Norvestia - Net Asset Value

NORVESTIA’S NET ASSET VALUE INCREASED BY 2.6% IN OCTOBER-NOVEMBER

Helsinki, Finland, 2016-12-07 08:00 CET (GLOBE NEWSWIRE) -- 

Norvestia Oyj        Stock Exchange Release    7 December 2016 at 9:00

NORVESTIA’S NET ASSET VALUE INCREASED BY 2.6% IN OCTOBER-NOVEMBER

Norvestia regularly publishes its Net Asset Value in interim reports. Taking
into account the ongoing voluntary exchange offer for all Norvestia’s shares
and securities made by CapMan Plc, Norvestia has decided to exceptionally
release its Net Asset Value per 30 November 2016 due to changes in value of
Growth Equity investments. The Board of Directors of Norvestia has considered
the release of the updated Net Asset Value necessary in order for all
Norvestia’s shareholders to have as accurate information as possible when
assessing the exchange offer. 

                                                                                
Return on NAV, 2 months                                     2.6%                
Return on NAV, since year-end                              10.8%  (dividend-adju
                                                                  sted)         
                                                                                
                                                       30/11  30/9/   31/12/2015
                                                       /2016   2016             
   Net Asset Value/share, EUR                          11.38  11.09        11.04
   Share price, EUR                                    10.25   8.95         7.99
                                                                                
   ASSETS                                                EUR    EUR  EUR million
                                                       milli  milli             
                                                          on     on             
   NON-CURRENT ASSETS                                                           
   Investment portfolio                                                         
      Growth Equity investments                         34.9   28.3         28.4
      Investments in private equity funds                6.4    6.2          4.2
      Loan receivables from Growth Equity investments    3.1    3.1          1.7
                                                                                
   CURRENT ASSETS                                                               
   Financial assets held for trading                                            
      Investments in listed shares                      69.9   77.6         74.8
      Investments in funds                              25.5   29.4         32.9
      Investments in interest-bearing securities        18.0   18.1         17.1
      Cash and receivables                              26.4   20.3         15.9
   TOTAL ASSETS                                        184.2  183.0        175.0
                                                                                
   Current liabilities                                  -2.5   -6.9         -1.9
   Net deferred tax liabilities                         -7.4   -6.3         -4.1
                                                                                
   NET ASSET VALUE                                     174.3  169.8        169.0
                                                                                

Number of shares 15,316,560

ACCOUNTING PRINCIPLES

All investments of the Group are classified as financial assets at fair value
through profit or loss. 

Listed shares and derivative contracts are measured at fair value by the last
trade price on active markets on the balance sheet date. The fair value of
investments in funds is determined as the funds’ net asset value at the balance
sheet date.  The fair value of investments in interest-bearing securities is
based on the last trade price on the balance sheet date or, in an illiquid
market, on values determined by the counterparty. 

Growth Equity investments, private equity fund investments and loan receivables
from Growth Equity investments are measured at fair value. If the investments
have no active market then the fair value is determined quarterly by using
valuation methods according to the International Private Equity and Venture
Capital Guidelines (IPEV). The valuations are based on forecasted cash flows or
peer group multiples. In estimating fair value of an investment, a method that
is the most appropriate in light of the facts, nature and circumstances of the
investment is applied. External valuations are made at least once a year to
verify the fair values of Growth Equity investments. Norvestia’s audit
committee approves the valuations quarterly. 

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. The value is calculated according to the IPEV Valuation Guidelines.
Loan receivables from Growth Equity investments are valued at fair value based
on acquisition price. 

Norvestia has published stock exchange releases related to the voluntary
exchange offer made by CapMan Plc 3 November 2016 and 18 November 2016. 

Norvestia Oyj

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

DISTRIBUTION
Nasdaq Helsinki
Main media
www.norvestia.fi