Business
Unaudited results for the year ended January 2013
Unaudited results for the year ended January 2013.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 0808B Graphite Enterprise Trust PLC 28 March 2013 \n \n\n \n28 March 2013\n GRAPHITE ENTERPRISE TRUST PLC\n \nUNAUDITED RESULTS FOR THE\nYEAR ENDED 31 JANUARY 2013\n \nGraphite Enterprise Trust PLC ('Graphite Enterprise' or 'the Company') presents its unaudited results for the year ended 31 January 2013.\n \nSUMMARY OF THE YEAR\n \nGraphite Enterprise made good progress in the year to 31 January 2013. The portfolio continued to perform well in a difficult economic environment, again demonstrating the strengths of the private equity model. The Company's net asset value grew by over 10% and the share price performed exceptionally well, increasing by 36% over the year. \n \nWhile private equity transaction volumes continue to be relatively subdued, we are seeing many attractive opportunities to invest in new funds and to acquire interests in existing funds. Our strong balance sheet leaves us very well placed to participate actively in the current round of new fund raisings and we expect commitments to rise significantly in the next year. \n \nOver both the short and long term, the Company's net asset value has been one of the top performers, not only within the fund of funds sector but also within the wider listed private equity sector. The continued strong performance of the portfolio suggests that the Company is able to make progress even when underlying economies remain weak. \n \nMark Fane, Chairman\n \nHIGHLIGHTS\n \n\n\n\n\n+36.4%\n\n\n+10.9%\n\n\n+14.3%\n\n\n\n\nShare price\nThe share price strongly outperformed the benchmark FTSE All-Share Index which rose by 12.1%\n \n\n\nNet asset value per share\nThe NAV per share has increased by more than a quarter since the end of 2007\n \n\n\nUnderlying value of the portfolio in local currency\nThe portfolio grew strongly for the fourth consecutive year in weak economic conditions\n \n\n\n\n\n£76.9m\n\n\n£100m\n\n\n+52%\n\n\n\n\nRealisation proceeds\n20% of the opening portfolio was realised in cash\n \n\n\nBank facility \nAfter the year end the bank facility was increased by £40 million from £60 million and remains undrawn\n \n\n\nAverage uplift in value on realisation\nProfitable disposals continued to generate large uplifts in value\n\n\n\n\n ...