TIDMPIN
RNS Number : 0618O
Pantheon International PLC
25 January 2019
25 January 2019
Pantheon International Plc
Performance Update at 31 December 2018
Highlights
2,627.0p NAV per share
-1.8% NAV per share growth for the month
GBP1.4bn Net asset value
GBP3.6m Net portfolio cash flow*
3.7x Financing cover**
+92% Total shareholder return (5Y)***
Month to 31 December 2018
PIP announced an unaudited net asset value ("NAV") per share at
31 December 2018 of 2,627.0p, a decrease of 47.3p (-1.8%) from the
NAV per share as at 30 November 2018. Valuation losses* (-53.7p,
-2.0%) and expenses and taxes**** (-3.1p, -0.1%) exceeded
investment income* (2.0p, 0.1%) and foreign exchange movements*
(7.5p, 0.2%) during the period. The valuation movement in the
period includes an adjustment to estimate the movement in the
aggregate value of the Company's quoted investments, held through
funds, reflecting the changes in the quoted share price of such
investments between the fund reporting date and PIP's period end of
31 December 2018*****. This adjustment amounted to a reduction of
50.1 pence per share in December.
PIP's valuation policy for private equity funds is based on the
latest valuations reported by the managers of the funds in which
PIP has holdings. In the case of PIP's valuation as at 31 December
2018, 97% of reported valuations are dated 30 September 2018 or
later. A detailed description of PIP's valuation policy can be
found on pages 92 and 93 of the 2018 Annual Report.
At 31 December 2018, PIP's private equity assets stood at
GBP1,420m, whilst net available cash balances^ were GBP100m. The
Asset Linked Note^^ ("ALN") outstanding as at 31 December 2018
amounted to GBP98m. Undrawn commitments to investments stood at
GBP462m as at 31 December 2018, calculated using exchange rates at
that date. PIP's multi-currency revolving credit facilities
comprise a US$163.0m facility and a EUR59.8m facility, which
remained completely undrawn at the month end.
PIP's portfolio generated net cash* of GBP3.6m during the month,
with distributions of GBP19.4m relative to GBP15.8m of calls from
existing commitments to private equity funds.
PIP made one new commitment during the month: a GBP3.5m
co-investment alongside Mid Europa Partners in Urgent Cargus, a
leading domestic courier in Romania.
Performance as at 31 December 2018^^^
1 Year 3 Years 5 Years 10 Years Since Inception
(%) (% pa) (% pa) (% pa) (% pa)
NAV per share 16.9% 16.6% 15.0% 8.8% 11.8%
Ordinary share price 5.8% 14.4% 13.9% 23.4% 11.3%
FTSE All-Share TR -9.5% 6.1% 4.1% 9.1% 7.5%
MSCI World (GBP)
TR -3.0% 12.0% 10.7% 11.6% 7.7%
*Figures are stated net of movements associated with the ALN
share of the reference portfolio.
**Ratio of net available cash, portfolio value and undrawn loan
facility to outstanding commitments.
***Based on the change in the ordinary share price over the
period.
****Withholding taxes on investment distributions.
***** The private equity portfolio valuation is based on the
most recent underlying valuation reports received from the third
party managers of the Company's assets that are available at the
cut-off date for reporting, together with any other directly
relevant information that may have a material effect on value, such
as post reference date information that indicates a material change
in economic circumstances. As such, stock market movements are not
considered to have a direct effect on the value of unquoted
investments unless we conclude such movements indicate a material
change in economic circumstances, unknown to the relevant third
party managers at the time they prepared the underlying valuations
and that in aggregate would be expected to have a material impact
on the value of the Company's assets. For publicly quoted
investments, Pantheon reviews the movement in the share prices of
its quoted investments between the last relevant reference date and
the monthly NAV reporting date, both those directly held and those
held within the funds managed by third party managers, and if in
aggregate, the movement is considered to be material, an adjustment
is incorporated in the calculation of NAV to reflect this movement.
All non-sterling assets are valued based on FX rates prevailing at
the close of business on PIP's month end NAV newsletter date.
^Net available cash calculated as cash and net current assets /
(liabilities) less undistributed net cashflows associated with the
ALN.
^^Unlisted 10-year note issued on 31 October 2017 whose cost and
repayments are linked to a reference portfolio consisting of the
Company's older vintage funds.
^^^PIP was launched on 18 September 1987. The performance
figures for PIP assume reinvestment of dividends, capital
repayments and cash flow from warrants.
Monthly Report
The December monthly newsletter can be accessed on PIP's website
at www.piplc.com in the Investor Relations section under the
heading "Newsletters", or by following this link:
http://www.piplc.com/investor-relations/newsletters.
Ends
LEI: 2138001B3CE5S5PEE928
For more information please visit PIP's website at www.piplc.com
or contact:
Vicki Bradley
Pantheon
020 3356 1800
NOTES
PIP
PIP is a listed FTSE 250 private equity investment trust,
overseen by an independent Board of Directors and managed by
Pantheon, one of the leading investment managers globally. PIP
offers a differentiated entry point to an investment company of
scale with risk managed through selection and diversification, and
to the excellent growth potential generated by some of the best
private equity managers in the world.
Pantheon
Pantheon is a leading global private equity, infrastructure,
real assets and debt fund investor that invests on behalf of over
510 investors. Founded in 1982, Pantheon has developed an
established reputation in primary, co-investment and secondary
private asset solutions across all stages and geographies. Pantheon
has $42.3 billion in AUM^^^^ (as at 30 June 2018) and 271
employees, including 83 investment professionals, located across
offices in London, San Francisco, New York, Hong Kong, Seoul,
Bogotá and Tokyo.
^^^^This figure includes assets subject to discretionary or
non-discretionary management, advice or those limited to a
reporting function.
Neither the contents of PIP's website nor the contents of any
website accessible from hyperlinks on PIP's website (or any other
website) is incorporated into, or forms part of this
announcement.
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END
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