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SVG Capital Plc Annual Report and Accounts 2007

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SVG Capital Plc Annual Report and Accounts 2007 SVG Capital plc SVG Capital SVG Capital plc Head Office Annual Report and Accounts 2007 111 Strand London WC2R 0AG Annual Report and Accounts 2007 Telephone 020 7010 8900 Fax 020 7240 5346 www.svgcapital.com This report has been printed on Era Silk which is FSC certified and contains 50% recycled and de-inked pulp from post consumer waste and 50% ECF (Elemental Chlorine Free) virgin pulp. This report was printed by an FSC and ISO 14001 certified printer using vegetable oil and soya based inks. It is 100% recyclable. Designed and produced by Radley Yeldar (London) Welcome to SVG Capital plc 01 SVG Capital plc Annual Report and Accounts 2007 Overview Business review Overview Corporate information Financial and operational 02 Financial information highlights 2007 Company information Portfolio overview 04 Chairman’s statement 06 Chief Executive’s review 08 E-communications for shareholders 85 Business review SVG Capital would like to encourage shareholders to receive shareholder Investment objective 10 Investment policy 10 documents electronically, via our website or by email notification instead Key performance indicators 10 of hard copy format. Strategy 11 Marketplace 12 Financial review 12 This is a faster and more environmentally friendly way of receiving Investment portfolio review 12 shareholder documents. 20 largest underlying companies 18 SVG Advisers 22 Contractual arrangements 22 The online ‘Shareview’ service from our registrar, Equiniti, provides Risks and risk management 22 all the information required regarding your shares. Corporate information List of investments (Group) 26 Its features include: Directors 28 Report of the Directors 30 The option to receive shareholder communications electronically Remuneration report 33 instead of by post Statement of 38 Directors’ responsibilities Direct access to data held for you on the share register including Corporate governance 39 Corporate social responsibility 41 recent share movements and dividend details Board committees 42 The ability to change your address or dividend payment instructions online Financial information Independent auditors’ report 45 Consolidated income statement 46 Company income statement 47 Consolidated statement 48 of changes in equity Company statement 49 of changes in equity Consolidated balance sheet 50 Company balance sheet 51 Consolidated cash flow statement 52 Company cash flow statement 53 Notes to the accounts 54 Company information Company summary 79 Notice of Annual General Meeting 80 Advisers 82 Financial calendar 82 Glossary 83 Further information on our website 84 E-communications for shareholders 85 To receive shareholder communications electronically in future, including all reports and notices of meetings, you just need the ‘shareholder reference’ printed on your proxy form or dividend notices, and knowledge of your registered address. Please register your details free on: www.shareview.co.uk / 0870 601 5366 Front cover image: Should you require further information, please visit: 11% of SVG Capital’s private www.svgcapital.com/investors/ecommunications equity funds’ portfolio is invested in the Chemicals sector. or contact [email protected] / 020 7010 8900 SVG Capital plc Annual Report and Accounts 2007 Overview Business review Corporate information Financial information Company information Welcome to SVG Capital plc 01 Company profile Our investment objective SVG Capital is a private equity investor and SVG Capital’s investment objective is to achieve capital fund management business listed on the appreciation by investing principally in private equity London Stock Exchange. funds that are managed or advised by Permira, a leading international private equity specialist. In addition, the Company invests in private equity funds that invest in Japan, North America, Asia and the life sciences sectors, and in unquoted and quoted businesses through specialist funds and co-investments alongside these funds. The Company may also invest in other private equity related assets and alternative asset classes. To complement this investment objective and create capital and income for the Company, its fund management business structures, markets, manages and advises products for investment in private equity, private equity related assets, alternative asset classes and in public equity using private equity techniques. Our business Private equity investment Fund management SVG Capital invests in a portfolio SVG Capital’s fund management of private equity funds, the majority business, SVG Advisers, structures, of which are advised by Permira, markets, manages and advises a leading international private products for investment in private equity specialist. and