Unaudited Preliminary Results

Electra Private Equity PLC 20 November 2007 TUESDAY 20 NOVEMBER 2007 ELECTRA PRIVATE EQUITY PLC Unaudited Preliminary Results for Year ended 30 September 2007 â€¢ Strong net asset value growth - up 29.5% over the year to 2,001p per share at 30 September 2007 - Unaudited net asset value per share at 31 October 2007 of 2,008p â€¢ Share price outperformance relative to FTSE All-Share Index - Electra rose by 22.5% versus an Index increase of 8.7% over the year. Share price up 263.2% over five years versus an Index increase of 84.1% â€¢ Return on equity of 22.6% on an annualised basis for the five years to 30 September 2007 â€¢ Busy year of investment activity - Â£322 million invested and Â£303 million realised â€¢ Net liquid resources at 30 September 2007 of Â£156m â€¢ Special Dividend of 25p per share reflecting high level of distributable revenue Commenting on the Results, Sir Brian Williamson, Chairman, said: 'The year has seen a positive start to Electra's return to full investment and Electra Partners has delivered a strong performance. Recent concerns about the economic outlook and availability of bank finance may reduce the level of realisations in the short term but will generate opportunities for those such as Electra with capital to invest.' For further information: Sir Brian Williamson, Chairman, Electra Private Equity PLC 020 7306 3883 Hugh Mumford, Managing Partner, Electra Partners LLP 020 7214 4200 Nick Miles, M: Communications Limited 020 7153 1535 Net Asset Value Per Share 30 September 30 September 31 October 2007 ----------------------- 2007 2006 ----------- ----------- ----------- Net asset value per share 2,001p 1,545p 2,008p Increase since 30 September 2006 29.5% Increase in FTSE All-Share Index since 8.7% 30 September 2006 The unaudited net asset value per share at 31 October 2007 was calculated on the basis of the net asset value at 30 September 2007 adjusted to reflect the purchases and sales of investments, currency movements and bid values on that day in respect of listed investments. A copy of the Chairman's Statement, Manager's Review and the Preliminary Announcement are attached. The figures and financial information for the year ended 30 September 2007 do not constitute the statutory financial statements for that year. Those financial statements have not yet been delivered to the Registrar, nor have the Auditors yet reported on them. The figures and financial information for the year ended 30 September 2006 do not constitute the statutory financial statements for that year. The financial statements in respect of the year ended 30 September 2006 have been delivered to the Registrar and included the Auditors' Report which was unqualified and did not contain a statement under either section 237(2) or section 237(3) of the Companies Act 1985. The Report and Accounts will be sent to shareholders in January 2008 and will thereafter be available from the Company's registered office at Paternoster House, 65 St Paul's Churchyard, London EC4M 8AB. The Annual General Meeting will be held on Wednesday 6 February 2008 at the Barber-Surgeons' Hall, Monkwell Square, London EC2 at 12 Noon. CHAIRMAN'S STATEMENT Overview Electra's return to full investment in October 2006 was followed by a busy period of investment activity, both in terms of successful realisation of portfolio companies and through new investments. Successful realisations during the year have resulted in Electra's net liquid resources at the year end amounting to Â£156 million despite investments this year totalling Â£322 million. These resources, together with unutilised borrowing facilities, will enable Electra to make new investments in a time when a troubled financial market may require a greater equity capital commitment. Results Over the last year Electra once again delivered both strong net asset value growth and good share price performance. This continued the success of the previous four years. The net asset value per share increased by 29.5% from 1,545p to 2,001p. Together with the Special Dividend of 17p per share paid in March 2007, this represents a total return of 30.6% for the year. Over the same period the share price increased by 22.5% while the FTSE All-Share Index increased by 8.7%. Over the five years to 30 September 2007 Electra's net asset value per share, inclusive of the two dividends paid in 2006 and 2007, increased by 166.9% and Electra achieved a return on equity of 22.6% on an annualised basis. Over the same period the share price rose by 263.2% and the FTSE All-Share Index increased by 84.1%. These are excellent results. Investment Activity Since October 2006, Electra Partners, the Company's Manager, has quickly developed a strong dealflow which has resulted in the completion