Share Name Share Symbol Market Type Share ISIN Share Description
Equity Part.Inc LSE:EQPI London Ordinary Share GB0030735376 INC SHS 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 99.00p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments -1.9 3.4 -12.4 - 17.10

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Date Time Title Posts
18/7/201117:12Hidden Value – Equity Partnership Inv Co47

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rambutan2: from brits recent interims - confirm that eip stake up for sale and talks ongoing... PERFORMANCE: INVESTMENTS REVIEW The Group's total investment return for the half year was #37.0m (30 June 2005: #61.2m). Total invested assets were approximately constant at #2,382.5m (31 December 2005 #2,373.7m). Positive cash flow from new business was balanced by claims payments in respect of the hurricanes of 2004 and 2005, the final 2005 dividend payment and the partial redemption of the Unsecured Loan Stock. As previously, some 90% of our investment portfolio remains in a mixture of cash and short duration, high quality fixed income securities. Both Sterling and US dollar interest rates rose some 70 basis points in the half year. If it continues, this trend augurs well for future levels of investment return, but it has a short term effect of a mark-to-market unrealised loss on the current bond portfolio. In the half year we recorded unrealised losses on the bond portfolio of #12.8m. 83% of the Group's investments are managed by subsidiaries of Equity Investment Partners ("EIP"), in which the Group owns a 41% stake. Discussions continue with a number of parties with a view to the potential sale of this stake. While investment returns remain central to the Group's profitability, we have decided that the Group does not need to own its investment manager and is not deriving value in its share price from doing so; and that EIP's own future growth may be faster under new ownership. As can be seen from the following tables having outperformed the benchmarks for our asset classes in 2005, we have performed largely in line with the benchmarks in the first half of 2006, given our asset mix and the duration of our bond portfolio. Asset Allocation 30.06.06 30.06.05 31.12.05 #m #m #m Equities 199.6 205.1 219.0 Bonds 1,741.0 1,482.1 1,626.6 Cash and deposits 440.3 339.9 526.6 Derivatives and assets held for sale 1.6 0.0 1.5 -------- -------- -------- Total 2,382.5 2,027.1 2,373.7 -------- -------- -------- Bonds, cash and deposits currency mix 30.06.06 30.06.05 31.12.05 % % % Sterling 59.5 71.8 62.9 US Dollar 29.5 22.1 28.2 Euro 7.2 4.4 6.1 Other 3.8 1.7 2.8 -------- -------- -------- Total 100.0 100.0 100.0 -------- -------- -------- Sterling fixed income performance 6m ended 6m ended 12m ended (Absolute return for period) 30.06.06 30.06.05 31.12.05 % % % Group's Sterling fixed income performance 1.33 3.31 5.36 1 month sterling LIBID 2.24 2.37 4.72 1 year gilts 1.83 2.17 4.57 5 year gilts 0.65 3.34 4.98 US dollar fixed income performance 6m ended 6m ended 12m ended 30.06.06 30.06.05 31.12.05 % % % Group's US dollar fixed income performance 1.18 1.02 1.87 1 month dollar LIBID 2.31 1.31 3.18 0-1 year US Treasury Note Index 1.60 1.06 2.84 1-3 year US Treasury Bond Index 1.04 0.97 1.67 Equity returns 6m ended 6m ended 12m ended 30.06.06 30.06.05 31.12.05 % % % The Group's equities 5.65 9.92 27.10 FT All Share Index 5.77 8.14 20.91 FTSE 100 5.42 8.46 19.63 Bond portfolio duration 30.06.06 30.06.05 31.12.05 Yrs Yrs Yrs Sterling 1.93 1.85 1.57 US Dollar 1.73 1.97 1.40 Euro 1.67 1.65 1.40 CAD 1.35 1.40 1.48 Bond portfolio credit ratings 30.06.06 30.06.05 31.12.05 % % % Government 42.0 58.0 49.0 AAA 16.0 15.0 14.0 AA 28.0 18.0 26.0 A 14.0 9.0 11.0 Total 100.0 100.0 100.0 Notes: 9 Investments in associated undertakings 30 June 30 June 31 December 2006 2005 2005 #'000 #'000 #'000 --------------------------------------------- ------- ------- -------- EPIC Investment Partners Limited - 1,301 - Ebix Inc 10,258 - - --------------------------------------------- ------- ------- -------- 10,258 1,301 - --------------------------------------------- ------- ------- --------
rambutan2: morning ursus, yes, they did do well for bre. re eqpc, well that now explains their continued refusal to value up the epl stake in the nav. they've obviously known for a long time this was going/likely to occur. however, that does mean that it's difficult to see any downside really, as how much lower can you value a successfull fund manager than at 0.8% of fum, especially in the current climate where valuations of fund managers are pretty full. and it does mean that we will get clarity and a clear strategy for epl. ho humm, things never go quite as expected but change brings opportunity as they say... INVESTMENTS The Group's investment return was ahead of expectations for 2005. Total invested assets grew from #1.9bn to #2.4bn, principally