Full Year Results 31 December 2003
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1 Full Year Results 31 December 2003
2 SVG Capital NAV growth vs. peer group SVG Capital NAV Pantheo n NAV Candover NAV Graphite NAV Electra NAV 3i NAV FTSE World Index ( ) FTSE All Share Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Source: Datastream Estimates 2
3 SVG Capital performance 1, 3, 5 and since launch 1 Year 3 Years SVG Capital Share Price SVG Capital NAV 40 SVG Capital Share Price SVG Capital NAV 20 FTSE All-Share FTSE World ( ) 20 FTSE All-Share FTSE World ( ) 0 Apr-03 Jun-03 Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 0 Apr-01 Oct-01 Apr-02 Oct-02 Apr-03 Oct-03 Apr-04 5 Years Since Launch 250 SVG Capital Share Price SVG Capital NAV 300 SVG Capital Share Price 200 FTSE All-Share FTSE World ( ) 250 SVG Capital NAV FTSE All-Share FTSE World ( ) Apr-99 Feb-00 Dec-00 Oct-01 Aug-02 Jun-03 Apr-04 0 May-96 Jun-97 Jul-98 Aug-99 Sep-00 Oct-01 Nov-02 Dec-03 Source: Datastream Estimates 3
4 Portfolio highlights (12 months to 31 December 2003) Encouraging set of results in difficult operating environment - fully diluted net assets per share up 3% to 458.7p ( million) Portfolio companies continue to generate cash and repay debt Valuations have benefited from overall strength of euro over the year Weak US$ impacted some valuations and many portfolio company earnings Average discounted earnings increased 4
5 Portfolio highlights (continued) Semiconductor companies benefited from improved operating environment and higher comparable Earnings multiples: austriamicrosystems written up to 26.7million (70% of cost) Memec written back up to 53.6 million EEMS written up to 12.6 million Travelodge & Little Chef Written down by 15% to 45.3 million Impacted by slump in travel and tourism in the first half Earnings growth slightly behind expectations Cash generation remains on target paying back debt early Compound growth in NAV over five years is 10% p.a. - compares to a (4%) p.a. fall in FTSE All-Share Index and (3%) p.a fall in FTSE World Index 5
6 NAV* reconciliation 'm (18.5) 20 (5.1) (3.0) (0.6) Growth in portfolio companies FX gain Underlying fund management fees Finance costs (bonds & loans) Net capital costs (inc. of placing fees) Operating results Gain in net assets *Excludes increase in net assets of 46.0 million due to new share capital 6
7 Valuation bases Majority of the portfolio (51%) continues to be valued on an earnings basis After a range of discounts, the weighted average: Earnings (50%) Like for Like Overall Portfolio December December Non semi-conductor companies (37% of portfolio) 6.6 P/E (1%) Companies valued on a P/E basis are effectively valued at 9.2x Average discount applied to quoted investments: 17% 18% of the portfolio (by value) written down 8% on an earnings basis (Travelodge & Little Chef) 10% to cost 7
8 Portfolio analysis (31 December 2003) EVCA Sector Analysis (31 December 2003) Analysis by Market (31 December 2003) Computer & Other 22% 2 Medical & Health 21% 3 Consumer 29% 4 Industrial Products & Services 7% 5 Chemicals 7% 6 Other Manufacturing 3% 7 Other Services 10% 8 Construction 1% Continental Europe 30% 2 North America 10% 3 UK 19% 4 Far East/Asia Pacific 11% 5 Multinational 30% 3 Portfolio Valuation Basis (31 December 2003) Cost 21% 2 Earnings 43% 3 W/Down-Earnings 8% 4 W/Down 10% 5 Third Party 10% 6 Quoted 8% 2 8
9 Cashflow Calls of million were paid in the year (2002: million) Distributions of 30.2 million were received Excluding Sirona Dental Systems ( 17.8 million expected in March 2004) Cash balance of 47.7 million - since December: 19.1 million of calls paid (inc. of Inmarsat) 1.0 million of distributions received (not inc. of Sirona, Euro Dental or demedis) At December 2003, uncalled commitments of million (December 2002: million) are expected to be met from cash resources, bank facilities and future distributions from Schroder Ventures and Permira funds 96.9 million of new capital raised 49.0 million of subordinated convertible bonds 47.9 million through placing of equity 9
10 Outlook Investments Still good quality deals Interest rates still relatively low - no change in long-term return assumptions, at this stage Still good deals available for debt Exits Exit environment improving Stock markets recovering Economic outlook more favourable 10
