29th Apr 2016 14:58
LONDON (Alliance News) - Reconstruction Capital II Ltd Friday said its net asset value declined by over 1.0% in 2015 as it turned to a loss from a profit during a year that saw barely any new investments being made by the Bulgaria and Romania-focused investor.
Reconstruction Capital said its net asset value fell to EUR37.4 million at the end of 2015 from the EUR38.0 million at the end of 2014, representing just over a 1.0% year-on-year decline. That equates to a net asset value per share of EUR0.3736 per share compared to EUR0.3775.
The firm also reported a EUR367,806 pretax loss in 2015, swinging from the EUR4.2 million profit made the year before. Among other things, that loss was mainly driven by the EUR148,934 loss booked from the revaluation of its investments, which delivered a EUR4.7 million gain in 2014.
Reconstruction Capital said it only made one investment in 2015 under its private equity programme aimed at taking large stakes in companies operating in Romania, Serbia, Bulgaria and neighbouring countries. That was the acquisition of a 7.69% minority stake in Glasro Holdings Ltd for EUR540,000 back in June.
Alongside the lack of investment, the firm said it continued to pursue a number of exits during the year. However, the investments held under the programme stood at EUR44.4 million at the end of 2015, a slight rise from EUR44.1 million at the end of 2014.
Under its trading programme, which is focused on generating short and medium term returns by taking smaller stakes, Reconstruction Capital said it reduced its positions during 2015 - demonstrated by the fall in the total market value of its investments to EUR270,000 from EUR340,000.
Reconstruction Capital shares were trading down 0.6% to 0.210 pence per share on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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