Annual results as of March 31, 2010
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Private Equity Holding AG / Annual results as of March 31, 2010 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
NEWS RELEASE
Zug, April 30, 2010
Annual results as of March 31, 2010
During the financial year 2009/2010, Private Equity Holding AG's equity
increased by 17%. Net current assets are 49% higher than a year ago, while the
Company's unfunded commitments decreased by 15%.
Strong Performance
Private Equity Holding AG (PEH) reports a comprehensive net gain of EUR 31.3
million for the financial year 2009/2010. As of March 31, 2010, the net asset
value per share (NAV) stood at EUR 55.25 (CHF 79.04), which represents an
increase of 17% in EUR (10% in CHF) since April 1, 2009.
PEH re-started its investment program in the first quarter of 2007. Since
January 1, 2007, the net asset value per share increased by 35.3% in EUR (20.5%
in CHF). Over the same period, the NAV per share of the other four SIX-listed
Private Equity Fund Investment Companies declined on average by 22% in CHF.
The closing price of the PEH shares on March 31, 2010 was CHF 37.00 (EUR
25.86). Since March 31, 2009, the share price increased by 140% in CHF (155% in
EUR) in a financial market environment that was recovering throughout the year.
The discount between the share price and the net asset value per share decreased
from 79% to 53%. The potential for a further increase of the share price is
still significant.
Solid Financial Position
PEH's balance and off-balance sheet ratios became even stronger over the last
financial year. Shareholders' equity increased by 17%. PEH's open commitments
decreased by 15%; nevertheless, its net current assets increased by 49%. This
allowed PEH to make the first new investments since the collapse of "Lehman".
Towards the end of the financial year 2009/2010, PEH purchased a secondary
interest in Renaissance Venture and invested in Alpha's Russia & CIS secondary
fund. Both transactions are accretive to PEH's NAV.
Reduction of Discount
The Board of Directors and Alpha Associates as Manager are determined to
significantly increase the attractiveness of the PEH share through a combination
of measures. The reduction of the discount between the share price and the net
asset value per share is of eminent importance for the shareholders and the
Company. The Board of Directors and the Manager analysed the interests of the
Company and different groups of shareholders and concluded that going forward
PEH shall provide for certain reserves in its cash flow planning to allow for
distributions to the shareholders as well as a more active market making. At the
same time the Company shall continue to pursue its growth strategy as the Board
of Directors is convinced that only a growing NAV will ensure the attractiveness
of the PEH share over the longer term. The goal is to balance a consistent
growth strategy through new investments with measured distributions of portfolio
proceeds while carefully monitoring PEH's liquidity situation.
Private Equity Holding AG (SIX: PEHN), managed by Alpha Associates, offers
investors the opportunity to invest, within a simple legal and tax optimized
structure, in a broadly diversified and professionally managed private equity
portfolio.
For further information, please contact:
Peter Wolfers, Investor Relations, peter.wolfers(at)peh.ch, phone +41
41 726 79 80; or http://www.peh.ch
Basis of the Net Asset Value Calculation and Disclaimer
The number of outstanding shares used for calculation of the Net Asset Value per
share amounted to 3,865,129 as of March 31, 2010 (February
28, 2010: 3,872,707). The calculations are prepared in accordance with
International Financial Reporting Standards (IFRS) and pursuant to the
guidelines of the European Venture Capital Association (EVCA). The Net Asset
Values of the fund investments are based on the most recent report of the latest
NAV (net asset values) as reported by the funds. Unlisted direct investments are
rated at Net Asset Values. The Net Asset Value of listed direct investments is
the market value. Based on a composite assessment of all appropriate and
applicable indicators of the Net Asset Value, Private Equity Holding AG makes a
good faith estimate of the Net Asset Value as of the valuation date. The Net
Asset Values are calculated under a going concern assumption. The Net Asset
Value of Private Equity Holding AG is computed as of the end of each month and
published four trading days after the cut-off date. The different reporting
cut-off dates of the individual companies and funds in which participations are
held can lead to short-term distortions and cause discrepancies between the
published Net Asset Value and the actual total value of Private Equity Holding
AG's net assets.
[HUG#1410835]
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Private Equity Holding AG
Innere Güterstrasse 4 Zug null
WKN: 906781;ISIN: CH0006089921;
News Release: http://hugin.info/130308/R/1410835/363191.pdf
Unternehmensinformation / Kurzprofil:
Datum: 30.04.2010 - 18:00 Uhr
Sprache: Deutsch
News-ID 20098
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