public equity using private Information on our investment portfolio is included on equity techniques. pages 12 to 21. More information on this area of our business can be found on pages 8 and 9 of this document. Overview SVG Capital plc Annual Report and Accounts 2007 Business review Corporate information Financial information Company information 02 Financial and operational highlights 2007 Balance sheet Investment portfolio £1.3bn Gain on opening 1 investment portfolio +£130.5m Increase in net assets per share (including 7.5p dividend paid in May 2007 and the unaudited +14.3% Directors’valuation of SVG Advisers) Compound annual growth in net asset value per share since listing +14.9% p.a. (including unaudited Directors’ valuation of SVG Advisers) Average multiple to cost of realisations since 1996 2.2x Average uplift of realisations 2 to carrying value since 1996 +48.0% SVG Advisers Funds and commitments 1 under management 4.4bn Increase in funds and commitments +33 % under management External fee income £29.7m Investment advisory services income (including fees paid by SVG Capital and other income, total revenue was £37.1million) +46% Profit before tax £17.6m Increase in profit before tax +89% 1 Including income distributions 2 Excluding recapitalisations SVG Capital plc Annual Report and Accounts 2007 Overview Business review Corporate information Financial information Company information 03 Performance record five year overview 275 250 225 200 175 150 125 100 75 50 25 Dec Dec Dec Dec Dec Dec 2002 2003 2004 2005 2006 2007 SVG Capital (NAV) SVG Capital (share price) FTSE All-Share FTSE World Index Source: Datastream Outperformance per annum Compound annual growth per annum +10.0% p.a. +14.9% p.a. Outperformance of the FTSE All-Share (capital only) Compound annual growth in net asset value per share since since inception in 1996. listing in 1996 (including the 31 December 2007 unaudited Directors’ valuation of SVG Advisers). Fully diluted net asset value per share Fully diluted Shareholders’ funds per share 974.3 902.5 859.2 810.1 December December December December 2006 2007 2006 2007 +13.4% to 974.3p +11.4% to 902.5p Including the 31 December 2007 unaudited Directors' valuation of SVG Advisers Excluding the 31 December 2007 unaudited Directors' valuation of SVG Advisers Overview SVG Capital plc Annual Report and Accounts 2007 Business review Corporate information Financial information Company information 04 Portfolio overview 20 largest underlying companies By value at 31 December 2007 Company Remaining cost: £000's Value: £000's Valentino Fashion Group/Hugo Boss 164,224 173,560 Italy Freescale 147,191 122,676 US ProSiebenSat.1 Media 125,361 102,928 Germany Galaxy Entertainment 108,389 94,104 Greater China BorsodChem 79,163 86,304 Hungary Intelsat 436 81,186 Bermuda TDC 48,165 60,443 Denmark Provimi 53,130 56,777 France Acromas (AA and Saga) 49,455 49,455 UK Parkway Holdings 19,537 48,359 Singapore SEAT Pagine Gialle 28,255 43,000 Italy Birds Eye iglo 35,679 38,894 UK Jet Aviation 21,819 36,659 Switzerland debitel 361 30,597 Germany Aearo Technologies 10,335 27,591 US DinoSol Supermercados 10,515 24,184 Spain Principal Hayley Group 21,554 23,518 UK Gala Coral Group 42,975 22,800 UK Telepizza 13,453 18,880 Spain New Look 599 15,041 UK The 20 largest underlying companies represent 85% of the portfolio SVG Capital plc Annual Report and Accounts 2007 Overview Business review Corporate information Financial information Company information 05 Major realisations year to 31 December 2007 By value at 31 December 2007 Company Gross uplift: £000's Value: £000's Intelsat 55,095 81,186 26,091 Takko 29,825 41,419 11,594 SBS Broadcasting 24,772 68,699 43,927 Aearo Technologies 17,496 27,591 9,645 19,740 Realisation value: £000's 31 December 2006 valuation: £000's Additional proceeds during year Major acquisitions Valentino Fashion Group/Hugo Boss Valentino Fashion Group/Hugo Boss operates in over 100 countries, with more than 1,500 single-brand boutiques and 345 directly-managed shops. The group’s activities are broken down into three business units, covering the entire luxury and fashion sector: Valentino, featuring the prestigious brands Valentino, Valentino Garavani, Valentino Roma and R.E.D. Valentino; Hugo Boss, which includes the Boss and Hugo brands; and licensed brands including M Missoni, in addition to its own brand Lebole. ProSiebenSat.1 Media ProSiebenSat.1 Media is the second largest pan-European broadcasting corporation. The ProSiebenSat.1 Group’s core business is Free-TV and through its four interrelated stations – Sat.1, ProSieben, kabel eins and N24, it owns Germany’s largest family of commercial TV channels. Galaxy Entertainment Galaxy Entertainment is a leading operator of casinos, hotels and entertainment facilities in Macau, China. The company has already captured
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