2014

European Capital Limited Reports 2012 Net Operating Income of euro 21 Million and Net Earnings of euro 78 Million

ST. PETER PORT, Guernsey, April 16, 2013 /PRNewswire/ -- European Capital Limited ("European Capital" or the "Company") today issues a Management Statement announcing net operating income ("NOI") for the half year and year ended 31 December 2012 of €22 million and €21 million respectively.  Net earnings for the half year and year were €55 million and €78 million respectively.  As at 31 December 2012, net asset value ("NAV") was €705 million, an 8%, or €55 million increase from the 30 June 2012 NAV of €650 million and a 12%, or €78 million increase from the 31 December 2011 NAV of €627 million.

2012 FINANCIAL SUMMARY


  • €21 million NOI
    • €32 million, or 60%, decrease over 2011
  • €1 million net realised gain on investments
    • €29 million improvement over 2011
  • €57 million net unrealised appreciation on investments excluding foreign exchange
    • €60 million increase over 2011
  • €78 million net earnings
    • €80 million increase over 2011
  • €82 million of cash proceeds from realisations
  • €37 million of securitised debt repaid
  • €151 million of committed investments
    • €122 million in new portfolio companies
  • Net Asset Value €705 million
    • €78 million, 12% increase from 31 December 2011

H2 2012 FINANCIAL SUMMARY

  • €22 million NOI
    • €8 million increase compared to H2 2011
  • €1 million net realised gain on investments
    • €14 million improvement compared to H2 2011
  • €39 million net unrealised appreciation on investments excluding foreign exchange
    • €141 million improvement compared to H2 2011
  • €55 million net earnings
    • €143 million improvement compared to H2 2011
  • €27 million of cash proceeds from realisations
  • €17 million of securitised debt repaid
  • €56 million of committed investment
    • €37 million in new portfolio companies
  • Net Asset Value €705 million
    • €55 million, 8% increase from 30 June 2012

"Two thousand and twelve capped a good year for European Capital.  NAV grew by €78 million, or 12% in 2012, with investments performing better than we had expected considering the weak economy in some parts of Europe," said Malon Wilkus, Chairman and Chief Executive Officer.  "We generated €82 million of cash realisations and invested €151 million of which €122 million was in new portfolio companies."

PORTFOLIO LIQUIDITY AND ORIGINATIONS
In the half year and year ended 31 December 2012, €27 million and €82 million of cash proceeds were received from realisations of portfolio investments respectively.  The Company also made new committed investments of €56 million in the second half of the year and €151 million for the full year respectively.  Of the full year total commitments, €122 million was committed to new portfolio companies and €29 million in our existing portfolio for growth, acquisitions and refinancings. 

"During the second half, we continued to see liquidity in the portfolio and deployed our capital into areas that add to shareholder value," said Ira Wagner, President.  "We are committed to supporting our existing portfolio companies as well as originating new investments in both debt opportunities and for One Stop Buyouts®.  We are seeing increasingly attractive opportunities in European credit as a result of the regulatory environment making it difficult for banks to lend to mid market companies as they had in the past.  As a result, we are seeing more lending opportunities with better pricing and terms."

PORTFOLIO VALUATION
For the half year and year ended 31 December 2012, net unrealised appreciation of investments totalled €39 million and €57 million respectively; with €40 million of appreciation for the year attributable to our controlled portfolio driven by performance improvements in the portfolio and €17 million of appreciation attributable to the sponsored finance portfolio.

Since inception, European Capital has invested €3.5 billion in 105 portfolio companies and has realised €1.9 billion from portfolio company exits.  Out of the €1.9 billion we have exited fully 45 portfolio companies, realising an aggregate of €1.2 billion comprising:

  • €826 million of principal repayments;
  • €166 million from loan syndications and sales;
  • €128 million of collections of PIK notes and dividends; and
  • €113 million from sales of equity. 

These exits achieved an aggregate IRR of 9.9%. The equity investments of these exited portfolio companies have achieved a 29.1% IRR.

The European Capital portfolio as of 31 December 2012 stood at fair value of €1.2 billion, with an average investment size of €25 million per portfolio company.  European Capital's largest investment represents 15.0% of total investment assets at fair value and the ten largest investments represent 56.4% of total investment assets at fair value as of 31 December 2012. 

