TIDMPGGO
RNS Number : 8173W
Partners Group Global Opportunities
04 August 2009
PARTNERS GROUP GLOBAL OPPORTUNITIES LIMITED
HALF-YEARLY REPORT 2009
for the period from 1 January 2009 to 30 June 2009
INVESTMENT MANAGER'S REPORT
Partners Group Global Opportunities Limited ("PGGO") is a closed-ended
investment company with limited liability domiciled in Guernsey and traded on
the London Stock Exchange (Offi cial List) (Ticker symbol: PGGO). PGGO invests
in a broadly diversified portfolio of private market investments, including
private equity and private debt, with a focus on direct investments.
The Company offers public market investors access to a broadly diversified
portfolio of attractive private equity and private debt investments. It aims to
provide shareholders with long-term capital growth and a target dividend yield
of 8% p.a. of the Company's net asset value in the mid- to long term.
SIGNIFICANT PROGRESS MADE IN REPOSITIONING THE PORTFOLIO
In April this year, PGGO announced that it intended to reposition the portfolio
with the aim to improving the Company's liquidity position and reducing gearing
over the short- to mid-term to a more moderate level of EUR 30-50 million. In
order to achieve this target, the Company has over the last months entered into
various asset sales to generate liquidity and reduce future liabilities. In
March, PGGO sold certain listed holdings and 50% of its US dollar put option,
generating EUR 6.0 million in cash. In the same month, PGGO entered into
agreements to sell two direct mezzanine investments for a total amount of EUR
13.5 million, which led to a modest NAV impact of only -0.7% on year-end 2008
valuations. These two secondary sales have meanwhile settled.
Over the second quarter, PGGO entered into further definitive agreements to sell
part or all of three additional direct mezzanine investments for a total
consideration of EUR 15.3 million with an expected impact of -2.5% on the 31
December 2008 NAV. Additionally, in June, PGGO agreed to sell 21 fund
commitments on the secondary market, generating total expected proceeds of
approximately EUR 20.0 million while at the same time relieving PGGO of EUR 43.5
million of unfunded commitments. While the settlement of most of these
transactions is only expected over the coming weeks, the discounts at which the
investments were sold at are already fully reflected in the NAV as of 30 June
2009 having a negative impact of 12.5% compared to the 31 December 2008
valuations. Following the settlement of all of the above transactions, net debt
of PGGO is expected to decrease to approximately EUR 50 million and unfunded
commitments to decline to around EUR 12 million. Currently the Company does not
consider it necessary to make further asset sales. The repositioning of the
portfolio is supported by the negotiation of a longer-term credit facility, and
the investment manager is confident that the signing of this credit facility can
be announced in the coming weeks due to the advanced stage of the negotiations.
NAV DECLINES IN RECESSIONARY ENVIRONMENT
Although the development of public markets after March 2009 reflected the
expectation of an economic recovery the macroeconomic environment as well as
conditions in the real economy remained challenging. Against this background and
including the cost of the portfolio repositioning, the net asset value ("NAV")
of PGGO declined by 35.2% to EUR 5.02 per share during the first six months of
2009. Revaluations of direct investments accounted for a NAV decrease of 16.7%
in the first half of 2009, of which about half was contributed by direct equity
investments and the other half by direct mezzanine investments. The latter
includes a moderate effect of mark-to-market pricing of certain direct mezzanine
investments, which the Company agreed to sell on the secondary market. Reports
received from primary and secondary funds had a negative impact of 5.6% over the
first six months of 2009. Further to these general partner reports, IFRS
adjustments made by PGGO's investment manager decreased the NAV by 11.1%. These
IFRS valuations were primarily done to reflect secondary sales which the Company
has or expects to execute over the coming months. The remainder was accounted
for by foreign exchange effects as well as credit line expenses, management and
other fees. In total, as of end June 2009, 99% of the portfolio was re-adjusted
by the investment manager, and only a small fraction of 1% of total assets were
left at third party valuations.
