Limburg Investment Company becomes LRM and launches a brand new look
LRM booked a consolidated net profit of 17.2 million euros in 2008. LRM will launch its new house style and website www.lrm.be at the presentation of its annual report.
During the crisis year of 2008, LRM booked a consolidated net profit of 17.2 million euros. This was lower than in 2007, but 2008’s profit was obtained with a substantially smaller balance sheet and less equity. In June 2008, LRM paid out the shares from LISOM and 177 million euros in cash via a dividend to its share holder, the Flemish Region. This entire amount was subsequently transferred to a new foundation, Limburg Sterk Merk. This lowered equity from 381 to 237 million euros. In 2008, the return on LRM's equity was 7.28%.
Stijn Bijnens, General Director of LRM: "Considering the crisis, LRM achieved a fantastic result. The profit was entirely composed of returns from economic activity, not from investments. The exit from Scana Noliko was crucial to this.”
LRM’s Business Financing department concluded 23 deals worth an investment of 23.7 million euros. This was a historic record both in terms of volume and numbers.
Furthermore, 9 participations were successfully sold. These exits were crucial to the result. LRM's portfolio companies were employing 6700 people at the end of 2008.
The Property and Property Development Department was involved in developing more than 500 hectares of new business grounds. The development of these grounds is of major importance to the future development of the economy in Flanders and Limburg. The first phase of the work on Kristal Park III at Lommel including the bridge of the Ijzeren Rijn railway track was completed successfully. In 2008, LRM entered into a joint venture agreement with municipal authorities, POM Limburg and De Scheepvaart to develop business parks in the Albertkanaal Economic Network.
Building commenced on the Life Sciences Development Campus in 2008 and the first Life Sciences companies can start using its highly-specialised infrastructure and services in Q3 2009.
In collaboration with Groep Machiels, LRM commenced building the largest solar centre in Benelux in the former mining sediment basins. This centre will have a peak capacity of 4.7 MW by the end of 2009
Hugo Leroi, President of LRM: “In spite of the crisis, we will continue 2008's investment activities into 2009. Each of LRM's investments provides oxygen to fuel our economic growth. In 2009, LRM's board of directors approved over 55 million euros for new investments".
LRM’s new house style will be launched during the presentation of its annual report. LRM's new identity stands for innovation, an international approach and sustainability. The house style will epitomise LRM's strategy. The Limburg Investment Company will forthwith be known simply as LRM. The reconversion is complete and the separation from LISOM, (non-return related activities) in 2008 has created clarity about the tasks to be undertaken. LRM is a profit driven investor and offers "Oxygen for Growth" to companies investing in Limburg. LRM's website, www.lrm.be has also been completely renovated.
For more information
Jeffrey Alenus
Commercial director at LRM
T +32 11 24 68 01
M +32 475 93 03 61
j.alenus@lrm.be
About LRM
LRM is a profit-driven investment company that offers entrepreneurs a unique combination of risk capital and real estate. LRM generalises, but has accrued specific competencies in ICT, Life Sciences and Clean Tech. LRM's activities boost economic development and general employment opportunities in the province of Limburg. They are available to all sectors and companies, from starters and growing SMEs to major companies.
LRM mainly invests in companies in the following five business areas: ICT & Media, Life Sciences, Clean Tech & Energy, SME and Large Companies.
www.lrm.be