Business
Results for year ended 31 December 2010
Results for year ended 31 December 2010.
About this update from Livermore Investments Group Limited
[{"type":"text","content":"\n \nRNS Number : 8817G Livermore Investments Group Limited 19 May 2011 \n \n\nLivermore Investments Group Limited\nAnnual Report & Consolidated Financial Statements for the year ended 31 December 2010\nHighlights\n· Net Asset Value per share - USD 0.50 (December 2009: USD 0.44, June 2010: 0.46) - representing a net increase of 13.6%.\n· NAV uplift driven by strong performance of financial portfolio (28.3% net performance) as well as currency gains, partially offset by write offs on legacy investments.\n· Successfully rented all apartments at Wyler Park, Bern. The property is fully let.\n· No material developments in the private equity portfolio.\n· Total administrative expenses during the year (excluding provisions for legal and other matters) were USD 3.2m, representing 2.4% of the average NAV.\n· Net profit of USD 8.5m mainly from interest and dividend income.\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 2010. \nDuring the year, the Group performed well generating an increase of 13.6% on a NAV per share basis. The Group took advantage of the continued economic recovery in the US, reduced systemic risk, dislocation in market prices and availability of cheap leverage and increased allocation to its financial portfolio, specifically corporate bonds and exposure to US and European senior secured loans.\nThe year-end NAV was USD 0.50 per share (2009 NAV: USD 0.44 per share). Net profit for the year was USD 8.5m (2009 Net Loss: USD 61.1m). The portfolio remained well diversified across sectors and geographies with increased exposure to fixed income securities and senior secured loans as compared to 2009.\nThe positive performance is attributed largely to the capital gains and income from the financial portfolio and currency gains on the non-USD denominated investments. Interest and dividend income from the financial portfolio was USD 10.5m.\nWyler Park, our investment property in Bern, Switzerland pe...