24th Jan 2011 13:18
News Release
Guernsey, 24 January 2011
Princess NAV increases by 0.1% in December; quarterly update conference call to be held on 25 January 2011
Following the strong performance of the net asset value (NAV) of Princess in November, the NAV increased by 0.1% in December, closing the year 2010 at an unaudited NAV of EUR 8.69 per share. This performance results in a significant NAV increase of +18.4% for the year 2010. The positive performance of Princess' portfolio companies resulted in increased valuations during the past month with companies in the buyout segment having a particularly favorable impact on the NAV. Overall valuation developments of portfolio companies contributed +2.7% to the NAV. However, with the euro rebounding against the US dollar during the past month, foreign exchange movements had an adverse effect on the NAV. This result is estimated on the basis of currently available information and is subject to review in the audit of the annual financial statements.
The improving operating performance of the companies in Princess' portfolio and the pick-up in deal volume also supported a further increase in realizations of portfolio companies, such as the announced exit of Loyalty Partner which is expected to generate a return of approximately 3x the original investment and an internal rate of return (IRR) of 25%. In December, Princess received EUR 16.1 million in distributions from realized portfolio companies, the highest monthly figure since December 2007. Furthermore, Princess invested EUR 10.6 million in new investment opportunities, largely in the currently attractive small and mid-cap buyout space.
In addition, and as previously announced on 10 January 2011, Princess made significant progress with regards to its strategic repositioning and recently signed purchase and sale agreements for its interests in nine buyout funds, generating cash proceeds of approximately EUR 49.6 million. In addition to the positive net cash flow from the underlying portfolio, during the month of December 2010 Princess received EUR 28.9 million from the above sales program, with a further EUR 12.0 million received at the beginning of January 2011 and the remaining deals expected to settle during the coming weeks.
Dr. Stephan Schäli, Partner and Head Private Equity at Princess' investment advisor Partners Group, comments: "The Princess portfolio witnessed a particularly strong exit activity in the past month. The EUR 16.1 million in distributions received from exited portfolio companiesin December represent the highest monthly level of distributions in the past three years and underlines the maturity and high quality of Princess' portfolio. Due to the substantial number of mature portfolio companies, we are confident that Princess should be in a good position to benefit from a further re-opening of the exit window in the months to come."
Princess will hold a conference call tomorrow, 25 January 2011 at 10.00am BST in English and at 9.00am BST in German to update interested parties on the recent developments of the Princess portfolio. The information announced will refer to unaudited figures as at 31 December 2010.
Date: Tuesday, 25 January 2011
Time: English:
10:00-10:45am (Dublin, London)
11:00-11:45am (Zurich, Frankfurt)
German:
09:00-09:45am (Dublin, London)
10:00-10:45am (Zurich, Frankfurt)
Phone number: +44 (0) 203 059 58 62 (from the UK)
+41 (0)91 610 5600 (from Continental Europe)
+1 (1) 866 291 4166 (from the US)
All lines will be open ten minutes prior to the beginning of the conference call.
The results presentation will be available at: http://www.princess-privateequity.net/en/investor_relations/web_cast_live-events.php?ml ahead of the conference call.
Ends.
About Princess
Princess is an investment holding company founded in 1999 and domiciled in Guernsey. It invests, inter alia, in private equity and private debt investments. Princess is advised in its investment activities by Partners Group AG, a global private markets investment management firm with over EUR 20 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure. Princess aims to provide shareholders with long-term capital growth and an attractive dividend yield. Princess is traded on the Frankfurt Stock Exchange (ticker symbol: PEY1) and on the London Stock Exchange (ticker symbol: PEY). Further information: www.princess-privateequity.net
Contacts
Princess Private Equity Holding Limited:
www.princess-privateequity.net
Registered Number: 35241
Media enquiries:
Partners Group AG
Dr. Anna Hollmann
Communications
Tel.: +41 41 768 83 72
www.partnersgroup.com
This document does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities and neither is it intended to be an investment advertisement or sales instrument of Princess Private Equity Holding Limited. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes must inform themselves about, and observe any such restrictions on the distribution of this document. In particular, this document and the information contained therein is not for distribution or publication, neither directly nor indirectly, in or into the United States of America, Canada, Australia or Japan.
This document may have been prepared using financial information contained in the books and records of the product described herein as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This document may describe past performance, which may not be indicative of future results. No liability is accepted for any actions taken on the basis of the information provided in this document. Neither the contents of Princess' website nor the contents of any website accessible from hyperlinks on Princess' website (or any other website) is incorporated into, or forms part of, this announcement.
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