2011
Two exits during 2011, Qbranch and Netsurvey. The divestments were considerably over Novestra’s carrying values and enabled Novestra to repay interest-bearing liabilities during the year and also finance share buy-back of own shares in 2012.
2010
The positive trend in the portfolio continued. Novestra’s portfolio companies had strong balance sheets and generated strong cash flow. During 2010 Novestra once again received dividends from Netsurvey, MyPublisher, Qbranch and WeSC. In total Novestra recieved dividends and distributions of MSEK 13.4
2009
The portfolio companies continued to show positive development during 2009 with increased market shares and significantly improved results, despite the very challenging market situation.
Sales in Explorica for the financial year 2008/2009 which ended August 31, 2009, amounted to MSEK 482, with an EBITDA result exceeding MSEK 41. In MyPublisher sales amounted to approximately MSEK 198, with an EBITDA margin exceeding 20 percent, or corresponding to an EBITDA result of approximately MSEK 42. In Qbranch, turnover amounted to approximately MSEK 423, and the EBITDA result for the remaining operations amounted to approximately MSEK 45. In Strax, turnover amounted to approximately MSEK 514, with an EBITDA result of approximately MSEK 6. In WeSC, sales for the first nine months of the financial year 2009/2010 which ends April 30, 2010 amounted to MSEK 276, with an EBITDA result during the same period amounting to approximately MSEK 48. Diino increased sales with approximately 50 percent during 2009, and the company remains in a commercialization phase and is expected to first reach profitability during 2010.
During 2009 Novestra received dividends from MyPublisher amounting to 8 282 (-), Qbranch 4 677 (6 350), and Netsurvey 1 261 (-). Novestra received 43 (485) in dividend from Continuum, of which 31 (-) cash and 12 (485) consisted of stock in the Nasdaq listed company Akamai.
2008
Novestra’s portfolio companies had a very positive development during 2008 despite the weakened economic climate. The first half of 2008 was exceptionally strong, however with some decline in growth of sales during the second half of the year as the general economy weakened.
Novestra’s portfolio had a combined sales total amounting to approximately MSEK 2 050 during 2008, with a
combined EBITDA amounting to approximately MSEK 100.
Sales in 2008 for MyPublisher amounted to approximately MSEK 211, a growth rate of approximately 57 percent, in Qbranch sales amounted to approximately MSEK 437, corresponding to a growth rate of 20 percent and sales in Strax amounted to approximately MSEK 760, corresponding to a growth rate of 2 percent. Explorica expects sales of approximately MSEK 520 for the financial year 2008/2009.
Diino had approximately 1.4 million users at the end of 2008, compared to approximately half a million users at the beginning of the year.
2007
After a relatively weak development in two of the most important portfolio companies in 2006, the Board and the management decided not to force the sale of the venture capital portfolio due to the positive future opportunities for the portfolio companies. Therefore, the Board and the management decided to examine the possibilities to distribute most of the holding in Nove Capital Fund.
Since inception in May 2005, the increase of value of Novestra’s investment in Nove Capital Fund as per December 31, 2006 amounted to MSEK 101.3, corresponding to a value growth rate of 53.5 percent.
No dividend was distributed for the financial year 2006. However, a total of SEK 5.00 was distributed during 2007 through a redemption share.
2006
The rate of growth in the four largest private portfolio companies was between 18-68 percent.
A dividend of SEK 2.00 per share was distributed to the shareholders for the financial year 2005.
Novestra has continued to support the management in its portfolio companies in order to maximize value and, consequently, the return in connection with future divestments.
2005
Continued strong development. Net earnings increased by 193 percent compared to previous year.
2004
The development of the private portfolio continued to be very positive. Furthermore, investments in public portfolio companies increased considerably, primarily in Nordic companies.
In order to enable a number of attractive investment opportunities, an Extraordinary General Meeting was held in June, and, at the meeting, it was resolved to implement a directed new share issue of 6 000 000 shares which provided the company with MSEK 81.7.
2003
During the year, the development in the private portfolio was very positive and, following the last three years’ substantial write-downs, it was resolved to reverse some of the write-downs previously made.
During the autumn, Novestra implemented a rights issue which provided the company with MSEK 48.5.
A new investment strategy involving an exposure towards the public stock market was initiated. Furthermore, the company’s administrative expenses were considerably reduced and a restructuring of Novestra’s corporate structure by the disposal of all of its subsidiary companies was implemented.
2002
The consolidation process, by which Novestra increased stakes in companies that performed well and reduced in others, continued. Novestra remained actively involved in its holdings throughout the development and growth phases. Restructuring and cuts in Novestra’s administration was initiated.
2001
The weak stock market trend continued, making further industrial exits impossible. As a result, Novestra decided to focus its operations around fewer investments. Simultaneously, significant writedowns of Novestra’s book values were made. A number of Novestra’s companies were disposed of and, in a few cases, were exited through liquidation or bankruptcy.
2000
As a result of considerable interest in Novestra and its portfolio companies, primarily from foreign institutions, Novestra decided to carry out a new share issue that provided the company with a total of MSEK 476.
Novestra was granted investment company status in the spring.
Novestra was officially listed on the Stockholm Stock Exchange’s (Stockholmsbörsen) O-list in June. No new share issue was implemented in connection with the listing, since the company had concluded that it did not require additional capital and that the stock exchange’s requirement regarding diversified ownership had already been met. Novestra subscribed for new shares in a number of companies intended for market listing within the next twelve months.
The IT and telecom sectors experienced a dramatic downturn during the latter part of the year. Among other consequences, this resulted in the cancellation of planned IPO’s for two of Novestra’s portfolio companies.
1999
High growth and profit expectations gave rise to a market revaluation of unlisted small cap companies. In such market conditions, Novestra made further exits and a number of major new investments. A number of these new investments were quickly assigned high valuations.
Unofficial trading in Novestra shares started in November.
1997/1998
Novestra built up a small portfolio of approximately ten private holdings. Some of the investments were divested during these first two years, generating a high yield. In many cases, the positive outcome of these investments was the result of Novestra’s active involvement in strategic issues combined with the implementation of transactions of vital importance to the companies. The proceeds from these early investments enabled Novestra to make further investments during the next two years without any additional external financing.
1997
Novestra was established with limited capital resources.