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16 Mar 2012 07:00
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HgCapital Trust plc
Final results for the year ended 31 December 2011
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London, 16 March 2012: HgCapital Trust plc ("Trust"), which provides investors withΒ a listedΒ vehicleΒ to invest in all private equity dealsΒ managed by HgCapital, today announces its full year results for the year ended 31 December 2011.
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HGCAPITAL TRUST PLC CONTINUES TO DELIVER LONG TERM OUTPERFORMANCE
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Summary performance
31 December2011 | Β 31 December2010 | %Change | % Totalreturn* | ||
Share price | 970.0p | 1,006.0p | -3.6% | -1.2% | |
NAV per share | (diluted) | 1,069.3p | 1,090.7p | -2.0% | +0.5% |
(basic) | 1,089.9p | 1,118.8p | -2.6% | -0.2% | |
FTSE All-Share Index | -3.5% | ||||
Β | Β | Movement | Β | ||
Net Asset Value | Β£346.8m | Β£348.0m | -Β£1.2m |
* Assuming reinvestment of all dividends
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Financial Highlights
Β§ Sales and EBITDA growth from top 20 buyout investments of +13% and +10% respectively over last 12 months to 31 December 2011.
Β§ Valuation multiple of 10.2x EBITDA (Dec 10: 9.7x) and debt multiple of 4.0x EBITDA (Dec 10: 3.6x) as at 31 December 2011.
Β§ Total available liquid resources were Β£94m (27% of NAV) with outstanding commitments of Β£195m (56% of NAV).
Β§ +15.7% p.a. 10-year compound annual growth rate of the share price on a total return basis vs. 4.8% p.a. from the FTSE All-Share Index on a total return basis to 31 December 2011.
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Operational Highlights
Β§ Β£87m deployed over the period, principally in five new buyout investments.
Β§ Β£62m of cash proceeds from 2011 realisations; full exits achieved in aggregate at a 56% uplift to 31 December 2010 book value.
Β§ The Trust was chosen, for the seventh consecutive year, as Private Equity Investment Trust of the Year in the 'Investment Week' awards.
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Events since 31 December 2011
Β§ Proposed final dividend for the year of 10.0 pence per ordinary share to be paid on 10 May 2012, subject to shareholder approval.
Β§ NAV per share at 29 February 2012 was 1,080.2p (diluted) and 1,102.7p (basic); movement from December mainly due to foreign exchange fluctuations.
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Outlook
Β§ 80% of the balance sheet invested in buyouts of which c. 80% is in companies with a low exposure to the weak macro-economic cycle and only 20% is in companies where ratings and earnings are sensitive to the economy.
Β§ Market leading businesses, with low gearing in growth segments, well placed for platform builds.
Β§ Interest in a number of our businesses may result in successful realisations over the next 12 months.
Β§ New investment will continue to be highly selective by only investing in businesses that meet our thematic criteria and can be bought for value.
Β§ Owning a portfolio of quality companies run by talented managers should build significant shareholder value over the medium-term.
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Long Term Total Return Performance*
1 year% | 3 yearsΒ % p.a. | 5 years% p.a. | 7 years% p.a. | 10 years% p.a. | |
Ordinary share price | (1.2) | 16.4 | 8.6 | 14.2 | 15.7 |
Net asset value (diluted) | 0.5 | 7.6 | 10.2 | 14.4 | 13.2 |
FTSE All-Share Index | (3.5) | 12.9 | 1.2 | 6.1 | 4.8 |
Share price outperformance p.a. against the FTSE All Share Index | 2.3 | 3.5 | 7.4 | 8.1 | 10.9 |
* Assuming reinvestment of all dividends
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Roger Mountford, Chairman of the Trust, commented:
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"The Trust has protected shareholder value during a poor year in equity markets. The portfolio is trading well the top 20 buyouts having delivered double digit revenue and profit growth over the year. The Trust continues to deliver long-term outperformance and offers the prospect of renewed growth in value for shareholders."
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- Ends -
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The Trust 2011 Annual Report and a webcast from the Manager to accompany the results are available to view at: http://www.hgcapitaltrust.com/.
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For further details:
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HgCapital | |
Ian Armitage (Chairman, HgCapital) Roger Mountford (Chairman, HgCapital Trust plc) | +44 (0)20 7089 7888 +44 (0) 7799 662601 |
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Maitland | +44 (0)20 7379 5151 |
Rowan Brown George Hudson |
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About HgCapital Trust plc
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HgCapital Trust plc is an investment trust whose shares are listed on the London Stock Exchange.Β The TrustΒ gives investors exposure, through a liquid vehicle, to a portfolio of high-growth private companies,Β managedΒ byΒ HgCapital,Β an experienced and well-resourcedΒ private equity firmΒ with a long-term track record of delivering superior risk-adjusted returns for its investors.
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For further details, see www.hgcapitaltrust.com and www.hgcapital.com
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Neither the contents of HgCapital's website, HgCapital Trust's website nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.
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