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Page 1 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Henderson Private Equity Investment Trust plc (the "Company"), whose objective
is to produce capital gains through exposure to a diversified portfolio of
private equity investments, announces results for the half year ended 30 June
2009.
Financial Highlights
30 June 31 December Change 30 June Change
since since
2009 2008 2008
31 December 30 June
2008 2008
Net assets GBP57.8m GBP61.0m - 5.3% GBP73.0m - 20.8%
Net asset value per 306.5p 323.7p - 5.3% 385.0p - 20.4%
share
Share price 112.0p 84.0p + 33.3% 262.5p - 57.3%
Discount 63.5% 74.1% N/A 31.8% N/A
FTSE All-Share Index 2,172.1 2,209.3 - 1.7% 2,855.7 - 23.9%
LPX Europe Index 187.2 189.2 - 1.1% 342.5 - 45.3%
(sterling adjusted)
LPX Indirect Index 20.2 21.0 - 4.3% 60.1 - 66.4%
(sterling adjusted)
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Page 2 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Interim Management Report
(incorporating the Chairman's Statement)
Market Back-drop and Performance
General sentiment towards private equity remained depressed throughout the
period under review. This reflected concern over the impact of the recession on
underlying portfolio companies; the high levels of leverage that have been
employed in a number of deals - particularly at the larger end of the private
equity spectrum - and the consequent risk that underlying companies might
breach their banking covenants; and the severe slowdown in realisations. In
addition, there were fears that some listed private equity vehicles were
overcommitted and might have difficulty in meeting their commitments. The year
end reporting season brought greater transparency to valuations and this,
combined with the ability of some companies to address their funding issues,
resulted in a partial rebound in share prices from their March low point.
Nonetheless discounts within the sector remain very high in both historic and
absolute terms.
Against this back-drop, the Company's net asset value per share declined by
5.3% in the six months to 30 June 2009, whilst the share price rose by 33.3%.
This compares to a decline of 1.7% in the FTSE All Share Index and 1.1% in the
LPX Europe Index (sterling adjusted). A review of the investment activity
during the period may be found in the Portfolio Manager's Review.
Manager
On 9 April 2009 New Star Asset Management Group plc, the parent company of the
Manager, was acquired by Henderson Group PLC ("Henderson") and on 1 May 2009
Ian Barrass, head of private equity Fund of Funds at Henderson, assumed the
role of Portfolio Manager. The Board is pleased that the uncertainty
surrounding the future of the Manager (New Star Asset Management Limited) has
been resolved and looks forward to working with Ian Barrass and his colleagues
at Henderson.
The Board
John Duffield resigned as a Director with effect from 30 April 2009. The Board
would like to thank him for his support for, and contribution to, the Company.
Change of Name
On 19 June 2009 the Company changed its name to Henderson Private Equity
Investment Trust plc, which better reflects the Company's association with
Henderson and its stable of investment trusts.
Investment Strategy
The Board has reviewed the Company's investment strategy with the new Portfolio
Manager. The key conclusion was that the Company should adopt a more focused
approach within its existing high-level investment mandate. As a result,
going-forward, the Company will:
* focus exclusively on the UK and Europe;
* focus predominantly on opportunities in the mid-market buy-out sector;
* focus exclusively on private equity investment, both listed and unlisted;
and
* make no further new direct private equity investments.
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Page 3 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
The Company is one of the few listed private equity fund of funds with a clear
investment focus on the pan-European mid-market buy-out sector. Any new limited
partnership investment activity will seek to obtain access to the best funds in
a market niche already well-known to the new Portfolio Manager and his
colleagues.
Related Party Transactions
During the first six months of the current financial year, no transactions with
related parties have taken place which have materially affected the financial
position or performance of the Company during the period. Details of related
party transactions are contained in the Annual Report and Financial Statements.
For the avoidance of doubt, the acquisition of New Star Asset Management Group
plc by Henderson Group plc has not resulted in a change to the Company's
contractual relationships and was not a related party transaction.
Share Price
Despite rising by 33.3% during the half year, the Company's share price remains
disappointing. At 30 June 2009 the Company's shares were trading at a 63.5%
discount to net asset value.
By making a pound-for-pound adjustment to the Company's market capitalisation
at 30 June 2009 for cash, cash equivalents and listed investments, the discount
to net asset value for the Company's limited partnership and direct investments
at 30 June 2009 was effectively 71.9%. In the view of the Board and the
Portfolio Manager, the share price does not reflect the strengths of the
portfolio.
