Quarterly Report for the period ending 30 June 2000
Princess Private Equity Holding Limited
Princess The Princess Private Equity Holding Limited convertible bond, rated AAAr by Standard & Poor’s, allows institutional as well as private investors access to the private equity asset class while having the par value of the bond at maturity protected under an insurance arrangement reinsured by Swiss Re.
This document is not intended to be an investment advertisement; it constitutes neither an offer nor an attempt to solicit offers for regulated investments. 2 Private Equity Access Princess Private Equity Holding Limited ("Princess”), a In general, access to this asset class is hindered by high company formed by Partners Group and Swiss Re, is a minimum investment requirements, difficult entry to Guernsey based private equity investment company. sought-after partnerships, lack of liquidity and long Through its Luxembourg and Frankfurt Stock Exchange lock-up periods. Princess has addressed these hindrances listed zero coupon convertible bond, Princess provides and has responded to a growing world-wide demand Princess employs the institutional as well as private investors the opportunity to efficiently channel funds into private equity. expertise of three private to invest in the asset class of venture capital/private Hamilton Lane Advisors, Invesco Private Capital and equity asset managers: equity while having the par value of the bond protected Partners Group provide the investor an opportunity to Hamilton Lane Advisors, at maturity under an insurance arrangement reinsured combine the expertise of more than 40 private equity Invesco Private Capital by Swiss Re. investment managers and quantitative analysts. and Partners Group.
Portfolio Strategy In its top-down approach, Princess utilises a proprietary among the most experienced venture capital asset risk/return model. Based on world-wide statistical data, managers in the world, carry out the bottom-up this model seeks to determine the optimal quantitative approach in the USA and Canada while Partners Group, asset allocation. This information, combined with one of Europe’s leading private equity managers, Through two integrated qualitative partnership selections, leads to what Princess is responsible for the bottom-up approach in Europe. approaches: top-down believes will be a superior global private equity portfolio. Swiss Re and Partners Group combine their expertise and bottom-up, Princess Hamilton Lane Advisors, one of the world’s largest for the dynamic global asset allocation. aims to create an optimised private equity asset managers, and Invesco Private Capital, portfolio.
Over-Commitment Princess uses an over-commitment strategy in an effort performance for the investor from private equity invest- to maximise returns. Statistical data from Venture ments. Princess has created an over-commitment Economics have shown that investments in private equity strategy using cash flow forecasting and monitoring funds have an average level of investment which does models. Princess believes that this approach, after not exceed 65 per cent, while leaving the remainder of an initial build-up phase, will result in higher investment The over-commitment the committed capital invested in short-term instruments. returns because a full investment level should be strategy is used in pursuit The resulting opportunity cost dilutes the overall achieved in a shorter period and be sustained over time. of higher returns. 3 The Princess portfolio has performed above our expectations.
4 Adjusted Net Asset Value (NAV) Your board of directors has great pleasure in reporting a first year of investment activity Princess’s level of Price NAV News that Princess now participates directly or indirectly in investment is outstanding. Further, Princess now has has surpassed the target 104 private equity partnerships throughout the world consolidated unaudited net assets valued at slightly with commitments as of 30 June 2000, totalling USD more than its original raised capital of USD 700 million 898 million. Only 12 months after the initial closing, (or USD 100,10 per share), which means that the break- this produces an over-commitment level of 128 per cent even point on the so-called private equity investment compared to raised capital of USD 700 million. "J-curve" has been passed. Adjusted NAV breaks even USD 269 million have so far been invested, representing after less than 12 months. an investment level equal to 38 per cent of adjusted net This performance causes us to be optimistic that the asset value. This result was reached about half a year portfolio will continue to produce additional value to Remarkably mature earlier than we had expected and we believe that for investors. investment portfolio.
