Knorr Capital Partner AG
Knorr Capital Partner AG english
write downs in fiscal year 2001
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Knorr Capital Partner AG (KCP) announces that effective December 31, 2001, it
will write down the value of its portfolio to reflect its cautious balance sheet
policy.
Munich, January 3, 2002 – Knorr Capital Partner AG (SIN: 768 612) announced
today that it will write down the value of its investment portfolio effective
December 31, 2001. The write downs will lead to nearly EUR 20 million in
additional write-offs in the annual results. The Management Board stated that
they took the decision to value their investments very carefully and
conservatively due to the poor performance turned in by numerous high-tech
branches during the second half of 2001, in addition to the ongoing difficulties
related to realizing exit strategies, especially via the capital markets. The
write downs do not pose an additional burden on the firm’s liquidity situation
and will increase the company’s future earnings potential. They will, however,
result in unexpected losses of about EUR 14.5 million for 2001. The firm is
currently revising its plans for 2002 due to the changed starting position and
will announce them by mid-February 2002. Based on the new valuation of the
company’s portfolio (about 60 firms), the company’s net asset value recorded
December 31, 2001 will amount to about EUR 12.50 per share, the portfolio’s
total value is about EUR 90 million. Along with the previous write downs taken
and losses realized through sales, KCP has written down the value of its
portfolio by EUR 45.5 million in 2001, or nearly 50% of the current value of its
equity investment portfolio. The Management Board anticipates a significant
improvement in results in 2002 and has approved a series of measures to ensure
improved performance as well as major reductions in costs. Management’s optimism
for the current year is also based on the firm’s portfolio, which is both
balanced in terms of industries represented and is relatively free of risk due
to the extensive write downs that have been taken. A further reason for the
positive outlook is that six of the companies held in the KCP portfolio are
currently in the midst of intensive preparations to be sold to industrial
investors or are preparing to go public.
For more information please contact: Gertraud Hielscher
KNORR CAPITAL PARTNER AG,
Rückertstr. 1, 80336 Munich, Tel: +49 (0) 89 54 35 6-0, Fax: -333
e-mail: info@knorrcapital.de
end of ad-hoc-announcement (c)DGAP 03.01.2002
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WKN: 768612; ISIN: DE0007686123; Index: SDax
Listed: Amtlicher Handel in Frankfurt (SMAX), München; Freiverkehr in Berlin,
Düsseldorf, Hamburg, Stuttgart
030833 Jän 02
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