• Solidium’s investments amounted to 7,965 million euros at the end of the period. Investment yield was 29.7 % for the half year report period, and 48.8 % for the full year 2009
• Solidium used its full subscription entitlement in Kemira’s 200 million euro share issue
• Extraordinary capital repayment of 6.7 million euros from Elisa
• Capital repayment of 19.4 million euros from Stora Enso
• Solidium signed a 300 million euro revolving credit facility agreement
Solidium’s Managing Director Kari Järvinen’s comments on the review period:
” The positive developments in the equity markets were reflected in Solidium’s equity investments. The strong balance sheet and the agreed credit facilities enable Solidium’s participation in the development of Solidium’s portfolio companies as well as allowing us to invest in new companies.
During the autumn, Solidium has been involved in the work of the Nomination Committees of six of our portfolio companies. The election of the Board of Directors in the Annual General Meeting is one of the key decisions taken by the owners and as such has significance for Solidium, as well. A Nomination Committee comprising owners as members is a good model for companies that are owned by large shareholders, who are committed to the long-term development of the company. The deployment of a Nomination Committee emphasises the responsibility of the owners in the election of the Board; furthermore, it adds transparency and a long-term dimension to the election.”
The complete half year report can be found here.