of a number of new investments during the year. In certain cases these investments were structured to give greater downside protection through an emphasis on debt like instruments. For much of the year readily available bank finance greatly assisted realisations on attractive terms before the sub-prime crisis in the United States led to banks adopting a more cautious approach. Â£322 million was invested during the year and Â£303 million was realised from portfolio investments. Full details of the investment activity are set out in the Investment Manager's Review from Electra Partners. Investment Strategy Under new FSA listing rules Electra, like other closed-ended investment funds, is required to include in the annual financial report details of its investment policy and give additional information relating to its portfolio. Electra's shareholders approved the new investment strategy at the Extraordinary General Meeting held in October 2006 and details of Electra's objectives and investment policy are set out elsewhere in this Announcement. Other information will be given under the new rules in relation to the continued appointment of Electra Partners and the principal terms of its compensation arrangements. The Board and Committees of the Board Colette Bowe and Lucinda Webber joined the Board with effect from 1 March 2007 and the Board is already benefiting from their wide and varied experience. Lord King of Bridgwater and Professor Sir George Bain will be retiring from the Board at the Annual General Meeting to be held on Wednesday 6 February 2008. They have been stoutly independent throughout their 25 combined years and their wisdom has been incalculable in steering the Company through its development. They can reflect with pleasure on their contribution to the excellent results of recent years. With the exception of Michael Walton, all other Directors will retire and offer themselves for re-election at the Annual General Meeting. With the return to full investment the Board has established a Valuations Committee whose purpose is to consider the portfolio valuations of Electra Partners. The Committee will add a further level of oversight to the valuation process carried out by Electra Partners under its contractual arrangements with Electra. Colette Bowe and Lucinda Webber will join this Committee which is chaired by Michael Walton. Further Authority to Buy Back Shares During the year ended 30 September 2007, Electra made on-market purchases at a cost of Â£22 million and cancelled 1.47 million shares. The Company currently has the ability to buy back and cancel up to a further 5.4 million shares during the remaining period of this authority which will cease at the Annual General Meeting when Directors will seek to renew this general authority. Special Dividend In the year ended 30 September 2007 Electra again received distributable revenue at a level which requires it as an investment trust to pay a dividend. Accordingly the Board is proposing a special dividend of 25p per share which will be paid on 7 March 2008 to shareholders on the Register of Members at the close of business on 25 January 2008 subject to approval by shareholders at the forthcoming Annual General Meeting. This is the third year in which a dividend has been proposed for this reason. Shareholders should note that this is not a variation in the policy of maximising capital growth. The Board would not expect dividend payments to continue on a regular basis. Articles of Association Following a review of Electra's Articles of Association, the Board has decided to seek shareholders' approval to changes to Electra's Articles of Association in the light of certain provisions of the Companies Act 2006, dealing with electronic communications and Directors' conflicts of interest. It is also taking the opportunity to increase the limit on Directors' ordinary remuneration which was last agreed in 1997. The Articles of Association will be reviewed again after the remaining provisions of the Companies Act have come into effect. Outlook The year has seen a positive start to Electra's return to full investment and Electra Partners has delivered a strong performance. Recent concerns about the economic outlook and availability of bank finance may reduce the level of realisations in the short term but will generate opportunities for those such as Electra with capital to invest. Sir Brian Williamson Chairman OBJECTIVE & INVESTMENT POLICY At the Extraordinary General Meeting held in October 2006 shareholders approved Electra's revised investment strategy and policy which is set out below. The business and affairs of Electra are managed on an exclusive and fully discretionary basis by Electra Partners LLP, an independent private equity fund manager, whose