REG - CT Private Eq Trust - Interim Results and Dividend announcement
26/08/2022 07:00
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RNS Number : 2885X CT Private Equity Trust PLC 26 August 2022
To: Stock Exchange For immediate release:
26 August 2022
CT Private Equity Trust PLC
LEI: 2138009FW98WZFCGRN66
Unaudited results for the half year ended 30 June 2022
Financial Highlights
· NAV of 656.75p per Ordinary Share as at 30 June 2022 reflecting a
total return for the six-month period of 4.3%.
· Total quarterly dividends of 12.36p per Ordinary Share year to date.
· Quarterly dividend of 6.05p paid on 29 July 2022
· Quarterly dividend of 6.31p to be paid on 31 October 2022
· Dividend yield of 5.3% based on the period end share price (1).
· 1,096,491 shares bought back during the period at an average discount
of 28% to NAV.
· As at 30 June 2022 net debt was £14.6 million equivalent to a
gearing level of 3.0%.
(1) Calculated as dividends of 5.27p paid on 28 January 2022, 5.65p
paid on 29 April 2022, 6.05p paid on 29 July 2022 and 6.31p payable on 31
October 2022, divided by the Company's share price of 438.00p as at 30 June
2022.
Chairman's Statement
Introduction
This report is for the six-month period ended 30 June 2022. At the period end
the Net Asset Value ("NAV") of CT Private Equity Trust PLC ("the Company") was
£478.4 million giving a NAV per share of 656.75p. Taking account of dividends
paid the NAV total return for the six-month period was 4.3%. With the share
price discount having increased from 23.6% at 31 December 2021 to 33.3% at 30
June 2022, the share price total return for the period was -8.4%. These
compare to a return of -4.6% for the FTSE All-Share Index for the same period.
After a very strong period for the portfolio in 2021 this year started with
considerable momentum in the private equity market internationally. This
reflected the resilience demonstrated by the asset class during the pandemic
and the resulting ongoing strong appetite for private equity by international
investors. The private equity business model involving strong alignment of
interest and the constructive involvement of skilled investors in the affairs
of investee companies was tested profoundly and proved robust. The recovery
from the pandemic has created new challenges with shifts in consumer
behaviour, supply chain constraints and labour shortages foremost amongst
these. In February a fresh set of serious challenges arose through Russia's
invasion of Ukraine. Extremely high energy prices and inflation in food prices
have seriously compounded the problems and higher interest rates are an
obvious consequence. The risks involved in all sorts of business activity have
been elevated and the private equity sector is by no means immune. The very
strong flow of realisations seen in 2021 has moderated somewhat but it remains
at very healthy levels and dealflow in the year so far has remained very good.
Against this background, it is therefore with cautious optimism that we note
that your Company has made further gains for shareholders in the first half.
Much of this is down to the focused endeavours of our investment partners and
the management teams of the underlying companies.
Dividends
In accordance with the Company's stated dividend policy, the Board declares a
quarterly dividend of 6.31p per ordinary share, payable on 31 October 2022 to
Shareholders on the register on 7 October 2022 with an ex-dividend date of 6
October 2022. Together with the last three dividends paid this represents a
dividend yield of 5.3 per cent based on the period end share price.
Financing
The Company has a £95 million multi-currency revolving credit facility and a
term loan of €25 million. At 30 June 2022 exchange rates, these borrowing
facilities, which will mature in June 2024, result in a total borrowing
capacity of approximately £116.5 million.
As at 30 June 2022, the Company had cash of £22.4 million. With borrowings of
£37.0 million from the facilities, net debt was £14.6 million, equivalent to
a gearing level of 3.0% (31 December 2021: 0.7%). The total of outstanding
undrawn commitments at 30 June 2022 was £179 million and, of this,
approximately £33.6 million is to funds where the investment period has
expired.
Share Buybacks
At the Annual General Meeting held on 26 May 2022, the Board sought and
received from shareholders a renewal of the authority to buyback up to 14.99%
of the Company's share capital. Buybacks can only be made at a cost which is
below the prevailing net asset value and, in the opinion of Directors, would
be in the interests of shareholders as a whole.
During June the Company bought back 1,096,491 of its ordinary shares to be
held in treasury. The average discount at which these shares were bought back
was 28%.
These shares are held in treasury to allow the Company to re-issue them
quickly and cost effectively. The Company can only re-issue treasury shares or
issue new shares at a price which would not dilute the NAV of existing
shareholders.
Investment Manager and Name Change
On 8 November 2021, BMO sold its asset management business in Europe, the
Middle East and Africa, ("BMO GAM EMEA") to Columbia Threadneedle Investments.
Since November 2021, Columbia Threadneedle Investments has been working to
integrate both organisations. The combined business has more than 2,500 staff,
including over 650 investment professionals based in North America, Europe and
Asia. At 30 June 2022 it managed £492 billion of client assets.
On 4 July 2022, the entire BMO GAM EMEA business was rebranded as Columbia
Threadneedle Investments. As part of this process, the Company's investment
manager, BMO Investment Business Limited, was renamed Columbia Threadneedle
Investment Business Limited.
As many of the Company's shareholders invest through the Columbia Threadneedle
Investments savings plans the Board resolved that continuing to align with the
brand of the investment manager would avoid unnecessary confusion and ensure
that the Company maximised the benefits of the broader Columbia Threadneedle
Investments brand.
On 30 June 2022 the Company therefore announced that it had changed its name
from BMO Private Equity Trust PLC to CT Private Equity Trust PLC. The
Company's website address was also amended from 4 July 2022 to become
ctprivateequitytrust.com and its trading instrument display mnemonic ("TIDM"
or "ticker") changed to CTPE.
Throughout the change of ownership of the investment manager, the Board has
sought and received confirmation from senior management at Columbia
Threadneedle Investments of the importance of maintaining stability and
continuity of the teams which support the Company. The Board welcomes these
assurances and will ensure that shareholders are kept informed of developments
as this new relationship develops.
Change in Directorate
My appointment as Chairman of the Company in May 2022 was part of a process of
succession planning undertaken by the Board which has resulted, progressively,
in a number of changes to its membership.
