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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| F&C Private Equity Trust | LSE:FPEO | London | Ordinary Share | GB0030738271 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 336.00 | 331.00 | 337.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMFPEO
RNS Number : 2859Z
F&C Private Equity Trust PLC
25 May 2016
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25 May 2016
F&C Private Equity Trust plc
Quarterly results for the three months to 31 March 2016 (unaudited)
-- NAV total return for the three months of 2.4 per cent for the Ordinary Shares. -- Share price total return for the year to date of 8.3 per cent for the Ordinary Shares. -- Two new co-investments were made during the quarter: Calucem and Ashtead.
Manager's Review
Introduction
At 31 March 2016 the net asset value ('NAV') of the Company was GBP222.5 million, giving a fully diluted NAV per Ordinary Share of 302.72p, an increase of 2.4% over the quarter. At that time the Company had net cash of GBP1 million. Outstanding undrawn commitments stood at GBP64.3 million at the end of the period and of this GBP17 million is to funds where the investment period has expired and hence only a small proportion of this amount is expected to be drawn.
New Investments
During the quarter two new commitments to funds were made. GBP4.0 million was committed to FPE Fund II, a UK-focused growth equity fund managed by a team which was formerly in Stonehage Fleming, Europe's largest multi-family office. We have co-invested with this team on two previous occasions. EUR8.0 million was committed to Astorg VI, a French-focused mid-market buyout fund. Astorg is a well established group which specialises in control investments in B2B companies that are leaders in niche sectors. After the quarter end GBP10 million was committed to August Equity IV, the latest fund from the UK lower mid-market specialists with whom we have invested for over a decade.
Two new co-investments were made during the quarter. EUR4.0 million was invested for 6.2% of Calucem, a Croatia based, but German managed, speciality chemicals company that produces different types of Calcium Aluminate Cement (CACs). Calucem is the world number two producer of CACs, which are used in monolithic refractories, building chemistry, high strength mining grouts, corrosion resistant water pipe linings, environmentally-friendly insulation manufacturing and fast-setting public works repairs. The deal is led by Italian mid-market private equity manager Ambienta.
GBP4.4 million was invested for 14.3% of Ashtead Technology, an Aberdeen-based oil services company which rents and services specialist equipment used in inspection, maintenance and repair for existing in production fields, brownfield extension activity and construction of new oil and gas fields. The business is more leveraged to the production phase and brownfield expansions than new field projects. The deal is led by Buckthorn, an emerging UK-based private equity manager with a specialism in the energy and energy services market.
Following these two deals the Company's exposure to co-investments is 23%. A number of other opportunities are under consideration and we expect this component to grow steadily.
Drawdowns from funds amounted to GBP5 million during the quarter. There was a strong international mix of new companies entering the portfolio. In France, Chequers Capital XVI called GBP0.7 million mainly for two new investments: Viscominvest (B2B graphic media products) and Dies Invest (aluminium extrusions). In Spain, Corpfin Capital IV called GBP0.3 million for Perfumerias Arenal, a health, beauty and pharmacy retailer based in NW Spain. In Denmark, Procuritas Capital V called GBP0.3 million for a build-up of a HVAC company based around a division of Dantherm A/S. In Italy, Progressio II called GBP0.2 million for Industrie Chimiche Forestali, a manufacturer of adhesives and special fabrics for the footwear, automotive and flexible packaging sectors.
Back in the UK some of our longstanding investment partners made some diverse new investments. Inflexion 2010 called GBP0.4 million mainly for British Engineering Services, the former engineering inspection and consultancy business of RSA. Inflexion Buyout IV called GBP0.5 million for Alcumus, a provider of compliance risk management and certification services. Piper Private Equity V called GBP0.2 million for Monica Vinader, a producer of affordable jewellery.
The combination of co-investments and drawdowns from funds totalled GBP12.1 million in the quarter.