Liquidity and Gearing
Aggregate cash and cash equivalent resources of GBP1.2 million combined with GBP6.6
million of listed investments meant that the Company held GBP7.8 million of
liquid assets at 30 June 2009. In addition, the Company had committed loan
facilities of GBP30.0 million, of which GBP1.0 million was drawn down at the half
year. GBP10.0 million of the committed bank facilities mature in July 2010, with
the balance maturing in July 2011. The Company's liquid assets and undrawn
committed bank facilities therefore totalled GBP36.8 million at 30 June 2009.
Commitments
At 30 June 2009 the Company had outstanding commitments to limited partnerships
of GBP58.3 million. It is important to note, however, that GBP11.4 million of these
commitments relate to limited partnerships which are past their investment
period. In addition, it is often the case that limited partnerships do not draw
down their full commitments. Taking these considerations into account, it is
reasonable to assume that approximately GBP40 million of the Company's undrawn
limited partnership commitments will require funding over the next three years.
During this period it is also likely that distributions from the Company's
limited partnerships investments will recommence following the recent hiatus in
private equity exit activity. This will obviously provide the Company with
additional cash inflows.
The Board and Portfolio Manager continue to pay close attention to the
Company's liquidity position and it is considered that the Company has adequate
resources to meet its commitments.
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Page 4 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Current Market and Outlook
The global economic crisis has had a significant impact on the private equity
sector and conditions remain difficult. Exit activity has all but ceased and
investment levels have been constrained by the well-reported mis-match between
seller and purchaser price expectations. To compound matters, the scarcity and
re-pricing of bank debt have made the funding of available deals more
challenging.
The greatest impact of the recession has been felt within the larger end of the
private equity spectrum, and by focusing on the mid-market the Company has
avoided the worst of the problems. Nonetheless, given a continued weak
macro-economic backdrop, it is possible that further value erosion may occur
within the Company's portfolio of investments. The Company's investments are,
however, made with experienced managers who are working hard to protect value
during this difficult period.
Although conditions remain challenging the Company is well placed to benefit
from a recovery: the ownership of the Manager has been resolved; the commitment
position is manageable; and the investment focus - the pan-European mid-market
- provides good growth prospects. History has shown that the private equity
industry has generally produced its best returns through investments made
during the two or three years following severe macro-economic downturns. The
next few years therefore should present the Company with an opportunity to
improve significantly its net asset value and share price performance.
John Mackie CBE, Chairman
28 August 2009
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
(a) the condensed set of financial statements has been prepared in
accordance with IAS 34;
(b) the interim management report includes a fair review of the
information required by Disclosure and Transparency Rule 4.2.7R
(indication of important events during the first six months of the
year); and
(c) the interim management report includes a fair review of the
information required by Disclosure and Transparency Rule 4.2.8R
(disclosure of related party transactions and changes therein).
For and on behalf of the Board of Directors
John Mackie CBE, Chairman
28 August 2009
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Page 5 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Portfolio Manager's Review
Investment Activity
Limited Partnership Portfolio
Scarcity of debt finance, poor visibility of projected earnings and the
reluctance of sellers of businesses to reduce prices all contributed to low
levels of new investment and exit activity during the half year.
Only three significant new investments were made through the Company's limited
partnerships. Two of these, totalling EUR1.2 million, were made during February
by Pragma II, one of the Company's French mid-market buy-out funds. These were
investments in Thésée Group, a cost optimisation consultancy and FPEE, one of
France's leading producers of plastic and aluminium locking systems. The
Company's share of the investment in each of these transactions was EUR0.6
million. The third significant new investment was made by Lyceum Capital Fund
II, a UK mid-market buy-out fund, into Carewatch, the UK's second largest
personal care at home providers. The Company's share of this investment was GBP
0.3 million.
Although the general level of investment activity has remained subdued since
the half year, the Portfolio Manager expects that at least three further
investments will be completed by limited partnerships before the end of
September. These are likely to total approximately GBP2.0 million in investment
value for the Company.
Given the subdued M&A markets in the first six months of 2009 there was minimal
private equity exit activity. As a result, the Company received only two
significant cash distributions, both from Rutland Fund I. First, in February
the Company received GBP0.6million following the release of a tax indemnity in
connection with the exit of H&T Group Limited in 2006. Second, in May, GBP0.4
million was received in interest income from Wolstenholme Group.