My predecessor as Chairman of the Company, Mark Tennant, retired at the
conclusion of the AGM held on 26 May 2022. Mark joined the Board in February
2009 and had served as Chairman from May 2010. His contribution to the
long-term success of the Company throughout his tenure has been invaluable. On
behalf of all shareholders, I extend our thanks to him for such outstanding
leadership.
As a further part of the Board succession plan and as previously announced, it
is anticipated that David Shaw will retire from Board at the conclusion of the
2023 AGM.
Outlook
The Company's portfolio is diversified across geographies and sectors and
represents established long-term partnerships with a broad range of private
equity managers. As we enter the second half of the year, I have confidence
that this combination will prove resilient in the face of the severe
macroeconomic challenges and continues to provide opportunities for growth.
Richard Gray
Chairman
Manager's Review
Introduction
The portfolio is deliberately well diversified with substantial exposure to
all the active private equity markets in Europe and a very useful
complementary presence in North America. Diversification is the only reliable
way of managing the innately high risk in private equity bringing it down to
moderate levels. The range of companies which are receiving private equity as
a means of financing their growth is broad with many emerging industries and
sectors represented. A fair proportion of these are tech enabled and often
they are experiencing secular growth which gives them a degree of protection
in the current environment which is putting pressure on consumers and
corporates alike. The first half has seen a fairly buoyant market with
realisations exceeding new investments by a reasonable margin. Whilst not the
sellers' market of the previous year our investment partners have been
successful in achieving multiple good exits across all geographies.
New Investments
Seven new commitments to funds were made during the first half.
$14.0 million was committed to Corsair VI, the mid-market buyout fund with a
focus on financial services in North America and Europe. This is a firm we
have known for a number of years, mainly through our co-investment in
insurance company software business RGI.
€7.0 million was committed to MED Platform II, the ArchiMed managed
mid-market buyout fund with a focus on healthcare in North America and Europe.
We have made three new commitments to funds based in the Nordic region.
€10.0 million was committed to Procuritas VII, the fourth fund we have
backed in a series of highly successful mid-market buyout funds from this
Stockholm based manager. €8.0 million was committed to Verdane Edda III
(technology based growth investments in the upper mid-market of Northern
Europe) and €7.0 million to Verdane Capital XI (mid-sized and smaller growth
investments in Northern Europe including secondary portfolios as well as
single assets). We are already invested in the previous Verdane Edda fund.
£5.0 million has been committed to Northern Gritstone, an innovative new fund
investing in University spinouts from the Universities of Manchester, Leeds
and Sheffield. The fund also has the flexibility to invest in other growth
equity opportunities in the North of England.
$10.0 million was committed to Hg Saturn 3, the Hg managed upper mid-market
buyout fund focussed on software and services platforms in Europe and by
exception in North America.
Five new co-investments have been added during the first half. The
co-investment portfolio now accounts for 43.3% of the overall portfolio.
$10.0 million (£7.6 million) was invested in Aurora Payment Solutions, a
digital payments solutions provider for over 20,000 US merchants in multiple
sectors including hospitality and transport. Headquartered in Texas, this
investment is led by Corsair Capital, who as noted above are financial
services specialists.
£3.9 million was invested in Perfect Image, a Newcastle based IT services
group. The company's client base are SMEs often undertaking migrations to the
Cloud or bolstering their cybersecurity. The deal is led by Chiltern Capital,
a lower mid-market manager with whom we have co-invested on a number of
occasions.
€3.3 million (£2.8 million) was invested in Bomaki, a 'sushi samba' style
restaurant chain based in the Milan region of Northern Italy. The restaurants
offer a fusion cuisine combining influences from Japan and Brazil. The chain
starts with nine restaurants and the plan is to build out to 24 within three
years. The deal is led by Augens Capital who are well known to us from the San
Siro investment (funeral homes). There is also a co-lead investor, Buono
Ventures, who have specific expertise in the restaurant sector.
£3.0 million has been committed to Rephine, a UK headquartered outsourced
services provider of audit and regulatory consulting services to the global
pharmaceutical supply chain primarily through the provision of Good
Manufacturing Practice ('GMP') audits. Rephine's addressable market is worth
c.£420 million and is growing strongly driven by increasing regulatory
requirements, outsourcing of non-core activities by pharmaceuticals companies,
new types of drugs, more generic drugs and complex pharma supply chains. The
deal is led by Kester Capital with whom we have invested both through
co-investments and in their funds. £1.0 million of the commitment has been
drawn so far.
€9.0 million has been committed to Leader 96, a Bulgaria headquartered
electric bike assembler. The company has successfully transitioned from
conventional bikes towards e-bikes which now make up more than 90% of sales.
The market for e-bikes is well established in various European markets such as
Germany, The Netherlands and France and is growing rapidly in other markets
with lower penetration such as Spain and the UK. The investment is led by The
Rohatyn Group with whom we have co-invested on a number of occasions. £8.5
million of the commitment has been invested to date.
In June the Company acquired all the limited partnership interests in F&C
European Capital Partners LP, the 2007 vintage mid-market buyout fund of funds
which shares the same management team as the Company. This secondary
transaction provided sought after liquidity to the fund's investors and an
attractive medium-term investment for our shareholders. £4.4 million was
invested which represented a discount to the prevailing NAV of approximately
50%. The portfolio contains a limited number of older holdings which should
deliver a good return as they are gradually realised over the next few years.
The funds in the portfolio drew capital for several new investments in the
period.
In the UK there were a number of new deals. FPE III have called £0.6 million
for Egress, a provider of migration and managed services enabling mainly NHS
and local authority customers to move to the cloud. Kester Capital called
£0.3 million for Optibrium a software company focusing on drug discovery for
the pharmaceuticals sector. August Equity V called £0.8 million for two
companies; Medivet (veterinary care) and AAB (professional services). Piper
Private Equity VI called £0.8 million for premium pet accessories brand Omlet
where we are a co-investor.
In the Nordic region Procuritas was active with £0.7 million called for
Werksta (automotive repair shops) by its funds VI and VII. This investment was
acquired from Procuritas V. Procuritas remain in the lead on the deal but have
brought in external investors for this second stage of the investment's
growth. In Finland Vaaka III called £0.4 million for Medbase a provider of
decision support databases for professionals and organisations covering for
example drug interactions with other drugs and potential adverse effects.