REVALUATIONS OF DIRECT AND FUND INVESTMENTS REFLECT LOWER PUBLIC COMPARABLES AND
MORE DIFFICULT MARKET ENVIRONMENT
While overall the portfolio could not escape downward valuation pressure due to
falling public comparables specifically in the first quarter of 2009 and the
weaker economic environment, three out of the 30 direct equity investments were
marked up during the first half-year 2009 due to very strong earnings or other
corporate developments. Most notable was the merger of portfolio company Purple
Labs into the Swiss Stock Exchange-listed Myriad Group which led to a
significant write-up based on the shares bid price as of 30 June 2009. In
addition, PGGO is currently invested in two other publicly-listed companies
which were marked-to-market as of end June and together with the investment in
Myriad Group account for 5.2% of total assets or EUR 16.1 million. Other
re-assessments in PGGO's unquoted direct equity portfolio (around 50% of total
assets before the expected settlement of agreed secondary sales) led to downward
adjustments of 13 companies. As of 30 June 2009, two direct equity investments
were held at cost, while seven were held above cost and 21 were valued below
cost. The overall revaluation of the direct equity portfolio in accordance with
IFRS had a negative effect on the NAV of 9.1%.
The income from the direct private debt portfolio (31% of total assets before
the expected settlement of agreed secondary sales) continued to support PGGO's
NAV, generating EUR 7.6 million in interest payments and contributing a positive
2.5% to the NAV in the reporting period. At the end of the first half-year of
2009, the blended capital-weighted contractual yield of the direct private debt
portfolio stood at 10.9% (based on three-month LIBOR rate as of 30 June 2009).
However, due to the more difficult market environment as well as the agreed
secondary sales of five mezzanine investments, the investment manager had to
revalue the principal amounts of some mezzanine investments. Over the first six
months of 2009, this resulted in downward revisions of 8 out of the 17 direct
debt investments. The overall revaluation of the direct private debt investments
had a negative impact on the NAV of 7.6%. As of 30 June 2009, seven direct debt
investments were held at cost, while ten were valued below cost.
During the period under review, the Company received general partner reports as
of year-end 2008 and end-March 2009 for the secondary and primary fund
investments. These reports reflected the global recessionary environment as well
as the fall in public comparables in the respective reporting periods and had a
negative impact on the NAV of 5.6%. Further to that, the investment manager made
fair value adjustments to these general partner reports under IFRS which led to
an additional decrease of the NAV by 11.1%. These IFRS valuations were primarily
done to reflect agreed, but mostly not yet settled secondary sales of 21 fund
commitments.
COMPANY INTENDS TO PROPOSE CAPITAL RESTRUCTURING TO SHAREHOLDERS
At its meeting on 6 May 2009 the Board of PGGO decided to propose to the
shareholders a de-listing of the Company and conversion into an open-ended
investment company or another vehicle with structural liquidity. The proposal is
supported by the feedback from numerous investor meetings and a legal
feasibility study. Progressing in this matter, the Board and the investment
manager are now preparing the necessary steps to be taken, ahead of an
Extraordinary General Meeting that is expected to be held in the third quarter,
most likely in late September, where investors will have the final say on the
structural changes. The proposed restructuring is intended to allow shareholders
to obtain true exposure to private equity investments without undue stock market
volatility yet defined liquidity at NAV.
OUTLOOK
The investment manager is convinced that following the successful portfolio
repositioning with a reduction of net gearing to around EUR 50 million PGGO's
balance sheet is well positioned to withstand short-term volatility. The NAV as
of 30 June 2009 represents the up to date fair value that was established
predominantly based on current public comparables and most recent operating
earnings, typically as of the end of the first quarter 2009 or even more recent.
In light of the advanced stage of the negotiations for a new credit line, which
is expected to be signed and announced in the coming weeks the investment
manager is confident that the current balance sheet structure is healthy and
sustainable. With the significant reduction of unfunded commitments PGGO has an
even stronger focus on direct investments, which leads to a higher portfolio
visibility and could potentially result in a quicker NAV recovery once the
economy rebounds. Together with the proposed restructuring, this should allow
investors to benefit from the private equity investments and to realize value
over time at net asset value.
