The fair value per share of Private Equity Holding stood at EUR 29.36 as of September 30, 2005 (March 31, 2005: EUR 31.11).
Long-term assets totaled EUR 117.3 million (March 31, 2005: EUR 135.4 million). The change compared to March 31, 2005 reflects capital contributions of EUR 4.8 million, negative value adjustments of EUR 10.9 million and return of capital of EUR 12.0 million. Total distributions amount to EUR 18.2 million, mainly from fund investments. Outstanding commitments continued to decrease and stood at EUR 12.4 million.
Private Equity Holding reports a comprehensive net loss of EUR 7.2 million for the six months under review. Main contributing factor to this result was a number of write-downs which had to be recorded, in particular on the direct investments Hyperwave AG, iolon and Chiaro Networks Ltd.
Gains on securities available for sale totaled EUR 6.3 million, and resulted mainly from successful exits by fund investments EAC II and NeSBic.
Portfolio Development in the Quarter
The fair value of the fund portfolio amounted to EUR 92.2 million as of September 30, 2005, with negative net value adjustments of EUR 2.5 million recorded on the portfolio during the quarter. Private Equity Holding again had a positive quarter in terms of cash flow on the fund portfolio, with distributions of EUR 10.6 million and just EUR 2.0 million in draw downs. The fair value of the direct portfolio (incl. loans) stood at EUR 25.1 million; negative net value adjustments in the quarter totaled EUR 6.4 million.
* * *
The Half-Year Report as of September 30, 2005 is available on our website www.peh.ch from October 27, 2005.
* * *
Private Equity Holding AG (SWX: PEHN), managed by ALPHA Associates, offers investors the opportunity to invest, within a simple legal and tax optimized structure, in a broadly diversified and professionally managed private equity portfolio. For further information: www.peh.ch or Tamara Krebs, Investor Relations and Communications (phone +41 41 726 79 80).
The complete news release can be downloaded as a PDF-File by using the following link >>>
