Electra full year 2013 results

DividendMax Ltd.

Electra full year 2013 results

Financial Highlights

Diluted NAV per share up 12% to 2,764p

Diluted NAV per share at 21 November 2013 of 2,796p

Diluted NAV per share, including dividends, up 279% over ten years resulting in a ten-year annualised ROE of 14%

Return per share (diluted) of 298p for the year

Share price up 26% over the year against a 19% increase for the FTSE All-Share

Share price up 267% over ten years against 140% for the FTSE All-Share

£294 million of liquid resources (net of bank borrowings) at 30 September 2013


Record levels of investments and realisations in 2013, despite a challenging market

£337 million invested

£459 million (inclusive of income) realised

£222 million of net valuation increases, a return of 26% on the existing portfolio

Largest individual gains: Allflex Holdings (£113 million), EP1 Secondary Portfolio (£33 million), AXIO Data Group (£20 million), Park Resorts (£20 million), esure (£15 million) and Premier Asset Management (£13 million)

Board Changes

Dr Colette Bowe to retire from the Board at the AGM in March 2014

Roger Yates, who joined the Board in 2012, to succeed Dr Bowe as Chairman

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

"Electra has had an active and successful year with both purchases and sales of private equity investments at their highest ever level, an increase in diluted net asset value and a strong share price performance.

"Electra Partners has delivered a total return, including favourable currency movements, of £222 million on Electra's investment portfolio, an increase of 26% for the year.

"Electra Partners' deal flow continues to grow with the improving economic outlook and the gradual contraction of competition from other private equity funds. With a flexible investment strategy, a sound capital base and substantial cash resources, Electra is well positioned for future growth."

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

"Electra's flexible investment strategy has once again proved to be key to its continued success.

"The ability to adapt to market conditions has allowed Electra to make a record level of new investment in the year at attractive pricing levels, despite a challenging market. Electra has also been able to take advantage of strong demand for high-quality assets to achieve a number of major realisations during the year.

"The high level of recent realisations has reduced the maturity of the investment portfolio. Despite this we expect to continue to add value growth in the short term through our strategy of purchasing at discounted values as well as in the longer term through investing in growth."

Companies mentioned