PRIVATE EQUITY MARKET ENVIRONMENT
Attractive conditions for private equity value creation
The success of a private equity investment is dependent on the general partner's
ability to drive operational improvements, to provide guidance and financial
backing, as well as to put in place a strong management team that is capable of
implementing effective business strategies to develop the investment's
potential. Besides achieving organic growth through ways such as driving sales
initiatives and improving operational efficiencies, a private equity owner can
also turn to bolt-on acquisitions to merge expertise, to expand the scale of the
company's operations and to prepare it for a profitable exit.
The bolt-on or buy-and-build strategy refers to a private equity firm doing an
acquisition in order to enhance the value of an existing portfolio company.
Bolt-on acquisitions could well include a company's industry competitor or a
business which has a complementary product or technology to offer.
Recessionary climate conducive to bolt-on acquisitions
In the present recessionary environment, the availability of attractively priced
companies is on the increase. The downturn in the global economy has caused
consumer and corporate spending to decline, putting many companies under cash
flow pressures. To worsen the situation, a tight global credit situation has
prevented companies from obtaining favourable financing. Raising capital in the
public market is also challenging in the present economic climate given that
stock market investors are facing similar liquidity woes. As a result of the
environment, an increasing number of operationally sound companies are
considering partnering with private equity firms for financial backing.
Similarly, ever more big conglomerates facing liquidity constraints are
considering spinning off divisions in order to raise capital. Such assets are
usually well developed in terms of their operations and infrastructure and
employ a highly trained workforce. The increase in this kind of deal flow is
providing private equity firms with a further stream of high quality
opportunities that could be beneficial to their underlying investments.
Private equity firms in strong position to acquire bolt-ons
The buy-and-build strategy is one of the value-adding approaches private equity
firms use to improve their portfolio companies. Having a deep knowledge of their
companies, private equity firms understand the kind of businesses that would
best complement their portfolio companies. In addition, private equity firms
have the necessary skills to integrate the human capital and resources as well
to create synergies within the combined entity.
Furthermore, in a world where even promising and operationally sound companies
are having difficulty gaining access to capital, private equity firms are one of
the few market participants left with abundant liquidity. According to research
group Preqin, private equity firms had more than USD 1 trillion available for
deal-making at the beginning of 2009. Thanks to this strong financial position,
private equity firms can support their portfolio companies in consolidating
their market positions by acquiring industry competitors or businesses which
offer complementary products or services.
Bolt-on acquisitions as a way to increase market share ...
The benefits of bolt-on investments are manifold. The most obvious advantage
that a private equity-backed company gains over its competitors is a stronger
market position with a bigger market share achieved either through acquiring
other competing firms or by expanding vertically.
... and reduce costs ...
Besides achieving a stronger market position within the industry, the benefits
of integrating the two companies' resources are considerable. Synergies are
generated by combining the production processes through sharing resources and
platforms which can boost efficiency and thus lower production costs. A combined
entity can also streamline the back-office operations and reduce inventory
expenses, resulting in more efficient processes in the long run. Overall, the
greater economies of scale will lead to lower operational costs, while greater
market influence will result in stronger negotiating power with vendors.
... and broaden product offerings
A company can also use the particular products, services and skill sets offered
by the bolt-on company in order to broaden its own product or service offering.
One such example is the acquisition of healthcare education content provider
Concept Media by Delmar, an underlying company of direct investment Cengage
Learning and a leading provider of lifelong learning products and services for
the healthcare education market.
Concept Media's digital media library of education materials will be integrated
into Delmar to complement its existing product line of training materials for
health and nursing customers. The addition of Concept Media's more than 500
programs to Delmar's existing offering of nursing education programs will
provide an even greater choice of content and media format to students and
instructors within the core nursing and allied health subject areas. This has
helped to boost Cengage Learning's position as the leading provider of
state-of-the-art customised learning solutions and as the leading publisher in
the higher education publishing and reference market.