During the last quarter, Princess successfully partici- lion to its portfolio. The manager of these funds is Participation in record-setting pated through a consortium of buyers in an auction to Bridgepoint Capital Partners (formerly NatWest Equity secondary transaction acquire the private equity portfolio of NatWest Bank - Partners), a UK middle-market buyout fund manager which is believed to be the largest sale to date of private with 10 European offices and a track record of more equity interests on the secondary market world-wide. than 25 years. These partnerships are almost 100 per The consortium acquired interests in three funds that cent invested and are expected to liquidate within five hold investments in 292 European companies with a years. We believe the liquidation process, which is likely total transaction value of approximately USD 997 mil- to begin soon, will produce investment gains and an lion. As a result, Princess was able to add limited increase in Princess's net asset value. Princess teamed up with partnership interests in two funds valued at USD 43 mil- winning consortium.
Partnership news from the Jerusalem Venture Partners III (JVP III), an Israeli fund Princess also received cash proceeds from the Chase to which Princess subscribed in December 1999 has 1998 Pool Participation Fund and from Levine Leicht- Princess investment portfolio realised a 30-fold gain on its six-month-old investment mann Capital Partners II, two US funds to which Princess in Chromatis Networks, a maker of fibre-optic equip- subscribed as a limited partner in June 1999. ment for networks in metropolitan areas. Chromatis Networks agreed on 31 May 2000 to be acquired by First realisations from Lucent Technologies through a share swap. Israeli investments. 5 The over-commitment strategy continues to drive Princess's investment activity.
6 Investment ActivityInvestment level Commitment 65% 1999Q3 quarter. last during added ments 181USD commit- in million 88% 1999Q4 103% 2000 Q1 128% 2000 Q2 level increased during the quarter from 25 per cent per 25 fromquarter the during increasedlevel investment the commitments, in growth the with Parallel possible. as quickly as levelinvestment100 cent near per a achieve toover-commitmentis Princess strategy the of goal The year.this of quarter first the in achievedlevel mitment com- million 700 USD the over cent per 28 of increase an - million 898 USD at stand Totalnow commitments quarter.this 16during to partnerships mitments new com- making over-commitmentby strategy investment proprietary its of implementation the continued Princess by Vintage Years Vintage by Commitments Stages Financing Regions 976 199947% 19976% Early Stage VentureStage19% Early USA 55% USA 199823% Later Stage VentureStage20% Later Small and Mid Size Buyout 21%Buyout Size Mid and Small Your Board of DirectorsYour of Board us. in placed haveyou confidence and trust the to up live to hard work to continue Wereport. this in marised sum- portfolio the of development the and activities investment the in takesDirectorspride Your of Board operations. its started Princess since passed has that time short the for result remarkable a consider we which capital, raised of cent per 38 to Europe 40% Europe Large Size Buyout 24% Buyout Size Large 2000 (Q2) 24% (Q2) 2000 Rest of World 5% World of Rest Special Situations 16% Situations Special 7
Asset Allocation As of 30 June 2000, the Princess portfolio with total commitments of USD 898 million consists of the following partnerships:
8 USA and Canada – Venture USA and Canada – Buyouts Europe – Venture Europe – Special Situations Access Technology Partners Blackstone Communication Partners I Elderstreet Capital Partners Coller International Partners III Advanced Technology Ventures VI Bruckmann, Rosser, Sherrill & Co. II European E-Commerce Fund Doughty Hanson Europe Real Estate Alloy Ventures 2000* Carlyle Partners III European Private Equity Partners III ICG Mezzanine Fund 2000 APAX Excelsior VI Chase 1998 Pool Participation Fund First Cambridge Gateway* Mezzanine Management Fund III GMT Communications Partners II Austin Ventures VII Duff Ackerman & Goodrich Fund* The Rutland Fund Index Ventures I Baker Communications Fund II* Fenway Capital Partners II Kiwi 1 Ventures Servicos* Cardinal Health Partners II Great Hill Equity Partners* Rest of World – Venture Kiwi 2 Ventures Servicos* Catterton Partners IV Offshore Harbour Group Investments IV* Merlin Biosciences Fund* Apax Israel II* Chancellor V Heritage Fund III Schroder Ventures International Life Carmel Software Fund Charter Growth II* Palladium Equity Partners II* Science Fund II Genesis Partners II Columbia Capital Equity Partners II* Silver Lake Partners Wellington Partners II Jerusalem Venture Partners III Columbia Capital Equity Partners III T3 Partners Polaris Venture Capital Fund III Crescendo IV Thomas H. Lee Equity Fund V Europe – Buyouts Doll Technology Investment Fund II* Thomas Weisel Capital Partners Rest of World – Buyout 3i Eurofund III Dolphin Communications Fund TPG Partners III Unison Capital Partners Astorg II GeoCapital V* Vestar Capital Partners IV Botts Capital Partners Ideallab! Capital Partners II* William Blair Capital Partners VI Coller International Partners III NW1 Infinity Capital Venture Fund 1999 Coller International Partners III NW2 Innocal II* USA and Canada – Special Situations Doughty Hanson & Co III KB Partners Venture Fund II* Blackstone Mezzanine Partners European Private Equity Fund D Morgan Stanley Venture Partners IV Canterbury Mezzanine Capital II FCV Capital Partners V MD Sass Corporate Resurgence II Levine Leichtmann Capital Partners II Italian Private Equity Fund III New Enterprise Associates IX* OCM Opportunities Fund III Nordic Capital IV Oak Investment Partners IX* OCM/GFI Power Opportunities Fund Palamon European Equity C Partnerships RRE Investors II* Pegasus Partners II Partners Private Equity Salix Ventures II* Quadriga Capital Private Equity Fund II Sierra Ventures VIII New Partnerships Schroder Ventures European Fund II Skyline Venture Partners II* are in italics. Segulah II Summit Accelerator Fund* The Second Cinven Fund TH Lee.Putnam Internet Parallel Warburg Pincus International * The investment in these partnerships is made through Partners Partners commitments to INVESCO limited partnerships. TVG Asian Communications Fund II* Venture Strategy Partners II* Vortex Corporate Development Fund As of 30 June 2000 eight partnerships cannot be Worldview Technology Partners III disclosed due to confidentiality reasons. 9 Figures and Contacts
10 The results for the period are shown in the statement The result of this technical requirement in IAS 32 is that of income on page 12. Princess Private Equity Holding the discount is amortised through the income state- Limited ("the Company”) and Princess Private Equity ment as a finance cost, on a yield to maturity basis, Subholding Limited (together "the Group”) have made over the 7.5-year life of the bonds until the first conver- a basic loss per share of USD 746.208 (USD 528.5405: sion at 1 January 2007. In the longer term, this account- 31 March 2000) and a diluted loss per share of ing treatment has no effect on either the economic USD 1.06449 (USD 0.7540: 31 March 2000). This loss position or the net asset value of the Group. The cumu- for the period is the result of the presentation require- lative finance cost in retained earnings is offset by an ments of International Accounting Standard 32, equivalent credit in share premium. However, the re- Financial Instruments: Disclosure and Presentation. quired treatment clearly does have a significant impact In accordance with IAS 32, the net proceeds of on the net profit or loss reported in the income state- USD 446,135,767 are allocated to the liability compo- ment over the period to the conversion of the bond. nent. The liability is therefore stated at a discount of 1.4378703 per cent per quarter, including transaction
costs, to the maturity value. 11 Figures Consolidated unaudited statement of income
For the period from 01 April 2000 to 30 June 2000
01.04.00-30.06.00 01.01.00-30.06.00 USD USD USD USD
Income1
Bank deposit interest 285,699 495,282 Bond interest 7,206,349 14,984,815 Income from unquoted investments 437,811 689,339 Realised gain on short-term investments 16,000 146,000
7,945,859 16,315,436 Expenses
Investment Management fee1 2,606,854 5,174,016 Insurance fee1 2,606,854 5,174,016 Administration fee 86,895 173,054 Service fee 12,831 27,928 Legal fees 142,670 317,890 Audit fees 44,894 44,894 Bank custody fees 40,087 40,087 Tax exemption fee2 1,426 1,905 Advertising and printing 19,722 20,373 Bank charges 4,536 9,711 Sundry expenses 2,906 30,253 Amortisation of transaction costs12 391,768 783,535 Finance cost on convertible bond12 6,845,646 13,594,256 Foreign exchange loss1 1,696,800 2,766,952 Movement on revaluation of investments in underlying partnerships 904,050 904,050
