TIG Themis Industries Group GmbH & Co. KGaA

  • WKN: A0XYL0
  • ISIN: DE000A0XYL04
  • Land: Deutschland

Nachricht vom 13.08.2009 | 07:30

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.
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++ 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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