As at 31 December 2012, loans with a cost of €307 million and a fair value of €60 million were on non-accrual, representing 8.0% of total loans at fair value, compared to €263 million cost and €60 million fair value of non-accrual loans, representing 8.2% of total loans at fair value as at 30 June 2012.  Fair value of loans remained stable during the second half although cost of loans on non-accrual increased as result of loans added to non-accrual status with nil fair value.


EUROPEAN CAPITAL LIMITED

CONSOLIDATED BALANCE SHEETS

As of 31 December 2012 and 31 December 2011

(in thousands)


















 31 December 


 31 December 


31 December 2012 Versus
31 December 2011


2012


2011






%









Assets








Investments at fair value (Cost basis of €1,650,113, €1,568,941 and €1,555,191, respectively)

1,126,862


973,607


153,255


16%

Cash and cash equivalents

2,573


2,803


(230)


-8%

Restricted cash and cash equivalents

87,569


142,056


(54,487)


-38%

Interest receivable

3,603


5,588


(1,985)


-36%

Derivatives agreements at fair value

9


-


9


100%

Other

5,191


4,529


662


15%

Total assets

1,225,807


1,128,583


97,224


9%

Liabilities and Shareholder's Equity








Debt (maturing within one year €1,074, €1,965 and  €2,356, respectively)

441,846


439,017


2,829


1%

Due to European Capital Financial Services (Guernsey) Limited

2,123


1,439


684


48%

Derivatives agreements at fair value

26,571


24,238


2,333


10%

Other

50,467


37,153


13,314


36%

Total liabilities

521,007


501,847


19,160


4%

Shareholder's equity:








Share Capital

224,475


224,475


-


0%

Undistributed net realised earnings 

1,098,368


1,078,718


19,650


2%

Net unrealised foreign currency depreciation

(101,090)


(110,079)


8,989


8%

Net unrealised depreciation of investments

(516,953)


(566,378)


49,425


9%

Total shareholder's equity

704,800


626,736


78,064


12%

Total liabilities and shareholder's equity

1,225,807


1,128,583


97,224


9%









NM = Not Meaningful
















 

EUROPEAN CAPITAL LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

Six Months and Year Ended 31 December 2012 and 2011

(in thousands)












Six Months Ended


Six Months Ended


Year ended


Year ended


31 December


31 December


31 December


31 December


2012


2011


2012 Versus 2011


2012


2011


2012 Versus 2011





%





%


(unaudited)


(unaudited)













OPERATING INCOME:
















Interest and dividend income

44,969


39,484


5,485


14%


69,227


€105,724


€(36,497)


-35%

Fee and other income

123


407


(284)


-70%


723


915


(192)


-21%

Total operating income

45,092


39,891


5,201


13%


69,950


106,639


(36,689)


-34%

OPERATING EXPENSES:
















Interest

10,521


13,584


(3,063)


-23%


23,818


26,471


(2,653)


-10%

Management fee

11,452


11,686


(234)


-2%


22,695


22,666


29


0%

General and administrative

1,299


1,015


284


28%


2,248


4,718


(2,470)


-52%

          Total operating expenses

23,272


26,285


(3,013)


-11%


48,761


53,855


(5,094)


-9%

OPERATING INCOME BEFORE INCOME TAXES

21,820


13,606


8,214


60%


21,189


52,784


(31,595)


-60%

Provision for income taxes

(31)


(44)


13


30%


(50)


(88)


38


43%

NET OPERATING INCOME

21,789


13,562


8,227


61%


21,139


52,696


(31,557)


-60%

















Net realised loss on extinguishment of debt

-


-

-

-


100%


-


(8,240)


8,240


100%

















Net realisations on investments
















Portfolio company investments

925


(13,208)


14,133


107%


445


(28,826)


29,271


102%

Foreign currency translations

3,004


(9,335)


12,339


132%


4,815


(5,307)


10,122


191%

Derivative agreements

(3,212)


(289)


(2,923)


-1011%


(6,749)


3,492


(10,241)


-293%

Total net realisations on investments

717


(22,832)


