Dublin-based investment group TVC Holdings has reported a three-fold rise in its pretax losses to €66.2 million for the year ending March 2009.
TVC is the largest shareholder in broadcaster UTV Media with an 18 per cent stake and also has a significant holding in software security firm Norkom.
The company said it had reduced the value of its investment portfolio by €66.6 million in the year through March, reflecting the “steep decline” in asset prices and “difficult” market conditions.
At the end of the year it had net assets of €75.6 million, comprising cash reserves and other liquid reserves. The company has no debt.
Shane Reihill, TVC executive chairman, said with “cash and liquid investments in excess of €31m and no debt” the company was in a strong position to take advantage anticipated opportunities to long term investments.
During the year TVC disposed of its investment in ChangingWorlds for a consideration of $16.8 million, representing a return of 3.7 times the original cost of its investment.
TVC has 13 investments valued at €43.2 million, with the value of the six unquoted investments at March 31st 2009 standing at €15 million, net of minority interests.
None of these are valued above cost and the four largest CR2, Maldron, Shenick and TAS Group account for €14.5 million of that.
In a note to investors this morning Davy Stockbrokers said the company was strongly positioned with significant cash balances and no debt.
“The TVC portfolio will benefit from growth in the value of its quoted investments and from premia generated on the carrying value of its unquoted investments as realisations occur,” Davy analyst Stephen Furlong said.