The Company made no new commitments to limited partnerships during the half
year. This reflected caution regarding the Company's level of outstanding
commitments particularly as cash inflows from realisations became increasingly
scarce.
Listed Investments
There was one very small addition to the listed portfolio during the period,
being February's GBP12,500 investment in T2 Income Fund Limited, an investor in
leveraged bank loans. This investment has performed extremely well, and at 30
June 2009 was valued at GBP125,000, an uplift of 10x cost.
The low point of sentiment towards listed private equity vehicles appears to
have occurred in March 2009. Although share prices have rebounded in recent
months, the average discount of listed private equity fund of funds is still
over 40%. It is anticipated that the listed private equity market will continue
to provide opportunities for the Company to invest in good quality private
equity businesses at attractive prices for some time.
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Page 6 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Valuation
At 30 June 2009 the total value of the Company's investments was GBP58.9 million
of which GBP59.8 million represented investments in limited partnerships. This
compares with GBP61.1 million and GBP49.8 million respectively at the 31 December
2008 year end, and reflects the fact that there have been very few significant
changes in the valuations of investments held by the Company's limited
partnerships during the period under review. One exception to this is the 54.2%
downward adjustment to the valuation of Boat International Media Limited, one
of the investments made by August Equity Partners I. Overall, however, the
combination of improving publicly quoted comparators and increased focus on
portfolio management by the Company's limited partnership managers has led to
the stabilisation of valuations during the half year.
Due to FSA Disclosure and Transparency Rule 4.2 requiring the Company to
release its interim accounts by 31 August, it has not been possible to update
all limited partnership valuations using reports for the quarter ended 30 June
2009. As a result, 49% by value of the limited partnership portfolio has been
valued using 30 June 2009 reports and 51% using 31 March 2009 reports, updated
for any subsequent cash flows. All limited partnership valuations for 30 June
2009 are expected to be reflected fully in the net asset value for 30 September
2009 which will be released in mid-October 2009. It should be noted, however,
that informed discussions with the limited partnerships that have not yet
provided their 30 June 2009 report indicate that any valuation changes will not
be material.
Additional information on the Company's portfolio, including details of
underlying investments held through limited partnerships, can be found on pages
7 to 13. To improve transparency for shareholders, we have provided an enhanced
analysis for this report.
Outlook
There continues to be uncertainty regarding the macro-economic environment in
both the UK and Europe. Nonetheless, history would suggest that investments
made in the next few years will provide strong returns. Private equity
investment conditions are likely to become favourable from 2010 onwards as
sellers' price expectations adjust to the new environment and more businesses
become available at attractive prices. The Company's limited partnership
investments have approximately GBP40 million to invest on our behalf over this
period to take advantage of these potentially attractive conditions.
Ian Barrass
Portfolio Manager
28 August 2009
For further information contact:
Ian Barrass John Mackie Sarah Gibbons-Cook
Fund Manager Chairman Investor Relations and PR
Manager
Tel: 020 7818 4314 Tel: 020 7600 9105
Henderson Global Investors
Tel: 020 7818 3198
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Page 7 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Investment Portfolio
At 30 June 2009
Company Category Country / Cost Valuation % of
region GBP000 GBP000 Portfolio
August Equity LP UK 10,384 10,255 17.1
Partners II
Rutland Fund I LP UK 18,413 10,137 16.9
August Equity LP UK 10,270 10,112 16.8
