Trefinance, the Luxembourg holding company of the Fininvest group, closed 2013 in the red, wiping out the sizeable bond portfolio and repaying a maxi-loan. The finance company ended 2013 with a loss of 4,46 million against the profit of 114 thousand euros in 2012. The stake (6,5%) in Quinta Communications, the joint venture with Tarak Ben Ammar, was written down by 22,4 million whose value fell to 10,7 million.
In the first half of the year, the company sold all its fixed-income securities not tied to repurchase agreements with a performance of 14,75%, while short-term government bonds were held until maturity with a performance of 0,7%.
Financial assets of almost 350 million were thus removed from the balance sheet and the cash and short-term deposits segment was reduced to 38 million from 241 million. Total assets fell from 662 million to 104 million. The financial statements also revealed a bank loan for 488 million, repaid in 2014.