23,549


103%


(1,489)


(30,641)


29,152


95%

















NET REALISED EARNINGS / (LOSS) 

22,506


(9,270)


31,776


NM


19,650


13,815


5,835


42%

















Net unrealised appreciation / (depreciation) on investments
















Portfolio company investments

38,768


(101,955)


140,723


138%


56,504


(3,624)


60,128


NM

Foreign currency translations

(2,694)


23,294


(25,988)


-112%


8,989


(11,932)


20,921


175%

Derivative agreements

(3,470)


(164)


(3,306)


-2016%


(7,079)


(599)


(6,480)


-1082%

Total net unrealised appreciation / (depreciation) on investments

32,604


(78,825)


111,429


141%


58,414


(16,155)


74,569


462%

















NET INCREASE / (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
("NET EARNINGS")

€55,110


(88,095)


€143,205


NM


€78,064


€(2,340)


€80,404


NM

































NM = Not Meaningful
































 

 

 EUROPEAN CAPITAL LIMITED 

OTHER FINANCIAL INFORMATION

Six Months Ended 31 December 2012, 30 June 2012 and 31 December 2011

(in thousands)

(unaudited)






Six Months Ended




Six Months Ended



Six Months Ended


31 December 2012 Versus




31 December 2012 Versus



 31 December 2012 


 30 June 2012 


 30 June 2012 


 31 December 2011 


 31 December 2011 






%




%

















 New Investments: 















 Senior Debt 

32,345


89,269


(55,424)


-62%


-


-


100%


 Subordinated debt 

23,720


2,713


21,007


NM


212


23,508


NM


 Convertible Bond 

-


-


-


100%


223


(223)


-100%


 Preferred Equity 

-


5


(5)


-100%


-


-


100%


 Common Equity 

-


3,001


(3,001)


-100%


2,874


(2,874)


-100%


 Total 

56,065


94,988


(37,423)


-39%


3,309


20,411


NM

















 Add-on Financing for Acquisitions 

56,065


83,725


(26,160)


-31%


297


57,268


NM


 Add-on Financing for Recapitalisations 

-


11,263


(11,263)


-100%


3,012


(3,012)


-100%


 Total 

56,065


94,988


(37,423)


-39%


3,309


54,256


NM

















 Realisations: 















 Principal Prepayments 

21,120


47,751


(26,631)


-56%


47,688


(26,568)


-56%


 Payment of Accrued Payment-in-kind Interest and Dividends and Original Issue Discount 

3,179


6,261


(3,082)


-49%


14,338


(11,159)


-78%


 Sale of Equity Investments 

2,050


-


2,050


100%


1,293


757


59%


 Sale of Loans 

316


1,494


(1,178)


-79%


15,992


(15,676)


-98%


 Total 

26,665


55,506


(28,841)


-52%


79,311


(52,646)


-66%

















 Appreciation, Depreciation, Gains and Losses: 















 Gross Realised Gains 

5,877


-


5,877


100%


419


5,458


NM


 Gross Realised Losses 

(6,802)


(276)


(6,526)


-2364%


(13,627)


6,825


50%


 Portfolio Net (Losses) Gains 

(925)


(276)


(649)


-235%


(13,208)


12,283


93%


 Foreign Currency 

(3,004)


1,812


(4,816)


-266%


(9,335)


6,331


68%


 Derivative Agreements 

3,212


(3,385)


6,597


195%


(289)


3,501


NM


 Extinguishment of debt 

-


(152)


152


100%


-


-


100%


 Net Realised Losses 

(717)


(2,001)


1,284


64%


(22,832)


22,115


97%

















 Gross Unrealised Appreciation of Portfolio Investments 

44,107


72,856


(28,749)


-39%


40,142


3,965


10%


 Gross Unrealised Depreciation of Portfolio Investments 

(82,028)


(56,779)


(25,249)


-44%


(158,510)


76,482


48%


 Reversal of Prior Period Unrealised (Depreciation) Appreciation Upon Realisation 

(847)


1,465


(2,312)


-158%


16,413


(17,260)


-105%


 Net Unrealised Depreciation of Portfolio Investments 

(38,768)


17,542


(56,310)


-321%


(101,955)


