7th Mar 2013 16:57
News Release
Guernsey, 07 March 2013
Princess publishes annual report 2012
Princess Private Equity Holding Limited (Princess or the Company) today published its Annual Report for 2012. The key items were:
n Princess' audited net asset value (NAV) was slightly up at EUR 8.40 per share, adjusted for total dividends. Performance was constrained by the discounted sale of a number of third-party fund positions on the secondary market, which had an approximately -3.0% impact on Princess' NAV.
n Valuation developments were positive, contributing as much as +3.2% to Princess' NAV, as value creation initiatives by the Investment Manager and its partners fostered operational improvements in underlying portfolio companies.
n Realizations further supported NAV development in 2012, as Princess' mature portfolio exited a number of investments at significant valuation uplifts to book value, generating proceeds of EUR 139 million.
n New strategic initiatives helped the Company's share price deliver a total return of 26.0%, based on a closing share price for 2012 of EUR 6.83 (2011: EUR 5.85).
n Due to the significant re-rating of Princess in the market, its price to NAV discount narrowed to 18.7% as of 31 December 2012 from 33.6% at the end of 2011.
n Princess sold 17 large-cap European and North American buyout fund positions to a third-party buyer, at a discount of 4.95% based on the 31 December 2011 NAV. Expected proceeds from the sale are EUR 162.4 million.
n Princess paid investors a total dividend of EUR 0.49 per share, an 8.9% increase on last year's total dividend. This translated to an annualized dividend yield of 5.6% based on the NAV per share as of 30 September 2012, and of 7.2% based on the closing price of EUR 6.83.
Brian Human, Chairman, comments: "2012 was a transitional year for Princess, with the acceleration in direct investment activity ultimately raising the portfolio's exposure to direct investments by 14 percentage points over the year to 36% of NAV. The payment of two semi-annual interim dividends in 2012 served to confirm Princess' commitment to return capital to shareholders by offering a high dividend yield of 5-8% per annum. Princess' balance sheet remains strong, with high levels of net liquidity, and is therefore well poised to continue supporting both further direct investments by the Company and future dividend payments. I am confident that the ongoing transition towards becoming a direct investment company with a high dividend yield objective will ensure that Princess is well-placed to continue creating value for its shareholders."
A detailed analysis and commentary on the developments of Princess during 2012 is presented in the Annual Report published today, which can be accessed via: http://www.princess-privateequity.net/financialreports
A copy of the report has also been submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.Hemscott.com/nsm.do
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 28 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 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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