REG - Princess Private Eq. Princess Priv E-PEYS - Princess publishes Half-Year Report 2023

Partners Private EquityAnnouncement

24/08/2023 07:00

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RNS Number : 2685K  Princess Private Equity Holding Ltd  24 August 2023

(LSE: PEYS/PEY)

Princess Private Equity Holding Limited

 

Princess publishes Half-Year Report 2023

 

Princess Q2 2023 results presentation webcast details

 

 

Princess Private Equity Holding Limited today published its Half-Year Report
for 2023. The key financial highlights are:

 

·    Net asset value ("NAV") developed positively and closed the reporting
period at EUR 14.77 per share, representing a NAV total return of 3.5%,
including the first interim dividend.

·    Share price total return over the same period was 27.8%.

·    The first interim dividend of EUR 0.365 per share was paid to
shareholders in June, in line with the objective to distribute 5% of opening
NAV for each financial year, via semi-annual payments in June and December.

·    Value creation (+5.5%) was the primary driver for Princess' NAV
growth, while currency effects (-0.4%) had a minor negative impact on
performance. The largest three contributors were: KinderCare, Ammega and
Techem.

·    Princess committed EUR 30 million to Partners Group Direct Equity V
fund. The total capital invested by Princess during the period amounted to EUR
10 million and includes drawn investments from Partners Group Direct Equity V
fund together with additional follow-on investments in portfolio companies.

·    Princess received distributions amounting to EUR 14 million during
the first six months of 2023, of which EUR 9 million stemmed from direct
investments. The remaining balance of EUR 5 million was predominantly received
from the mature legacy fund portfolio which continued to benefit from
distributions.

Fionnuala Carvill, Interim Chair comments: "The first half of 2023 was marked
by market uncertainty with higher interest rates and stubborn inflation with
consequences for all asset classes across both private and public markets.
While private equity transaction volumes in general remained subdued,
reflecting market uncertainty, the Investment Manager continued to focus on
operational value creation initiatives in underlying portfolio companies,
which drove NAV growth and distributions.

"Post AGM, the Board has initiated the necessary measures to identify and
recruit a successor Chair and additional Non-Executive Directors to bring the
Board to full strength, appointing an independent external search consultancy
to manage this process.

"My fellow Directors and I would like to take this opportunity to thank you
for the continued confidence you have shown in Princess during the first half
of the year. Acknowledging the sensitivity in Princess not fulfilling its
dividend objective in 2022, and the impact that had on shareholders, it is our
belief that Princess offers an attractive long-term investment case within
Listed Private Equity with a well-respected Investment Manager that is well
placed to navigate the current environment. "

 

A detailed analysis and commentary on the developments of Princess during H1
2023 is presented in the Half-Year Report published today, which can be
accessed via:
https://www.princess-privateequity.net/en/investor-relations/financial-reports/
(https://www.princess-privateequity.net/en/investor-relations/financial-reports/)

A copy of the above document has been submitted to the National Storage
Mechanism and will shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdata.fca.org.uk%2F%23%2Fnsm%2Fnationalstoragemechanism&data=02%7C01%7Cphilippe.vuillaume%40partnersgroup.com%7C9921b2a94ca84f80abd008d83e0034f3%7C0bcc0075229d4973b0c30ef63eb9c51f%7C0%7C0%7C637327517903944751&sdata=7xdHtTc7SAh63in9nIZT0csRmMwIWJIIjmp6yNOLWDo%3D&reserved=0)

 

Princess will hold a quarterly investor update today Thursday, 24 August
2023, at 10:00 BST / 11:00 CEST. During the webcast, Partners Group, the
Investment Manager to Princess, will give an update on the recent developments
of the Princess portfolio based on unaudited figures as of 30 June 2023.
Please find the registration details below or on the Company's webpage.

 

 Date:           Thursday, 24 August 2023

 Time:           10:00 - 11:00 BST (Dublin, London)

                 11:00 - 12:00 CEST (Zürich, Frankfurt)

 Webcast:        To access the live webcast please use this LINK
                 (https://media.choruscall.eu/mediaframe/webcast.html?webcastid=143bczRK) .

 Phone numbers:  +44 (0)207 107 06 13 (from the UK)

                 +41 (0)58 310 50 00 (from Continental Europe)

                 All lines will be open 10 minutes prior to the beginning of the conference
                 call.

                 Other international numbers available HERE
                 (https://nam10.safelinks.protection.outlook.com/?url=https%3A%2F%2Fservices3.choruscall.ch%2FNUMBERS%2FAttended_Dial_In_Numbers.pdf&data=05%7C01%7Cmnatiello%40choruscall.com%7Cc534875ee39246377af808db400988c1%7Cb33d8fee5ac94ed69e4d5ad041ecfd21%7C0%7C0%7C638174182417149748%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=PYh91yRIJa010oq%2FrfI8six6ENA129jb6ILT%2BdfHQ8M%3D&reserved=0)
                 .

 

The results presentation is now available
at: https://www.princess-privateequity.net/en/investor-relations/web-cast-live-events/
(https://www.princess-privateequity.net/en/investor-relations/web-cast-live-events/)
.

 

Ends.

 

About Princess

Princess is an investment holding company founded in 1999 and domiciled in
Guernsey. It invests, inter alia, in private equity and private debt
investments. Princess is managed in its investment activities by Partners
Group, a global private markets investment management firm with USD 142
billion in investment programs under management in private equity, private
debt, private real estate, and private infrastructure. Princess aims to
provide shareholders with long-term capital growth and an attractive dividend
yield. Princess is traded on the Main Market of the London Stock Exchange
(ticker: PEY for the Euro Quote; PEYS for the Sterling Quote).

 

Contacts

Princess Private Equity Holding Limited:

princess@partnersgroup.com

www.princess-privateequity.net

 

 Investor relations contact:            Media relations contact:

 Sarah Page                             Jenny Blinch

 Phone: +44 20 7575 2695                Phone: +41 41 784 65 26

 E-mail: sarah.page@partnersgroup.com   E-mail: jenny.blinch@partnersgroup.com

 

Registered Number: 35241   LEI: 54930038LU8RDPFFVJ57

Notes:

1.     Note that references in this announcement to Princess Private
Equity Holding Limited have been abbreviated to "Princess" or "Company".
References to Partners Group AG have been abbreviated to "Partners Group " or
"Investment Manager".

2.     This document does not constitute an offer to sell or a
solicitation of an offer to buy or subscribe for any securities and neither is
it intended to be an investment advertisement or sales instrument of Princess
Private Equity Holdings. The distribution of this document may be restricted
by law in certain jurisdictions. Persons into whose possession this document
comes must inform themselves about and observe any such restrictions on the
distribution of this document. In particular, this document and the
information contained therein is not for distribution or publication, neither
directly nor indirectly, in or into the United States of America, Canada,
Australia or Japan.

3.     This document may have been prepared using financial information
contained in the books and records of the product described herein as of the
reporting date. This information is believed to be accurate but has not been
audited by any third party. This document may describe past performance, which
may not be indicative of future results. No liability is accepted for any
actions taken on the basis of the information provided in this document.
Neither the contents of Princess' website nor the contents of any website
accessible from hyperlinks on Princess' website (or any other website) is
incorporated into, or forms part of, this announcement.

 

 

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