BAVARIA INDUSTRIES GROUP AG Dear shareholders, dear business friends,
in the first half of 2020 the net worth of our operating investments and financial assets fell 12 % to EUR 339 million . The net value per share fell around 10 % from 79 EUR to 71 EUR per year end 2019. The DAX stock index fell 7.6% in the first half of 2020. Until 30.6 we spent EUR 5.1 million buying back our own shares. Without own ownership, the number of shares decreased by 87,986 to 4,802,159.
Our investments without the loss-making Azolver generated an operating loss ("EBIT") of EUR 1.5 million in the first half of 2020, following a profit of EUR 2.3 million in the same period of last year. We are therefore reducing the estimated net value of our direct investments to EUR 10 million after EUR 20 million at the end of last year. The market value of our equity investments fell in the first half of the year by EUR 35 million to EUR 198 million (EUR 233 million as of December 31, 2019). The profit not shown in the balance sheet amounted to 29 million as of June 30th (EUR 56 million by year-end 2019).
The loss from sales of securities and dividend income amounted to EUR 0.3 million in the first half of 2020. The cash in the holding company and in non-operating companies was EUR 87 million. Another EUR 44 million was invested in Xetra Gold at a not realized profit of EUR 10 million.
Our largest equity positions developed as follows in the first half of 2020:
(EUR million) | 31/12/2019 | 06/30/2020 | Purchase | Change with |
Dividends | ||||
Japan | 38.7 | 35.6 | 0.6 | -3.0 |
India | 18.4 | 21.9 | 8.9 | -5.4 |
Berkshire Hathaway | 17.6 | 13.8 | 0.0 | -3.8 |
Brederode SA | 17.5 | 17.7 | 0.3 | 0.2 |
Ryman Healthcare | 16.4 | 13.6 | 0.6 | -3.3 |
Inv . AG TGV | 14.9 | 15.6 | 0.0 | 0.7 |
Summerset Group | -4.0 | |||
Holdings | 13.4 | 9.3 | 0.0 | |
Balance | 136.9 | 127.5 | 10.4 | -18.6 |
DAX (points) | 13,249 | 12,311 |
On balance, we lost EUR 18.6 million. This corresponds to a loss of 13.6% compared to the 7.6% decline in the DAX.
Our total assets developed as follows in the first half of 2020:
Million EUR | 31.12.2019 | 30.06. 2020 |
Financial Assets | 233 | 198 |
Cash / Xetra Gold | 132 | 131 |
Holdings | 20 | 10 |
Total | 385 | 339 |
Per Share in EUR | 79 | 71 |
On June 30th the cash and gold accounted for EUR 131 million or 39% of the total portfolio. The net value per share fell by 10% from EUR 79 to EUR 71.
In the third quarter, we concluded a direct investment with Stobart Rail with sales p.a. of EUR 40 million.
We value openness and look forward to your comments and suggestions for improvement. We are always grateful for transaction proposals.
Best regards
Reimar Scholz board member
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BAVARIA Industries Group AG published this content on 18 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 September 2020 14:24:06 UTC
