As of the end of 2018, Velcan Holdings is actively managing its treasury of about Eur 98 million.
We have invested over the years in an extremely diversified array of financial assets including mostly : corporate and government bonds in local and reserve currencies, equities, derivatives, direct lending and private equity investments.
In 2018, main investments have remained corporate bonds again.
The corporate bonds exposure was approx. EUR 50.1 m at 2018 year end, mostly in USD bonds, BBB, BB, B and Non Rated categories (as defined by Standard & Poor’s). In 2018 the group invested in majority in USD bonds, from issuers coming both from developed markets and emerging markets. At the end of 2018 the biggest lines (above EUR 2.0 m of exposure) of the Group are with the following issuers : CMA CGM (France), Olam (Singapore), BBVA Bancomer (Mexico), NORDDEUTSCHE LANDESBANK GIROZENTRALE (Germany), TRAFIGURA GROUP PTE LTD (Singapore), UBS AG (Switzerland), COMCEL TRUST (Guatemala), OMAN TELECOMMUNICATIONS LTD (Oman), the republic of Argentina and PUMA INTERNATIONAL FINANCING SA (Singapore).
As of December 2018, we also owned :
- private investments worth EUR 4.6m (most of it in the shipping sector),
- investments worth EUR 12.7 m in listed equities and equity/hedge funds,
- cash or cash equivalents (EUR 30.4m).