15,407,939 29,062,920
Loss for the financial period (7,462,080) (12,747,484)
The disclosures relating to the calculation of Basic Loss per Share – USD 746.208 the loss per share are included in note 17. Diluted Loss per Share – USD 1.06449 12 Consolidated unaudited balance sheet
At 30 June 2000
Assets USD USD
Non – current assets
Investments in underlying partnerships1&5 269,225,217 Investments1&6 239,596,000
508,821,217 Current assets
Debtors7 3,968,678 Short-term investments1&6 173,544,500 Loan8 387 Cash at banks9 15,390,098 192,903,663
Total assets 701,724,880
Equity and Liabilities
Capital and reserves
Issued capital11 100 Reserves 228,943,973 228,944,073 Liabilities falling due after more than one year
Bond12 472,755,902
Liabilities falling due within one year
Loans13 24,905 24,905
Total equity and liabilities 701,724,880 13 Figures Consolidated unaudited statement of changes in equity
For the period from 01 January 2000 to 30 June 2000
Movement on revaluation of investments Surplus/(loss) Share Share in underlying on underlying Accumulated capital premium partnerships partnerships income/(loss) Total USD USD USD USD USD USD
As reported in March 2000 quarterly report for 1999 100 241,028,914 – 430,434 (8,157,215) 233,302,233
Transfer unrealised gain on investments in underlying partnerships – – 4,832,565 – (4,832,565) –
Movement on revaluation of investment in underlying partnerships – – 3,753,856 – (796,813) 2,957,043
At 01 January 2000 100 241,028,914 8,586,421 430,434 (13,786,593) 236,259,276
Surplus on underlying partnerships – – – 1’643’339 – 1’643’339
Movement on revaluation of investment in underlying partnerships – – 3’788’942 – – 3’788’942
Loss for the financial period – – – – (12’747’484) (12’747’484)
At 30 June 2000 100 241,028,914 12,375,363 2,073,773 (26,534,077) 228,944,073
14 Consolidated unaudited cash flow statement
For the period from 01 January 2000 to 30 June 2000
01.01.00-30.06.00 USD USD
Cash flow from operating activities
Cash paid to suppliers and employees (11,074,567)
Net cash from operating activities (11,074,567)
Cash flow from investing activities
Purchase of investments (181,484,860) Proceeds from redemption of investments 280,754,596 Investment in underlying partnerships (145,963,612) Proceeds from sale in underlying partnerships 1,643,339 Income received from underlying partnerships 689,339 Interest received 9,580,164
Net cash from investing activities (34,781,034)
Net decrease in cash and cash equivalents (45,855,601)
Cash and cash equivalents at beginning of period10 85,888,401
Cash and cash equivalents
at end of period10 40,032,800 15 Figures Unaudited statement of income
For the period from 01 April 2000 to 30 June 2000
01.04.00-30.06.00 01.01.00-30.06.00 USD USD USD USD
Income1
Bank deposit interest 285,699 495,282 Bond interest 7,206,350 14,984,815 Foreign exchange gain 297 – Unrealised surplus on short-term investments 16,000 146,000
7,508,346 15,626,097
Expenses
Investment Management fee1 2,606,854 5,174,016 Insurance fee1 2,606,854 5,174,016 Administration fee 86,895 173,054 Service fee 12,831 27,928 Legal fees 142,670 317,890 Audit fees 44,894 44,894 Bank custody fees 40,087 40,087 Tax exemption fee2 474 950 Advertising and printing 19,722 20,373 Bank charges 4,536 9,711 Sundry expenses 2,905 30,090 Amortisation of transaction costs12 391,768 783,535 Finance cost on convertible bond12 6,845,646 13,594,256 Foreign exchange loss1 – 1,203
Total of expenses 12,806,136 25,392,003
Loss for the financial period (5,297,790) (9,765,906)
The disclosures relating to the calculation Basic Loss per Share – USD 529.779 of the loss per share are included in note 18. Diluted Loss per Share – USD 0.75575 16 Unaudited balance sheet
At 30 June 2000
Assets USD USD
Non-current assets
Loan3 263,103,960 Investment in subsidiary4 10,000 Investments1&6 239,596,000
502,709,960 Current assets
Debtors7 3,968,678 Short-term investments1&6 173,544,500 Loan8 387 Cash at banks9 15,390,098 192,903,663
Total assets 695,613,623
Equity and Liabilities
Capital and reserves
Issued capital11 100 Reserves 222,832,716 222,832,816 Liabilities falling due after more than one year
