DOCSLIB.ORG

Ipos Backed by Private-Equity Firms Lag

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ipos Backed by Private-Equity Firms Lag 1200 Brussels Auflage 5 x wöchentlich 100'216 1077237 / 229.28 / 40'367 mm2 / Farben: 0 Seite 21 29.04.2008 IPOs backed by private-equity firms lag the context of an overall drop in the sor performance, Apax Partners Nonsponsored issues valuation of European public com- topped Dealogic's rankings be- panies. The FTSE 250 has fallen by tween 2005 and 2008, based on the show better returns, 15% from its July peal< last year to average aftermarket performance April 16 this year. of its IPOs. Warburg Pincus ranked new data indicate Private equity has always main-last for 2005 to 2008. BY CATHERINE Cituc tained that it builds strong busi- There have been no private-eq- nesses to return them to market in uity-backed initial public offerings PUBLIC OFFERINGS in a more robust state. "Private-eq-in Europe so far this year. Several Europe by companies backed by uity funds usually have controlling have been postponed since the end INITIALprivate-equlty firms underper- stakes in firms prior to the IPOs of 2007. formed other IPOs over the past six and continue to keep sizeable The best-performing, private- years, according to research from stakes after the offering," accord- equity-backed IPOs last year were Financial News and data provider ing to a report on IPOs in the U.K. in the commodities sector. Oil-ser- Dealogic. by private-equity firm Terra Firmavices company Wellstream, backed Private-equity-backed IPOs that was released by Christian von by Candover Investments PLC, and launched since 2002 delivered an Drathen and FlavianoFaleiro, Netherlands-based specialty met- average aftermarket performance Sloan Fellows at the London Busi- als company AMG Advanced Metal- of 23% to mid-April, compared with ness School, last December. "There- lurgical Group, backed by the Safe- an average of 28% for IPOs that fore, the long-run stock perform-guard International Fund, were weren't backed by financial spon- ance of their IPOs has a substantial sors. The findings are in sharp con- the best. impact on their funds' perform- This indicates the flight to qual- trast to the same analysis con- ance. More importantly, they tend ducted last June, just before the ity in the equity markets following to be repeat issuers in the equlty the downturn. Both were backed by credit crunch, which showed that markets, may suffer a loss ofreputa- IPOs backed by private equity out- tion if private-equity-backed IPOs Credit Suisse and boosted the aver- performed other flotations. turn out to systematically under- age aftermarket performance ofpri- One expianation could be compa- perform, and, ultimately, get lower vate-equity-backed IPOs with a nies owned by private-equity firms prices for their new issues." 328% and 112% rise in their respec- tend to have more debt on their bal- The report, which tracked the tive share prices. ance sheets, iricreasing their risk in performance of 128 leveraged-buy- "The oil-field services sector is the arid credit environment. "lt's out-backed IPOs against a total of a high-growth sector and Well- not that surprising," said Christian 1,121 non-LBOs, found that when stream listed at a time when inter- Hess, European head of UBS AG's Fi- compared with size and value- est in the sector was particularly nancial Sponsors Group. "Compa- matched benchmarks, LBO-backed high. Since listing, the company nies brought to market by private- IPOs outperformed the market and has operationally continued to per- equity firms probably have slightly non-LBO backed IPOs between form strongly," Mr. Williams said: higher leverage compared to their 1999 and 2006. The worst-performing company sector peers, and leverage is seem- But Dealogic's data showed few also feil into the commodities cate- ingly a bad word at the moment." European listed companies were gory,suggestingsectorplays Another factor is a decline in ap- able to withstand the ravages ofthe weren't always a clear indicator of petite for riskier assets backed by credlt markets last summer with- performance. Warburg Pincus's private equity in the public mar- out some damage to their share ElectroMagnetic GeoServices kets. There have been no IPOs