11 20 largest underlying companies (31 December 2003) Company Memec Travelodge & Little Chef Ferretti Cognis Date October 2000 December 2002 November 2002 November 2001 Business Head Office Semi-conductor distribution business US Second largest operator of budget hotels in the UK. Little Chef is the largest roadside restaurant chain UK Luxury boats Italy Speciality chemicals Germany Value Valuation Basis % of Net Assets 53.6 million Earnings 10.2% 45.3 million Earnings (Written-down) 8.6% 40.8 million Earnings 7.7% 38.2 million Earnings 7.3% Company SEAT Piagine Gialle austriamicrosystems Hogg Robinson Takko Date August 2003 June 2000 June 2000 March 2000 Business A telephone directories, business information and directory assistance company Mixed signal ASICS semi conductors for telecom, industrial and automotive sectors Corporate travel and outsourced employee services Fashion retailer Head Office Italy Austria UK Germany Value Valuation Basis % of Net Assets 35.6 million Cost 6.8% 26.7 million Write-down 5.1% 24.7 million Earnings 4.7% 16.6 million Earnings 3.1% 11
12 20 largest underlying companies (31 December 2003) Company Premiere Inmarsat Holmes Place EEMS Date February 2003 December 2003 July 2003 May 1999 Business Pay TV operator Provider of global mobile satellite communication services Premium health club operator Assembly and test services for DRAM and flash memory chips Head Office Germany UK UK Italy Value Valuation Basis % of Net Assets 14.3 million Cost 2.7% 13.4 million Cost 2.5% 13.0 million Cost 2.5% 12.6 million Earnings 2.4% Company Leica Microsystems Euro Dental Grammer Kiekert Date March 1998 January 2000 June 2001 September 2000 Business Manufacturer of microscopes And related equipment Dental consumables Seating equipment for the automotive/commercial vehicle industry Produces complete systems devices that open, close, lock and unlock cars Head Office Germany Germany Germany Germany Value Valuation Basis % of Net Assets 11.5 million Earnings 2.2% 10.9 million Third Party 2.1% 10.0 million Earnings 1.9% 9.9 million Write-down 1.9% 12
13 20 largest underlying companies (31 December 2003) Company Strides Parkway Holdings Rodenstock Silverlink Holdings Date December 1997 December 1999 June 2003 December 2002 Business Manufactures generic drugs and tablets Private healthcare provider in Singapore Manufacturer of spectacles Owns and/or manages a group of luxury resorts and spas Head Office Asia Asia Germany Asia Value Valuation Basis % of Net Assets 9.6 million Quoted 1.8% 8.7 million Quoted 1.6% 8.3 million Cost 1.6% 7.8 million Cost 1.5% 13
14 Adjusted net assets - pence per share Adjusted NAV (movements in cash and quoted portfolio, applying same discounts) Not inclusive of FX movements 40.1p 458.7p 42.3p 458.9p 404.1p 419.0p Quoted Unquoted Cash Net Convertible 36.1p 19.2p (21.6p) (21.6p) Published NAV 31 December 2003 Adjusted NAV at 5 March
15 P123 P123 Assets & Commitments at Launch m SVG Capital s transferred assets (39% of PEI, 13% PEII) External cash raised (60% called) Uncalled commitment to Permira Europe II Uncalled commitment to Permira Europe III Total assets and commitments SVG Capital s Net Position at Launch m 38% of transferred assets 38% of net cash 38% of uncalled commitment to Permira Europe II 38% of uncalled commitment to Permira Europe III SVG Capital traded maturing assets for the next generation of Permira assets almost doubling SVG Capital s effective exposure plus benefit of management fees 15
16 Operating Review
17 Fund advisory business On track to provide revenue and profit streams that will, over time, provide incremental value to SVG Capital Schroder Private Equity Fund of Funds million, now fully committed to 19 funds Schroder Private Equity Fund of Funds II final close held with 285 million of subscriptions, ahead of target P million of external capital raised, SVG Capital transferred 105 million of secondary assets in Permira I and II for 38% holding The SVG UK Focus Fund - launched in August with 15.4 million of assets, now stands at over 45 million Strategic Recovery Fund limited partnership - final close at 15 million in January
18 Operating results for the year External Investment management External fees earned Investment management costs Net Contribution 5,821) (5,419) 402) SVG Asset Management Interest and other revenues 1,214 Direct legal, secretarial etc. costs Direct management time costs* (1,207) (1,016) (2,223) Net costs Revenue Results for the year (1,009) (607) * time spent by SVG Advisers Limited staff on management of SVG Capital 18