Bond12 472,755,902
Liabilities falling due within one year
Loans13 24,905 24,905
Total equity and liabilities 695,613,623 17 Figures Unaudited statement of changes in equity
For the period from 01 January 2000 to 30 June 2000
Share Share Accumulated capital premium income/(loss) Total USD USD USD USD
At 01 January 2000 100 241,028,914 (8,430,288) 232,598,726
Loss for the financial period – – (9,765,906) (9,765,906)
At 30 June 2000 100 241,028,914 (18,196,194) 222,832,816
18 Unaudited cash flow statement
For the period from 01 January 2000 to 30 June 2000
01.01.00-30.06.00 USD USD
Cash flow from operating activities
Cash paid to suppliers and employees (11,073,454)
Net cash from operating activities (11,073,454)
Cash flow from investing activities
Purchase of investments (181,484,860) Proceeds from redemption of investments 280,754,596 Monies lent to subsidiary (143,632,047) Interest received 9,580,164
Net cash from investing activities (34,782,147)
Net decrease in cash and cash equivalents (45,855,601)
Cash and cash equivalents at beginning of period10 85,888,401
Cash and cash equivalents
at end of period10 40,032,800 19 Figures Notes to the consolidated unaudited financial statements
1 Principal accounting policies Investment in underlying partnerships 2 Taxation status The following accounting policies have been applied The investments in underlying partnerships are valued The companies are exempt from Guernsey income tax consistently in dealing with items which are considered at the most recent net asset value as reported by the under the Income Tax (Exempt Bodies) (Guernsey) material in relation to the Group's financial statements: underlying General Partner and are adjusted for sub- Ordinances 1989 and 1992 and they are each charged sequent net capital activity. The difference between the an annual exemption fee of £600 (USD911). Basis of preparation net assets as reported and the contributed capital up The financial statements have been prepared in to that date is shown as either revaluation of underlying accordance with International Accounting Standard partnerships under the heading of reserves or as re- 3 Loan No. 34 (Interim Reporting). valuation of underlying partnerships in the statement of The loan, which is to Princess Private Equity Subholding income. Limited, is unsecured, interest free and although Revenue repayable on demand, Princess Private Equity Holding Interest on bonds and bank deposits is included on an Investments and Short-term investments Limited has confirmed that it will not seek repayment accruals basis. The investments and short-term investments are in- within one year. cluded in the balance sheet at market values ruling at Bond interest also includes the increase in value of the balance sheet date. The difference between cost and bonds purchased at a discount. valuation is shown as revaluation of short-term invest- 4 Investment in subsidiary ments under the heading of reserves should this result 2000 Reporting currency in a surplus or as revaluation of short-term USD As the Group invests primarily in US dollars and manages investments in the statement of income should this Princess Private Equity Subholding Limited its activities and makes decisions based on the US dollar, result in a deficit. Realised surpluses and deficits 100% wholly owned subsidiary this currency has been chosen as the reporting currency on short-term investments are shown in the statement for the Group. of income. 10,000 shares of USD 1.00 each 10,000
Investment management fee Foreign exchange The investment management fee is paid quarterly in Transactions in foreign currencies are translated into advance pursuant to the Investment Management US dollars at the rate of exchange rate prevailing at the Agreement between Princess Private Equity Holding date of the transaction. Monetary assets and liabilities Limited and Princess Management & Insurance Limited. denominated in foreign currencies are translated into US dollars at the exchange rate prevailing at the balance Insurance fee sheet date. Exchange gains and losses are included in The insurance fee is paid quarterly in advance pursuant the statement of income. to the Insurance Trust Agreement between Princess Private Equity Holding Limited and Princess Management & Insurance Limited.