Partners I
Parallel Ventures LP UK/Europe 3,686 9,788 16.3
2006
Astorg IV LP France 2,234 2,567 4.3
Logic Group Direct UK 2,500 2,500 4.2
Fondinvest Capital LP France 1,536 1,633 2.7
VIII
Pragma II LP France 2,319 1,605 2.7
Graphite Enterprise Listed UK 2,218 1,395 2.3
Century Capital LP US 1,182 1,384 2.3
Partners Fund IV
Ten largest 54,742 51,377 85.6
investments
Hg Capital Trust Listed UK/Europe 1,249 1,158 1.9
Rutland Fund II LP UK 1,893 1,149 1.9
Quorum Oil & Gas Listed Global 754 749 1.2
Technology
ARC Capital Listed China 691 518 0.9
Evolvence India Listed India 1,076 510 0.8
SVG Capital 8.25% Listed UK 750 484 0.8
convertible bonds
2016
Lyceum Capital Fund LP UK 784 481 0.8
II
Renewable Energy Listed UK 1,155 400 0.7
Generation
Zeus Private Equity LP UK 448 394 0.7
Fund
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Page 8 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Company Category Country / Cost Valuation % of
region GBP000 GBP000 Portfolio
Reconstruction Listed Eastern 968 356 0.6
Capital II Europe
Twenty largest 64,510 57,575 95.9
investments
Dinamia Listed Spain 483 296 0.5
Elderstreet Capital LP UK 353 275 0.5
Partners
Private Equity Listed UK 320 253 0.4
Investor
Wendel Investments Listed Europe 740 167 0.3
China Growth Listed China 493 145 0.3
Opportunities
T2 Income Fund Listed Global 13 125 0.2
KB Fund III B LP UK - 19 0.0
KB Fund III LP UK - 8 0.0
Total investments 66,912 58,863 98.0
Cash 1,196 2.0
Total portfolio 60,059 100.0
LP = Limited Partnership
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Page 9 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
30 largest underlying investments
The table below summarises the 30 largest underlying investments by value in
the Company's portfolio of unlisted private equity funds. The valuations are
gross, before any carry provision.
Vintage Cost Valuation % of
GBP000 GBP000 portfolio
Enara 2008 4,936 4,804 8.0
Home care provider
Notemachine 2006 11,673 4,118 6.9
Distributor of cash machines
Lifeways Community Care 2007 3,991 3,931 6.5
Provider of specialist healthcare
Advantage 2005 4,310 3,338 5.6
Healthcare staffing
Accura 2008 2,920 3,222 5.4
Provider of oil & gas components
Rollfold Group (Rixonway) 2006 2,017 2,869 4.8
Kitchen manufacturing business
Wolstenholme 2000 286 1,837 3.1
Chemicals & Materials
4 Projects 2007 1,742 1,834 3.1
Provider of project
collaborations solutions
Premo 2007 1,436 1,469 2.4
Manufacturer of radio frequency
identification devices
Rasmussen 2006 644 1,238 2.1
Provider of connecting technology
to the automotive industry
Jerrold Holdings 2006 1,089 1,139 1.9
Secured lending
Hat Trick Productions 2003 1,309 1,077 1.8
Independent television production
company
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Page 10 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Vintage Cost Valuation % of
GBP000 GBP000 Portfolio
Chorion 2006 1,419 1,073 1.8
Owner of intellectual property
rights over children's and crime
fiction characters
Planit Holdings 2006 351 1,072 1.8
Develops and supports software/
services
Boat International Media 2006 2,533 1,007 1.7
Website & magazine publisher
Attends Healthcare 2007 665 914 1.5
Healthcare products manufacturer
GD Metal 2006 908 908 1.5
Metal Recycling
OGF 2007 740 821 1.4
Funeral Services
Carewatch 2009 775 775 1.3
Provider of home care services
Ethypharm 2007 513 730 1.2
Oral drug delivery products for
the pharmaceutical industry
Photonis 2008 706 725 1.2
Opto electronics components for
military and civilian
appplications
Elemaster 2006 446 660 1.1
Design and manufacturer of
printed electronic systems
ONO Development 2006 413 545 0.9
Food tray manufacturer
FPEE 2009 458 537 0.9
Producer of plastic & aluminium
locking systems
MKM 2006 330 462 0.8
Builders merchant
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Page 11 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Vintage Cost Valuation % of
GBP000 GBP000 Portfolio
Thesee Group 2009 384 450 0.7
Cost optimisation consultancy
APEM (Project Gate) 2006 215 429 0.7
Manufacturer of industrial
switches and switch panels
Fives Lille 2006 165 380 0.6
Supplier of processing equipment
Texa Group 2008 2313 367 0.6
Claims and loss management