senior management team has worked together since 1992. Electra is managed as an HM Revenue and Customs approved investment trust. Electra's objective is to target a rate of return on equity of between 10 - 15% per annum over the long-term by investing in a portfolio of private equity assets. Unless required to do so as an investment trust, Electra's Directors would not propose to recommend the payment of dividends on a regular basis. Electra Partners, on behalf of Electra, will aim to achieve this target rate of return by: â€¢ Exploiting a track record of successful private equity investment; â€¢ Utilising the proven skills of its senior management team with a strong record of dealflow generation and long-term presence in the private equity market; â€¢ Investing in a number of value creating transactions with a balanced risk profile across a broad range of investment sectors through a variety of financial instruments; â€¢ Actively managing its total capital position and levels of gearing in light of prevailing economic conditions. Total bank borrowings by Electra will always be less than 2.5 times its total assets. Additionally, an on-market share buyback programme will be managed to generate shareholder value. Electra Partners will target private equity opportunities (including direct investment, fund investment and secondary buyouts of portfolios and funds) so that the perceived risks associated with such investments are justified by expected returns. These investments will be made across a broad range of sectors and types of financial instrument such as equity, senior equity, convertibles and mezzanine debt. The investment focus will be principally on Western Europe, with the majority of investments expected to be made in the United Kingdom, where historically Electra Partners has made the majority of investments. Electra Partners would expect there to be an emphasis on areas where its senior management team has specific knowledge and expertise. In circumstances where Electra Partners feel that there is merit in gaining exposure to countries and sectors outside Electra Partners' network and expertise, consideration will be given to investing in specific funds managed by third parties or co-investing with private equity managers with whom it has developed a relationship. In implementing Electra's investment strategy, Electra Partners typically targets investments at a cost of Â£25-70 million in companies with an enterprise value of Â£70-200 million. THE PORTFOLIO Electra's portfolio consists of an investment portfolio together with net liquid resources. Net liquid resources comprise cash and floating rate notes less bank loans. The portfolio consists of direct investments and investments through third party private equity funds. An overall analysis is given below:- --------------------- ------------ ------------ As at 30 September 2007 2006 Â£m Â£m --------------------- ------------ ------------ Portfolio * Direct Investments 525 315 Funds 95 65 --------------------- ------------ ------------ 620 380 Net Liquid Resources 156 238 --------------------- ------------ ------------ Portfolio and Net Liquid Resources 776 618 --------------------- ------------ ------------ * These amounts at 30 September 2007 exclude accrued income of Â£13,419,000 (2006: Â£5,874,000). At 30 September 2007 Electra had direct investments in 60 companies with an aggregate value of Â£525 million and investments in 35 private equity funds with an aggregate value of Â£95 million. Of the direct investments those with an aggregate value of Â£76 million were quoted on a recognised stock exchange but were subject to restrictions on sale. The top ten and twenty direct investments accounted for 61% and 84% respectively, of the total direct investments. Geographically, 78% of the investment portfolio was situated in the UK or Continental Europe, 14% was based in the USA and 8% in Asia. INVESTMENT MANAGER'S REVIEW Investment Portfolio Analysis The year to 30 September 2007 proved to be another period of excellent progress for Electra. The net asset value per share increased from 1,545p to 2,001p, a rise of 29.5% following rises of 29% and 31% in the previous two years. Importantly, with all restrictions on new investment removed for the first time since 1999 the Company entered a new era. Electra was able to quickly re-establish its presence in the private equity market, a fact demonstrated clearly by the rate of new investment which increased by 145% over the previous year. The year was characterised by two distinct phases. Until July the market was strongly influenced by the aggressive lending of financial institutions to the private equity sector. This resulted among other things, in high values being achieved on the realisation of