Vaaka IV have called £0.7 million for Bolt Works (staffing services with a
digital platform).
In Central and Eastern Europe ARX CEE IV called £0.8 million mainly for Czech
Republic based Brebeck (carbon fibre components for the motorsports industry)
and Klient (Hungarian outsourced accounting firm). Avallon III called £0.4
million for Globema (provider and integrator of geospatial location based
software). In Germany DBAG VII invested £0.6 million in Itelyum (specialist
in hazardous waste recycling). In the USA Graycliff IV called £0.4 million
for Landmark (designer, fabricator and installer of elevated water towers).
Over the first six months the total of co-investments and drawdowns from funds
was £37.3 million.
Realisations
There has been a healthy flow of realisations from across the portfolio.
The largest realisation of £18.1 million was from STAXS the cleanroom
consumables company based in The Netherlands. This Silverfleet led investment
performed exceptionally well aided to some extent by COVID-19. It has been
sold to a family-owned company with a diversified portfolio of investments.
£15.7 million of the proceeds came from our coinvestment and a further £2.4
million was from the Silverfleet European Development Fund. The overall return
was an impressive 6.2x cost and an IRR of c.80%.
£2.6 million was received as the second and final instalment of the
realisation proceeds from Calucem, the Croatia based calcium aluminate cement
manufacturer in which we coinvested with Ambienta. The overall return was 1.9x
and an IRR of 11%.
In the UK August Equity IV returned £2.9 million from energy procurement
company Zenergi (5.3x cost, 50% IRR). August Equity IV also exited Dental
Partners returning £2.5 million (1.8x cost, 15% IRR).
Inflexion continues its impressive run of exits. £2.7 million was returned
from compliance risk management company Alcumus (5.9x cost, 37% IRR). £1.3
million came in from the sale of building products company Marley which has
been sold to the publicly listed company Marshalls (3.5x cost, 58% IRR).
Inflexion also exited Goals, the football centres chain, returning £0.5
million (4.3x cost, 55% IRR).
Primary Capital IV had two exits; railway equipment and services provider
Readypower returned £1.4 million (4.6x cost, 39% IRR) and the accredited
online courses company ICS Learn £1.1 million (4.4x cost, 49% IRR).
There were several good European exits. Astorg VI exited the Switzerland based
Autoform which provides software for use in sheet metal forming in a sale to
Carlyle which returned £2.4 million (4.1x cost, 30% IRR). Astorg VI also
returned £1.6 million from the sale of healthcare products company HRA (2.3x
cost, 17% IRR). ArchiMed II sold Austrian medical and veterinary diagnostics
company Eurolyser returning £1.0 million (6.0x cost, 79% IRR). In Spain
Corpfin IV finished the exit of Preving returning £0.4 million (6.3x cost,
49% IRR). In the Nordics, as noted above, Procuritas V sold automotive repair
shops chain Werksta to its later funds and external investors returning £1.7
million (5.6x cost, 35% IRR). Verdane Edda exited Scanmarket (cloud-based
e-sourcing software) returning £0.5 million (2.5x cost, 30% IRR). Finland
based Vaaka II exited the leading physiotherapy company in that country,
Fysios, returning £0.5 million (3.3x cost, 21% IRR).
In the USA Blue Point Capital exited Kendall Vegetation Services, which
manages vegetation for utilities and municipalities across the south-eastern
and central USA, returning £0.7 million (3.5x cost, 46% IRR).
Over the first half the total of realisations from co-investments and funds
was £47.8 million.
Valuation Changes
As is usual there is a time lag with valuations. Approximately 77% of the
valuation is based on March 2022 valuations. The remainder is valued at June
2022 valuations.
The largest change in valuation was an uplift of £5.9 million for our
Silverfleet led co-investment in cleanroom consumables company STAXS, which as
noted above has now been sold.
A number of the co-investments have been uplifted. Drill cuttings processor
TWMA is up by £1.7 million as trading improves notably in the Gulf area. San
Siro the Italian Funeral homes chain is up by £1.1 million and internet of
things infrastructure provider JT IoT is up by £0.9 million. Other uplifts
include for US based Mexican themed restaurant chain Rosa Mexicano (£1.0
million) where normality is returning to trading.
There are a number of notable upgrades amongst the funds portfolio led by
Volpi (£2.4 million), the combined Inflexion Funds (£2.3 million), Agilitas
2015 (£1.2 million), ArchiMed II (£1.1 million), Apiary (£1.0 million) and
Chequers XVII (£1.0 million).
There have been some notable downgrades. Weird Fish, the clothing company, is
down by £4.7 million reflecting weaker trading. Ambio is down by £3.0
million as its planned listing appears to be postponed. DMC Canotec the
managed print services company is down by £1.6 million as volumes remain some
20-25% below pre COVID-19 levels. These companies have all made good
progress overall.
Financing
The Company remains in a strong financial position with realisations in the
first half coming in some £10 million ahead of drawdowns. During the quarter
the Company bought in £5 million of its own shares at an average price of
452p. This represented a discount to NAV at the time of nearly 30% and
therefore enhances NAV by approximately £1.5 million. The Company will keep
share buy-backs as an option to be used occasionally and judiciously for the
benefit of shareholders.
At the end of June the Company had net debt of £14.6 million. Although this
has increased slightly to around £18 million currently, this leaves more than
three quarters of the Company's borrowing facilities available.
Outlook
After the midpoint of the year the Company's portfolio appears to be resilient
with gains in valuation through improved trading and realisations. The very
strong flow of realisations seen during 2021 has lessened in 2022, as
expected, but the number and pricing of exits in the first half is very
respectable with the total proceeds exceeding that achieved in the whole of
2019.
The external environment is replete with challenges. Inflation in energy and
food prices, rising interest rates, supply chain issues and labour shortages
provide the backdrop. Most of these relate to the Russian invasion of Ukraine
or the aftermath of the COVID-19 pandemic. At the level of individual
companies the impact of these varies considerably and many of these factors
will take time to feed through into trading and eventually profits. For
selected companies, for example those linked to the energy industry, these
could prove beneficial. Adjusting for supply chain constraints is taking up a
considerable amount of management time.
