The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Joren Van Aken - Petercam SA - Analyst
: Just one question from my side. Given the capital injection of EUR41 million at Scalian, does that mean that your stake in the firm has increased?
Or did the minority shareholders also match the injection?
Question: Joren Van Aken - Petercam SA - Analyst
: So we can still use the 82%?
Question: Geoffroy Michalet - Oddo BHF SCA - Analyst
: I have one regarding this exchangeable bond you have in Bureau Veritas maturing in March 2026. Given the fact that currently, we are not at the
strike level, can you remind us what is at your hand and what is not at your hand in case BVI share is not reaching the strike price in March '26.
Question: Geoffroy Michalet - Oddo BHF SCA - Analyst
: But does that mean that you would have to complement by cash?
Question: Arnaud Palliez - CIC Market Solutions - Analyst
: I have two questions, if I may. The first one is regarding the accounting of the sponsor money with IK and Monroe. I would like to know where is
accounted in your NAV calculation, the uncalled sponsor money? Is it in the cash position or not? And then my second question is about your gross
debt. I would like to know what share of this debt is denominated in US dollars.
Question: David Cerdan - Kepler Cheuvreux SA - Analyst
: I have a couple of questions regarding the, I will say, the asset management environment. Do you see any change in the trend? Some operators
are facing some tougher condition regarding the fundraising, the deal flow. So do you see the same for your Monroe and IK partners? And globally
speaking, are you aligned with this kind of warning?
Question: David Cerdan - Kepler Cheuvreux SA - Analyst
: Yes. And to continue this discussion regarding (inaudible) is it correct that roughly the fundraising is over for the next quarters because they have
raised so much money and it's time to deploy?
Question: David Cerdan - Kepler Cheuvreux SA - Analyst
: And for Monroe, is the fundraising activity quite, I would say, regular recurring or --
Question: David Cerdan - Kepler Cheuvreux SA - Analyst
: And in terms of deployment, this is the same for both operators or --
Question: David Cerdan - Kepler Cheuvreux SA - Analyst
: Last question is regarding your ambition to further develop this platform. So have you still the same objective in today for acquisition?
Question: Alexandre Gerard - CIC - Analyst
: Two questions on my side. The first one is related to Stahl. Could you maybe give us some more color on how you see the second half of the year?
And I had in mind that you had a project of disposing of that asset. Is it still on track? Or is it on proposal? This is my first question.
And second question is related to the sensitivity of the group's NAV to the euro-USD exchange rate. Could you maybe tell us what is the sensitivity
of the gross asset value, let's say, to 1% depreciation of the exchange rate is the question.
And to come back to a question that has been asked by Arnaud a few minutes ago, don't you think that given the fact that a non-negligible part
of your NAV is derived from USD being -- having part of your debt in USD might also help you offset any variations in the exchange rate?
Question: Alexandre Gerard - CIC - Analyst
: For the rest of Stahl, I mean, is it -- my question was related to the rest of the business, not the wet end, for the company --
Question: Alexandre Gerard - CIC - Analyst
: And I was mentioning the fact that you might -- I mean, we read in the financial press that you had mandated JPMorgan to dispose of not the wet
end, but the group itself, the new.
Question: Alexandre Gerard - CIC - Analyst
: But for the moment, that hedging mechanism has not been activated.
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