investments. Post July the problems created by the sub-prime debt crisis led to a substantial change in the lending market with the onset of much greater caution. Electra was able to take advantage of these conditions achieving a level of realisation which amounted to 80% of the value of the portfolio at the beginning of the year. These disposals in turn gave rise to a very high level of realised gains. New investments on the other hand were achieved at good value by adopting a cautious and selective approach, by investing in smaller companies where competition was lower and by focusing on off market transactions. A summary of the changes in the portfolio compared to the previous two years is shown in the table below. ------------------ ------------ ------------ ------------ Year ended 30 September 2007 2006 2005 Â£m Â£m Â£m ------------------ ------------ ------------ ------------ Opening valuation 380 353 413 Investments 322 131 82 Realisations (303) (257) (250) Net capital increase 221 153 108 Closing portfolio * 620 380 353 ------------------ ------------ ------------ ------------ * These amounts at 30 September 2007 exclude accrued income of Â£13,419,000 (2006: Â£5,874,000, 2005: Â£17,024,000). Over the year, additions to the portfolio amounted to Â£322 million compared to Â£131 million in the previous year. Realisations were also very substantial giving rise to Â£303 million of cash proceeds. Net capital increases recorded in the year amounted to Â£221 million of which the majority arose from realisations. As a result of the investment activity in the year, Electra's invested portfolio rose by 63% from Â£380 million to Â£620 million. At the end of the year, net liquid resources stood at Â£156 million compared to Â£238 million at the beginning of the period. Despite the rise in the portfolio, Electra thus remains with substantial liquid assets available for further new investment. Outlook The last two years have produced exceptional returns for Electra's shareholders driven by a high level of well priced realisations. With the change in market conditions occurring in the latter half of the year it is likely that the holding period of investments may be longer and refinancings may be more difficult. Returns may therefore fall to a lower level. It is worth noting, however, that Electra operates in a segment of the market where the financing of potential targets and sale of investments has been least affected by market changes. Electra, therefore, remains in a good position. The portfolio has been significantly increased based on carefully selected transactions, with substantial upside potential. Furthermore, Electra has retained a high level of liquid assets with which to take advantage of investment opportunities which may arise on more favourable terms given the current market turmoil. INVESTMENT MANAGER'S REVIEW Investments In the year to 30 September 2007, Electra invested Â£322 million in additions to the investment portfolio. This compares to investments of Â£131 million made in the previous year. This very significant step up in activity resulted from the removal of restrictions on investment which were in place up to October 2006. With an unrestricted investment strategy, Electra has been able to re-enter the private equity market in a fully committed way. This in turn produced a significant increase in dealflow and subsequent investment. In looking at new investments, Electra adopted a relatively cautious approach in view of the competitive nature of the market and the plentiful supply of bank funds which led to escalating prices in the first nine months of the financial year. The investment of Â£322 million made by Electra included Â£265 million in direct investments and Â£56 million drawn down under commitments to private equity funds. The most significant direct investments included Â£63 million in the Â£246 million buyout of Kingfield Heath, Â£34 million in the Â£73 million buyout of Nuaire, Â£26 million in the Â£83 million buyout of Lil-lets and Â£33 million in the buyout of Premier Asset Management. Kingfield Heath is the second largest office products distributor in the UK and Ireland, offering the widest range of office products and electronic office supplies available in the market place. Nuaire is one of the UK's largest ventilation product manufacturers and has been designing and manufacturing innovative quality products for home and overseas markets since 1963. Lil-lets sells a range of feminine hygiene products both in the UK and South African markets where it is a clear market leader. Premier Asset Management is a retail fund manager, distributing fund of funds and specialist open and closed-ended funds predominantly through IFAs but also through other discretionary and advisory