S.à r.l. which owns and operates the companies Fokker Technologies and Stork. The lower book value reflects the development of peers’ market multiples towards year end 2014.
Eyrir Invest’s total assets at year end 2014 amount to €319 million and the equity ratio is 42%. At Eyrir´s AGM today shareholders were informed that Eyrir´s financial strength has continued to increase in the first months of 2015, mostly as a result of the development of Marel’s share price. Today Eyrir Invest’s equity ratio is approximately 50%.
In 2015 Eyrir Invest made an agreement with its long term banking partners to extend and adapt the maturity profile of its financing to match the expected timing of exit of Stork and Fokker Technologies. Eyrir´s investments are financed with equity and debt and Eyrir is now fully financed until year end 2018.