At the investor level there remains strong appetite internationally for
private equity and fund raising continues albeit at somewhat reduced levels.
The accumulated commitments to private equity funds will provide capital for
many new deals for several years to come. Dealflow has barely slowed during
2022 but there are signs that investors are being more cautious. In certain
sectors such as tech enabled companies vendors are helpfully adjusting
valuation expectations in the light of significantly reduced valuations in the
public markets. The valuations of private companies are continually being
tested as mature holdings are realised and these continue to be at significant
premia to the most recent valuations. Given the circumstances and progress to
date there is every prospect of further gains in the remainder of the year.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
Portfolio Summary
Ten Largest Holdings Total Valuation £'000 % of Total Portfolio
As at 30 June 2022
Inflexion Strategic Partners 19,295 3.9
Sigma 16,552 3.3
TWMA 14,076 2.8
Volpi Capital 12,962 2.6
Coretrax 12,037 2.4
San Siro 11,353 2.3
Ashtead 11,235 2.2
Aliante Equity 3 11,011 2.2
Weird Fish 10,002 2.0
Bencis V 9,615 1.9
128,138 25.6
Portfolio Holdings
Investment Geographic Focus Total % of Total Portfolio
Valuation
£'000
Buyout Funds - Pan European
Volpi Capital Northern Europe 12,962 2.6
Apposite Healthcare II Europe 8,137 1.6
Stirling Square Capital II Europe 6,436 1.3
Agilitas 2015 Fund Northern Europe 5,529 1.1
F&C European Capital Partners Europe 4,439 0.9
ArchiMed II Western Europe 4,392 0.9
Apposite Healthcare III Europe 4,021 0.8
Astorg VI Western Europe 3,011 0.6
Silverfleet European Dev Fund Europe 1,275 0.3
TDR II Annex Fund Western Europe 227 0.1
TDR Capital II Western Europe 203 -
ArchiMed MED III Global 179 -
Med Platform II Global 123 -
Agilitas 2020 Fund Europe 12 -
Total Buyout Funds - Pan European 50,946 10.2
Buyout Funds - UK
Inflexion Strategic Partners United Kingdom 19,295 3.9
August Equity Partners IV United Kingdom 7,587 1.5
Inflexion Supplemental V United Kingdom 5,082 1.0
GCP Europe II United Kingdom 4,590 0.9
Piper Private Equity VI United Kingdom 4,523 0.9
Inflexion Buyout Fund V United Kingdom 4,325 0.9
Apiary Capital Partners I United Kingdom 3,908 0.8
Inflexion Enterprise Fund IV United Kingdom 3,486 0.7
Inflexion Buyout Fund IV United Kingdom 3,416 0.7
Kester Capital II United Kingdom 3,288 0.7
Inflexion 2010 Fund United Kingdom 3,141 0.6
August Equity Partners V United Kingdom 3,024 0.6
RJD Private Equity Fund III United Kingdom 2,821 0.6
Inflexion Partnership Capital II United Kingdom 2,624 0.5
Inflexion Partnership Capital I United Kingdom 2,455 0.5
FPE Fund II United Kingdom 2,294 0.5
Dunedin Buyout Fund II United Kingdom 2,285 0.5
Inflexion Supplemental IV United Kingdom 2,144 0.4
Horizon Capital 2013 United Kingdom 1,979 0.4
Inflexion 2012 Co-Invest Fund United Kingdom 1,667 0.3
Inflexion Enterprise Fund V United Kingdom 1,647 0.3
Primary Capital IV United Kingdom 1,424 0.3
Piper Private Equity V United Kingdom 1,107 0.2
Rephine United Kingdom 1,050 0.2
FPE Fund III United Kingdom 672 0.1
Piper Private Equity VII United Kingdom 95 -
August Equity Partners III United Kingdom 3 -
Total Buyout Funds - UK 89,932 18.0
Investment Geographic Focus Total % of Total Portfolio
Valuation £'000
Buyout Funds - Continental Europe
Aliante Equity 3 Italy 11,011 2.2
Bencis V Benelux 9,615 1.9
DBAG VII DACH 5,665 1.1
Chequers Capital XVII France 5,433 1.1
Vaaka III Finland 5,025 1.0
Capvis III CV DACH 4,882 1.0
Verdane Edda Nordic 4,269 0.9
Montefiore IV France 4,235 0.8
Procuritas Capital IV Nordic 4,230 0.8
Summa II Nordic 4,171 0.8
Corpfin Capital Fund IV Spain 4,143 0.8
Procuritas VI Nordic 4,137 0.8
ARX CEE IV Eastern Europe 3,845 0.8
Italian Portfolio Italy 3,791 0.8
Summa I Nordic 2,588 0.5
Capvis IV DACH 2,382 0.5
Chequers Capital XVI France 2,240 0.4
Avallon MBO Fund III Poland 2,015 0.4
DBAG Fund VI DACH 1,965 0.4
NEM Imprese III Italy 1,888 0.4
Vaaka II Finland 1,629 0.3
Montefiore V France 1,519 0.3
Avallon MBO Fund II Poland 1,442 0.3
Ciclad 5 France 1,079 0.2
DBAG VIIB DACH 1,041 0.2
Portobello Fund III Spain 962 0.2
Corpfin V Spain 852 0.2
DBAG VIII DACH 842 0.2
Ciclad 4 France 797 0.2
Vaaka IV Finland 725 0.1
PineBridge New Europe II Eastern Europe 695 0.1
Procuritas Capital V Nordic 664 0.1
DBAG Fund V DACH 338 0.1
Procuritas VII Nordic 315 0.1
DBAG VIIIB DACH 268 0.1
Gilde Buyout Fund III Benelux 90 -
N+1 Private Equity Fund II Iberia 63 -
Capvis III DACH 51 -
Total Buyout Funds - Continental Europe 100,902 20.1
Private Equity Funds - USA
Blue Point Capital IV North America 7,499 1.5
Graycliff III United States 3,859 0.8
Camden Partners IV United States 3,077 0.6
Blue Point Capital III North America 2,745 0.6
Stellex Capital Partners North America 2,420 0.5
Graycliff IV North America 1,942 0.4
HealthpointCapital Partners III United States 482 0.1
Blue Point Capital II North America 249 -
Total Private Equity Funds - USA 22,273 4.5
Investment Geographic Total % of
Focus Valuation Total
£'000 Portfolio
Private Equity Funds - Global
PineBridge GEM II Global 1,118 0.2
F&C Climate Opportunity Partners Global 811 0.2
