The fair value (intrinsic value) of one registered share of Private Equity Holding AG stood at EUR 40.84 (CHF 65.62) as of December 31, 2006.
The development of the fair value, share price and discount (share price versus fair value) of one registered share of Private Equity Holding AG in the reporting year is shown below:
The development of the fair value, share price and discount (share price versus fair value) of one registered share of Private Equity Holding AG in the reporting year is shown below:
|
Date |
Fair Value (CHF) |
Fair Value (EUR) |
Share Price (CHF) |
Share Price (EUR) |
Discount (basis CHF) |
Exchange Rate |
|
31.10.06 |
60.56 |
38.12 |
42.00 |
26.44 |
31% |
1.58856 |
|
30.11.06 |
60.23 |
37.85 |
40.10 |
25.20 |
33% |
1.59134 |
|
31.12.06 |
65.62 |
40.84 |
42.00 |
26.14 |
36% |
1.60668 |
Earn-Out
With regard to certain fund interests, which were sold to a syndicate led by Credit Suisse First Boston Strategic Partners II (the "CSFB Fund") as of March 31, 2003, Private Equity Holding is entitled to the payment of an incremental contingent purchase price (the "Earn-Out"). As of December 31, 2006 the Fair Value of the Earn-Out shown on the Balance Sheet amounts to EUR 54.905 million. A first payment under the Earn-Out right has been received from the CSFB Fund on January 4, 2007 in the amount of EUR 2.912 million. The total income from the Earn-Out shown in the Profit & Loss Statement up to December 31, 2006 amounts to EUR 57.817 million (September 30, 2006: EUR 48.873 million).
It can be expected that Private Equity Holding will regularly receive payments from the Earn-Out in the future. The ultimate value of the Earn-Out can, however, can not be assessed prior to June 30, 2010.
***
Private Equity Holding AG (SWX: PEHN) 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, please contact:
Claudine Birbaum, Investor Relations, claudine.birbaum@peh.ch, phone +41 41 726 79 80.
Claudine Birbaum, Investor Relations, claudine.birbaum@peh.ch, phone +41 41 726 79 80.
Basis of the fair value calculation and disclaimer
The number of outstanding shares used for calculation of fair value per share amounted to 4,050,000 as of December 31, 2006 (November 30, 2006: 4,050,000). The calculations are prepared in accordance with International Financial Reporting Standards (IFRS) and pursuant to the guidelines of the European Venture Capital Association (EVCA). The fair values of the fund investments are based on the most recent report of the latest NAV (net asset values) as reported by the funds. Unlisted direct investments are rated at fair values. The fair value of listed direct investments is the market value. Based on a composite assessment of all appropriate and applicable indicators of fair value, Private Equity Holding AG makes a good faith estimate of the fair value as of the valuation date. The fair values are calculated under a going concern assumption. The fair value of Private Equity Holding AG is computed as of the end of each month and published four trading days after the cut-off date. The different reporting cut-off dates of the individual companies and funds in which participations are held can lead to short-term distortions and cause discrepancies between the published fair value and the actual total value of Private Equity Holding AG's net assets.
