shaPE Capital AG / Key word(s): Final Results
02.04.2014 17:30
Release of an ad hoc announcement pursuant to Art. 53 KR
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Freienbach, 2 April 2014
- Solid fourth full year under realization strategy with a net asset
value per share and share price increase of +6.5% and +33.9%
respectively in 2013.
- Strong fund distributions and secondary sales enable record
distributions of CHF 56 per share to shareholders in 2013.
- Harvesting and opportunistic secondary sales remain first priority of
realization strategy; role of share buybacks expected to further
diminish due to narrowed discount.
The year 2013 marked the fourth full year under the realization strategy
and turned out to be another very satisfactory year with a
distribution-adjusted NAV per share increase of 6.5% and a share price
increase of 33.9%. The year-over-year distribution-adjusted NAV per share
increase of 6.5% can be broken down into an effect of 7.3% from the
increased valuations of the underlying funds, a positive impact of 2.9%
from the continued purchase of treasury shares at a discount to NAV, -1.0%
from FX movements and a negative impact of -2.7% from costs. The mature
private equity portfolio continued to produce strong positive cash flows in
2013. Excluding sale proceeds distributions received amounted to CHF 24.5
million representing 24.6% of the beginning years' investment value of CHF
99.4 million. Total capital calls paid over the year amounted to merely CHF
0.5 million which is again significantly lower as in the previous two years
(2012: CHF 6.5 million, 2011: CHF 7.7 million) and is a direct consequence
of the elapsed investment periods of 2007 vintage funds.
With a distribution of CHF 38 per share paid out in May and a distribution
of CHF 18 per share paid out in December, a total of CHF 56 per share was
returned to the shareholders in 2013, which is equivalent to almost 28% of
the beginning years' NAV. Together with the CHF 25 per share distribution
paid out in 2011, a total of CHF 81 per share has so far been returned to
shareholders. For the upcoming annual general meeting the board of
directors proposes a cash distribution of CHF 22 per share. If approved, a
total amount of CHF 103 per share will have been returned to shareholders.
shaPE intends to continue the adopted harvesting strategy over the coming
quarters while opportunistically selling funds if deemed attractive. Share
buybacks are expected to play a minor role due to the narrowed discount.
The full annual report 2013 is available on www.shape-capital.com.
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Information and Explaination of the Issuer to this News:
shaPE Capital AG
shaPE is a SIX Swiss Exchange-listed investment company with exposure to a
global private equity portfolio. In 2009 shaPE decided to initiate a
realization strategy with the ultimate goal to return the intrinsic value
of the current portfolio to its shareholders. Under this realization
strategy shaPE does not make any new commitments to private equity funds,
but focuses on harvesting the value of the current portfolio over the
coming years. shaPE is listed on the SIX Swiss Exchange under the ticker
symbol 'SHPN'.
For further information please contact:
Dr. Simon Lamprecht
shaPE Capital AG
Wolleraustrasse 41a
8807 Freienbach
Phone: +41 58 596 12 96
Fax: +41 58 596 12 97
E-mail: info@shape-capital.com
Internet: www.shape-capital.com
02.04.2014 News transmitted by EQS Schweiz AG.
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Language: English
Company: shaPE Capital AG
Wolleraustrasse 41a
8807 Freienbach
Switzerland
Phone: +41 58 596 12 96
Fax: +41 58 596 12 97
E-mail: info@shape-capital.com
Internet: www.shape-capital.com
ISIN: CH0012885841
Valor: 765355
Listed: SIX
End of Announcement EQS Group News-Service
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