63,187


62%


 Foreign Currency 

(2,694)


11,660


(14,354)


-123%


23,294


(25,988)


-112%


 Derivative Agreements 

(3,470)


(3,609)


139


4%


(164)


(3,306)


-2016%


 Net Unrealised Depreciation of Investments 

(44,932)


25,593


(70,525)


-276%


(78,825)


33,893


43%













-




 Net Gains, Losses, Appreciation and Depreciation 

(45,649)


23,592


(69,241)


-293%


(101,657)


56,008


55%

















 Other Financial Data: 















 Net Asset Value 

704,800


649,678


55,122


8%


626,736


78,064


12%


 Financial Liabilities 

441,846


434,579


7,267


2%


439,017


2,829


1%


 Asset Coverage Ratio 

260%


249%






243%






 Debt to Equity Ratio 

0.6 x


0.7 x






0.7 x






 Credit Quality: 















 Weighted Average Effective Interest Rate on Debt Investments 

5.8%


2.1%


0.7%


33%


6.5%


-3.7%


-56.9%


 Loans on Non-Accrual at Cost 

307,172


263,429


88,431


34%


244,947


106,913


44%


 Loans on Non-Accrual at Fair Value 

59,975


60,483


19,416


32%


39,940


39,959


100%


 Non-Accrual Loans at Cost as a Percentage of Total Loans 

26.5%


24.9%






23.0%






 Non-Accrual Loans at Fair Value as a Percentage of Total Loans 

7.5%


8.2%






5.6%






 Non-Accrual Loans at Fair Value as a Percentage of Non-Accruing Loans at Cost 

19.5%


23.0%






16.3%






 Return on Equity: 















 LTM Net Operating Income Return on Average Equity at Cost 

1.8%


1.1%






4.2%






 LTM Realised Earnings Return on Average Equity at Cost 

1.6%


-1.0%






1.1%






 LTM Earnings Return on Average Equity 

11.8%


-9.8%






-0.4%






 Current Half Year Net Operating Income Return on Average Equity at Cost Annualised 

3.6%


-0.1%






2.2%






 Current Half Year Realised Earnings Return on Average Equity at Cost Annualised 

3.7%


-0.4%






-1.5%






 Current Half Year Earnings Return on Average Equity Annualised 

16.3%


7.1%






-26.2%





















 NM = Not Meaningful 















 NA = Not Applicable 






























 

 

 

EUROPEAN CAPITAL LIMITED

STATIC POOL INFORMATION

Portfolio Statistics for Investments Made in Each of the Following Years

(in thousands)

(unaudited)















Portfolio statistics  (1) (14)



2005


2006


2007


2008


2012


Aggregate















IRR at Fair Value of All Investments(1) (14)



12.0%


7.0%


(0.7)%


0.9%


10.4%


3.0%

IRR of Exited Investments  (2) (14)



14.3%


8.5%


1.8%


2.3%


0.0%


6.5%

IRR of Exited Portfolio Companies  (14)



14.4%


9.5%


9.4%


2.3%


0.0%


9.9%

IRR at Fair Value of Equity Investments Only  (1) (3) (14) 



4.8%


11.3%


(11.1)%


(9.4)%


0.0%


2.4%

IRR of Exited Equity Investments Only  (2) (3) (4) (14)



21.1%


24.1%


(42.9)%


409.6%


0.0%


(12.9)%

IRR of Exited Portfolio Companies' Equity Only  (3) (4) (14)



21.1%


34.4%


18.7%


409.6%


0.0%


29.1%

IRR at Fair Value of All One Stop Buyout®Investments(1) (14) 



(9.9)%


11.8%


(16.0)%


0.0%


0.0%


2.3%

IRR at Fair Value of Current One Stop Buyout®Investments (1) (14)



(11.0)%


10.9%


(7.6)%


0.0%


0.0%


5.5%

IRR of Exited One Stop Buyout®Investments  (2) (3) (14)



6.9%


16.9%


(47.2)%


0.0%


0.0%


(18.2)%

Committed Investments  (14)


240,673

1,242,200

1,535,235

333,927

121,570

3,473,605

Total Exits and Prepayments of Committed Investments  (14)