Realisations
The healthy flow of realisations has continued into 2016, although at a slightly reduced volume from the same period last year. Exits were notably varied this quarter. The largest distribution of GBP2.2 million was from HealthpointCapital Partners III which sold surgical robotics company Blue Belt Technologies to Smith & Nephew achieving a 3x investment multiple and 30% IRR. GBP1.3 million came in from Dunedin Buyout II following the partial exit of Citysprint, the UK market leading same-day courier and logistics-services company, with a valuation equivalent to 2.8x cost. In Asia AIF Capital Asia III sold Chinese generic drugs company Bestime to a consortium of buyers returning GBP0.7 million (5.2x cost, IRR 26.8%). The Candover 2005 Fund continued its liquidation with the sale of the final part of Dutch conglomerate Stork returning GBP0.5 million (0.5x cost). Gilde Buyout III exited CID Lines, the hygiene and disinfectants company, through a sale to IK Investment Partners returning GBP0.5 million (6.1x cost, 42% IRR). In Italy, Mid-Capital Mezzanine returned GBP0.5 million from the redemption of loan notes in polymers company, Polynt. In Spain, Portobello Capital II exited insurance sector BPO company Multiasistencia in a sale to a HarbourVest vehicle returning GBP0.5 million.
Valuation Changes
There were relatively few significant changes in valuation this quarter. It is noteworthy that of the uplifts, several are the result of private-equity backed companies achieving full or partial exits through stockmarket listings. Argan Capital was up by GBP0.6 million principally due to its Swedish healthcare business Humana being listed on the Stockholm exchange. This achieved a valuation equivalent to 5.0x cost and 24% IRR. Capvis III and Capvis IV were uplifted, by GBP0.5 million and GBP0.2 million respectively, following the IPO on the Swiss exchange of vacuum valves company VAT Group AG at the equivalent of 3.3x cost. Other funds were uplifted reflecting good trading of portfolio companies. This included Hutton Collins III (+GBP0.5 million) where its two restaurant holdings, Wagamama and Byron Burgers are doing well. In Italy, ILP III was up by GBP0.4 million due to good trading from Oro Cash (cash for gold) and Cloud Italia Telecom.
There were some downgrades. Candover 2005 was down by GBP0.7 million mainly because, although two of its remaining holdings Parques Reunidos (Spain based amusement parks) and Technogym (gym equipment) achieved IPOs, the values were below the previous carrying values. In our co-investment portfolio there were downgrades based on below budget trading for David Philips (furniture for the rental sector) (-GBP0.2 million), Meter Provida (smart meters for gas) (-GBP0.4 million) and Nutrisure (superfoods) (-GBP0.2 million).
Financing
The Company's balance sheet was ungeared at the quarter end, but we expect to gear up modestly over the coming months as new investments are made. The GBP70 million revolving credit facility has more than three years to run. We have a good pipeline of fund and co-investment opportunities and the intention is to pursue these selectively, building up gearing to a level which is enough to contribute to overall return without taking too much risk. There was a notable impact of currency movements in the quarter, principally reflecting sterling weakness against the euro and to a lesser extent the dollar. This has added approximately 3.0% to the portfolio valuation over the quarter.
Outlook
The start of 2016 has seen a lower amount of new investment and exit activity than the months immediately before, however there is plenty of deal making across the breadth of the European mid-market. There are some well known risks, such as the possibility of Brexit, which are acting as a deterrent for some investors and the generally lower economic growth rates are creating some caution in longer term profit projections. The provision of equity and debt for buyouts is very good and this, coupled with a growing understanding and appreciation of the private equity model by investors and companies alike is keeping the market buoyant. We expect healthy levels of activity across the portfolios of our investment partners to continue through the year with further progress for shareholders.