AIF Capital Asia III Asia 83 -
PineBridge Latin America II South America 58 -
Warburg Pincus IX Global 14 -
Total Private Equity Funds - Global 2,084 0.4
Venture Capital Funds
SEP V United Kingdom 8,714 1.8
MVM V Global 3,572 0.7
SEP IV United Kingdom 1,494 0.3
Northern Gritstone United Kingdom 750 0.1
Pentech Fund II United Kingdom 687 0.1
Life Sciences Partners III Western Europe 375 0.1
SEP II United Kingdom 275 0.1
Environmental Technologies Fund Europe 63 -
Alta Berkeley VI Europe 62 -
SEP III United Kingdom 44 -
Total Venture Capital Funds 16,036 3.2
Direct - Quoted
Antero Global 539 0.1
Laredo Petroleum USA 31 -
Total Direct - Quoted 570 0.1
Secondary Funds
The Aurora Fund Europe 1,037 0.2
Total Secondary Funds 1,037 0.2
Direct Investments/Co-investments
Sigma United States 16,552 3.3
TWMA United Kingdom 14,076 2.8
Coretrax United Kingdom 12,037 2.4
San Siro Italy 11,353 2.3
Ashtead United Kingdom 11,235 2.2
Weird Fish United Kingdom 10,002 2.0
Ambio Holdings United States 8,899 1.8
Jollyes United Kingdom 8,517 1.7
Aurora Payment Solutions United States 8,236 1.6
AccuVein United States 7,939 1.6
Swanton United Kingdom 6,672 1.3
JT IoT United Kingdom 6,620 1.3
Avalon United Kingdom 6,137 1.2
Amethyst Radiotherapy Europe 5,869 1.2
1Med Switzerland 5,802 1.2
Rosa Mexicano United States 5,338 1.1
Omlet United Kingdom 5,178 1.0
Tier1 CRM Canada 5,104 1.0
ATEC (CETA) United Kingdom 5,102 1.0
Cyberhawk United Kingdom 5,007 1.0
Contained Air Solutions United Kingdom 4,772 1.0
Orbis United Kingdom 4,712 0.9
Prollenium North America 4,571 0.9
Dotmatics United Kingdom 4,112 0.8
Walkers Transport United Kingdom 3,894 0.8
Perfect Image United Kingdom 3,858 0.8
PathFactory Canada 3,854 0.8
RGI Italy 3,589 0.7
Habitus Denmark 3,361 0.7
Agilico (DMC Canotec) United Kingdom 3,318 0.7
Babington United Kingdom 3,275 0.6
Collingwood Insurance Group United Kingdom 3,241 0.6
Bomaki Italy 2,916 0.6
Vero Biotech United States 1,422 0.3
Stone Computers United Kingdom 282 0.1
Pet Network Eastern Europe 159 -
TDR Algeco/Scotsman Europe 60 -
Total Direct Investments/Co-investments 217,071 43.3
Total Portfolio 500,851 100.0
CT Private Equity Trust PLC
Statement of Comprehensive Income for the
half year ended 30 June 2022
Unaudited
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 26,375 26,375
Exchange losses - (1,028) (1,028)
Investment income 1,890 - 1,890
Other income 60 - 60
Total income 1,950 25,347 27,297
Expenditure
Investment management fee - basic fee (224) (2,012) (2,236)
Investment management fee - performance fee - (5,283) (5,283)
Other expenses (533) - (533)
Total expenditure (757) (7,295) (8,052)
Profit before finance costs and taxation 1,193 18,052 19,245
Finance costs (120) (1,077) (1,197)
Profit before taxation 1,073 16,975 18,048
Taxation - - -
Profit for period/total comprehensive income 1,073 16,975 18,048
Return per Ordinary Share 1.45p 22.99p 24.44p
The total column is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
CT Private Equity Trust PLC
Statement of Comprehensive Income for the
half year ended 30 June 2021
Unaudited
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 58,112 58,112
Exchange gains - 2,979 2,979
Investment income 1,762 - 1,762
Other income 1 - 1
Total income 1,763 61,091 62,854
Expenditure
Investment management fee - basic fee (181) (1,631) (1,812)
Investment management fee - performance fee - (4,225) (4,225)
Other expenses (479) - (479)
Total expenditure (660) (5,856) (6,516)
Profit before finance costs and taxation 1,103 55,235 56,338
Finance costs (130) (1,168) (1,298)
Profit before taxation 973 54,067 55,040
Taxation - - -
Profit for period/total comprehensive income 973 54,067 55,040
Return per Ordinary Share 1.32p 73.12p 74.44p
The total column is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
CT Private Equity Trust PLC
Statement of Comprehensive Income for the
year ended 31 December 2021
Audited
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 128,313 128,313
Exchange gains - 3,686 3,686
Investment income 6,719 - 6,719
Other income 3 - 3
Total income 6,722 131,999 138,721
Expenditure
Investment management fee - basic fee (394) (3,546) (3,940)
Investment management fee - performance fee - (4,502) (4,502)
Other expenses (993) - (993)
Total expenditure (1,387) (8,048) (9,435)
Profit before finance costs and taxation 5,335 123,951 129,286
Finance costs (255) (2,298) (2,553)
Profit before taxation 5,080 121,653 126,733
Taxation - - -
Profit for year/total comprehensive income 5,080 121,653 126,733
Return per Ordinary Share 6.87p 164.53p 171.40p
The total column is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
CT Private Equity Trust PLC
Amounts Recognised as Dividends
Six months ended 30 June 2022 (unaudited) Six months ended 30 June 2021 (unaudited)
£'000 £'000 Year ended 31 December 2021
(audited)
£'000
Quarterly Ordinary Share dividend of 3.99p per share for the quarter ended 30 - 2,950 2,950
September 2020
Quarterly Ordinary Share dividend of 4.16p per share for the quarter ended 31 - 3,077 3,076
December 2020
Quarterly Ordinary Share dividend of 4.35p per share for the quarter ended 31 - - 3,216
March 2021
Quarterly Ordinary Share dividend of 4.77p per share for the quarter ended 30 - - 3,527