services provider
Eloy 2007 264 363 0.6
Manufacturer of hydraulic and
pneumatic systems for automotive
industry
30 largest underlying investments 47,411 43,094 71.9
33 other underlying investments 6,137 4,572 7.6
Total underlying investments 53,548 47,666 79.5
Portfolio analysis
Type of investment
Percentage of Percentage of
portfolio portfolio
30 June 2009 31 December 2008
Limited partnerships 85% 81%
Listed funds 11% 11%
Direct investment 4% 4%
Cash and treasury 0% 4%
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Page 12 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Geographic exposure ("look-through")
Country or region Percentage of Percentage of
portfolio portfolio
30 June 2009 31 December 2008
UK 75% 71%
Europe 19% 22%
North America 4% 4%
India 1% 2%
China 1% 1%
Sector exposure of limited partnerships
Sector Percentage of Percentage of
portfolio portfolio
30 June 2009 31 December 2008
Healthcare 28% 27%
Technology 20% 23%
Industrial 20% 18%
Financial 13% 12%
Consumer Services 8% 10%
Consumer Goods 1% 4%
Other 10% 6%
Limited partnership by vintage
Vintage Percentage of Percentage of
portfolio portfolio
30 June 2009 31 December 2008
Less than 1 year 14% 19%
1 - 2 years 20% 31%
2 - 3 years 38% 38%
More than 3 years 28% 12%
* MORE -
Page 13 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Valuation basis of limited partnerships
Valuation basis Percentage of Percentage of
portfolio portfolio
30 June 2009 31 December 2008
Earnings 67% 72%
Cost 33% 28%
Commitment analysis
Commitments
Original Outstanding % of
commitment
commitment outstanding
GBP000's
GBP000's commitments
Funds in investment period 82,283 46,855 80.4%
Funds in post-investment 140,000 11,432 19.6%
period
Total 222,283 58,287 100.0%
Commitments - remaining investment period
% of
Commitments
3 - 4 years 6.7%
2 - 3 years 4.6%
1 - 2 years 23.3%
Less than 1 year 2.4%
Investment period completed 63.0%
100.0%
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Page 14 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Income Statement
for the half year ended 30 June 2009
(Unaudited) (Unaudited) (Audited)
Half year ended Half year ended Year ended
30 June 2009 30 June 2008 31 December 2008
Revenue Capital Total Revenue Capital Total Revenue Capital Total
return return GBP'000 return return GBP'000 return return GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Losses / (gains) - (3,303) (3,303) - 467 467 - (11,105) (11,105)
from investments
held at fair value
through profit or
loss (see note 2)
Gains / (losses) on - 90 90 - (39) (39) - 99 99
foreign exchange
Income (note 3) 614 - 614 1,235 - 1,235 2,378 - 2,378
Investment (343) - (343) (433) - (433) (377) - (377)
management fee
(see note 4)
Administrative (280) - (280) (454) - (454) (934) - (934)
expenses
-------- -------- -------- -------- -------- -------- -------- -------- --------
Return on ordinary (9) (3,213) (3,222) 348 428 766 1,067 (11,006) (9,939)
activities before
finance costs and
taxation
Interest payable and (11) - (11) (37) - (37) (70) - (70)
similar charges
-------- -------- -------- -------- -------- -------- -------- -------- --------
Return on ordinary (20) (3,213) (3,233) 311 428 739 997 (11,006) (9,939)
activities before
taxation
Taxation (1) - (1) (96) - (96) (1,066) - (1,066)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Return on ordinary (21) (3,213) (3,234) 215 428 643 (69) (11,006) (11,075)
activities after
finance costs and
taxation
===== ===== ===== ===== ===== ===== ===== ===== =====
Return per ordinary (0.1)p (17.0)p (17.1)p 1.1p 2.2p 3.3p (0.4)p (57.0)p (57.4)p
share (based on
average number of
shares in issue
during the period
(note 6)
===== ===== ===== ===== ===== ===== ===== ====== ======
Number of ordinary 18,850,212 18,850,212 18,850,212
shares in issue at
period end
Weighted average 18,850,212 18,850,212 18,850,212
number of shares
during period
The columns of this statement headed "total" represent the Company's income
statement, prepared in accordance with UK GAAP. The revenue and capital columns
are supplementary to this and are published under guidance from the Association
of Investment Companies.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the period.
