Electra private equity 2013 interim results

DividendMax Ltd.

Electra private equity 2013 interim results

Unaudited Financial Highlights for Half Year ended 31 March 2013

Diluted NAV per share up 9% to 2,684p

Diluted NAV per share at 23 May 2013 of 2,707p

Diluted NAV per share, including dividends, up 298% over ten years resulting in a ten-year annualised ROE of 15%

Return per share (diluted) of 210p for six months

Share price up 34% against 15% increase for FTSE All-Share

Share price up 394% over ten years against 175% for FTSE All-Share

£189 million of liquid resources (net of bank borrowings) at 31 March 2013

£111 million of liquid resources (net of bank borrowings) at 23 May 2013

US$398 million (circa £257 million) of proceeds expected on completion of Allflex Holdings sale

Multicurrency facility of £195 million extended to December 2017


£204 million invested

£112 million (inclusive of income) realised

£161 million of net valuation increases

Largest individual gains: Allflex Holdings (£98 million) and esure (£15 million)

Commenting on the six month results, Colette Bowe, Chairman of Electra Private Equity, said:

"Electra had a good six months to 31 March 2013 with high levels of new investment, portfolio realisations at excellent uplifts to carrying values, an increase in net asset value and a strong share price performance.

"The second half of the year has also started well with the announcement in May of the sale of Allflex Holdings, Electra's largest investment.

"Although the UK economic outlook is still uncertain, Electra Partners has successfully invested through a number of economic cycles and is able to adapt to market conditions and structure deals creatively. It is encouraging that Electra has adequate liquid resources as the conversion rate of new opportunities to completed investments increases."

Commenting on Electra's position, Hugh Mumford, Managing Partner of Electra Partners, said:

"Electra Partners continues to see an increase in the number of potential investment opportunities in a market where we believe patience and a disciplined approach to investment is likely to be well-rewarded.

"Electra's portfolio has seen a high level of activity in the period, with a record level of investments and some major disposals at significant uplifts. The portfolio remains well positioned to make further progress."

Companies mentioned