Making the right choices in the current economic climate
Despite a wealth of investment opportunities, private equity owners are all too
aware of the importance of only buying businesses that truly complement their
existing companies. Private equity firms use stringent due diligence processes
to filter out good investments and focus not just on the lower valuations for
companies but more so on long-term profitability and the creation of synergies
through their merger with existing portfolio companies.
More importantly, private equity firms possess the know-how and skills necessary
to be able to integrate companies and develop the combined entity to its full
potential. The recessionary environment has increased the number of high quality
investments that are being offered at attractive prices, while private equity
firms have the buying power to cherry-pick the investments that should add most
value to their existing investments. With private equity firms' expertise in
building up their companies through bolt-on acquisitions, plus the opportunities
arising in the current economic climate, private equity-owned companies can
increasingly expect to benefit from this method of value creation.
PORTFOLIO
PGGO has funded capital calls from partnerships for EUR 3.6 million and received
EUR 20.0 million in distributions and sales from funds and direct investments
during the past six months. Unfunded commitments at the end of June totalled EUR
51 million.
Selected partnership investment
Clayton, Dubilier & Rice Fund VII (Co-Invest), L.P.
In April, Hertz, the world's largest general use car rental brand and a
portfolio company of PGGO partnership Clayton, Dubilier & Rice Fund
VII, acquired Advantage Rent A Car out of bankruptcy for approximately USD 33
million. Advantage is a popular brand for price-oriented customers at key US
leisure travel destinations. Hertz will combine its operations excellence and
expense discipline with Advantage's leisure market focus in order to expand its
market share in the price-oriented travel demographic. In addition, the
transaction will allow Hertz to increase its penetration of the third-party
online bookings market.
Selected realisations
American Capital Equity I, LLC
In April, PGGO portfolio partnership American Capital Equity I sold portfolio
company Corrpro Companies, a leading provider of corrosion control engineering
services and systems, to a subsidiary of Nasdaq-listed Insituform Technologies.
During American Capital's five-year ownership, Corrpro grew its revenues and
cash flow by focusing on attractive markets such as the infrastructure and
environmental sectors. Through organic growth and acquisitions, Corrpro now
offers a full range of corrosion-related solutions out of more than 60 offices
globally. The highly successful exit generated a compound annual rate of return
of 21%.
Avista Capital Partners (Offshore), L.P.
In May, PGGO portfolio partnership Avista Capital Partners (Offshore) sold
portfolio company Medserve Inc, a Houston-based company specializing in medical
and hazardous waste management services, to Nasdaq-listed Stericycle for USD 185
million. Medserve had been acquired by a group of investors led by Avista in
2006 for USD 70 million. As a result of the private owners' clear growth
strategy for the company, Medserve grew rapidly, integrating more than 20
companies into its operations and making significant inroads in consolidating
its position in the waste management sector. The completion of the transaction
is subject to standard regulatory clearances.
American Capital Equity I, LLC
In May, PGGO partnership American Capital Equity I sold leading general aircraft
manufacturer Piper Aircraft to Imprimis, an investment management firm. The deal
proves that the market is still interested in strong assets. Since first
investing in Piper Aircraft, American Capital had worked closely with the
company's management to grow the iconic aviation brand through product
innovations, quality manufacturing and a dedicated workforce. And, despite the
economic challenges, Piper Aircraft has maintained a strong order book. American
Capital's total inception-to-date realized gains on its Piper Aircraft
investment were USD 48 million with an IRR of 19%.
PORTFOLIO OVERVIEW
Direct investments
Direct private debt
Alma Consulting Group
Avio Holding SpA
Bauer Hockey
Ferretti SpA
Foxtons Group Limited
H.C. Starck
IMO Carwash Group
Ipsen
Kabel Baden-Württemberg
Lightning systems firm*
Médica France
Securitas Direct
Stahl Holdings B.V.
