21 Mar 2012 07:00
Standard Life European Private Equity Trust PLC
Investment update for the quarter from 1 October 2011 to 31 December 2011
·; NAV increased 0.4% to 229.7p for the quarter ended 31 December 2011
·; Accordingly, NAV increased by a total of 6.5% during the calendar year 2011
·; Net realised gains and income generated during the quarter ended 31 December 2011 were £8.5 million (2.3% of opening NAV)
·; Net unrealised gains on the portfolio on a constant exchange rate basis were £3.8 million (1.0% of opening NAV), offset by net unrealised foreign exchange losses of £9.6 million, as sterling appreciated relative to the euro (2.6% of opening NAV)
·; 100% by value of the portfolio was valued by the respective underlying managers at 31 December 2011
·; Outstanding commitments were £144.2 million at 31 December 2011
·; Net indebtedness was £15.4 million at 31 December 2011
For the quarter ended 31 December 2011 the Company's net asset value per ordinary share ("NAV") increased by 0.4% to 229.7p (diluted NAV - 226.9p), from 228.7p at 30 September 2011 (diluted NAV - 225.9p). At 31 December 2011 the Company's net assets were £371.0 million (30 September 2011 - £369.4 million).
The closing value of the Company's portfolio of 37 private equity fund interests was £386.2 million at 31 December 2011 (30 September 2011 - 36 fund interests and £397.4 million). Total net unrealised losses on the portfolio for the quarter were £5.8 million, of which £3.8 million were net unrealised gains on a constant exchange rate basis and £9.6 million were net unrealised foreign exchange losses. During the quarter ended 31 December 2011 sterling appreciated by 3.1% against the euro and depreciated by 0.2% against the US dollar.
The quarter ended 31 December 2011 witnessed a slow down in new investment and realisation activity in the European private equity market. This followed the trend seen since summer 2011, as political uncertainty in Europe and broader macro-economic weakness dominated financial markets. Distributions received during the quarter were £20.5 million (quarter ended 30 September 2011 - £29.6 million), with many of the distributions arising from the sale of companies announced earlier in 2011. The distributions received generated net realised gains and income of £8.5 million. During the quarter the Company funded £6.6 million of draw downs (quarter ended 30 September 2011 - £13.2 million).
As previously announced, the Company made a €35.0 million commitment to BC European Capital IX during the quarter. At 31 December 2011 the Company had aggregate outstanding commitments of £144.2 million to 37 private equity fund interests (30 September 2011 - £126.4 million and 36 fund interests).
At 31 December 2011 the Company had net indebtedness of £15.4 million (30 September 2011 - net indebtedness of £28.5 million).
In the period from 1 January 2012 to 20 March 2012 the Company received £11.7 million of distributions and funded £7.3 million of draw downs. Taking account of draw downs, distributions, expenses and other movements since 1 January 2012, the Company's total outstanding commitments and net indebtedness were £136.2 million and £12.9 million respectively at 20 March 2012. The Company made no new fund commitments in the period from 1 January 2012 to 20 March 2012.
It is anticipated that the Company will release its interim announcement for the six months ending 31 March 2012 on or around 30 May 2012.
For further information 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 sections 1148 - 1165 of the Corporation Taxes Act 2010. The Board of Standard Life European Private Equity Trust PLC is independent of Standard Life plc.
Peter McKellar
SL Capital Partners LLP
21 March 2012