Hamish Mair
Investment Manager
F&C Investment Business Limited
F&C PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
three months ended 31 March 2016 (unaudited)
Revenue Capital Total
GBP'000 GBP'000 GBP'000
----------------------------------------- --------- --------- ---------
Income
Gains on investments held at fair
value - 8,933 8,933
Exchange losses - (1,749) (1,749)
Investment income 138 - 138
Other income 17 - 17
----------------------------------------- --------- --------- ---------
Total income 155 7,184 7,339
----------------------------------------- --------- --------- ---------
Expenditure
Investment management fee - basic
fee (140) (419) (559)
Investment management fee - performance
fee - (1,030) (1,030)
Other expenses (170) - (170)
----------------------------------------- --------- --------- ---------
Total expenditure (310) (1,449) (1,759) ----------------------------------------- --------- --------- --------- (Loss)/profit before finance costs and taxation (155) 5,735 5,580 Finance costs (104) (313) (417) ----------------------------------------- --------- --------- --------- (Loss)/profit before taxation (259) 5,422 5,163 Taxation - - - (Loss)/profit for period/total comprehensive income (259) 5,422 5,163 Return per Ordinary Share - Basic (0.36)p 7.52p 7.16p Return per Ordinary Share - Fully diluted (0.35)p 7.33p 6.98p
F&C PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
three months ended 31 March 2015 (unaudited)
Revenue Capital Total
GBP'000 GBP'000 GBP'000
----------------------------------------- --------- --------- ---------
Income
Losses on investments held at
fair value - (2,984) (2,984)
Exchange gains - 2,546 2,546
Investment income 19 - 19
Other income 4 - 4
----------------------------------------- --------- --------- ---------
Total income 23 (438) (415)
----------------------------------------- --------- --------- ---------
Expenditure
Investment management fee - basic
fee (123) (371) (494)
Investment management fee - performance - - -
fee
Other expenses (168) - (168)
----------------------------------------- --------- --------- ---------
Total expenditure (291) (371) (662)
----------------------------------------- --------- --------- ---------
Loss before finance costs and
taxation (268) (809) (1,077)
Finance costs (113) (340) (453)
----------------------------------------- --------- --------- ---------
Loss before taxation (381) (1,149) (1,530)
Taxation - - -
Loss for period/total comprehensive
income (381) (1,149) (1,530)
Return per Ordinary Share - Basic (0.53)p (1.59)p (2.12)p
Return per Ordinary Share - Fully
diluted (0.51)p (1.55)p (2.06)p
F&C PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
year ended 31 December 2015 (audited)
Revenue Capital Total
GBP'000 GBP'000 GBP'000
----------------------------------------- --------- --------- ---------
Income
Gains on investments held at fair
value - 17,401 17,401
Exchange gains - 2,072 2,072
Investment income 7,562 - 7,562
Other income 48 - 48
----------------------------------------- --------- --------- ---------
Total income 7,610 19,473 27,083
----------------------------------------- --------- --------- ---------
Expenditure
Investment management fee - basic
fee (509) (1,528) (2,037)
Investment management fee - performance
fee - (1,342) (1,342)
Other expenses (696) - (696)
----------------------------------------- --------- --------- ---------
Total expenditure (1,205) (2,870) (4,075)
----------------------------------------- --------- --------- ---------
Profit before finance costs and
taxation 6,405 16,603 23,008
Finance costs (448) (1,345) (1,793)
----------------------------------------- --------- --------- ---------
Profit before taxation 5,957 15,258 21,215
Taxation (931) 931 -
Profit for year/total comprehensive
income 5,026 16,189 21,215
Return per Ordinary Share - Basic 6.97p 22.44p 29.41p
Return per Ordinary Share - Fully
diluted 6.78p 21.85p 28.63p
F&C PRIVATE EQUITY TRUST PLC
Balance Sheet
As at As at As at 31
31 March 31 March December
2016 2015 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------------------------- ------------ ------------ ----------
Non-current assets
Investments at fair value
through profit or loss 229,321 233,441 215,711
---------------------------------- ------------ ------------ ----------
Current assets
Other receivables 10 36 26
Cash and cash equivalents 24,182 6,268 24,023
---------------------------------- ------------ ------------ ----------
24,192 6,304 24,049
Current liabilities
Other payables (7,930) (16,979) (2,278)
Net current assets/(liabilities) 16,262 (10,675) 21,771
---------------------------------- ------------ ------------ ----------
Total assets less current
