Quarterly Report for quarter ending 31 March 2008Per 31/3/2008, the Net Asset Value of Qino Flagship AG amounted to CHF 3.87 per share, which is 15.2% below the comparable value of 31/12/2007 and 1.2% above the value per 31/3/2007. Net cash amounted to CHF -5.26m. There were no major changes with regards to the core investments (Pankl, Update and Jajah). The quarterly NAV decrease was due to the evaluation of the CHF versus the EUR (by about a third) and the share price performance of Pankl Racing Systems AG, which was down 16.6% in the quarter. Our second quoted investment, Update Software AG, gained 1.1% in the quarter.
The quoted portfolio lost 9.8% in EUR terms compared to the end of the previous quarter. The Tecdax was down by 22.2% in the quarter and the NASDAQ declined by nearly 14.1% during this period. Our quoted portfolio now correlates mainly with the share price movements of Pankl Racing Systems AG, and Update Software AG and hence shows little correlation with broad indices.
The full Quarterly Report for the quarter ending 31 March 2008 is available for download in the Investor's section.