ofEu- price. "Overall, secondary-market ASA, a Norwegian firm that carries ropean companies this year and aperformance inherently impacts high number of canceled or post-where newly listed companies poned sponsor-backed IPOs, ac- trade," said Nick Williams, co-head cording to Dealogic's records. of European equity capital markets For last year as a whole, all com- at Credit Suisse Group, the top panies that listed, whether private- bookrunner for sponsor-backed equity backed or not, registered a IPOs. drop in their share prices. Those Of the 46 private-equity-backed with private-equity backing on av- firms that listed last year, only ulme erage held a steadiercourse stocks were up by April 16, the cut- against the falling market. 0ff point for the analysis run by Dea- The figures should be taken in logic. In terms ofbest long-term spon- Argus Ref 31057766 Ausschnitt Seite 1 / 2 Bericht Seite 70 / 82 1200 Brussels Auflage 5 x wöchentlich 100'216 1077237 / 229.28 / 40'367 mm2 / Farben: 0 Seite 21 29.04.2008 out seabed logging forthe oii indus- volumes ta continue at current 1ev- try, lost 72% of its initial listing eis for the coming months," Mr. Wil- value. liarns said. "Over the lang lernt tte Sponsors and banks alike re- WO market will continue tobe a via- mained sanguine about future op- Ne exit route far financial spon- portunitiesforprivate-equity sors" backed listings but valuation re- Nic&ette Davey mains an important issue. and Oliver Smiddy «We have started to sec 8 steady contributed to this articic. increase in the new issues calendar in recent weeks amt 1 would expect A poor showing Luropean IPOs by companies backed by private-equity firms have underperformed those that weren't backed by financial sponsors in each of the past six years. Nonsponsor Sponsor 250% Mean Mean 200- S Median Median 150- 10o. rva 0 -50 1 1 1 i 2003 '04 '05 06 '07 '08 2003 '04 '05 '06 '07 '08 NGte: Dealogic's PC analysis Dealogic's figures tra(kS the aftermarket terformsrge of 599 nonpr'vate equitv-backed 129 levoraged buyout-backed IPOs in Europe listed in 2005, 2006. 2007 and 2008. lPOs bad tobe valued at a minimum of $50 million. In each case, the company's performarxe was tracked (rom Its initial listing price to tue currGnt share grice as of April 16 and the chanqo in valuation was etpressed asa percentage. Where data was aggregated to lind the trend across the two categories el sponsor and nonsponsor backed P05, uflean and rnedian figuros Werg provided. Source: Dealogk Argus Ref 31057766 Ausschnitt Seite 2 / 2 Bericht Seite 71 / 82.
Load more

Recommended publications
  • Investment Companies 13 October 2011
    www.numiscorp.com Marketing Communication Investment Companies 13 October 2011 Research Listed Private Equity Charles Cade +44 (0)20 7260 1327 What are the True Costs? [email protected] George Crowe Transparency has improved significantly within the listed Private Equity sector in +44 (0)20 7260 1280 recent years, and valuation methodologies have become more standardised with [email protected] the adoption of fair value accounting. This has made it much easier for investors Ewan Lovett-Turner to differentiate between listed Private Equity funds (LPEs) on the basis of their +44 (0)20 7260 1299 portfolio characteristics and balance sheet risk. However, it is still far from [email protected] straight-forward to compare the costs of LPEs in terms of fees and finance Colette Ord charges. In contrast, private equity Limited Partnerships (LPs) have relatively +44 (0)20 7260 1290 standardised fee arrangements and simple balance sheets with no debt. [email protected] In part, these complications reflect the evergreen nature of most LPEs, whereby they Sales offer exposure to a range of investment vintages. As a result, management fees are James Glass typically charged on the value of assets rather than initial commitments. Listed funds +44 (0)20 7260 1369 also face additional operating costs such as directors‟ fees and administration, and often [email protected] adopt more diverse investment strategies, including directs, co-investment and funds. Chris G00k Some have feeder fund structures, with fees charged indirectly by the manager, while +44 (0)20 7260 1378 others are self-managed and pay staff costs rather than a defined management fee.
