Norvestia - Net Asset Value

NORVESTIA’S AMENDED NET ASSET VALUE INCREASED BY 7.8% IN DECEMBER DUE TO THE EXCELLENT DEVELOPMENT OF GROWTH COMPANIES

Helsinki, Finland, 2016-01-19 08:30 CET (GLOBE NEWSWIRE) -- Norvestia Oyj      
 Stock exchange release    19 January 2016 at 9:30 

NORVESTIA’S AMENDED NET ASSET VALUE INCREASED BY 7.8% IN DECEMBER DUE TO THE
EXCELLENT DEVELOPMENT OF GROWTH COMPANIES 

Return on NAV, 1 month                                  0.0%                    
Return on Amended NAV, 1 month*                         7.8%                    
Return on NAV, since beginning of year                  9.4%  (dividend-adjusted
                                                              )                 
Return on Amended NAV, since beginning of year*        17.3%  (dividend-adjusted
                                                              )                 
                                                                                
                                            31/12/2015  30/11/201     31/12/2014
                                                                5               
     Net Asset Value/share, EUR                  10.19      10.19           9.59
     Amended Net Asset Value/share, EUR*         11.09      10.29           9.73
     Share price, EUR                             7.99       7.97           7.40
                                                                                
     ASSETS                                        EUR        EUR    EUR million
                                               million    million               
     NON-CURRENT ASSETS                                                         
         Interests in associates                  11.2        7.9            7.3
         Loan receivables from associates          1.7        1.7            1.9
         Other investments                         7.4        6.5            4.6
         Deferred tax assets                       3.7        3.8            3.7
                                                                                
     CURRENT ASSETS                                                             
         Shares held for trading                  74.8       76.5           65.4
         Other financial assets at fair                                         
         value                                    50.0       49.8           52.0
         Cash and receivables                     15.9       18.9           17.1
     ASSETS IN TOTAL                             164.7      165.1          152.0
                                                                                
     Current liabilities                          -1.9       -2.0           -0.4
     Deferred tax liabilities                     -6.8       -7.0           -4.7
                                                                                
     NET ASSET VALUE                             156.0      156.1          146.9
     AMENDED NET ASSET VALUE*                    169.9      157.7          149.0
                                                                                

Number of shares 15,316,560

* External valuations made to support the 2015 financial statements and confirm
the fair values of growth equity investments resulted in an increase in the
value of the associates. 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. 

Increases in value occurred in all growth companies with the most significant
increase in the value of Coronaria Hoitoketju Group. 

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

Juha Kasanen
Managing Director
Tel. +358-9-6226 380

DISTRIBUTION
Nasdaq Helsinki
Main media
www.norvestia.fi