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CVC LIMITED AGM Information 2008
64728_rns_2008-11-23_f4ba0db3-7940-4351-95ba-5bd960f91c69.pdf
AGM Information
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POSITIONED FOR OPPORTUNITIES
Annual General Meeting 2008
"The recent turmoil in financial markets reflects, in our opinion, a heralding of a major First World debt crisis which will ultimately become a harsh reality"
Vanda Gould – CVC Chairman's report 2007
THE YEAR IN REVIEW
| 2 0 0 8 |
2 0 0 7 |
|
|---|---|---|
| ha in S Ea Pe rn g s r re |
0 7. ts ce n |
2 3. 9 ts ce n |
| l lo d To As Em ta ts se p y e |
\$ 3 1 6. 1 M |
\$ 4 0 4. 3 M |
| ha ho l de i S Eq ty re rs u |
\$ 2 7 4. 4 M |
\$ 3 4 5. 1 M |
| ha ho l de Re S Eq i tu ty rn on re rs u |
0. 3 7 % |
1 2. 0 % |
| ha iss d S Ye En t re s on ue a ar |
1 6 2, 3 5 2, 1 3 4 |
1 7 1, 7 1 3, 7 1 0 |
| ha Ne As S t ts se p er re |
\$ 1. 6 9 |
\$ 2. 0 1 |
| iv i de ds ha D S n p er re |
6. 0 ts ce n |
1 5. 0 ts ce n |
- ¾Maintained strong balance sheet
- ¾Substantial new investment in Blue Energy
- ¾Advanced \$15.7 M in new mezzanine finance
- ¾Bought back 9.8 M CVC Shares
- ¾ Continued to invest in and devote significant effort to development of all major investees
¾
¾
¾
2009 Year TO DATE
- ¾ Focussed on building cash reserves (approx \$80M) to position company to take advantage of value opportunities emerging
- ¾Strong initial operating profit performance
- ¾ Blue Energy sale crystallised profit of \$12 M
- Current profit for year to date likely to be materially impacted by impairment review at December 31.[ If current valuations remain majority of profit for year to date could be eliminatedby impairment]
- ¾Further realisations of listed share portfolio
- Bought back further 12 MCVC Shares
- As per Chairman's report Dividend dependent upon profit level andeconomic climate
IMPACT OF CREDIT CRISIS on cvc
- ¾ Realisations of major investments virtually impossible at sensibleprices
- ¾ Reduction in the value of CVC's listed portfolio by approx \$50 Msince June 30, 2008
- ¾Funds management activities subdued
- ¾ Focus on core investees and ensuring their financial health, and platform for future
- ¾ Improved cash reserves to approx \$80 M and looking to continueincreasing
- ¾ Reduced operating expenses / overhead of both CVC andcore investees
¾
2009 AND BEYOND
- ¾ 2009 likely to continue to be "tough" for CVC – majorit y of focus for balance of 2009 will be to nurture key investees and realise non ‐core investments as and when appropriate
- ¾ Significant investment opportunities will and are emerging in quality companies at historically "cheap" valuations
- ¾ More structured lending – likel y with bridge ‐financecharacteristics
- Access to human capital likely to be improved in new environment
POSITIONED FOR OPPORTUNITIES
Annual General Meeting 2008
