Interim management report on activities at 30 September 2013

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Estimated value and share price
The estimated value per share of BIP Investment Partners S.A. (“the Company” or “BIP”) rose from EUR 83.71 at year-end 2012 to EUR 84.03 on 30 September 2013, an increase of 0.38% or 3.25% when the EUR 2.40 dividend paid in May 2013 is taken into account. Among main benchmark indices, the EuroStoxx 50 rose 9.8% and the LuxX posted a 1.7% gain over the same period.

BIP’s share price stood at EUR 55.00 on 30 September 2013, virtually unchanged from EUR 54.99 at year-end 2012.

Financial highlights
Financial statements show a positive global result of EUR 11.5 million for the first nine months of the year, including a book result of EUR 10.8 million and a EUR 0.7 million positive net variation in the revaluation reserve on available-for-sale financial assets.

BIP’s shareholders’ equity totalled EUR 364 million at 30 September 2013. Net assets broke down as follows:

  • Investments: EUR 287 million or 79% of the total, consisting of:
    • EUR 176 million or 48% in listed securities
    • EUR 111 million or 31% in unlisted companies, in the form of shares, bonds, loans and private equity funds
  • Cash and cash equivalents, and other net assets: EUR 77 million or 21% of the total, including:
    • EUR 59 million in bank accounts and deposits
    • EUR 18 million in other net assets, primarily deferred tax assets.

Financial markets
Financial markets were volatile, with swings in response to Fed announcements, changes in business indexes in Europe and turmoil on bond markets. The Euro Stoxx 50 rose 6.3% in September alone. Volatility is likely to continue given political and economic developments.

Investments
In the first nine months of 2013, BIP continued to adjust its portfolio in line with its strategy.

The period saw two major new private equity investments. The first was the Q1 acquisition of a EUR 25 million stake in Socotec, the French leader in technical testing and inspection of buildings and equipment, and the second a EUR 9.1 million investment in Utimaco Safeware AG, a German software and IT security specialist, which took place at the end of the third quarter. This initial amount may be raised by an additional EUR 2 million.

Enzymotec, an Israeli company in which BIP held over 5% before the IPO, was listed on Nasdaq in September. At the end of the month, its market capitalisation stood at USD 350 million.

Based on past commitments, BIP honoured capital calls in an amount of EUR 2.8 million from private equity funds in its portfolio; and received distributions of EUR 4.1 million. The company has a total outstanding commitment of EUR 7.9 million towards these funds.

Unlisted companies continued to develop their business. While most are resisting fallout from the crisis, others have been affected. BIP continues to back its investee companies and is on hand to provide support as they work towards recovery and growth.

Positions in Ageas and Aixtron, both listed, have now been entirely disposed of, and other adjustments followed.

BIP thus pursued its 2012 investment in KWS Saat AG, a German listed company specialising in plant breeding. It also raised its stake in Cofinimmo by opting for payment of the 2012 dividend in the form of shares.

RTL Group paid a total dividend of EUR 13 per share, generating EUR 11.7 million for BIP.

Governance
The Company continued its share buyback programme — authorised by shareholders at the 16 March 2010 General Meeting — until 12 September of the current year. Since 1 January 2013, it has thus purchased a total of 20,433 shares for an amount of EUR 1,073,357, and transferred 3,973 shares representing an amount of EUR 223,000.

On 13 September 2013, the Company informed its shareholders that it was suspending the buyback programme due to the launch of a process aiming to delist its shares from the regulated market and official list of the Luxembourg Bourse. Relevant information can be found on the Company’s website at www.bip.lu under Investor Relations / General Meeting, in a French-language document entitled Document d’Information sur l’Offre Publique de Rachat Conditionnelle Limitée par BIP Investment Partners S.A. dans le cadre du Projet de Retrait de ses actions de la négociation sur le marché réglementé et de la cote officielle de la Bourse de Luxembourg.

Outlook
BIP’s annual results will depend largely on the performance of securities held and on general economic and stockmarket trends. Drawing on its substantial cash, the Company is continuing to build its portfolio and is analysing several investment opportunities in midcaps with healthy growth prospects.

BIP remains committed to its policy of regular dividend payments, backed by recurring income streams and reserves available for distribution.

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