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SIPAREX CROISSANCE - 2004 results


Siparex Croissance, a share partnership that is listed on Compartment C of Euronext’s Eurolist, and whose manager is Sigefi Private Equity, had a good year in 2004.

Highly Satisfactory Activity

Investments, exits, and gross capital gains were substantially higher than in 2003.

Consolidated figures, €m
2004 2003 2002
Investments 17.9 11.4 13.0
Exits 25.3 16.2 23.9
Gross capital gains 12.6 8.5 15.4


Consolidated Net Income Rose a Sharp 74%, Returning to the High Level of 2002

Parent company net income amounted to €7.78 million, and consolidated net income totaled €7.93 million.

Net allowances were lower, reflecting the quality of the equity investment portfolio, which is managed actively and professionally by the management teams.

Consolidated figures, €m
2004 2003 2002
Earnings before
additions to allowances
11.3 8.8 14.6
Net additions to allowances 3.4 4.2 6.7
Net income 7.9 4.6 7.9


Appreciable Increase in the Dividend Payout

In light of a possible change in the way the company is managed, as is now being studied (see press release dated 12 January 2005), the Shareholders’ Meeting on 31 May 2005 will be asked to approve a €7 million dividend distribution. This payout would be equal to a dividend per share of €1.52, or €1.672 for shares eligible for the loyalty bonus, and would represent a 69% increase over the dividend for 2003 (€0.90 and 0.99 per share, respectively). On the basis of a stock market price of €24.76 on 31 December 2004, this dividend would represent a yield of 6.13% and 6.75%, respectively.

Thanks to the tax treatment of “SCR” venture capital companies, individual shareholders may be entitled to an exemption from income tax on dividends, and, for those shares acquired since 1 January 2001, from capital gains upon disposal. In order to be granted an exemption, which greatly enhances the yield, shareholders must reinvest their dividends in shares of the company and hold those shares for a period of five years.


Sizable Increase in Revalued Net Assets

At 31 December 2004, consolidated revalued net assets per share, cum dividend, amounted to €29.84, up by 13% from 31 December 2003 (€26.41, ex dividend).

The discount amounts to 17% compared with the 31 December 2004 share price (€24.76) and 9.1% compared with the 16 February 2005 share price (€27.12).


New Developments and Outlook

Messrs. Benoît Métais, Bertrand Rambaud, and Pierre Rispoli have been named Deputy General Managers of Sigefi Private Equity, in charge of the growth capital/LBO activity. By means of these appointments, with effect from 1 January 2005, young, experienced managers are being promoted as part of efforts to achieve a greater degree of decentralization.

Business got off to a good start in 2005, in terms of investments, exits, and capital gains on disposals.


Siparex Croissance, a company listed on Euronext’s Eurolist (compartment C), represents 10% of the funds under management by Sigefi Private Equity. In addition to Siparex Croissance, the consolidated entity comprises Epicea and SPM Siparex (the company that owns the Siparex brand).


SIPAREX CROISSANCE, listed on Euronext’s Eurolist (compartment C)
ISIN Code: FR0000061582 – Reuters Code: SIXP.PA – Bloomberg Code: SIX FP

Contact:
Edith Jarsaillon, External Relations Officer, e.jarsaillon@siparex.com
Phone: +33 (0)4-7283- 2323 - www.siparex.com


Publisher Contact Information:

Sigefi Private Equity (Siparex Group)
+ 33 4 7283 2317 (direct)
mc.guette@siparex.com

Company profile of Sigefi Private Equity (Siparex Group)
Past press releases of Sigefi Private Equity (Siparex Group).

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