- Solidium’s investment yield was -4.2% for the six-month review period
- Investment yield was 15.1% for the last 12 months
- Solidium’s net asset value amounted to 9,145 million euros at the end of the period on 30 June 2011
- Solidium received a total of 414 million euros in profit distribution from its portfolio companies during the review period
- Solidium exercised its pro rata entitlement in TeliaSonera’s share repurchase offer in full for the sum of 152 million euros
- Solidium acquired a 4.3 per cent holding in Talvivaara Mining Company Plc for the sum of 60 million euros
Solidium’s Managing Director Kari Järvinen’s comments on the review period:
“Share prices began to fall in spring 2011, having risen strongly after the financial crisis. The fall of stock markets has continued after end June 2011. The increase in government debt in eurozone countries and in the United States and the slowdown in economic growth will mean continued uncertainty in the future.
Despite volatility in the market we have remained committed to our mission. In June, we invested in Talvivaara Mining Company, which we have followed for a long time. It is our view that Talvivaara is a good investment in the long term, and well suited to Solidium. We believe that the Finnish mining cluster will enjoy a positive trend in the future, with Finland having the opportunity to become the leading mining country in Europe. We are already involved in the sector through our holdings in Outokumpu and Metso and by investing in Talvivaara we will further reinforce our insight into the mining industry and its associated sectors.
In the spring, we sold shares in TeliaSonera in connection with the company’ share repurchase offer. This operation generated an income of 152 million euros and did not alter our holding in TeliaSonera.”
The complete half year report can be found here.