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- Annual net income: 2.18 million euros
- Equity ratio of 90 percent
- Financial assets increase to 38 million euros
In accordance with commercial code, nanotechnology venture capital company Nanostart AG in Frankfurt reports an annual net income of 2.18 million euros for fiscal year 2011 (previous year: 2.49 million euros). This result is equivalent to 0.37 euros per share. Nanostart AG has thus completed yet another fiscal year with a profit and has remained profitable since launch of operational business activities.
Earnings resulted primarily from ex-pit reallocation of company shares from the holding MagForce AG to strategic financial investors. This provided a net profit (including asset value deduction) of 3.32 million euros.
Additional positive contribution to operating income was delivered by earnings from loans of financial assets as well as interest and similar earnings in a total amount of nearly 1.27 million euros (previous year: 1.15 million euros). This can be attributed to an increase in loans to affiliated companies in the past fiscal year from 15.83 million to 18.12 million euros. This specifically includes loans to MagForce AG, which have been provided as additional financing for the company since autumn 2011. These loans include a subordination clause.
Alongside earnings, expenditures totaled 2.81 million euros. These consisted primarily of miscellaneous operational expenses in the amount of 1.64 million euros (previous year: 1.50 million euros), personnel costs of 0.57 million euros (previous year: 0.64 million euros) as well as interest and similar expenses in the amount of 0.14 million euros (previous year: 0.35 million euros). Miscellaneous operational expenses specifically include expenses for legal and consulting services in the amount of 0.46 million euros.
In fiscal year 2011, depreciation of financial assets in the amount of 0.18 million euros (previous year 0.71 million euros) was also applied. This includes only accumulated depreciation on the amount of outstanding receivables from BioMicro Systems. In addition to amortization are earnings from holdings in the amount of 0.15 million euros.
Total assets increased by 4.0 million euros to nearly 42 million euros in 2011. This resulted particularly from an increase in financial assets and an increase in receivables from affiliated companies. The equity capital of Nanostart AG increased by the amount of net profit from the previous year (2.49 million euros). There was also an increase in obligations of nearly 1.9 million euros in 2011 from 2.45 million to 4.33 million euros. Specifically, there was an increase in obligations to credit institutions from 1.35 million to 3.51 million euros, with a remaining time to maturity of up to one year. There was an equity ratio of 90 percent (previous year: 92 percent) on the date of the financial statement.
Nanostart AG net asset value totaled nearly 27 million euros on December 31, 2011 (previous year: 70 million euros). Reason for the decrease compared to 2010 was the decreased value of shares in the largest holding MagForce AG due to market declines. The downturns are due to delays in the market introduction of NanoTherm therapy. Net asset value consists of the market value of shares of publicly traded holdings on the financial statement date as well as the acquisition costs of non-publicly traded holdings minus write-offs. Total financial assets of Nanostart AG on the date of the financial statement amounted to a value of 38.2 million euros (previous year: 36.7 million euros).
In the current year, the focus of operational business is on the existing portfolio, especially the two largest holdings MagForce and ItN. Nanostart sees great potential here for value growth based on the underlying technologies.
Regarding international business in the current fiscal year, Nanostart continues to concentrate on growth regions in Asia that provide ideal basic conditions. As the focus of global expansion, activities here will be accelerated.
At its official meeting on May 29, 2012, the Nanostart AG supervisory board approved the management board resolution to recommend that all accumulated equity be returned to general revenue reserves. In order to respond with flexibility to market developments, the Nanostart AG management board and supervisory board intend to recommend the introduction of a stock buyback program at the annual shareholder meeting.
The annual financial statement is available for download at the company website: www.nanostart.de.
About Nanostart AG
Nanostart AG (OTCQX: NASRY) headquartered in the German financial capital of Frankfurt, is a leading nanotechnology investment company, with portfolio companies spanning the globe from Silicon Valley to Singapore. The company provides venture capital financing for nanotechnology companies in various growth phases with a focus on innovation-driven industries of the future such as cleantech, life sciences and IT/electronics. As main shareholder of Nanostart Asia Pacific Ptd Ltd, Nanostart invests as partner of the Singaporean government.
This notice constitutes neither an offer to sell nor a solicitation of offers to purchase or subscribe to securities. There will be no public offering of securities of Nanostart AG in conjunction with the existing listing of its shares in the “Entry Standard” segment of the regulated unofficial market (Freiverkehr) on the Frankfurt Stock Exchange. This notice does not constitute a securities prospectus. Neither this notice nor the information contained within is intended for direct or indirect distribution within Canada, Australia or Japan.
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Dr. Hans Joachim Duerr
Head of Corporate Communications
60313 Frankfurt, Germany
phone: +49 (0)69-21 93 96 111
fax: +49 (0)69-21 93 96 150
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