262,607

835,868

726,390

107,529

563

1,932,957

Total Interest, Dividends and Fees Collected  (14)


81,216

186,571

334,000

83,556

2,732

688,075

Total Net Realised Gains (Loss) on Investments


11,342

(53,152)

(44,670)

(25,997)

-

(112,477)

Current Cost of Investments


16,804

412,230

870,460

240,622

110,675

1,650,791

Current Fair Value of Investments


3,848

362,501

478,822

170,347

111,344

1,126,862

Current Fair Value of Investments as a % of Total Investments at Fair Value



0.3%


32.2%


42.5%


15.1%


9.9%


100.0%

Net Unrealised Depreciation  (15)


(12,956)

(49,729)

(391,638)

(70,275)

669

(523,929)

Non-Accruing Loans at Cost


9,212

28,470

197,427

72,063

-

307,172

Non-Accruing Loans at Fair Value


3,848

17,355

16,828

21,944

-

59,975

Equity Interest at Fair Value (3)


0

226,475

92,347

3,280

861

322,963

Debt to Adjusted EBITDA  (3) (6) (7) (8) (11)



8.3


3.7


6.1


4.8


3.5


5.3

Interest Coverage  (3) (8) (11)



2.2


13.5


3.2


4.6


4.1


5.5

Debt Service Coverage  (3) (8) (11)



1.0


2.0


1.9


2.2


3.3


2.1

Average Age of Companies (3) (11)



14


62


50


44


44


43

Diluted Ownership Percentage (3) (12)



51.1%


67.0%


14.1%


1.7%


0.4%


26.9%

Average Revenue  (3) (9) (11)


32,761

553,864

447,762

168,689

2,095,858

659,787

Average Adjusted EBITDA  (3) (6) (11)


3,007

52,245

75,185

28,350

266,254

85,008

Total Revenues(3) (9)


32,761

4,984,772

13,432,871

1,180,821

25,150,296

44,781,521

Total Adjusted EBITDA  (3) (6)


3,007

470,201

2,255,547

198,451

3,136,428

6,063,634

% Senior Loans  (3) (8) (10)



0.0%


19.8%


30.9%


0.0%


85.5%


27.9%

% Loans with Lien(3) (8) (10)



100.0%


100.0%


100.0%


100.0%


100.0%


100.0%



Majority Owned Portfolio Companies ("MOPC")



2005-2008
Static
Pools


Number of MOPC



8


Total Revenues (9)


617,749


Total Gross Profits(9)


295,864


Total Adjusted EBITDA  (6)


78,171


Total Capital Expenditure(9)


14,339


Total Current European Capital Investment in MOPC At Fair Value


386,392


Total Current European Capital Investment in MOPC At Cost Basis


508,552


Total Current European Capital Debt Investment in MOPC At Fair Value


118,708


Total Current European Capital Debt Investment in MOPC At Cost Basis


161,765


Diluted Ownership Percentage of European Capital in MOPC(12)



70.4%


Total Cash


93,104


Total Assets


741,695


Total Debt


530,442


Total Third Party Debt at Cost


347,914


Total Shareholders' Equity (16)


246,536


Static pool classification is based on the year the initial investment was made.  Subsequent add-on investments are included in the static pool year of the original investment.  There were no new investments made in 2009 to 2011.

(1)    Assumes investments are exited at current US GAAP fair value.
(2)    Includes fully exited investments of existing portfolio companies.
(3)    Excludes investments in Structured Products.
(4)    Excludes equity investments that are the result of conversions of debt and warrants received with the issuance of debt.
(5)    Majority Owned Portfolio Company ("MOPC") investments represents investments in which European Capital, or its affiliates, have a fully diluted ownership  percentage of 50% or more or has over 50% board representation at the portfolio company.
(6)    Adjusted EBITDA may reflect certain adjustments to the reported EBITDA of a portfolio company for non-recurring, unusual or infrequent items or other pro-forma items or events to normalize current earnings which a buyer may consider in a change in control transactions.  These adjustments may be material and are highly subjective in nature.  Portfolio company reported EBITDA is for the most recently available twelve months, or when appropriate, the forecasted twelve months or current annualized run-rate
(7)    For portfolio companies with a nominal Adjusted EBITDA amount, the portfolio company's maximum debt leverage is limited to 15 times Adjusted EBITDA.
(8)    Excludes investments in which we own only equity.
(9)    For the most recent twelve months, or when appropriate, the forecasted twelve months.
(10)  As a percentage of our total debt investments.
(11)  Weighted average based on fair value.
(12)  Weighted average based on fair value of equity investments.
(13)  Non euro-denominated amounts are retranslated at the exchange rate ruling at the date of original investment.
(14)  Non euro-denominated balances, other than those referred to in (13), are retranslated at the exchange rate ruling at the balance sheet date.
(15)  Balance Sheet appreciation (depreciation) of investments excluding foreign exchange revaluation.
(16)  Calculated as the estimated enterprise value of the MOPC's less the cost basis of any outstanding debt of the MOPC's.