    [Show full text]
  • Annual Report 2015
    MARTIN CURRIE Global Portfolio Trust plc Registered in Scotland, no 192761 ANNUAL REPORT YEAR TO 31 JANUARY 2015 www.martincurrieglobal.com FINANCIAL HIGHLIGHTS Total returns* Year ended 31 January 2015 Year ended 31 January 2014 Net asset value per share** 16.1% 8.1% Benchmark 17.3% 10.5% Share price 17.4% 9.8% Income Year ended 31 January 2015 Year ended 31 January 2014 Revenue return per share*** 3.92p 3.76p Dividend per share 4.10p 4.00p Ongoing charges**** Year ended 31 January 2015 Year ended 31 January 2014 Ongoing charges 0.73% 0.75% Performance fee — — Ongoing charges plus performance fee 0.73% 0.75% * The combined effect of the rise and fall in the share price, net asset value or benchmark together with any dividend paid. ** The net asset value is exclusive of income with dividends reinvested. *** For details of calculation, refer to note 2 on page 33. **** Ongoing charges (as a percentage of shareholders’ funds) are calculated using average net assets over the year. The ongoing charges figure has been calculated with the AIC’s recommended methodology. ABOUT MARTIN CURRIE GLOBAL PORTFOLIO TRUST PLC CONTENTS A global strategy for long-term growth Overview Martin Currie Global Portfolio Trust plc (‘the Company’) offers investors a core equity Chairman’s statement 2 portfolio. It invests in global equities for long-term growth and is well diversified across Manager’s review 4 around 60 individual holdings. Portfolio summary 6 Portfolio holdings 7 Managed discount Strategic report 9 Board of directors 12 The Company manages its discount to ensure that the Company’s share price trades Report of the directors 13 at, or around, net asset value (‘NAV’) in normal market conditions.
    [Show full text]
  • GESCHÄFTSBERICHT 2007 ANNUAL REPORT 2007 GB P3 07.Qxp:GB P3 18.3.2008 16:15 Uhr Seite 2
    GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 1 GESCHÄFTSBERICHT 2007 ANNUAL REPORT 2007 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 2 GESCHÄFTSBERICHT 2007 ÜBERBLICK 2007 OVERVIEW 2007 ENTWICKLUNG DES BÖRSENKURSES UND DES INNEREN WERTES 01.01.2007 BIS 31.12.2007 PRICE AND NAV DEVELOPMENT 01.01.2007 UNTIL 31.12.2007 1’600 1’500 1’400 1’300 EUR in 1’200 1’100 1’000 900 12.06 01.07 02.07 03.07 04.07 05.07 06.07 07.07 08.07 09.07 10.07 11.07 12.07 Innerer Wert pro Zertifikat / Net Asset Value (NAV) per certificate Preis / Price 2 GB_P3_07.qxp:GB_P3 18.3.2008 16:15 Uhr Seite 3 ANNUAL REPORT 2007 Firmenprofil Company Profile Die Partners Group Private Equity Performance Holding Partners Group Private Equity Performance Holding Limited Limited («P3 Holding», «P3») ist eine nach dem Recht von (“P3 Holding”, “P3”) is a limited liability company, which was Guernsey gegründete Gesellschaft mit beschränkter Haftung incorporated under the laws of Guernsey and is domiciled in mit Sitz in St. Peter Port, Guernsey. Der Zweck der Gesell- St. Peter Port, Guernsey. The objective of the company is to schaft ist die Verwaltung und Betreuung eines Portfolios aus professionally manage a portfolio of investments in private Beteiligungen an Private Equity-Zielfonds, börsennotierten equity partnerships, listed private equity vehicles and direct Private Equity-Gesellschaften und Direktinvestitionen. P3 investments. P3 is supported in its activities by the Invest- wird in dieser Tätigkeit durch ihren Anlageberater Partners ment Advisor, Partners Group, which is a global alternative Group beraten.