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Page 15 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Reconciliation of Movements in Shareholders' Funds
for the half years ended 30 June 2009 and 2008 and year ended 31 December 2008
For the six months Called Share Capital Capital Revenue Shareholders's
ended 30 June 2009 up
(unaudited) Premium Redemption Reserves reserve* funds
Share
account reserve GBP'000 GBP'000 GBP'000
Capital
GBP'000 GBP'000
GBP'000
Balance at 1 January 984 17,321 705 40,573 1,431 61,014
2009
Capital attributable - - - (3,213) - (3,213)
to ordinary
shareholders
Revenue attributable - - - - (21) (21)
to ordinary
shareholders
Rebate of - - - 4 - 4
commissions on share
buy backs
-------- --------- -------- --------- -------- ---------
At 30 June 2009 984 17,321 705 37,364 1,410 57,784
===== ===== ===== ====== ===== ======
For the six months called Share Capital Capital Revenue Shareholders's
ended 30 June 2008 up
(unaudited) Premium Redemption Reserves reserve* funds
share
capital account reserve GBP'000 GBP'000 GBP'000
GBP'000 GBP'000 GBP'000
Balance at 1 January 987 17,321 702 53,876 1,630 74,516
2008
Capital attributable - - - 428 - 428
to ordinary
shareholders
Revenue attributable - - - - 215 215
to ordinary
shareholders
Dividend paid - - - - (130) (130)
Shares bought back (3) - 3 (128) - (128)
and cancelled
Shares bought back - - - (1,862) - (1,862)
and held in treasury
-------- -------- -------- --------- --------- ----------
At 30 June 2008 984 17,321 705 705 1,715 73,039
===== ===== ===== ====== ====== ======
For the year ended Called Share Capital Capital Revenue Shareholders's
31 December 2008 up reserves reserve*
(audited) Premium Redemption GBP'000 funds
share GBP'000
capital account reserve GBP'000
GBP'000 GBP'000 GBP'000
At 1 January 2008 987 17,321 702 53,876 1,630 74,516
Capital attributable - - - (11,006) - (11,006)
to ordinary
shareholders
Revenue attributable - - - - (69) (69)
to ordinary
shareholders
Dividend paid - - - - (130) (130)
Shares bought back (3) - 3 (128) - (128)
and cancelled
Shares bought back - - - (2,169) - (2,169)
and held in treasury
-------- ---------- -------- --------- ---------- ----------
At 31 December 2008 984 17,321 705 40,573 1,431 61,014
===== ====== ===== ====== ====== ======
The revenue reserve represents the amount of the Company's reserves
distributable by way of dividend.
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Page 16 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Balance Sheet
As at 30 June 2009
(Unaudited) (Unaudited) (Audited)
30 June 30 June 31 December
2009 2008 2008
GBP'000 GBP'000 GBP'000
Fixed assets
Investments 58,863 70,901 61,079
---------- ---------- ----------
Current assets
Debtors 168 305 197
Cash at bank 1,523 4,188 5,403
---------- ---------- ----------
1,691 4,493 5,877
Current liabilities
Bank loan (1,000) - -
Bank overdraft (327) (1,006) (1,309)
Other creditors (1,443) (1,349) (1,230)
---------- ---------- ----------
(2,770) (2,355) (2,539)
---------- ---------- ----------
Net current liabilities / (1,079) 2,138 (65)
(assets)
----------- ----------- -----------
Total net assets 57,784 73,039 61,014
====== ====== ======
Capital and reserves
Called up share capital 984 984 984
Share premium 17,321 17,321 17,321
Capital redemption reserve 705 705 705
Capital reserve (note 7) 37,364 52,314 40,573
Revenue reserve 1,410 1,715 1,413
---------- ---------- ----------
Shareholders' funds 57,784 73,039 61,014
====== ====== ======
Net asset value per ordinary 306.5p 385.0p 323.7p
share (note 8)
====== ====== ======
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Page 17 of 21
HENDERSON PRIVATE EQUTIY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2009
Cash Flow Statement
for the half year ended 30 June 2009
(Unaudited) (Unaudited) (Audited)
Half year Half year Year ended
ended ended 31 December
30 June 30 June 2008 2008
2009
GBP'000 GBP'000
GBP'000
Net cash inflow / (outflow) from 233 (81) 550
operating activities
Taxation
Tax received - 127 119
Financial investment
Purchase of listed asset investments (12) (12,528) (13,228)
Purchase of unlisted fixed asset (3,212) (8,624) (16,395)
investments
Sale of listed fixed asset investments 1,330 10,355 15,288
Sale of unlisted fixed asset investments 808 12,146 13,056
---------- ---------- ----------
Net cash (outflow) / inflow from (1,086) 1,349 (1,279)
financial investment
Equity dividends paid - (127) (130)
Net cash (outflow) / inflow before (853) 1,268 (740)
financing
Financing
Bank loan drawn 1,000 - -
Purchase of ordinary shares 4 (1,984) (2,297)
Bank interest paid (13) (43) (74)
---------- ---------- ----------
Increase / (decrease) in cash 138 (759) (3,111)
Net funds at start of period 968 3,980 3,980
Gains / (losses) on foreign exchange 90 (39) 99
---------- ---------- ----------
Net funds at end of period 1,196 3,182 968
====== ====== ======
Represented by
Cash at bank 1,523 4,188 2,277
Bank overdraft (327) (1,006) (1,309)
---------- ---------- ----------
1,196 3,182 968
====== ====== ======
- MORE -
Page 18 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2008
Notes
1. Accounting policies
The accounts have been prepared on the historical cost basis of
accounting, as modified to include the revaluation of investments and in
accordance with applicable United Kingdom Accounting Standards.