IMPORTANT DISCLOSURES
NAV
Any valuation information relating to the portfolio companies of European Capital stated or referred to in this release has been determined by the Board of European Capital in good faith, on a basis consistent with past practice and for the purposes of complying with its reporting obligations under applicable laws.

Forward-looking statements
This document may contain "forward-looking statements."  By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances.  Many of these risks and uncertainties relate to factors beyond European Capital's control or which cannot be estimated precisely.  These factors include, but are not limited to, uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions, and changes in the conditions of the industries in which European Capital has made investments.  Actual outcomes and results may therefore differ materially from any outcomes or results expressed or implied by any such forward-looking statements.

Performance data quoted above represents past performance of European Capital.  Past performance does not guarantee future results and the investment return and principal value of an investment in European Capital will likely fluctuate.  Additionally, European Capital's current performance may be lower or higher than the performance data quoted above.

Basis of preparation
This interim management statement has been prepared to provide further transparent information about European Capital and should not be relied on by any person for any other purpose.  Certain financial information in this interim management statement is based on unaudited management accounts.  Nothing in this document is intended to be, or should be construed as, a profit forecast.

ABOUT EUROPEAN CAPITAL
European Capital is an investment company for pan-European equity, mezzanine and senior debt investments with €1.2 billion in assets under management.  European Capital is a wholly-owned affiliate of American Capital, Ltd ("American Capital").  It is managed by European Capital Financial Services (Guernsey) Limited ("ECFSG" or the "Investment Manager"), a wholly-owned affiliate of American Capital.  The Investment Manager has offices in London and Paris.  As of 31 December 2012 the Investment Manager had 5 investment teams with 22 investment professionals and employed 27 support staff.  European Capital and its affiliate, American Capital, will consider senior and mezzanine debt investment opportunities from 10 million to 40 million in either euros or sterling and up to 400 million for One Stop Buyouts®.  For further information, please refer to www.EuropeanCapital.com.

ABOUT AMERICAN CAPITAL
American Capital, Ltd. (Nasdaq: ACAS) is a publicly traded private equity firm and global asset manager.  American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products.  American Capital manages $18.6 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with $117 billion of total assets under management (including levered assets).  Through an affiliate, American Capital manages publicly traded American Capital Agency Corp. (Nasdaq: AGNC) with approximately a $13 billion market capitalization and American Capital Mortgage Investment Corp. (Nasdaq: MTGE) with approximately a $1.5 billion market capitalization. From its eight offices in the U.S. and Europe, American Capital and its affiliate, European Capital, will consider investment opportunities from $10 million to $750 million.  For further information, please refer to www.AmericanCapital.com.

Contact: European Capital Financial Services Limited

+ 44 207 539 7000



Ira Wagner, President
Juan Carlos Morales Cortes, Director
Richard Smith, Finance Director


EUROPEAN CAPITAL FINANCIAL SERVICES, LTD.


London
25 Bedford Street
London WC2E 9ES
United Kingdom
+44 (0)207 539 7000
+44 (0)207 539 7001 Fax

 

Paris Branch
37 Avenue Pierre 1er de Serbie
75008 Paris
France
+33 (0)1 40 68 06 66
+33 (0)1 40 68 06 88 Fax

SOURCE European Capital Limited



RELATED LINKS
http://www.EuropeanCapital.com

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