channels. ------------------- -------------- ---------- ---------- Company Activity Deal Type Cost (Â£m) ------------------- -------------- ---------- ---------- New Investment Kingfield Heath Office products MBO 63 Nuaire Ventilation systems MBO 34 Lil-lets Feminine hygiene MBO 26 Premier Asset Management Fund management MBO 33 Reinvestment Allflex Animal tagging MBO 41 Capital Safety Group Safety harnesses MBO 18 Funds MBO investments - 56 Other Investments Various - 51 ------------------- -------------- ---------- ---------- 322 ------------------- -------------- ---------- ---------- In addition to these new investments Electra reinvested in the secondary buyout of Capital Safety Group ('CSG') and in the refinancing of Allflex. Electra invested Â£18 million in CSG's successor vehicle in order to participate further in the growth of the company. In August 2007 Electra reinvested Â£41 million in the third refinancing of Allflex for a 38% equity interest. Allflex is the world's leading manufacturer and distributor of visual and electronic animal identification tags and operates in a market with continued growth opportunities. Electra has continued its strategy of investing in third party private equity funds where, in the view of the Manager, the relationship created is likely to give rise to significant co-investment or co-underwriting opportunities. During the year, Â£56 million was invested in private equity funds of which Â£25 million was invested in funds managed by TCR, a private equity management company based in France. Of this amount, Â£20 million represented the purchase of a secondary interest and a further Â£5 million was drawn down under outstanding commitments. The remaining Â£31 million was invested primarily in five other private equity funds. In addition to the amounts invested during the year, Electra had outstanding commitments of Â£128 million to make further investments in private equity. Of this amount, Â£78 million represented commitments to third party private equity funds. Realisations The total proceeds realised from the portfolio during the year amounted to Â£303 million. This compares to a valuation of the portfolio at the beginning of the year of Â£380 million. The total proceeds thus represented 80% of the opening value of the investment portfolio. This high level of realisations reflected market conditions up to the end of July when the sub-prime debt crisis brought with it a rapid change. Where investments were realised overall proceeds exceeded their value at the beginning of the year by more than 2.5 times. Largest Investment Realisations --------------- ------------------- --------------- Company Valuation at 30 Proceeds from September 2006 Disposal Â£'m Â£'m --------------- ------------------- --------------- Capital Safety Group II 24 113 Allflex 31 97 --------------- ------------------- --------------- 55 210 --------------- ------------------- --------------- The two largest realisations related to CSG and Allflex. In the case of CSG, the company was sold in a $565 million secondary buyout arranged by Candover Partners. On completion of the transaction, Electra received gross proceeds of Â£113 million compared to a value at the beginning of the year of Â£24 million. Electra originally purchased CSG in 1998 investing Â£30 million in the Â£98 million management buyout. Including the proceeds from the refinancing in 2005, Electra achieved a multiple of over five times its original investment with a net IRR to Electra over nine years of 23%. In August 2007 Allflex was refinanced for the third time generating gross proceeds to Electra of Â£97 million compared to a value at the beginning of the year of Â£31 million. This refinancing was achieved despite the difficult conditions in the debt market which is a reflection of the strength of Allflex's business. Allflex was also purchased in 1998. Based on the aggregate proceeds since then and the retained investment, Electra has achieved a multiple of over five times the original investment with a net IRR to Electra over nine years of 25%. Both Allflex and CSG have developed very successfully during the period of time they have been backed by Electra. These investments demonstrate one of the strengths of Electra, namely that the flexible nature of its investment policy allows lengthy holding periods, enabling full benefit to be gained from long term strategy without the need to sell on a pre-determined timescale. Electra received almost Â£100 million from the sale of other investments including Â£17 million from Freightliner and Â£12 million from Safeland. Over the year the proceeds from private equity funds amounted to Â£49 million. Shortly after the year end Electra realised its investment in Dakota, Minnesota & Eastern