TIDMAIA

ALTIN: 2012 Results

 
 
    -- 2012 annual report published today 
 
    -- +2.85%1 performance in 2012, thanks to a low risk

portfolio

 
    -- Market exposure and leverage increase progressively 
 
    -- Positive outlook for 2013: +3.71% YTD2 
 
    -- Proposed dividend of CHF 2.35 per share 
 
    -- Changes in the composition of the Board of Directors 
 
    -- Launch of a new share buyback programme

Baar, 27 March 2013 - ALTIN AG (SIX: ALTN, LSE: AIA), the Swiss alternative investment company, published its 2012 audited annual results today3. ALTIN's NAV was up +2.85%1 in 2012, as the company maintained a low risk and low correlation approach to protect investors in a very volatile environment. With the relative normalisation of market conditions, ALTIN has progressively increased market exposure and leverage and has enjoyed a positive start in 2013 (+3.71% YTD2). According to the dividend policy set forward in November 2011, the Board of Directors will propose a dividend of CHF 2.35 to be paid out of share premium reserves, which represents 4% of NAV or a dividend yield of 5.9%4. Moreover, a new share buyback programme of up to 10% of the share capital will be launched in order to reduce the existing discount.

2012 annual results

Despite a very challenging environment in 2012, ALTIN's NAV finished the year up +2.85%1. Indeed, given the political and macro uncertainties prevailing at the beginning of the year, the portfolio was positioned with a conservative stance. The allocation to Protection Strategies was increased and the portfolio was diversified across styles with an approach that favoured liquid managers. This allowed ALTIN's portfolio to generate truly uncorrelated returns. As the situation improved, the allocation to risk-seeking strategies was gradually increased. Leverage was also reset to its normal level of 25% and tail-risk protection was reduced. During the first months of 2013, this increased market exposure (128% as at 15 March 2013) and favourable positioning allowed ALTIN's NAV to post a strong positive performance of +3.71% (as at 15 March 2013).

 
Performance data                 ALTIN AG  ALTIN AG 
                                 NAV       Share Price (SIX) 
2013 YTD2                        +3.71%    +3.90% 
2012                             +2.85%    -0.42% 
Cumulative since December 1996   +164.47%  +92.79% 
Annualized since December 1996   +6.23%    +4.17%

High dividend proposal to the AGM

Changes in the composition of the Board of Directors

In accordance with the new dividend policy announced in November 2011, the Board of Directors proposes to shareholders to accept a dividend of CHF 2.35 per share, paid out of share premium reserves. This amount corresponds to 4% of the NAV as at 31 December 2012 and represents a dividend yield of 5.9%, based on the end-of-year share price4.

Nigel Russell, who has served on the Board since 2001, will resign from the Board as per the date of the AGM. The Board of Directors proposes at the AGM the election of Mr. Roger Rüegg as a new Board member. The invitation to the General Assembly is also available on the company's website3.

Share buyback programme

The Board of Directors has also decided to launch a new share buyback programme in May or in June 2013 to acquire up to 10% of ALTIN's share capital, with the objective of reducing the discount of the share price to NAV. The Board believes that the current level of discount is unjustified in view of ALTIN's good historical performance track record, its high-quality and diversified portfolio and its exemplary transparency policy, in particular through the quarterly publication of its full portfolio. To implement this programme, a second trading line will be opened on the SIX Swiss Exchange. ALTIN will be the exclusive buyer on this trading line and will repurchase its own shares with the objective of subsequently reducing its share capital. For shares purchased on the second trading line, Swiss federal withholding tax of 35% on the difference between the repurchase price of the ALTIN registered share and its nominal value of CHF 17 will be deducted from the repurchase price. Full details of the programme will be published at a later stage. The Board believes that a buyback programme is an effective measure in order to achieve a significant reduction of the discount. However, the Board strongly opposes the automatism proposed by a minority shareholder. The Board is convinced that it is in the best interest of shareholders to retain the freedom of action to decide as to whether the launch of such further programmes might be justified.

For further information, please contact:

 
José Galeano - Head Investor Relations Manager   Kinlan Communications 
Marc T. Clapasson - Investor Relations Manager   David Hothersall 
Tel. +41 41 760 62 60                            Tel. +44 (0)20 7638 3435 
info@altin.ch                                    davidh@kinlan.net

IMPORTANT NOTICE FOR THE MEDIA

ALTIN AG is an investment company that functions like a closed-end fund of funds. As a consequence, the analysis of its annual financial statements cannot be conducted in the same way as with most companies that produce goods or services (i.e. balance sheet, income statement, net profit, etc...). In particular, the performance of the company cannot be accurately measured through the change in net profit, which does not reflect the portfolio's investment performance. The results of the company should thus preferably be assessed through the evolution of the NAV and the analysis of the investment portfolio, as found in the "Business activity" section of the annual report. A detailed list of the holdings is also available in Note 4 of the report.

In order to avoid any possible misinterpretation, please contact us if you have any questions regarding these results.

Note to Editors

About ALTIN AG

ALTIN AG was launched in 1996 and is listed on the SIX Swiss Exchange as well as on the London Stock Exchange. It ranks among Switzerland's leading alternative investment companies. Currently, ALTIN is invested in more than 30 hedge funds representing diverse investment strategies. Its objective is to generate an absolute compound annual return in USD terms with lower volatility than equity markets. Owing to these characteristics and a low correlation with equity markets, ALTIN shares provide an ideal complement for all diversified portfolios. ALTIN is managed by Alternative Asset Advisors SA, a management firm specializing in alternative investments and a member of the SYZ & CO Group.

www.altin.ch

LINKS

For the ALTIN Business Report, please go to https://www.altin.ch/n/CNTP_382668_EN

and

For the ALTIN Invitation to AGM, please go to https://www.altin.ch/n/CNTP_382664_EN

1 2012 audited performance including 2012 dividend (CHF 4.10)

2 YTD NAV performance as at 15.03.2013

3 The annual report, together with the invitation to the AGM, are available on the company's web site www.altin.ch ("About ALTIN / Reports & Publications", respectively "Annual Reports" and "Other documents" sections) or by using the following links https://www.altin.ch/n/CNTP_382668_EN and https://www.altin.ch/n/CNTP_382664_EN

4 Based on the current USD/CHF exchange rate and end-of-year NAV and share price on SIX Swiss Exchange.

 
 
This information is provided by Business Wire
Altin Reg (LSE:AIA)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Altin Reg Charts.
Altin Reg (LSE:AIA)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Altin Reg Charts.