June 2021
Quarterly Ordinary Share dividend of 5.27p per share for the quarter ended 30 3,897 - -
September 2021
Quarterly Ordinary Share dividend of 5.65p per share for the quarter ended 31 4,177 - -
December 2021
8,074 6,027 12,769
CT Private Equity Trust PLC
Balance Sheet
As at 30 June 2022 As at 30 June 2021 As at 31 December 2021
(unaudited) (unaudited)
(audited)
£'000 £'000 £'000
Non-current assets
Investments at fair value through profit or loss 500,851 439,507 483,047
Current assets
Other receivables 280 213 230
Cash and cash equivalents 22,377 19,500 32,702
22,657 19,713 32,932
Current liabilities
Other payables (8,110) (6,490) (6,610)
Interest-bearing bank loan (16,124) (23,728) (15,726)
(24,234) (30,218) (22,336)
Net current (liabilities)/assets (1,577) (10,505) 10,596
Non-current liabilities
Interest-bearing bank loan (20,867) (20,506) (20,196)
Net assets 478,407 408,496 473,447
Equity
Called-up ordinary share capital 728 739 739
Share premium account 2,527 2,527 2,527
Special distributable capital reserve 10,037 15,040 15,040
Special distributable revenue reserve 31,403 31,403 31,403
Capital redemption reserve 1,335 1,335 1,335
Capital reserve 432,377 357,452 422,403
Shareholders' funds 478,407 408,496 473,447
Net asset value per Ordinary Share 656.75p 552.46p 640.30p
CT Private Equity Trust PLC
Statement of Changes in Equity
Special Distributable Capital Reserve Special Distributable Revenue Reserve
Share Premium Account Capital Redemption Reserve
Share Capital Capital Reserve Revenue Reserve
Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
For the six months ended 30 June 2022 (unaudited)
Net assets at 1 January 2022 739 2,527 15,040 31,403 1,335 422,403 - 473,447
Buyback of ordinary shares (11) - (5,003) - - - - (5,014)
Profit for the period/total comprehensive income
- - - -
1,073
- 16,975 18,048
Dividends paid - - - - - (7,001) (1,073) (8,074)
Net assets at 30 June 2022 728 2,527 10,037 31,403 1,335 432,377 - 478,407
For the six months ended 30 June 2021 (unaudited)
Net assets at 1 January 2021 739 2,527 15,040 31,403 1,335 308,439 - 359,483
Profit for the period/total comprehensive income
- - - -
973
- 54,067 55,040
Dividends paid - - - - - (5,054) (973) (6,027)
Net assets at 30 June 2021 739 2,527 15,040 31,403 1,335 357,452 - 408,496
For the year ended 31 December 2021 (audited)
Net assets at 1 January 2021 739 2,527 15,040 31,403 1,335 308,439 - 359,483
Profit for the period/total comprehensive income
- - - -
-
121,653 5,080
126,733
Dividends paid - - - - - (7,689) (5,080) (12,769)
Net assets at 31 December 2021 739 2,527 15,040 31,403 1,335 422,403 - 473,447
CT Private Equity Trust PLC
Cash Flow Statement
Six months ended Six months ended Year ended
30 June 2022 30 June 2021 31 December 2021
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
Profit before taxation 18,048 55,040 126,733
Gain on disposals of investments (21,950) (44,485) (90,281)
Increase in holding gains (4,425) (13,627) (38,032)
Exchange differences 1,028 (2,979) (3,686)
Interest income (60) (1) (3)
Interest received 60 1 3
Investment income (1,890) (1,762) (6,719)
Investment income received 1,890 1,762 6,719
Finance costs 1,197 1,298 2,553
(Increase)/ decrease in other receivables (46) 349 531
Increase in other payables 1,239 2,346 2,279
Net cash (outflow)/inflow from operating activities (4,909) (2,058) 97
Investing activities
Purchases of investments (37,294) (22,900) (81,234)
Sales of investments 45,865 67,754 152,749
Net cash inflow from investing activities 8,571 44,854 71,515
Financing activities
Drawdown of bank loans, net of costs - - -
Repayment of bank loans - (23,721) (31,243)
Arrangement cost of additional loan facility (28) (236) (236)
Interest paid (772) (1,501) (2,607)
Buyback of ordinary shares (5,014) - -
Equity dividends paid (8,074) (6,027) (12,769)
(13,888) (31,485)
Net cash outflow from financing activities (46,855)
Net (decrease)/increase in cash and cash equivalents (10,226) 11,311 24,757
Currency losses (99) (155) (399)
Net (decrease)/increase in cash and cash equivalents (10,325) 11,156 24,358
Opening cash and cash equivalents 32,702 8,344 8,344
Closing cash and cash equivalents 22,377 19,500 32,702
Directors' Statement of Principal Risks and Uncertainties
The principal risks identified in the Annual Report and Accounts for the year
ended 31 December 2021 were:
• Economic, macro and political;
• Liquidity and capital structure;
• Regulatory;
• Personnel issues;
• Fraud and cyber;
• Market;
• ESG; and
• Operational.
These risks are described in more detail under the heading "Principal Risks"
within the Strategic Report in the Company's Annual Report and Accounts for
the year ended 31 December 2021.
At present the global economy continues to suffer considerable disruption due
to the effects of the COVID-19 pandemic, inflationary concerns and the war in
Ukraine. The Directors continue to review the key risk matrix for the Company
which identifies the risks that the Company is exposed to, the controls in
place and the actions being taken to mitigate them.
It is also noted that:
· An analysis of the performance of the Company since 1 January 2022 is
included within the Chairman's Statement and the Investment Manager's Review.