    [Show full text]
  • Annual Report 2009 PALLINGHURST RESOURCES LIMITED (Formerly Pallinghurst Resources (Guernsey) Limited)
    Annual Report 2009 PALLINGHURST RESOURCES LIMITED (formerly Pallinghurst Resources (Guernsey) Limited) www.pallinghurst.com CONTENTS Company information 1 Introduction 2 Investment Manager’s Report 4 Principal risks and uncertainties 9 Directors 10 Corporate Governance Report 11 Statement of Directors’ responsibilities 14 Independent Auditor’s report 15 Financial statements Consolidated income statement 16 Consolidated statement of comprehensive income 17 Consolidated balance sheet 18 Consolidated statement of cash flows 19 Consolidated statement of changes in equity 20 Notes to the consolidated financial statements 21 Shareholder information 52 Cover photos Main This is a view of the Tuschenkomst pit at Platmin’s Pilanesberg Platinum Mine, located on the Western Limb of the Bushveld Igneous Complex, South Africa. Looking north it shows the main pit haul road with the ramps going up on the left to the ROM pad and then the two ramps going up to the waste dump further on. The north south strike line of the pit and the edge of the pit in the north can be seen just to the right of the haul road. (September 2009). Inset from left to right A rough emerald from Gemfields’ Kagem emerald mine in Zambia; Fabergé’s “Vagabonde Rouge” ring of rubies and spinel; Fabergé’s “Montre Ronde” in 18k rose gold case with blue spinel crown; Fabergé’s “Katya Chrysoprase” ring of pave diamonds and chrysoprase; Portrait of Chola Mumba, a member of Gemfields’ Civil Works Team. company information Directors Administrator and Secretary Brian Gilbertson – Chairman Legis Fund Services Limited Arne H. Frandsen – Chief Executive 1 Le Marchant Street Andrew Willis – Finance Director St Peter Port Stuart Platt-Ransom * Guernsey Clive Harris * GY1 4HP Martin Tolcher * Channel Islands * Independent non-executive Investment Manager Registered Office Pallinghurst (Cayman) GP L.P.
    [Show full text]
  • Private Equity, Public Markets
    Premium Content Exclusively for Privcap Subscribers Only / www.privcap.com Q1 2014 PRIVCAP / SPECIAL REPORT Inside! The Privcap Liquid 100 p 13 NEW FRONTIERS IN CAPITAL FORMATION Is Berkshire Hathaway PE’s Future?/ 05 ‘Liquid Alternatives’: PE For The Masses/ 10 Tapping Defined Contribution Plans/ 23 The Story Behind The JOBS Act / 25 Privcap Special Report • Capital Formation | Q1 2014 / 1 On Privcap.c0m Videos in This Report This special report includes the following new video On Camera programs. Watch them at Privcap.com Defined Contributions and Private Equity IN THIS REPORT Transparency and liquidity are needed if private equity is to tap the IMAGE defined contribution opportunity, says Michael Riak of Pantheon WIDTH: 2.0887 IN Ventures. HEIGHT: 2.2907 IN DB to DC: Inevitable, and Soon The shift from defined benefit to defined contribution pension plans in the U.S. will be a rapid domino effect, with the first movers making the move within two to three years, George Pandaleon of Inland Institutional Capital Partners argues. What’s a “Liquid Alternative”? Suzanne Donohoe, KKR A panel discussion with experts from Pantheon, KKR and Morgan Stanley on what a 40 Act Fund is, what’s driving the demand for liquid alternatives, and who’s buying them. Big Challenge, Big Opportunity A panel discussion with experts from Pantheon, KKR, and Morgan Stanley on types of liquid alternatives, regulatory and technical challenges, and what the future holds. COMING SOON on Privcap UPCOMING REPORTS KKR: LP Insights Suzanne Donohoe, who heads investor Q2 relations for KKR, describes the evolving needs of the firm’s institutional-investor Performance clients.
