17 Aug 2012 10:57
Standard Life European Private Equity Trust PLC
Interim management statement for the quarter ended 30 June 2012
Standard Life European Private Equity Trust PLC ("the Company") presents its interim management statement for the period from 1 April 2012 to 30 June 2012. This announcement constitutes the Company's second interim management statement for the financial year ending 30 September 2012 in accordance with rule 4.3 of the UK Listing Authority's Disclosure and Transparency Rules. This interim statement summarises information at 30 June 2012 and any material developments up to 17 August 2012.
Investment objective
To achieve long-term capital gains through holding a diversified portfolio of private equity funds investing predominantly in Europe.
Benchmark
The Company has no defined benchmark.
Performance
The Company's net asset value per ordinary share ("NAV") was 235.2p at 31 March 2012 (diluted - 232.3p). The Company's NAV at 30 June 2012 will be announced on or around 19 September 2012. The share price of the Company's ordinary shares was 135.0p at 30 June 2012, compared to 146.0p at 31 March 2012, a decrease of 7.5% over the quarter.
Over the same quarter the MSCI Europe Index (in euros) fell by 4.6% and the FTSE All Share Index (in sterling) fell by 3.7%.
Financial position
New transactional activity remained subdued in the European private equity market in the second quarter of 2012, due to the impact of the difficult macro-economic and political environment in Europe and constraints on debt availability for leveraged transactions. A total of €13.7 billion of transactions by enterprise value was reported during the quarter, which was slightly higher than the first quarter of 2012, but compared to a value of €30.6 billion in the second quarter of 2011. Notwithstanding, the Manager continued to see exit activity across the Company's portfolio as private equity managers focused on selling investee companies, particularly to corporate buyers.
During the quarter the Company funded £8.1 million of draw downs (six months ended 31 March 2012 - £16.1 million) and received £11.5 million of distributions (six months ended 31 March 2012 - £33.4 million).
The Company had total outstanding commitments to its 37 private equity fund interests of £122.8 million at 30 June 2012 (31 March 2012 - £133.9 million).
At 30 June 2012 the Company had net indebtedness of £11.8 million (31 March 2012 - net indebtedness of £14.4 million).
Events and transactions in the period to 17 August 2012
The Company received £13.3 million today from Equistone Partners Europe Fund III arising from the sale of Global Blue, the largest underlying investee company in the Company's portfolio. The sale proceeds received were 13.1% higher than the valuation of the investment at 31 March 2012.
During the period from 30 June 2012 to 17 August 2012 the Company funded £2.7 million of draw downs and received £24.7 million of distributions, including the receipt from Equistone Partners Europe Fund III above. At 17 August 2012 the Company's total outstanding commitments and net cash balance, after deduction of outstanding bank debt, were £117.2 million and £10.4 million respectively.
For further information on the statement please contact:-
Peter McKellar of SL Capital Partners LLP (0131 245 0055)
Note:-
Standard Life European Private Equity Trust PLC is an investment company managed by SL Capital Partners LLP, the ordinary shares of which are admitted to listing by the UK Listing Authority and to trading on the Stock Exchange and which seeks to conduct its affairs so as to qualify as an investment trust under Section 1158 of the Corporation Tax Act 2010. The Board of Standard Life European Private Equity Trust PLC is independent of Standard Life plc.