20 5 Investment in underlying partnerships 6 Investments Short-term Short-term 2000 Investments Investments Investments USD Bonds issued Bonds issued Bonds issued at par at par at a discount At 01 April 2000 174,088,559 USD USD USD Total USD
Movement on revaluation Cost of underlying partnerships 5,841,935 At 01 April 2000 240,000,000 50,000,000 204,361,054 494,361,054 179,930,494 Additions – – 108,185,152 108,185,152 Net contribution capital Interest received on activity from 01 April to redemption – – 5,161,159 5,161,159 30 June 2000 90,991,820 Redemptions – – (195,000,000) (195,000,000)
Foreign exchange loss (1,697,097) At 30 June 2000 240,000,000 50,000,000 122,707,365 412,707,365
At 30 June 2000 269,225,217 Valuation
At 30 June 2000 239,596,000 49,990,000 123,554,500 413,140,500 Of this amount USD 153,448,682 has been funded to thirty-nine United States partnerships, USD 110,188,804 to thirty European partnerships and USD 5,587,731 to five Rest of the World partnerships. Included under additions is USD 24,642,702 of money market investments with maturity of up to three months from date of acquisition, which were issued at a discount. As a result, these have been classified as cash equivalents for the purposes
of the cash flow statement. 21 Figures 7 Debtors Cash and cash equivalents 12 bond 2000 as previously reported 40,032,800 85,888,698 2000 USD Adjustment due to over- USD statement in December Prepayments 239 1999 quarterly - (240,992) At 01 Aptil 2000 465,518,488 Interest receivable 3,968,679 Effect of exchange Amortisation of transaction costs 391,768 rate changes (297) 3,968,918 465,910,256 Cash and cash equivalents Finance cost on convertible bond 6,845,646 8 Loan as previously reported 40,032,800 85,888,401 The loan, which is to Partners Group Private Equity At 30 June 2000 472,755,902 Administration Limited, is unsecured, interest free and repayable on demand. The overstatement occurred due to the cash and cash equivalents being disclosed at market value instead of at As at the balance sheet date the nominal value of the 9 Cash at banks cost. This overstatement does not affect the net asset bond outstanding was USD 700,000,000. The bond is 2000 value. not convertible into shares until on or after 1 January USD 2007, at the option of the investor, using the relevant 11 Share capital conversion price. Princess Private Equity Holding Limited Cash at banks 15,390,098 2000 has entered into an insurance policy to ensure that it is USD provided with sufficient funds for the payment of the 10 Cash and cash equivalents Authorised principal upon redemption of the bond on Cash and cash equivalents consist of cash at banks and 20,000,000 Class A shares 31 December 2010. investments in money market instruments. Cash and of USD 0.01 each 200,000 In accordance with IAS 32, Financial Instruments: cash equivalents included in the cash flow statement 10,000 Class B shares Disclosure and Presentation, the net proceeds of the comprise the following balance sheet amounts: of USD 0.01 each 100 bond have been split between the liability and equity option components. The fair value of the equity 2000 1999 200,100 component has been calculated as USD 242,200,000 USD USD Issued using an accepted option valuation model. This amount 10,000 Class B shares is classified as share premium and will remain part of Cash at banks 15,390,098 41,445,690 of USD 0.01 each 100 the permanent equity of the company. The remaining Investments in money net proceeds, after the allocation of the liability related market instruments 24,642,702 44,684,000 transaction costs, of USD 446,135,767 are allocated to Cash and cash equivalents the liability component. The liability is therefore stated as previously reported 40,032,800 86,129,690 at a discount of 1.4378703% per quarter, including transaction costs, to the maturity value.