The Company is not an investment company within the meaning of Section 833
of the Companies Act 2006. However it conducts its affairs as an
investment trust under Section 842 of the Income and Corporation Taxes act
1988. As such, the Directors consider it appropriate to present accounts
in accordance with the Statement of Recommended Practice - "Financial
Statements of Investment Trust Companies and Venture Capital Trust" (the
"SORP"), as issued by The Association of Investment Trust Companies in
January 2009.
The financial statements for each of the six month periods ended 30 June
2009 and 30 June 2008 comprise non-statutory accounts within the meaning
of Sections 434-436 of the Companies Act 2006. The financial information
for the year ended 31 December 2008 has been extracted from published
accounts that have been delivered to the Registrar of Companies and on
which the report of the auditors was unqualified. The half year accounts
have been prepared on the same basis as the annual accounts.
The Company's accounting policies have not varied from those described in
the annual accounts for the year to 31 December 2008, with the exception
of the early adoption of the January 2009 SORP, which has no effect on the
financial statements of the Company, other than the requirements to
disclose separately capital reserves that relate to the revaluation of
investments held at the reporting date. These are disclosed in note 7.
This new requirement replaces the previous requirements to disclose the
value of the capital reserve that was unrealised.
2. (Losses) / Gains on (Unaudited) (Unaudited) (Audited)
investments held at fair
value Half year end Half year Year ended
30 June 2009 ended 30 June
2008 31 December
GBP'000 2008
GBP'000
GBP'000
Realised gains / (losses):
Listed investments 155 (177) (237)
Unlisted investments 88 3,319 3,592
----------- ----------- -----------
243 3,202 3,355
Amounts recognised as (172) (2,593) 86
unrealised in the previous
period
----------- ----------- ---------------
Net realised gains based on 71 609 3,441
carrying value at the start
of the period
====== ====== =======
Investment holding gains /
(losses):
Listed investments (127) (1,159) (4,024)
Unlisted investments (3,247) 1,017 (10,522)
----------- ----------- -----------
(3,374) (142) (14,546)
====== ====== =======
Net (losses) / gains on (3,303) 467 (11,105)
investments held at fair
value
====== ====== =======
- MORE -
Page 19 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2008
3. Dividends and other income (Unaudited) (Unaudited) (Audited)
Half year end Half year Year ended
30 June 2009 ended 30 June
2008 31 December
GBP'000 2008
GBP'000
GBP'000
Income from fixed asset
investments:
Franked income:
Dividends from listed UK 64 84 86
investments
Unfranked income:
Dividends from listed 32 44 119
overseas investments
Distributions from UK 478 889 1,730
unlisted investments
Listed UK treasury gilts - 85 90
Listed UK loan stock 31 4 35
investments
Listed overseas treasury 5 7 90
gilts
----------- ----------- -----------
546 1,029 2,064
Total income from fixed asset 610 1,113 2,150
investments
Other income
Deposit interest 4 120 168
Other income - 2 60
----------- ----------- -----------
614 1,235 2,378
====== ====== =======
4. Management and performance (Unaudited) (Unaudited) (Audited)
fees
Half year end Half year Year ended
30 June 2009 ended 30 June
2008 31 December
GBP'000 2008
GBP'000
GBP'000
Investment management fee - 343 433 803
charged to revenue
VAT on management fee - - (426)
recovered from HMRC
Performance fee - charged to - - -
capital
----------- ----------- -----------
343 433 377
====== ====== =======
The investment management agreement provides for a management fee of 1.25%
per annum of the Company's assets (at valuation) invested in limited
partnerships and direct private equity interests and 0.75 per annum on the
remainder of the Company's assets. In addition, the Company's Manager will
be entitled to an annual performance fee of 10% of any return in excess of
8% per annum. As the performance fee is expected to be driven by capital
appreciation, the Directors have determined that it should be charged to
the capital account.