Railroad ('DM&E') for Â£35 million with further contingent consideration of Â£33 million at current exchange rates. These payments are contingent upon the future success of the Powder River Basin project and no value has been recognised in respect of these potential payments due to the uncertainty at this stage. This represents an excellent conclusion to an investment made 21 years ago when Electra originally invested $800,000 with a further investment of $1.4 million. Performance The year to 30 September 2007 was one in which the portfolio produced an exceptional performance. Net capital appreciation recognised during the year amounted to Â£221 million, with the result that the investment portfolio rose by 58.2%. This compares to 43.3% and 26.2% in the two previous years. Once again, the performance resulted for the most part, from realised gains as opposed to unrealised appreciation. Inclusive of the sale of DM&E completed shortly after the year end, realised gains exceeded Â£200 million. The change in unrealised appreciation over the year was insignificant and amounted to a net decrease of Â£10 million made up of fair valuation increases of Â£20 million offset by Â£30 million of decreases. The largest realised gains were made on the sale of CSG (Â£88 million) and Allflex (Â£66 million) whereas the gain of Â£33 million on the sale of DM&E was realised in October. Private equity funds contributed Â£21 million of gains. Largest Valuation Changes ---------------------- ------------- ----------- -------- Company Valuation at Valuation % movement 30 September Â£'m ---------------------- 2006 Â£'m ----------- -------- ------------- Capital Safety Group II 24 88 366 Allflex 31 66 212 Dakota, Minnesota & Eastern Railroad 3 33 1,289 Private Equity Funds 67 21 32 Moser Baer 15 13 92 ---------------------- ------------- ----------- -------- 140 221 ---------------------- ------------- ----------- -------- Only two investments were written up during the year, namely Moser Baer and Freightliner. Moser Baer performed strongly during the year and the valuation was increased by Â£13 million to reflect this. Freightliner also continues to make good progress and was revalued by Â£8 million. Reductions in valuation were made in respect of 13 investments. Unaudited Consolidated Income Statement --------------------- ------- ------- ------- ------- ------ ------ For the year ended 30 September Revenue Capital 2007 Revenue Capital 2006 Â£'000 Â£'000 Total Â£'000 Â£'000 Total Â£'000 Â£'000 --------------------- ------- ------- ------- ------- ------ ------ Net gains on investments held at fair value 34,420 170,083 204,503 33,484 143,579 177,063 --------------------- ------- ------- ------- ------- ------ ------ Profits/(losses) on revaluation of foreign currencies 7,637 - 6,122 6,122 - 7,637 --------------------- ------- ------- ------- ------- ------ ------ 34,420 177,720 212,140 33,484 149,701 183,185 Other income 2,394 - 2,394 2,437 - 2,437 Priority profit share paid to general partners (12,350) - (12,350) (10,681) - (10,681) Other expenses (2,702) (5,538) (8,240) (3,539) (645) (4,184) --------------------- ------- ------- ------- ------- ------ ------ Net Profit before Finance Costs and Taxation 21,762 172,182 193,944 21,701 149,056 170,757 Finance costs (8,859) - (8,859) (8,799) - (8,799) Profit on Ordinary Activities before Taxation 12,903 172,182 185,085 12,902 149,056 161,958 Taxation (3,624) (7,132) (10,756) (4,286) (7,208) (11,494) --------------------- ------- ------- ------- ------- ------ ------ Profit after Taxation 9,279 165,050 174,329 8,616 141,848 150,464 --------------------- ------- ------- ------- ------- ------ ------ Attributable to Equity Shareholders 9,279 165,050 174,329 8,616 141,848 150,464 --------------------- ------- ------- ------- ------- ------ ------ Basic and Diluted Earnings per Ordinary Share 24.60p 437.49p 462.09p 20.58p 338.80p 359.38p --------------------- ------- ------- ------- ------- ------ ------ The Total column of this statement represents the Group's Income Statement prepared in accordance with International Financial Reporting Standards adopted by the EU ('IFRS'). The supplementary Revenue and Capital columns are both prepared under guidance published by the Association of Investment Companies. The amounts dealt with in the Consolidated Income Statement are all derived from continuing activities. 