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2013 reported consolidated net profits at Is Private Equity (ISGSY) were a record TRY68.7m (2012: TRY50.3m). A realised profit of TRY82.5m from the sale of Aras Kargo in July 2013, the most profitable exit to date, was the main driver of NAV growth. Separately calculated and disclosed returns for the standalone private equity activities, without the accounting effects of consolidating investments, showed further strong gains…
Axel Springer's 2013 results show the extent of its transformation into a digital publisher, emphasised by the reclassification of the figures into clearer business segments. Its strong brands give it an authoritative market position, which it is leveraging through subscriber models and targeted advertising. Post a €90m investment spend in FY13, investment and restructuring costs should run at more modest levels in FY14, with guidance…
Meridian Energy's H1 was ahead of the October 2013 prospectus forecast and benefited from higher hydro inflows (wet spring/early summer) and cost reductions, although due to the higher hydro flows wholesale prices were weaker. Management has lifted its EBITDAF forecast for the full year by 7%, although it is dependent on hydro and market conditions. Our instalment receipt valuation is NZ$1.36 per instalment receipt vs…
IFIS announced its preview of FY13 results on 22 January 2014, with its detailed results on 6 March. 2013 saw excellent profits generated from the bond portfolio allowing further investment and growth from the receivable financing businesses. Credit quality has improved significantly due to both management action and early signs of economic recovery. Management of recoveries from distressed receivables, purchased for a few cents in…
In FY13, TXT reported growth from both TXT Perform and TXT Next, with gross and operating margin improvement compared to FY12. The company continues to invest in the North American business, which should support our revenue growth forecasts for TXT Perform in FY14 and FY15. TXT Next has won customers in new target markets and we forecast modest growth in FY14 and FY15. TXT continues…