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12 Jan 2009 18:16
News Release
Guernsey, 12 January 2009
Princess publishes December NAV
The net asset value (NAV) of Princess decreased by 13.1% in December, closing the year at an unaudited value of EUR 8.39 per share. This result is estimated on the basis of currently available information and is subject to review in the preparation of the annual financial statements. A significant contributor to the unfavorable December performance were the foreign exchange movements. The gains on the US dollar achieved in the previous months were offset by the sharp US dollar depreciation towards year end, contributing a negative 4.8% to the net asset value in December.
Revaluations of investments resulted in an overall net decrease of 7.9%. Thereof, valuation adjustments as reported by the underlying general partners had a negative effect of 4.9%, while fair value adjustments made by Princess' investment advisor Partners Group, including unrealized losses relating to mark-to-market adjustments of public positions, accounted for a 3.0% decline in net asset value. As noted in the November monthly report, these adjustments had already been anticipated given the downturn in public markets as well as the macroeconomic environment and mainly stem from the large cap buyout segment.
Dr. Stephan Schäli, Head of Private Capital at Princess' Investment Advisor Partners Group, comments: "With the adjustments being based on "fair value", they reflect the market environment but do not lend themselves as objective measures for the operational performance of the underlying portfolio companies. Due to the long-term, value-adding investment philosophy of private equity, general partners are not required to sell their holdings at current prices, but can keep on developing their portfolio companies and exit them once conditions have normalized. Until the point of exit, valuation adjustments therefore represent unrealized losses."
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 alternative asset management firm listed on the SWX Swiss Exchange (ticker symbol: PGHN) with over CHF 25 billion assets under management in private equity, private debt, private real estate, private infrastructure, absolute return strategies and listed alternatives. 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
Dr. Cyrill Wipfli
Head Communications
Tel.: +41 41 768 85 71
cyrill.wipfli@partnersgroup.net
www.partnersgroup.net
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.
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