22 The result of this technical requirement in IAS 32 is that and diluted Net Assets per share of USD 100.09985 18 Company Basic and Diluted Loss per Share the discount is amortised through the income statement (USD 99.0256: 31 March 2000), based on Net Assets as a finance cost, on a yield to maturity basis, over the for the period of USD 701,699,975. The Net Assets are Basic Loss per Share 7.5-year life of the bonds until the first conversion at calculated by deducting the Current Liabilities from For the period ended 30 June 2000, the Company had 1 January 2007. In the longer term, this accounting the Gross Assets. 10,000 issued shares that result in a basic loss per treatment has no effect on either the economic position share of USD 529.779 (USD 528.5405: 31 March 2000), or the net asset value of the company. The cumulative based on a loss for the period of USD 5,297,790. finance cost in retained earnings is offset by an equiva- 16 Company Net Assets per ordinary share lent credit in share premium. However, the required For the quarter ended 30 June 2000, the Company had Diluted Loss per Share treatment clearly does have a significant impact on the 10,000 issued shares, and 700,000,000 convertible For the period ended 30 June 2000, the Company had net profit or loss reported in the income statement over bonds that if converted at USD 100 per share would 10,000 issued shares, and 700,000,000 convertible the period to the conversion of the bond. result in 7,000,000 shares. This would result in a total bonds that if converted at USD 100 per share would of 7,010,000 shares and diluted Net Assets per share of result in 7,000,000 shares. This would result in a total USD 99.22806 (USD 98.9514: 31 March 2000), based on of 7,010,000 shares and a diluted loss per share of 13 Loans Net Assets for the period of USD 695,588,718. The Net USD 0.75575 (USD 0.7540: 31 March 2000), based on The loans, which are from Partners Group Private Equity Assets are calculated by deducting the Current Liabilities a loss for the period of USD 5,297,790. Administration Limited and Princess Management & from the Gross Assets. Insurance Limited, are unsecured, interest free and repayable on demand. 19 Contingent Asset 17 Group Basic and Diluted Loss per Share On 30 June 1999, Princess Private Equity Holding Limited entered into an Insurance Agreement with Princess 14 Commitments Basic Loss per Share Management & Insurance Limited, to ensure that it During the financial period the Group entered into For the period ended 30 June 2000, the Group had will be provided with sufficient funds to be able to contracts with eighteen underlying partnerships 10,000 issued shares that result in a basic loss per pay the principal amount of the bond at maturity on (ten: 31 March 2000) and has committed the total sum share of USD 746.208 (USD 528.5405: 31 March 2000), 31 December 2010. of USD 898,140,000 (USD 712,660,000: 31 March 2000). based on a loss for the period of USD 7,462,080. The unfunded commitments at the balance sheet date amount to USD 637,604,052 (USD 543,172,840: Diluted Loss per Share 20 Post Balance Sheet Event 31 March 2000). For the period ended 30 June 2000, the Group had Since the period end Princess Private Equity Subholding 10,000 issued shares, and 700,000,000 convertible Limited has committed an additional USD 40,000,000 to bonds that if converted at USD 100 per share would five United States partnerships and USD 15,000,000 to 15 Group Net Assets per ordinary share result in 7,000,000 shares. This would result in a total two European partnerships. It has also paid out an ad- As at the 30 June 2000, the Group had 10,000 issued of 7,010,000 shares and a diluted loss per share of ditional USD 28,050,942. shares, and 700,000,000 convertible bonds that if con- USD 1.06449 (USD 0.7540: 31 March 2000), based verted at USD 100 per share would result in 7,000,000 on a loss for the period of USD 7,462,080.
shares. This would result in a total of 7,010,000 shares 23 Figures TradingInformation Contacts Bloomberg 2293Z LN -
SCHOLTYSIK NIEDERBERGER