19 Revenue '000 7,000 6,000 5,000 4,000 3,000 2,000 1, Year Net Management Fees Placing, Structuring and other Fees Transition fees 19
20 Growth in funds under management million Year SVIL FoF I FoF II UK FF P123 SRF 20
21 Growth in number of investment products 7 SRF Companies 3 P123 UK FF FoF II FoF I 2 SVIL SVG Capital Year 21
22 Products 2000 Sapphire European Private Equity (created whilst at Schroder Ventures) 2001 Schroder Private Equity Fund of Funds I 2003 Schroder Private Equity Fund of Funds II 75 million of participation certificates for investment in Permira Europe II a 3.3 billion European buy-out fund 100 million commitment to Permira Europe II (33% over commitment strategy) Listed on the Guernsey Stock Exchange 242 million of commitments 33% over commitment strategy (up to 315 million of investment capacity) Launched in conjunction with Schroders plc Global fund of funds Approx. 50/50 US and Europe Diversified by geography, sector, stage and vintage year Innovative structure Listed on the Dublin Stock Exchange 285 million of commitments Successor fund to SPEFOF Global fund of funds Approx. 50/50 US and Europe Diversified by geography, sector, stage and vintage year Over-commitment strategy Innovative structure Listed on Dublin Stock Exchange 22
23 Products 2003 P SVG UK Focus Fund 272 million fund of Permira pan-european buy-out funds 105 million of secondary assets in Permira Europe I & II 367 million commitment to Permira Europe III (over commitment strategy) Guernsey Corporate Partly paid shares Secondary portfolio mitigates J curve Net assets of 45 million Investing in UK listed companies that are lowly valued Using combination of value and private equity investment techniques Dublin listed OEIC 2004 Strategic Recovery Fund Final close at 15 million Investing in UK listed companies using private equity techniques and where potential strategic change can be seen Limited Partnership 23
24 Appendices
25 Schroder Ventures and Permira - performance % 25 Aggregated Net IRRs (all funds) since inception (1983) Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Schroder Ventures & Permira Weighted Stock Market 25
26 Share price performance Sterling pence per share Share Price NAV May-96 Jun-97 Jul-98 Aug-99 Sep-00 Oct-01 Nov-02 Dec p 458.7p SVG Capital Share Performance Premium to December 2003 NAV 7% Private Equity Investment Trust Sector average discount 30 June 2000 (7%) 31 December 2000 (4%) 30 June 2001 (9%) 31 December 2001 (17%) 30 June 2002 (14%) 31 December 2002 (25%) 30 June 2003 (19%) 31 December 2003 (12%) Source: Datastream Estimates 26
27 Fund commitments (31 December 2003) Amount Amount SVG Capital Called Uncalled Uncalled (Local Currency) (Local Currency) Commitment* m Permira Europe III m Permira Europe II 520.2m 130.0m 91.6 The Japan Fund IV - 3,7474.6m 19.5 The Japan Venture Fund III 2,962.6m 487.4m 2.5 Schroder Ventures Asia Pacific Fund US$67.2m US$41.4m 23.1 Schroder Ventures US Fund US$51.5m US$21.7m 12.2 Schroder Canadian Buy-Out Fund II C$17.0m C$0.9m 0.4 Schroder Canadian Buy-Out Fund III C$14.0m C$36.5m 15.8 Schroder Ventures International Life Sciences Fund II US$79.7m US$2.0m 1.2 International Life Sciences Fund III US$15.4m US$59.6m 33.3 Strategic Recovery Fund - 7.4m 7.4 P123 * based on exchange rates at 31 December m 41.9m 29.5 Total
28 Ageing of portfolio (31 December 2003) million & Prior W/Down Cost Earnings/Third Party Quoted 28
29 Disclaimer This presentation is directed only at persons who (i) are persons falling with Article 49(2)(a) to (d) ( high net worth companies, unincorporated associations etc. ) of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (as amended) or (ii) have professional experience in matters relating to investments (all such persons together being referred to as relevant persons ). This presentation must not be acted on or relied on by persons who are not relevant persons. This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and businesses of the Company. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. Nothing in this presentation should be construed as a profit forecast. 29
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