- MORE -
Page 20 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2008
5 Commitments (Unaudited) (Unaudited) (Audited)
Half year end Half year Year ended
30 June 2009 ended 30 June
2008 31 December
GBP'000 2008
GBP'000
GBP'000
The level of outstanding
commitments at the period end
was:
August Equity Partners II 19,616 23,688 20,014
Rutland Fund I* 8,333 9,001 8,537
Rutland Fund II 8,107 8,314 8,210
Lyceum Fund II 4,216 4,914 4,615
Fondinvest 3,670 - 4,005
Pragma II 3,652 4,787 5,072
Astorg IV 3,398 4,051 3,576
Parallel Venture 2006 2,001 2,269 2,218
KB Fund III and KB Fund III B 1,791 1,790 1,791
*
August Equity Partners I* 1,777 1,315 1,174
Century Capital Partners Fund 1,643 1,631 1,946
IV
Zeus Private Equity Fund 552 764 694
Elderstreet Capital Partners* 31 31 31
----------- ----------- -----------
58,287 62,555 61,883
* denotes fund in post-investment period at 30 June 2009
6. Return per ordinary share (Unaudited) (Unaudited) (Audited)
Half year end Half year Year ended
30 June 2009 ended 30 June
2008 31 December
GBP'000 2008
GBP'000
GBP'000
Revenue return (21) 215 (69)
Capital return (3,213) 428 (11,006)
----------- ----------- -----------
Total (3,234) 643 (11,075)
----------- ----------- ---------------
Weighted average number of
ordinary shares in issue 18,850,212 19,668,679 19,280,488
Revenue return per ordinary (0.1)p 1.1p (0.4)p
share
Capital return per ordinary (17.0)p 2.2p (57.0)p
share
---------- ---------- ------------
Total return per ordinary (17.1)p 3.3p (57.4)p
share
====== ====== =======
- MORE -
Page 21 of 21
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half Year Ended 30 June 2008
7 Capital reserves (Unaudited) (Unaudited) (Audited)
Half year Half year Year ended
end 30 June ended 30 June
2009 2008 31 December
2008
GBP'000 GBP'000
GBP'000
Opening balance 40,573 53,876 53,876
Gains on realisations of 71 609 3,441
investments
Movements in investment (3,374) (142) (14,546)
holdings losses
Gains / (losses) on foreign 90 (39) 99
exchange
Costs of share buy backs 4 (1,990) (2,297)
----------- ----------- -----------
37,364 52,314 40,573
====== ====== =======
Included within the above 30 15,301 3,576
reserve are investment
holding gains of
====== ====== =======
8. Net asset value per ordinary (Unaudited) (Unaudited) (Audited)
share
Half year Half year Year ended
end 30 June ended 30 June
2009 2008 31 December
2008
Net assets attributable to 57,784 73,039 61,014
ordinary shareholders (GBP'000)
Ordinary shares in issue at 18,850,212 18,970,212 18,850,212
end of periods
----------- ----------- -----------
Net asset value per ordinary 306.5 385.0p 323.7p
share
====== ====== =======
9. Related parties
During the first six months of the current financial year, no
transactions with related parties have taken place which have materially
affected the financial position or performance of the Company during the
period. Details of related party transactions are contained in the Annual
Report and Financial Statements. For the avoidance of doubt, the
acquisition of New Star Asset Management Group plc by Henderson Group plc
has not resulted in a change to the Company's contractual relationships
and was not a related party transaction.
10. Unaudited Report for the half year ended 30 June 2009
The unaudited report for the half year ended 30 June 2009 will be posted
to shareholders in September and will be available from the Registered
Office at 201 Bishopsgate, London, EC2M 3AE thereafter. It will also be
available on the Company's website www.hendersonprivateequity.com at the
end of August.
- ENDS -
END
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