    [Show full text]
  • Pallinghurst Resources Limited ANNUAL REPORT 2010 OVERVIEW Chairman’S Welcome 1 Delivering Our Vision 2 Our Value 4 Potential New Investments 5 01 Our World 6
    Pallinghurst Resources Limited ANNUAL REPORT 2010 OVERVIEW Chairman’s welcome 1 Delivering our vision 2 Our value 4 Potential new investments 5 01 Our world 6 REVIEW Chairman’s Statement 7 02 Chief Executive’s Statement 8 INVESTMENT PLATFORMS Platinum Group Metals 10 Steel Making Materials 16 Coloured Gemstones 22 03 Fabergé 28 PEOPLE Directors 32 04 Partners of the Investment Manager 35 GOVERNANCE Directors’ Report 36 Principal Risks and Uncertainties 37 Corporate Governance Report 38 05 Statement of Directors’ Responsibilities 42 CONSOLIDATED Independent Auditor’s Report 45 FINANCIAL STATEMENTS Primary Statements 46 06 Notes to the Consolidated Financial Statements 51 OTHER INFORMATION Shareholder Information 82 Company Information 83 Notice of Annual General Meeting 84 07 Form of Proxy loose Cover photos from left to right Rock outcrops at Jupiter’s Mount Mason DSO Haematite Project in the Central Yilgarn, Australia; Reverse circulation drilling at the open pit mining operation at PPM while geologists inspect rock chips for grade control purposes; Conveyor belts transporting ore from the run of mine stockpile to the concentrator at PPM; Sorting through emeralds at the washing plant at the Kagem Emerald Mine in Zambia; A high quality emerald specimen from Kagem. It is 6 x 7 cm in size and weighs approximately 190 grams; One of the ‘White Damask Earrings’ from Fabergé’s Carnet de Bal all-white-diamond jewellery collection. The piece is set in white gold and features 160 white diamonds, totalling 4.86 ct. Chairman’s welcome We invest alongside the Pallinghurst Co-Investors, controlling mining businesses and the luxury brand Fabergé, with the aim of producing superior returns.
    [Show full text]
  • Current German Legislation on Improving the Financing Environment for German Enterprises
    Current German Legislation on Improving the Financing Environment for German Enterprises 3rd Norface Seminar on „Entrepreneurial Finance“ Berlin, May 21st, 2007 Univ.-Prof. Dr. Christoph Kaserer Anlass Lehrstuhl für Finanzmanagement und Kapitalmärkte & Center for Entrepreneurial and Financial Studies (CEFS) TechnischeOrt, Datum Universität München Technische Universität München Largest PE Firms worldwide by capital under management (2006) CapitalVerwaltetes under No.Nr. Name Name Location Hauptsitz managementKapital in Mio. inUS-$ US$ mm 1 Carlyle Group, The Washington, DC 45.800 2 Goldman, Sachs & Co. New York, NY 42.577 3 Blackstone Group, L.P. New York, NY 41.363 4 Kohlberg, Kravis, Roberts & Co. (AKA: KKR) New York, NY 36.567 5 Texas Pacific Group Fort Worth, TX 26.178 6 Warburg Pincus, LLC New York, NY 23.010 7 Permira Advisers Limited (FKA: Schroder Ventures Europe) London, UK 22.352 8 HarbourVest Partners LLC Boston, MA 22.196 9 Bain Capital Boston, MA 22.069 10 Providence Equity Partners, Inc. (FKA: Providence Ventures) Providence, RI 20.639 11 Apax Partners Worldwide London, UK 20.206 12 Oaktree Capital Management, LLC Los Angeles, CA 17.808 13 Apollo Management (FKA: Apollo Advisors L.P.) Purchase, NY 17.500 Klicken14 3i Group Sie, PLC um das Titelformat zu bearbeiten London, UK 17.374 15 Cinven, Ltd. London, UK 17.308 16 CVC Capital Partners London, UK 15.954 17 DLJ Merchant Banking Partners New York, NY 15.400 18 Welsh, Carson, Anderson & Stowe New York, NY 12.844 19 EQT Partners AB Stockholm, Sweden 12.719 20 PAI Partners (FKA: PAI Management) Paris, France 12.474 2 Largest European PE Firms by capital under management (2006) CapitalVerwaltetes under No.Nr.
