Edison issues flash on PB Holding (PBH): Net loss of €2.6m in FY23

London, UK, 7 Mai 2024

Edison issues flash on PB Holding (PBH): Net loss of €2.6m in FY23

PB Holding reported FY23 results on 26 April. The company's most important asset, the 5.3% stake in insurer for the mobility sector Bovemij, reported its FY23 results in March. Dividends from this participation are the main source of liquidity and income for PB Holding. In FY23, Bovemij paid an anniversary dividend amounting to €0.3m (FY22: €0.5m) for PB Holding. PB Holding wants to have enough liquidity to cover at least two years of its expenses (approximately €0.25m per year), which we believe is prudent. The FY23 net cash position of €0.6m could cover two to three years without dividend income at current burn rates. At the end of FY23, PB Holding’s book value was €3.17 per share (FY22: €3.61), of which the impaired stake in Bovemij of €2.99 (FY22: €3.34) is by far the largest part.

Nevertheless, Bovemij decided to pay out a dividend in relation to its 60th anniversary in FY23. Bovemij’s dividend is PB Holding’s main source of liquidity and the dividend income amounted to €0.3m. However, PB Holding reported negative income from investments in FY23, as the losses of Bovemij led to an impairment charge to the stake of €2.6m. After including the €0.3m dividend income, the company reported a total loss from investments of €2.3m. Operational and financial costs amounted to €0.3m, resulting in a net loss of €2.6m.

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