HBM Healthcare Investments AG / Key word(s): Quarter Results
Unfavourable currency developments drag HBM Healthcare into the red HBM Healthcare Investments closed the third quarter of the 2023/2024 financial year as at 31 December with a loss of CHF 87 million. The net asset value per share (NAV) fell by 5.1 percent to CHF 225.03. For the first nine months, the loss totalled CHF 158 million, with the NAV down 8.7 percent. The main reason for the negative performance was an unfavourable development in all relevant investment currencies. In the nine-month period to the end of 2023, these totalled around -8.5 percent. Against the Swiss franc, the US dollar lost -8.1 percent, the Chinese yuan -11.0 percent and the euro -6.4 percent. Developments in the portfolio of public companies Public companies had a negative impact of CHF -30 million on the 9-month result. Market price increases totalling CHF +48 million net at constant exchange rates compare to adverse currency movements of CHF -78 million.
Developments in the portfolio of private companies Private companies added a loss of CHF -96 million to the 9-month result. Of this, CHF -49 million was attributable to losses in value due to new financing or unachieved operating targets and CHF -47 million to unfavourable currency developments. Value adjustments were made to ConnectRN (CHF -22 million), Farmalatam (CHF -18 million), Sphingotec (CHF -9 million) and Adrenomed, Odyssey Therapeutics and Valcare (CHF -4 million each). In most cases, however, HBM Healthcare considers the companies' potential to be intact and assumes that the value corrections will be of a temporary nature. A positive value adjustment resulted for Upstream Bio (CHF +10 million). Funds and other assets The fund portfolio had a negative impact of CHF -22 million on the result. Of this, CHF -8 million is attributable to value adjustments and CHF -14 million to currency changes. Other assets made a net positive contribution to earnings of CHF 9 million. Asset allocation The portfolio remains well balanced, with public companies accounting for 46 percent of consolidated total assets (of which 23 percent were previously private companies), private companies 36 percent, funds 9 percent, cash and cash equivalents 7 percent and other assets 2 percent. Cash and cash equivalents amount to CHF 115 million. This does not include approx. CHF 30 million that is expected when the acquisition of ImmunoGen by AbbVie is finalised in the first quarter of 2024. Around CHF 8 million was used for share repurchases within the current share buy-back programme. Outlook The 2024 calendar year got off to a pleasing start for HBM Healthcare Investments:
Overall, there are signs of a brightening market environment. At the same time, however, volatility is likely to persist in the current year.
The Quarterly Report December 2023 is available on the Company’s website at www.hbmhealthcare.com/en/investors/financial-reports. Contact End of Inside Information |
Language: | English |
Company: | HBM Healthcare Investments AG |
Bundesplatz 1 | |
6300 Zug | |
Switzerland | |
Phone: | +41438887171 |
Fax: | +41438887172 |
E-mail: | info@hbmhealthcare.com |
Internet: | https://www.hbmhealthcare.com |
ISIN: | CH0012627250 |
Valor: | 1262725 |
Listed: | SIX Swiss Exchange |
EQS News ID: | 1819481 |
End of Announcement | EQS News Service |
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1819481 22-Jan-2024 CET/CEST
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