    [Show full text]
  • F&C Private Equity Trust
    126192 PEqHYR PRINT_126192 PEqHYR V6 04/09/2015 11:00 Page 1 F&C Private Equity Trust plc Half Year Report and Accounts for the six months ended 30 June 2015 126192 PEqHYR PRINT_126192 PEqHYR V6 04/09/2015 11:00 Page 2 Contents Company Summary 1 Financial Highlights for the Period 2 Performance Summary 2 Chairman’s Statement 3 Ordinary Share Performance 5 Manager’s Review 5 Portfolio Holdings 8 Statement of Comprehensive Income 10 Amounts Recognised as Dividends 10 Balance Sheet 11 Statement of Changes in Equity 12 Cash Flow Statement 13 Notes to the Accounts 14 Statement of Principal Risks and Uncertainties 17 Statement of Directors’ Responsibilities in Respect of the Half Year Report 17 Shareholder Information 18 How to Invest 19 Corporate Information Front cover: Ben Lui by Derek Sime 126192 PEqHYR PRINT_126192 PEqHYR V6 04/09/2015 11:00 Page 3 Company Summary The Company Net Assets as at 30 June 2015 F&C Private Equity Trust plc (‘the Company’) is an £205.1 million investment trust and its Ordinary Shares are traded on the Main Market of the London Stock Exchange. Market Capitalisation as at 30 June 2015 £156.1 million Objective The Ordinary Shares’ objective is to achieve long-term capital growth through investment in private equity Capital Structure as at 30 June 2015 assets, whilst providing shareholders with a predictable 72,282,273 Ordinary Shares of 1 pence, each entitled and above average level of dividend funded from a to one vote at a general meeting. combination of the Company’s revenue and realised capital profits.
    [Show full text]
  • An Evaluation of Private Equity Investments
    An evaluation of private equity investments By Emily Ledeboer 10017216 19-01-2014 Abstract The private equity market has been a rapidly growing market over the past three decades. Some research has been done on its risk and return, but their results differ in many ways. In this paper I used listed private equity firms as a proxy for the private equity market. By calculating its risk and return profile and by comparing it to the public market, I have tried to find out whether it is possible to outperform the public market by investing in private equity. 1. Introduction In the last three decades, the private equity market has grown to an important source of funds for start-up firms, private middle-market firms, firms in financial distress and public firms seeking buyout financing. From 1980-2010, over $1,1 trillion has been raised by U.S. buyout funds and roughly $700 billion by venture capital firms (Fenn, Liang and Prowse, 2010) Despite its increased significance for corporate finance, the private equity market has received relatively little attention in academic literature and there is still a lot to gain from new studies. The lack of knowledge is due to the fact that data is very hard to come by. For when a firm is private its records are not reported in public records. As a consequence, results from different studies testing more or less the same, vary considerably. Reasons for these different outcomes are that data sets are individually gathered and therefore subject to various selection biases. Another feature that makes the results less accurate is that only book values are available, as market values don’t exist (Zimmermann, Bilo, Christophers and Degosciu, 2004).
    [Show full text]
  • Private Equity, Public Markets
    Premium Content Exclusively for Privcap Subscribers / www.privcap.com Q1 2014 PRIVCAP / SPECIAL REPORT Inside! The Privcap Liquid 100 p 13 NEW FRONTIERS IN CAPITAL FORMATION Is Berkshire Hathaway PE’s Future?/ 05 ‘Liquid Alternatives’: PE For The Masses/ 10 Tapping Defined Contribution Plans/ 23 The Story Behind The JOBS Act / 25 Privcap Special Report • Capital Formation | Q1 2014 / 1 On Privcap.c0m Videos in This Report This special report includes the following new video On Camera programs. Watch them at Privcap.com Defined Contributions and Private Equity IN THIS REPORT Transparency and liquidity are needed if private equity is to tap the IMAGE defined contribution opportunity, says Michael Riak of Pantheon WIDTH: 2.0887 IN Ventures. HEIGHT: 2.2907 IN DB to DC: Inevitable, and Soon The shift from defined benefit to defined contribution pension plans in the U.S. will be a rapid domino effect, with the first movers making the move within two to three years, George Pandaleon of Inland Institutional Capital Partners argues. What’s a “Liquid Alternative”? Suzanne Donohoe, KKR A panel discussion with experts from Pantheon, KKR and Morgan Stanley on what a 40 Act Fund is, what’s driving the demand for liquid alternatives, and who’s buying them. Big Challenge, Big Opportunity A panel discussion with experts from Pantheon, KKR, and Morgan Stanley on types of liquid alternatives, regulatory and technical challenges, and what the future holds. COMING SOON on Privcap UPCOMING REPORTS KKR: LP Insights Suzanne Donohoe, who heads investor Q2 relations for KKR, describes the evolving needs of the firm’s institutional-investor Performance clients.