2007 2006 Number of Ordinary Shares in issue at 30 September 37,252,687 38,722,687 Dividends Paid 2007 2006 Total paid (Â£'000) 6,375 8,592 Per share 17p 20p --------------------- ------- ------- ------- ------- ------ ------ Unaudited Consolidated Statement of Changes in Equity ---------------------------- ------------ ------------ For the year ended 30 September 2007 2006 Â£'000 Â£'000 ---------------------------- ------------ ------------ Total equity at 1 October 598,292 520,883 Adoption of IAS 39 * - 1,239 Profit after Taxation 174,329 150,464 Special dividend to equity shareholders ** (6,375) (8,592) Exchange differences 1,564 (1,445) Purchase of own shares (22,304) (64,257) ---------------------------- ------------ ------------ Total Equity Shareholders' Funds at 30 September 745,506 598,292 ---------------------------- ------------ ------------ * Opening balance at 1 October 2005 has been restated for IAS 39 such that listed investments have been valued at bid rather than mid price and marketability discounts have not been applied. ** Special dividend paid of 17p (2006: 20p) per share after share buy-back of 1,000,000 ordinary shares on 18 December 2006, 120,000 ordinary shares on 19 December 2006 and 100,000 ordinary shares on 15 January 2007 (2006: 550,000 ordinary shares on 6 February 2006). Unaudited Consolidated Balance Sheet As at 30 Sept 2007 As at 30 Sept 2006 Â£'000 Â£'000 Â£'000 Â£'000 -------------------------- -------- ------- ------- ------- Non-Current Assets Investments held at fair value: Unlisted and listed 633,311 386,033 Floating rate notes 299,437 394,201 -------------------------- -------- ------- ------- ------- 932,748 780,234 -------------------------- -------- ------- ------- ------- Current Assets Trade and other receivables 16,189 1,481 Cash and cash equivalents 16,948 9,875 -------------------------- -------- ------- ------- ------- 33,137 11,356 -------------------------- -------- ------- ------- ------- Current Liabilities Trade and other payables 19,584 15,591 -------------------------- -------- ------- ------- ------- Net Current Assets/(Liabilities) 13,553 (4,235) -------------------------- -------- ------- ------- ------- Total Assets less Current Liabilities 946,301 775,999 -------------------------- -------- ------- ------- ------- Bank loans 160,699 165,823 -------------------------- -------- ------- ------- ------- 785,602 610,176 Deferred tax 12,701 1,299 Provision for liabilities and charges 27,395 10,585 -------------------------- -------- ------- ------- ------- Non-Current Liabilities 40,096 11,884 -------------------------- -------- ------- ------- ------- Net Assets 745,506 598,292 -------------------------- -------- ------- ------- ------- Net asset value per ordinary share 2,001.21p 1,545.07p -------------------------- -------- ------- ------- ------- Unaudited Consolidated Cash Flow Statement ----------------------- -------- -------- -------- -------- For the year ended 30 September Â£'000 2007 Â£'000 2006 Â£'000 Â£'000 ----------------------- -------- -------- -------- -------- Operating Activities Purchases of investments (353,116) (457,865) Amounts paid under incentive (28,641) (13,691) schemes Sales of investments 415,782 460,114 Dividends and distributions 2,221 14,560 received Other investment income received 26,073 28,323 Interest income received 2,098 2,139 Other income received 297 297 Expenses paid (14,638) (13,407) Taxation paid (6,574) (7,380) ----------------------- -------- -------- -------- -------- Net Cash Inflow from Operating 43,502 13,090 Activities -------- -------- -------- -------- ----------------------- Financing Activities 71,680 Bank loans drawn (56,680) Bank loans repaid 126,932 (64,257) Purchase of own shares (123,109) - Loans received (22,304) (7,451) Finance costs - (222) Other finance costs (9,792) (8,592) Dividend paid (471) (6,375) ----------------------- -------- -------- -------- -------- Net Cash Outflow from Financing (35,119) (65,522) Activities -------- -------- -------- -------- ----------------------- Changes in cash and cash 8,383 (52,432) equivalents Cash and cash equivalents at 1 9,875 62,610 October Translation difference (1,310) (303) ----------------------- -------- -------- -------- -------- Cash and cash equivalents at 30 16,948 9,875 September -------- -------- -------- -------- The financial information has been prepared in accordance with IFRS, IFRIC interpretations and parts of the Companies Act 1985 applicable to companies reporting under IFRS. The accounting policies set out in the 2006 Annual Report have been consistently applied in the preparation of this financial information. Revenue includes dividends of Â£2.2 million and interest of Â£32.2 million (2006: dividends of Â£7.3 million and interest of Â£26.2 million). ----- E N D ----- This information is provided by RNS The company news service from the London Stock Exchange

Companies

Unbound Group (UBG)

Full Archive

UK 100

Latest directors dealings

27 minutes ago Bezant Resources
27 minutes ago Cranswick
2 days ago IntegraFin Holding
2 days ago Spirent Communications
2 days ago CRH (CDI)

All directors dealings today