based on strong cash flows from continued growth of premium income and the planned increase in assets held to match claims reserves, especially on the medium and longer tail classes of business. Funds were also increased by the new bond issue. The average return on invested assets was 5.4% (2004 4.6%) based on a consistent approach to asset allocation (over 90% cash and fixed income, very high credit quality, short bond duration) and a strong relationship with our investment managers, especially our affiliate, Equity Investment Partners Limited ("EIP") and its subsidiaries, which manage 84.6% of our total invested assets. Our policy of setting total return mandates for our investment managers has been successful. The sterling bond portfolio has performed particularly well, as the managers have judged market movements well and have been successful in switching duration within the guidelines of 0-3 years to maximise value from interest rate fluctuations. The Group's equity investments have again outperformed the relevant indices. We have this year continued our trend of realising assets which are unlisted or relatively illiquid given the size of our holding compared with market volumes regularly traded. A number of these assets represented residual holdings from 1999 and before, when Brit was an investment trust taking material stakes in insurers and insurance-related businesses, compared with our current core strategy of underwriting for our own account. In 2005 we disposal of our remaining shares in Chaucer Holdings PLC. We also decided during 2005 that it is not in shareholders' interests that the Group remains a long-term shareholder of EIP, despite its very good investment performance track record. Accepted best practice has become for insurers, especially non-life, to dispose of their in-house asset managers and to contract for these services from third parties, while retaining in-house capability in asset allocation and supervision of outsourcing. The Board believes Brit is likely to receive more value from a sale of our stake in EIP than either its book value or the implicit value which is currently ascribed to the stake in the Group's share price and accordingly has appointed financial advisers with a view to seeking a buyer at a suitable price. Under the new IFRS rules and in the light of the process which is now underway, EIP is now held in the balance sheet at its book value of #1.1m as an asset held for sale rather than as an associate. EIP's results have ceased to be equity-accounted from 15 November 2005. The process is currently at an early stage; a number of parties have expressed interest. Asset Allocation 31 December 2005 31 December 2004 #'m #'m Equities 219.0 173.3 Bonds 1,626.6 1,141.0 Cash and deposits 528.1 544.2 Total 2,373.7 1,858.5 Bonds, Cash and Deposits Currency Mix 31 December 2005 31 December 2004 % % Sterling 62.9 64.6 US Dollar 28.2 26.4 Euro 6.1 7.1 Other 2.8 1.9 100.0 100.0 Sterling Fixed Income Performance 31 December 2005 31 December 2004 % % The Group's sterling investments 5.36 4.56 1 month sterling LIBID 4.72 4.40 0-1 year Gilt Index 4.57 4.23 1-3 year Gilt Index 4.98 4.64 US Dollar Fixed Income Performance 31 December 2005 31 December 2004 % % The Group's dollar investments 1.87 1.19 1 month dollar LIBID 3.18 1.30 1 year US Treasury Note Index 2.84 0.82 1-3 year US Treasury Bond Index 1.67 0.91 Equity Returns 31 December 2005 31 December 2004 % % The Group's equities 27.10 18.99 FT All Share Index 20.91 9.21 FTSE 100 19.63 7.54 Bond Portfolio Duration 31 December 2005 31 December 2004 Yrs Yrs Sterling 1.57 0.94 US Dollar 1.40 1.51 Euro 1.40 0.20 Can dollar 1.48 1.47 Bond Portfolio Credit Ratings 31 December 2005 31 December 2004 % % Government 49 50 AAA 14 22 AA 26 20 A 11 8 Total 100 100
rambutan2: an instit's been buying over last week or two and pushed price up. imho epic will be v keen to make sure the share price is cleanly over 100p by 11/06 as that's when wrrs expire.
rambutan2: bit of a slow burner this one, but share price creeps up on any buy and note the NB on thurs nav statement. perhaps an increase in valuation on the way as unlikely to be lower than 1% i would have thought... Equity Partnership Investment Company PLC "The net asset value (unaudited) for the above fund's Capital Shares at close of business on 31 December 2004 was 97.0021 p" NB The Directors are in the process of reviewing the basis of valuation of the Company's holding in the Fund Manager, Equity Partnership Limited (EPL). Until the process is concluded, the valuation of EPL will remain at 1% of Funds under Management as at the end of November 2004 unless managed funds fall, in which case the valuation will decrease proportionately. As a result the valuation of the Company's EPL shareholding as at 31 December 2004 was 1% of Funds under management plus retained earnings/cash.
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