News Release
Guernsey, 24 January 2012
Princess' NAV remains broadly flat in December / quarterly conference call to be held tomorrow
The net asset value (NAV) of Princess Private Equity Holding Limited (Princess) remained broadly flat in December, declining slightly (-0.2%) to close both the month and the year at an unaudited NAV of EUR 8.82 per share. Consequently, Princess returned 6.8% for the full year 2011, maintaining the positive growth momentum achieved in 2010. During the final month of 2011, valuation developments dragged on performance (-1.2%). Nonetheless, this negative impact was offset by the strong positives derived from currency movements over the month (+1.3%), as the US dollar continued to appreciate relative to the euro. The NAV result published is estimated on the basis of currently available information and is subject to review in the audit of the annual financial statements.
In December, Princess closed its sixth direct investment for 2011, with a small-cap buyout investment into a solar energy company. Ultimately, Princess invested an aggregate of EUR 23.4 million in six direct investments in 2011, as it advanced its plan to refocus its portfolio towards direct investments.
Though Princess' mature portfolio continued to benefit from new realizations (EUR 5.5 million) over the month, distribution proceeds fell short of new investments (EUR 10.0 million), thereby generating a negative portfolio cash flow for December. Irrespective, for Princess the fourth quarter of 2011 proved to be the most lucrative quarter for distributions since the fourth quarter of 2007, with as much as EUR 35.1 million received from realized investments. Accordingly, Princess' balance sheet remains in a strong position, with liquidity also being supported by its undrawn EUR 80.0 million credit facility.
Princess will hold a conference call tomorrow, 25 January 2012, at 3:00pm CET (2:00pm GMT) to update interested parties on the recent developments of the Princess portfolio. The information announced will refer to unaudited figures as of 31 December 2011.
Date: Wednesday, 25 January 2012
Time: 2:00pm-3:00pm (Dublin, London)
3:00pm-4:00pm (Zurich, Frankfurt)
Phone number: +44 (0) 203 059 58 62 (from the UK)
+41 (0) 91 610 56 00 (from Continental Europe)
+1 (1) 866 291 41 66 (from the US)
All lines will be open ten minutes prior to the beginning of the conference call.
The results presentation will be available at http://www.princess-privateequity.net/en/investor_relations/web_cast_live-events.php?ml ahead of the conference call.
Further information is available in the monthly report which can be accessed via:
http://www.princess-privateequity.net/financialreports
Ends.
About Princess
Princess is an investment holding company founded in 1999 and domiciled in Guernsey. It invests, inter alia, in private equity and private debt investments. Princess is advised in its investment activities by Partners Group AG, a global private markets investment management firm with EUR 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
Dr. Anna Hollmann
Communications
Tel.: +41 41 768 83 72
anna.hollmann@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. Neither the contents of Princess' website nor the contents of any website accessible from hyperlinks on Princess' website (or any other website) is incorporated into, or forms part of, this announcement.
