VOLTA FINANCE - RESULTS FOR THE FINANCIAL YEAR ENDED 31 JULY 2013
(Thomson Reuters ONE) -
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES
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Guernsey, 21 October 2013 - Volta Finance Limited has published its results for
the financial year ended 31 July 2013. The Annual Report and Accounts 2013 is
attached to this release and is available on Volta Finance Limited's financial
website (www.voltafinance.com).
KEY POINTS 2013
* Net Asset Value ("NAV") of ?246.3 million (?6.92 per share) at 31 July
2013, an increase of 44.0% from ?171.0 million at 31 July 2012.
Overall, after taking into account the amount of dividends payable in cash
during the financial year (?15.3 million) and the additional capital raised
during the year (?16.0 million), this reflects a strong positive performance
of 37.5% for the financial year on a per share basis
* The Company successfully raised additional capital of ?16.0 million, after
issue costs, through a private placement of 2,628,280 shares at ?6.18 per
share in May 2013
* A dividend payment of ?0.31 per share for the semi-annual period from 1
February 2013 to 31 July 2013 will be proposed at the December 2013 AGM, in
addition to the dividend of ?0.31 per share paid in April 2013 for the semi-
annual period from 1 August 2012 to 31 January 2013. Shareholders will have
the option of receiving this dividend payment in either cash or Volta shares
* Net profit of the Company for the financial year was ?54.1 million, or ?1.65
profit per share, taking into account recognition of the following
significant items: effective income of ?27.1 million; a positive
adjustment of ?16.8 million to previous estimates of effective income; a net
positive impairment adjustment of ?14.8 million on previously impaired
assets; a net loss of ?5.7 million on foreign exchange retranslation and
revaluation of foreign exchange derivatives and other derivatives; a mark-
to-market gain of ?9.7 million on financial assets designated at fair value
through profit or loss; net realised gains on sales and partial redemptions
of ?3.3 million; and net operating expenses of ?11.8 million, including
Performance Fees payable of ?7.7 million
* The investments held by the Company generated ?32.7 million of interest or
coupon receipts during the financial year
* Over the financial year, the investment strategy has been to invest cash
mainly in underlying corporate credit risk through CLO1 tranches and
Synthetic Corporate Credit2 deals. The cash holdings were ?9.7 million
(before taking into account ?7.4 million that was committed to subscribe for
two tranches of a new European CLO, but which was not yet payable as at 31
July 2013) at the end of the financial year against ?5.2 million at the
beginning of the period
* During the financial year, the Company purchased assets for ?53.9 million
(including ?7.4 million that was committed to subscribe for two tranches of
a new European CLO, but which was not yet payable as at 31 July 2013), sold
assets for ?14.5 million and redeemed assets for ?9.7 million, which
contributed to an increase in its asset base
* As at 31 July 2013, the Company held investments in four underlying asset
classes: CLOs (62.3%)3; Synthetic Corporate Credit deals (22.5%)3; Cash
Corporate Credit2 deals (5.6%)3; and ABS4 (7.9%)3
* The Company intends to continue pursuing investment opportunities that are
consistent with its objective of paying a dividend as described in the
Chairman's Statement, whilst at the same time increasing its asset base
* Operating expenses as a percentage of average NAV for the financial year
ended 31 July 2013 were 5.7%, compared to 3.9% for the financial year ended
31 July 2012. The increase in operating expenses arose primarily as a result
of significantly higher fees payable to the Investment Manager as a result
of further improved performance. Excluding fees payable to the Investment
Manager, other operating expenses as a percentage of average NAV for the
financial year ended 31 July 2013 were 0.8%, compared to 0.8% for the
financial year ended 31 July 2012
Definitions:
(1) Collateralised Loan Obligations ("CLOs" or "CLO")
(2) Synthetic Corporate Credit and Cash Corporate Credit deals are structured
credit positions predominantly exposed to corporate credit risks materialised
respectively by synthetic contracts such as credit default swaps ("CDS") or cash
(loans and/or bonds)
(3) Expressed as a percentage of originally reported Gross Asset Value ("GAV")
as at 31 July 2013
(4) Asset-Backed Securities ("ABS")
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ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey)
Laws, 1994 to 1996 (as amended) and listed on Euronext Amsterdam. Its investment
objectives are to preserve capital and to provide a stable stream of income to
its shareholders through dividends. For this purpose, it pursues a multi-asset
investment strategy targeting various underlying assets. The assets that the
Company may invest in either directly or indirectly include, but are not limited
to: corporate credits; sovereign and quasi-sovereign debt; residential mortgage
loans; automobile loans. Volta Finance Limited's basic approach to its
underlying assets is through vehicles and arrangements that provide leveraged
exposure to some of those underlying assets.
