Business
Annual Report for year ended 31 December 2012
Annual Report for year ended 31 December 2012.
About this update from Livermore Investments Group Limited
[{"type":"text","content":"\n \nRNS Number : 1589F Livermore Investments Group Limited 21 May 2013 \n \n\n \n \n \n \nLivermore Investments Group Limited\nAnnual Report & Consolidated Financial Statements for the year ended 31 December 2012\n \n \n \nHighlights\n· Net Asset Value per share - USD 0.87 (December 2011: USD 0.57, June 2012: USD 0.74) - representing a net increase of 52.6%.\n· Successful value generation from investing in the US loan market.\n· Wyler Park property in Bern, Switzerland fully let.\n· No material developments in the private equity portfolio.\n· During 2012, the Company purchased 56,052,180 shares to be held in treasury. \n \n \n\n\n\nChairman's and Chief Executive's Review\nIntroduction\nWe are pleased to announce the consolidated financial results for Livermore Investments Group Limited (\"Livermore\" or \"the Company\") and its subsidiaries (together \"the Group\") for the year ended 31 December 2012. \nThe year-end NAV was USD 0.87 per share (2011 NAV: USD 0.57 per share). Net profit for the year was USD 25.7m (2011 Net Profit: USD 5.4m). The portfolio remained well diversified across sectors and geographies with increased exposure to fixed income securities and senior secured loans as compared to 2011.\nDuring the year, the Group performed well generating an increase of 52.6% on a NAV per share basis. The positive performance is attributed largely to the income from the US credit portfolio partly offset by certain write-downs on legacy private equity investments. Interest and dividend income from the financial portfolio totalled USD 22.1m (2011: USD 18.9m).\nWyler Park, our investment property in Bern, Switzerland performed well, generating over CHF 5.4m in net rent during the year. All of the 39 apartments and commercial spaces are fully rented.\nThere were no significant developments in the private equity portfolio during the year.\n \nFinancial Review\nThe NAV of the Group at 31 December 2012 was USD 173.0m. On a per share basis, NAV increased by 52.6%. Net profit during the year was USD 25.7m, which represents earnings per share of USD 0.12.\nAdministrative expenses excluding provisions w...