· The Company's five-year borrowing facility is composed of a €25
million term loan and a £95 million multi-currency revolving credit facility.
As at 30 June 2022 borrowings were £37.0 million. The interest rate payable
is variable.
· Note 8 details the Board's consideration for the continued
applicability of the principle of Going Concern when preparing this report.
On behalf of the Board
Richard Gray
Chairman
Statement of Directors' Responsibilities in Respect of the Half Yearly
Financial Report
We confirm that to the best of our knowledge:
• the condensed set of financial statements have been prepared in
accordance with applicable UK-adopted International Accounting Standards on a
going concern basis and give a true and fair view of the assets, liabilities,
financial position and return of the Company;
• the Chairman's Statement, Investment Manager's Review and the
Directors' Statement of Principal Risks and Uncertainties (together
constituting the Interim Management Report) include a fair review of the
information required by the Disclosure Guidance and Transparency Rule ('DTR')
4.2.7R, being an indication of important events that have occurred during the
first six months of the financial year and their impact on the financial
statements;
• the Directors' Statement of Principal Risks and Uncertainties is a
fair review of the principal risks and uncertainties for the remainder of the
financial year; and
• he half-yearly report includes a fair review of the information
required by DTR 4.2.8R, being related party transactions that have taken place
in the first six months of the current financial year and that have materially
affected the financial position or performance of the Company during the
period, and any changes in the related party transactions described in the
last Annual Report that could do so.
On behalf of the Board
Richard Gray
Chairman
Notes (unaudited)
1. The condensed company financial statements have been prepared on a going
concern basis in accordance with International Financial Reporting Standard
('IFRS') IAS 34 'Interim Financial Reporting' and the accounting policies set
out in the statutory accounts for the year ended 31 December 2021. The
condensed financial statements do not include all of the information and
disclosures required for a complete set of IFRS financial statements and
should be read in conjunction with the financial statements for the year ended
31 December 2021, which were prepared in accordance with the Companies Act
2006 and UK adopted international accounting standards.
2. Earnings for the six months to 30 June 2022 should not be taken as a
guide to the results for the year to 31 December 2022.
3. Investment management fee:
Six months to Six months to Year ended
30 June 2022 30 June 2021 31 December 2021
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment management fee - basic fee 224 2,012 2,236 181 1,631 1,812 394 3,546 3,940
Investment management fee - performance fee - 5,283 5,283 - 4,225 4,225 - 4,502 4,502
224 7,295 7,519 181 5,856 6,037 394 8,048 8,442
4. Finance costs:
Six months to Six months to Year ended
30 June 2022 30 June 2021 31 December 2021
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Interest payable on bank loans 120 1,077 1,197 130 1,168 1,298 255 2,298 2,553
5. The return per Ordinary Share is based on a net profit on ordinary
activities after taxation of £18,048,000 (30 June 2021 - £55,040,000; 31
December 2021 - £126,733,000) and on 73,847,912 (30 June 2021-73,941,429; 31
December 2021 -73,941,429) shares, being the weighted average number of
Ordinary Shares in issue during the period. During June 2022 the Company
bought back 1,096,491 of its ordinary shares at an average price of 452 pence
per share to be held in treasury.
6. The net asset value per Ordinary Share is based on net assets at the
period end of £478,407,000 (30 June 2021 - £408,496,000; 31 December 2021 -
£473,447,000) and on 72,844,938 (30 June 2021 - 73,941,429; 31 December 2021
- 73,941,429) shares, being the number of Ordinary Shares in issue at the
period end.
7. The fair value measurements for financial assets and liabilities are
categorised into different levels in the fair value hierarchy based on inputs
to valuation techniques used. The different levels are defined as follows:
Level 1 reflects financial instruments quoted in an active market.
Level 2 reflects financial instruments whose fair value is evidenced by
comparison with other observable current market transactions in the same
instrument or based on a valuation technique whose variables includes only
data from observable markets.
Level 3 reflects financial instruments whose fair value is determined in whole
or in part using a valuation technique based on assumptions that are not
supported by prices from observable market transactions in the same instrument
and not based on available observable market data.
Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
30 June 2022
Financial assets
Investments 570 - 500,281 500,851
Financial liabilities
Multi-currency revolving credit facility - (16,124) - (16,124)
Term loan - (21,510) - (21,510)
30 June 2021
Financial assets
Investments 269 - 439,238 439,507
Financial liabilities
Multi-currency revolving credit facility - (23,728) - (23,728)
Term loan - (21,454) - (21,454)
31 December 2021
Financial assets
Investments 300 - 482,747 483,047
Financial liabilities
Multi-currency revolving credit facility - (15,726) - (15,726)
Term loan - (20,981) - (20,981)
There were no transfers between levels in the fair value hierarchy in the
period ended 30 June 2022. Transfers between levels of the fair value
hierarchy are deemed to have occurred at the date of the event that caused the
transfer.
Valuation techniques
Quoted fixed asset investments held are valued at bid prices which equate to
their fair values. When fair values of publicly traded equities are based on
quoted market prices in an active market without any adjustments, the
investments are included within Level 1 of the hierarchy. The Company
invests primarily in private equity funds and co-investments via limited
partnerships or similar fund structures. Such vehicles are mostly unquoted
and in turn invest in unquoted securities. The fair value of a holding is
based on the Company's share of the total net asset value of the fund or share
of the valuation of the co-investment calculated by the lead private equity
manager on a quarterly basis. The lead private equity manager derives the net
asset value of a fund from the fair value of underlying investments. The fair
value of these underlying investments and the Company's co-investments is
calculated using methodology which is consistent with the International
Private Equity and Venture Capital Valuation Guidelines ('IPEG'). In
accordance with IPEG these investments are generally valued using an
appropriate multiple of maintainable earnings, which has been derived from
comparable multiples of quoted companies or recent transactions. The Columbia
Threadneedle private equity team has access to the underlying valuations used
by the lead private equity managers including multiples and any adjustments.
The Columbia Threadneedle private equity team generally values the Company's
holdings in line with the lead managers but may make adjustments where they do
not believe the underlying managers' valuations represent fair value. On a
quarterly basis, the Columbia Threadneedle private equity team present the
valuations to the Board. This includes a discussion of the major assumptions
used in the valuations, which focuses on significant investments and
significant changes in the fair value of investments. If considered
appropriate, the Board will approve the valuations.
