Last checked at 
5 Mar 2010 14:58
News Release
Guernsey, 5 March 2010
Princess publishes annual report 2009
Princess Private Equity Holding Limited ("Princess") published its annual report for the year 2009 today. Notable developments during the year 2009 included:
n The net asset value ("NAV") of Princess rebounded strongly in the second half of 2009 when valuations were increasingly driven by the high quality of Princess' portfolio companies.
n The NAV recovery continued into the fourth quarter with a 5.0% increase. However, this did not fully offset the impact of revaluation adjustments at the beginning of the year and of currency movements, so that the overall NAV developed unfavorably in 2009.
n The Board of Directors of Princess signed a new three-year credit facility of initially EUR 40 million, with the potential to increase to EUR 90 million. It believes this puts Princess into a comfortable liquidity position with sufficient headroom for future funding obligations.
n The Investment Manager selectively reduced unfunded commitments by EUR 43 million with an overall negative impact on NAV of less than 1%.
n The Princess portfolio generated EUR 4 million more distributions than drawdowns in the fourth quarter of 2009, resulting in the first positive quarterly cash flow since 2007, with net cash outflow for the full year amounting to only EUR 5 million.
Brian Human, Chairman of Princess' Board of Directors, comments: "I continue to have great confidence in the Princess portfolio as I believe the actions taken in 2009 have substantially strengthened the position of Princess. With the new extended credit facility in place and unfunded commitments reduced, Princess is well positioned to capitalize on attractive investment opportunities and to benefit from the re-opening of the exit window for its existing portfolio companies. Together with the strong NAV development in the second half of the year and the first positive cash flow on a quarterly basis since 2007, I am confident that Princess will develop positively in 2010 and beyond."
A detailed analysis and commentary on the year 2009 developments at Princess are presented in the annual report, which may be accessed via
http://www.princess-privateequity.net/en/investor_relations/reports.php?ml
Hardcopies of the report will be sent to shareholders in April.
The Annual Report and Accounts will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel.: +44 20 7676 1000
About Princess
Princess is an investment holding company founded in 1999 and domiciled in Guernsey that invests in private equity and private debt investments. The Company is advised in its investment activities by Partners Group AG, a global private markets asset management firm with over CHF 25 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:
princess@princess-privateequity.net
www.princess-privateequity.net
Registered Number: 35241
Media enquiries:
Partners Group AG
Tamara Krebs
Communications
Tel.: +41 41 768 85 26
tamara.krebs@partnersgroup.com
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.
Approved by Partners Group (UK) Ltd., authorised and regulated by the Financial Services Authority in the United Kingdom.