PB Holding - Net loss of €2.6m in FY23
PB Holding reported FY23 results on 26 April. The company's most important asset, the 5.3% stake in insurer for the mobility sector Bovemij, reported its FY23 results in March. Dividends from this participation are the main source of liquidity and income for PB Holding. In FY23, Bovemij paid an anniversary dividend amounting to €0.3m (FY22: €0.5m) for PB Holding. PB Holding wants to have enough liquidity to cover at least two years of its expenses (approximately €0.25m per year), which we believe is prudent. The FY23 net cash position of €0.6m could cover two to three years without dividend income at current burn rates. At the end of FY23, PB Holding’s book value was €3.17 per share (FY22: €3.61), of which the impaired stake in Bovemij of €2.99 (FY22: €3.34) is by far the largest part.Co. is a holding company. Co. operates dealerships in the general Amsterdam area. Co. operates Mercedes-Benz, Opel/General Motors, Ford, BMW, Chrysler, Fiat, Lancia, Alfa Romeo, land Rover, Volvo and Renault dealerships. Co. also operates Shell and BP fuel stations. Co. also owns bodywork repair shops in the Amsterdam area. Co. also provides automobile leasing services and insurance.
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