liabilities 245,583 222,766 237,482
Non-current liabilities
Interest-bearing bank
loan (23,086) (20,788) (21,357)
Net assets 222,497 201,978 216,125
---------------------------------- ------------ ------------ ----------
Equity
Called-up ordinary share
capital 729 723 720
Special distributable
capital reserve 16,240 15,679 15,040
Special distributable
revenue reserve 31,403 31,403 31,403
Capital redemption reserve 1,335 1,335 1,335
Capital reserve 163,424 148,620 158,002
Revenue reserve 9,366 4,218 9,625
Shareholders' funds 222,497 201,978 216,125
---------------------------------- ------------ ------------ ----------
Net asset value per Ordinary
Share - Basic 305.15p 279.43p 300.25p
Net asset value per Ordinary
Share - Fully diluted 302.72p 275.49p 295.74p
---------------------------------- ------------ ------------ ----------
F&C PRIVATE EQUITY TRUST PLC
Reconciliation of Movements in Shareholders' Funds
Three months Three months Year ended
ended 31 ended 31 31 December
March 2016 March 2015 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
----------------------------- ------------- ------------- -------------
Opening shareholders'
funds 216,125 203,508 203,508
Issue of Ordinary Shares 1,209 - -
Cancellation of Ordinary
Shares - - (642)
Profit/(loss) for the
period/total comprehensive
income 5,163 (1,530) 21,215
Dividends paid - - (7,956)
Closing shareholders'
funds 222,497 201,978 216,125
----------------------------- ------------- ------------- -------------
Notes (unaudited)
1. The unaudited quarterly results have been prepared on the basis of the accounting policies set out in the statutory accounts of the Company for the year ended 31 December 2015.
2. Investment management fee:
Three months Three months Year ended 31
ended 31 March ended 31 March December 2015
2016 2015
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
Investment
management
fee - basic
fee 140 419 559 123 371 494 509 1,528 2,037
Investment
management
fee - performance
fee - 1,030 1,030 - - - - 1,342 1,342
------------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
140 1,449 1,589 123 371 494 509 2,870 3,379
3. Finance costs:
Three months Three months Year ended 31
ended 31 March ended 31 March December 2015
2016 2015
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ --------- --------- --------- --------- --------- --------- --------- --------- ---------
Interest payable
on bank loans 104 313 417 113 340 453 448 1,345 1,793
4. The basic return per Ordinary Share is based on a net profit on ordinary activities after taxation of GBP5,163,000 (31 March 2015 - loss GBP1,530,000; 31 December 2015 - profit GBP21,215,000) and on 72,064,084 (31 March 2015 - 72,282,273; 31 December 2015 - 72,143,369) shares, being the weighted average number of Ordinary Shares in issue during the period.
The fully diluted return per Ordinary Share is based on a net profit on ordinary activities after taxation of GBP5,163,000 (31 March 2015 - loss GBP1,530,000; 31 December 2015 - profit GBP21,215,000) and on 73,941,429 (31 March 2015 - 74,241,429; 31 December 2015 - 74,102,525) shares, being the weighted average number of Ordinary Shares in issue during the period after conversion of the Ordinary Share warrants.
5. The basic net asset value per Ordinary Share is based on net assets at the period end of GBP222,497,000 (31 March 2015 - GBP201,978,000; 31 December 2015 - GBP216,125,000) and on 72,912,872 (31 March 2015 - 72,282,273; 31 December 2015 - 71,982,273) shares, being the number of Ordinary Shares in issue at the period end.
The fully diluted net asset value per Ordinary Share is based on net assets at the period end of GBP223,834,000 (31 March 2015 - GBP204,524,000; 31 December 2015 - GBP218,671,000) and on 73,941,429 (31 March 2015 - 74,241,429; 31 December 2015 - 73,941,429) shares, being the number of Ordinary Shares in issue at the period end after conversion of the Ordinary Share warrants.
6. The financial information for the three months ended 31 March 2016, which has not been audited or reviewed by the Company's auditor, comprises non-statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2015, on which the auditor issued an unqualified report, will be lodged with the Registrar of Companies. The quarterly report is available on the Company's website www.fcpet.co.uk.
For more information, please contact:
Hamish Mair (Investment Manager) 0131 718 1184 Scott McEllen (Company Secretary) 0131 718 1137 hamish.mair@bmogam.com / scott.mcellen@bmogam.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFEAESSASLKEFF
(END) Dow Jones Newswires
May 25, 2016 06:58 ET (10:58 GMT)
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