This is a consequence of budsjettforliket between the left, Right, Left and Better in the weekend.
the Funds that Argentum is invested in has committed itself to support long-term investments in innovation and oppstartsselskaper in the years ahead. For the second year in a row covered yet increases in statsbudsjettforhandlingene with the Progress and the Left partially into at to ask the investment company to add several hundred million on the table in the extraordinary dividends.
the Sums are so large that Argentum not only can open the pocketbook.
After this weekend’s budsjettforhandlinger requested Argentum cough up the new 550 million – in addition to the 250 they were charged in the original budget proposal.
Thus, a total of nok 800 million.
– We live to deliver high dividends to our investors. At the same time, it is clear that the higher the yield gets, the less we have available for new investments, ” says Ingibjörg Meyer-Myklestad in Argentum to the NTB.
Open reduction
In the last year, the company had a net profit of 400 million. Therefore, open budsjettavtalen now also that the Argentum have to sell themselves down for to be able to cough up the capital the government requested.
It seems Rikke Eckhoff Chieftain in the Norwegian Venturekapitalforening is a strange decision.
– It is strange that the government now of all times downgrades the active were added, she says to E24.
the Leader of the Norwegian Venturekapitalforening, Rikke Eckhoff Høvdning.
– They’re talking about reform, innovation and the need for jobs, and we are an industry that has proven that it is what we contribute to. Then it is strange that they are now doing what they do in Investinor and Argentum, ” says the Chieftain.
See list of grants and where the money will be used in the budsjettavtalen here.
Tapped twice
Earlier in the fall certain the government that there shall be 1,25 billion from the investment company Investinor to the state.
the Decision has been up in the spørretimen and has received both praise and criticism.
After the last ukenes negotiations with støttepartiene Progress and Left, the government has found room for a little over 6 billion in new funding next year.
the List of priorities is long, so the VG-commentator Astrid Mæland wrote on Tuesday.
Such affects budsjettavtalen wallet
to finance the new budsjettlovnadene, turns the government, among other things, to several of the state-owned companies.
The same thing happened last year.
Also, when asked the government Argentum to add 250 million extra on the table – on top of the 250 million who already was in the original proposals for the national budget – to finance a budget that was more expensive after the negotiations with støttepartiene.
- Active have been added going in with both expertise and capital in companies
- Companies may be in start-up phase, or more established
- the Funds are divided into seed-, venture and buy-out to illustrate what purpose they have with investments
- In 2013 had companies owned by the active have been added 68.000 employees in Norway, according to a report from Menon in the year
- in the Same year, contributed these companies to a value of 38 billion
- Growth in value added and turnover had a clear change of pace after the active eierfondene came into
Source: the Norwegian Venturekapitalforening (NVCA)
Must sell themselves down
In the last year, the company had a profit of 401 million, that is 100 million less than they had to deliver to the state.
Hence one can read this phrase in budsjettavtalen:
“the Storting asks the government to ensure that the extraordinary dividend from Argentum is funded through the realization of the assets if there are liquidity needs.”
in other words:
Argentum, which is investing billions in funds that go into the selected companies with a time horizon of between 5 and 15 years, are asked to sell down in these to get enough money in the cash register so that the budget for one single year goes up.
unlike in listed companies, it is not so that one can press a button to get this to work.
the Agreements in the private equity market commits like in ten years, and if you want to force the sale besides this, one must go to the secondary market.
the Case continues below the advertisement.
This breaks with the model that the entire portfolio is built on.
Has delivered a 3.9 billion
In Argentum don’t want Ingibjörg Meyer-Myklestad to comment on how the injunction extraordinary dividend two years in a row will set itself with regard to the mandate Argentum has, or about Argentum has funds to cover the extraordinary dividend which the government now ask in 2017.
– Here it is business as usual. We are committed to deliver high dividends to the investor, and we have, on average, delivered 15 per cent return a year, ” says Meyer-Myklestad to E24.
– In the year we pay a half a billion in dividends to the state, and after this budsjettavtalen we are going next year to pay 800 million.
– It brings us up on a total of 3.9 billion in dividends to the owner since 2001, ” she says.
Critical
the Leader of the association that brings together very many of the funds that Argentum has invested in, Rikke Eckhoff Chief, however, is critical.
– long-term perspective and predictability are important for those who invest in the active eierfondene, because these investments have a life span of ten years, with the possibility for two year extension, says Chief of E24.
– We would like to see more, including Argentum, who invested in the active were added. Instead take the government now capital from a fund that is leading in investments in active have been added. It looks to me like the downgrades this type of investments.
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