    [Show full text]
  • 48723 MG Annual Report - Front 17/4/08 11:39 Page 2
    Project1:Layout 1 17/4/08 12:32 Page 1 Wellstream Holdings PLC Annual Report & Accounts 2007 48723 MG Annual Report - Front 17/4/08 11:39 Page 2 Contents Financial Highlights 1 Chairman’s Statement 2 Chief Executive’s Review 4 Financial Review 30 Board of Directors 34 Directors’ Report 36 Corporate Governance Report 44 Audit Committee Report 49 Directors’ Remuneration Report 51 Statement of Directors’ Responsibilities 57 Independent auditors’ report to the members of Wellstream Holdings PLC 58 Group Income Statement 60 Statements of Recognised Income and Expense 60 Balance Sheets 61 Cash Flow Statements 62 Notes to the Accounts 63 Historical Results 90 Shareholder Information 91 Glossary 92 Notice of Annual General Meeting 93 48723 MG Annual Report - Front 17/4/08 11:39 Page 1 Wellstream Holdings PLC Annual Report & Accounts 2007 | 1 Financial Highlights Revenue £m 266.8 147.2 Revenue up 81.2% 2006 2007 Profit before Tax £m 41.7 25.4 Profit before Tax up 64.1% 2006 2007 Backlog £m 335.9 226.8 Backlog up 48.1% 2006 2007 Revenue Backlog is the aggregate of revenue that has not yet been recognised in the accounts from contracts that have been entered into and from contracts that the directors are confident will be entered into. 48723 MG Annual Report - Front 17/4/08 11:39 Page 2 2 | Chairman’s Statement Chairman’s Statement Wellstream has achieved a record financial performance during 2007. 48723 MG Annual Report - Front 17/4/08 11:39 Page 3 Wellstream Holdings PLC Annual Report & Accounts 2007 | 3 Chairman’s Statement Establishment of Seastream JV I am pleased to announce that Wellstream In July 2007, we successfully established has achieved a record financial a Joint Venture called Seastream.
    [Show full text]
  • Quarterly Report
    Pearl_e.qxp:e_Pearl 31.10.2008 18:30 Uhr Seite 1 QUARTERLYREPORT for the period from 1 July 2008 to 30 September 2008 Pearl_e.qxp:e_Pearl 31.10.2008 18:30 Uhr Seite 2 QUARTERLYSTATEMENTOFTHEINVESTMENTMANAGER REPORT INVESTMENTMANAGER’SREPORT PEARLNAVREMAINSFAIRLYSTABLE During the third quarter of 2008, the net asset value (NAV) of the Pearl convertible bond managed to largely escape the turmoil in the international financial markets, easing by 2% to 120.47%. The slight decline in the NAV was due, among other things, to valuation adjustments, especially in relation to the large- cap buyout funds in the portfolio: the prevailing market sit- uation has seen the valuations of comparable public com- panies across most sectors fall sharply, and the general The convertible bond issued by Pearl Holding Limited provides access to the private partners have had to make valuation adjustments to certain investments in this sector. The valuation adjustments equity asset class. For the first time, investors have the opportunity to buy into the reported by the general partners during the reporting peri- od had a negative impact on the NAV of Pearl of 1.5%. earnings potential of a broadly diversified private equity portfolio, while enjoying In order to reflect the fair market value, according to IFRS, capital protection and a 2% coupon. Its tailor-made structure makes the convertible further valuation adjustments had to be carried out to indi- vidual companies in the Pearl portfolio because of height- bond suitable for German private and institutional investors (i.e. “sicherungs- ened market uncertainty in the third quarter, reducing Pearl’s NAV by 0.9%.
    [Show full text]