Volta Finance Limited has appointed AXA Investment Managers Paris, an investment
management company with a division specialised in structured credit, for the
investment management of all its assets.
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company
within the AXA Group, a global leader in financial protection and wealth
management. AXA IM is one of the largest European-based asset managers with ?553
billion in assets under management as of the end of December 2012. AXA IM
employs approximately 2,450 people around the world and operates out of 21
countries.
CONTACTS
Company Secretary
Sanne Group (Guernsey) Limited
voltafinance(at)sannegroup.com
+44 (0) 1481 711822
Portfolio Administrator
Deutsche Bank
voltaadmin(at)list.db.com
For the Investment Manager
AXA Investment Managers Paris
Serge Demay
serge.demay(at)axa-im.com
+33 (0) 1 44 45 84 47
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This press release is for information only and does not constitute an invitation
or inducement to acquire shares in Volta Finance. Its circulation may be
prohibited in certain jurisdictions and no recipient may circulate copies of
this document in breach of such limitations or restrictions.
This document is not an offer for sale of the securities referred to herein in
the United States or to persons who are "U.S. persons" for purposes of
Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), or otherwise in circumstances where such offer would be restricted by
applicable law. Such securities may not be sold in the United States absent
registration or an exemption from registration from the Securities Act. The
company does not intend to register any portion of the offer of such securities
in the United States or to conduct a public offering of such securities in the
United States.
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This communication is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the "Order") or (iii) high net worth
companies, and other persons to whom it may lawfully be communicated, falling
within Article 49(2)(a) to (d) of the Order (all such persons together being
referred to as "relevant persons"). The securities referred to herein are only
available to, and any invitation, offer or agreement to subscribe, purchase or
otherwise acquire such securities will be engaged in only with, relevant
persons. Any person who is not a relevant person should not act or rely on this
document or any of its contents.
Past performance cannot be relied on as a guide to future performance.
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This press release contains statements that are, or may deemed to be, "forward-
looking statements". These forward-looking statements can be identified by the
use of forward-looking terminology, including the terms "believes",
"anticipated", "expects", "intends", "is/are expected", "may", "will" or
"should". They include the statements regarding the level of the dividend, the
current market context and its impact on the long-term return of Volta's
investments. By their nature, forward-looking statements involve risks and
uncertainties and readers are cautioned that any such forward-looking statements
are not guarantees of future performance. Volta Finance's actual results,
portfolio composition and performance may differ materially from the impression
created by the forward-looking statements. Volta Finance does not undertake any
obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events which
may not prove to be realised. Due to the uncertainty surrounding these future
events, the targets are not intended to be and should not be regarded as profits
or earnings or any other type of forecasts. There can be no assurance that any
of these targets will be achieved. In addition, no assurance can be given that
the investment objective will be achieved.
*****
Annual Report and Accounts 2013:
http://hugin.info/137695/R/1737103/582329.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Volta Finance Limited via Thomson Reuters ONE
[HUG#1737103]
Unternehmensinformation / Kurzprofil:
Datum: 21.10.2013 - 18:52 Uhr
Sprache: Deutsch
News-ID 307721
Anzahl Zeichen: 11480
contact information:
Town:
St Peter Port
Kategorie:
Business News
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"VOLTA FINANCE - RESULTS FOR THE FINANCIAL YEAR ENDED 31 JULY 2013"
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