The interest-bearing bank loans are recognised in the Balance Sheet at
amortised cost in accordance with IFRS. The fair value of the term loan is
based on a marked to market basis. The fair value is calculated using a
discounted cash flow technique based on relevant interest rates. The fair
value of the multi-currency revolving credit facility is not materially
different to the carrying value. The fair values of all of the Company's other
financial assets and liabilities are not materially different from their
carrying values in the balance sheet.
Significant unobservable inputs for Level 3 valuations
The Company's unlisted investments are all classified as Level 3 investments.
The fair values of the unlisted investments have been determined principally
by reference to earnings multiples, with adjustments made as appropriate to
reflect matters such as the sizes of the holdings and liquidity. The weighted
average earnings multiple for the portfolio as at 30 June 2022 was 12.2 times
EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) (30 June
2021: 9.9 times EBITDA; 31 December 2021: 12.2 times EBITDA).
The significant unobservable input used in the fair value measurement
categorised within Level 3 of the fair value hierarchy together with a
quantitative sensitivity analysis are shown below:
Period ended Input Sensitivity used* Effect on fair value £'000
30 June 2022 Weighted average earnings multiple 1x 52,813
30 June 2021 Weighted average earnings multiple 1x 61,712
31 December 2021 Weighted average earnings multiple 1x 52,219
* The sensitivity analysis refers to an amount added or deducted from the
input and the effect this has on the fair value.
The fair value of the Company's unlisted investments is sensitive to changes
in the assumed earnings multiples. The managers of the underlying funds assume
an earnings multiple for each holding. An increase in the weighted average
earnings multiple would lead to an increase in the fair value of the
investment portfolio and a decrease in the multiple would lead to a decrease
in the fair value.
The following table shows a reconciliation of all movements in the fair value
of financial instruments categorised within Level 3 between the beginning and
the end of the period:
30 June 2022 30 June 2021 31 December 2021
£'000 £'000 £'000
Balance at beginning of period 482,747 426,156 426,156
Purchases 37,294 22,900 83,187
Sales (45,865) (67,754) (154,702)
Gains on disposal 21,950 44,485 90,281
Holding gains 4,155 13,451 37,825
Balance at end of period 500,281 439,238 482,747
8. In assessing the going concern basis of accounting the Directors have
had regard to the guidance issued by the Financial Reporting Council. They
have considered the current cash position of the Company, the availability of
the Company's loan facility and compliance with its banking covenants. They
have also considered forecast cashflows, the operational resilience of the
Company and its service providers and the annual dividend.
As at 30 June 2022, the Company had outstanding undrawn commitments of £178.8
million. Of this amount, approximately £33.6 million is to funds where the
investment period has expired and the Manager would expect very little of this
to be drawn. Of the outstanding undrawn commitments remaining within their
investment periods, the Manager would expect that a significant amount will
not be drawn before these periods expire. The Company has a committed
borrowing facility comprising a term loan of €25 million and a revolving
credit facility of £95 million. This facility is due to expire on 19 June
2024 when its five-year term concludes.
At 30 June 2022 the Company had fully drawn the term loan of €25 million and
had drawn £16.1 million of the revolving credit facility, leaving £78.9
million of the revolving credit facility available. This available proportion
of the facility can be used to fund any shortfall between the proceeds
received from realisations and drawdowns made from funds in the Company's
portfolio or funds required for co-investments. Under normal circumstances
this amount of 'headroom' in the facility would be more than adequate to meet
any such shortfall.
During the six-month period ended 30 June 2022 realisations from
co-investments and funds of £47.8 million exceeded drawdowns of £37.3
million.
At present the global economy continues to suffer disruption due to the
effects of the COVID-19 pandemic, inflationary concerns and the war in Ukraine
and the Directors have given serious consideration to the consequences of
these for the private equity market in general and for the cashflows and asset
values of the Company specifically over the next twelve months. The Company
has a number of loan covenants and at present the Company's financial
situation does not suggest that any of these covenants are close to being
breached.
Furthermore, the Directors have considered in detail a number of remedial
measures that are open to the Company which it may take if such a covenant
breach appears possible. These include reducing commitments and raising cash
through engaging with the private equity secondaries market. The Managers have
considerable experience in the private equity secondaries market through the
activities of the Company and through the management of other private equity
funds. The Directors have considered other actions which the Company may take
in the event that a covenant breach was imminent including taking measures to
increase the Company's asset base through an issuance of equity either for
cash or pursuant to the acquisition of other private equity assets. The
Directors have also considered the likelihood of the Company making
alternative banking arrangements with its current lender or another lender.
Having considered the likelihood of the events which could cause a covenant
breach and the remedies available to the Company, the Directors are of the
view that Company is well placed to manage such an eventuality satisfactorily.
The Company operates within a robust regulatory environment. The Directors
have noted that home working arrangements have been implemented at the Manager
and many of the Company's key suppliers without any impact upon service
delivery and operations.
Based on this information the Directors believe that the Company has the
ability to meet its financial obligations as they fall due for a period of at
least twelve months from the date of approval of these financial statements.
Accordingly, these financial statements have been prepared on a going concern
basis.
9. These are not statutory accounts in terms of Section 434 of the
Companies Act 2006 and have not been audited or reviewed by the Company's
auditors. The information for the year ended 31 December 2021 has been
extracted from the latest published financial statements which received an
unqualified audit report and have been filed with the Registrar of Companies.
No statutory accounts in respect of any period after 31 December 2021 have
been reported on by the Company's auditors or delivered to the Registrar of
Companies. The Half-Year Report will be available shortly at the Company's
website address, www.ctprivateequitytrust.com.
For more information, please contact:
Hamish Mair (Fund Manager) 0131 718 1184
hamish.mair@columbiathreadneedle.com
(mailto:hamish.mair@columbiathreadneedle.com)
Scott McEllen (Company Secretary) 0131 718 1137
scott.mcellen@columbiathreadneedle.com
(mailto:scott.mcellen@columbiathreadneedle.com)
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