Telepizza S.A.
The Sports Authority, Inc.
Tommy Hilfiger Corporation
Transportation company*
Direct equity
1-800 Contacts
Arcos Dorados Limited
AHT Coolings Systems GmbH
Ark Holding Company, Inc.
Avio Holding SpA
AWAS Aviation Holding
Cengage Learning, Inc.
Delsey
Lifeways Community Care Limited
EXCO Resources, Inc.
Freescale Semiconductor, Inc.
Foodservice and distribution company*
Generac Power Systems, Inc.
General Nutrition Centers, Inc.
Entertainment company*
Eye health company*
Media company*
NXP B.V.
Purple Labs S.A.
Realogy Corporation
RoadLink Holdings
RSC Equipment Rental
Service company*
Information service company*
Telecommunication company*
Japanese financial institution*
The Reader's Digest Association, Inc.
Univision Communications, Inc.
Zesko Holding B.V.
Secondary investments
Europe - Buyout
Aksia Capital III, L.P.
CapVis Equity II, L.P.
HGX Private Equity Fund, L.P.
Secondary opportunity fund*
North America - Buyout
American Capital Equity I, LLC
GRP AQ, L.P.
Clayton, Dubilier & Rice Fund VI, L.P.
Bain Capital IX, L.P.
Bain Capital IX Co-Investment, L.P.
Wachovia Capital Partners I, L.P.
Wachovia Capital Partners II, L.P.
Asia & rest of World - Buyout
Affinity Asia Pacific Fund, L.P.
Alothon Cristal, L.P.
Primary investments
Europe - Buyout
EQT V, L.P.
Terra Firma Capital Partners III, L.P.
Doughty Hanson & Co. V, L.P.
Europe - Special Situations
AP Investment Europe Limited
North America - Buyout
Apax US VII, L.P.
Avista Capital Partners (Offshore), L.P.
Bain Capital X, L.P.
Bain Capital X Co-Investment, L.P.
Behrman Capital IV, L.P.
Clayton, Dubilier & Rice Fund VII (Co-Invest), L.P.
Fenway Partners Capital Fund III, L.P.
Thomas H. Lee Equity Fund VI, L.P.
Silver Lake Partners III, L.P.
Providence Equity Partners VI-A, L.P.
North America - Special Situations
BNY Mezzanine Partners, L.P.
Asia & rest of World - Buyout
Alothon Fund II, L.P.
DLJ SAP International, LLC
TPG Asia V, L.P.
Opportunistic investments
Penta CLO 1 S.A.**
* Names may not be disclosed for confidentiality reasons
** At no additional costs on the respective fund level
STATEMENTS UNDER DISCLOSURE AND TRANSPARENCY RULES
Condensed set of financial statements
The condensed set of financial statements are set out in the section "financial
figures".
Interim management report
Important events during the past six months
As is more fully set in the investment manager's report the important events in
the first half of 2009 surround the decision to reduce gearing and unfunded
commitments; the consequent asset disposals have largely achieved these
goals. The 2009 Annual General Meeting was held on Wednesday, 6 May 2009 and all
resolutions were duly passed. We thank shareholders for their continuing
support.
Principal risks and uncertainties
The main focus of the Company is to invest in private equity funds, which
themselves invest in unquoted companies, and direct investments co-investing
with leading private equity fund managers. The investment manager believes that
for the remaining six months of the financial year PGGO's principal risks relate
to the performance of its existing private equity portfolio and the ability of
underlying fund managers to source and invest in new assets as well as in shifts
in the global credit and economic markets that may impact the exit environment
in the short term. A further explanation of the risks and how they are managed
is contained in note 8 to the accounts in the PGGO annual report 2008.
Responsibility statement of the directors in respect of the half-yearly
financial report
We confirm that to the best of our knowledge:
- the condensed set of financial statements has been prepared in accordance with
IAS 34;
- the interim management report includes a fair review of the information
required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the financial
year and their impact on the condensed set of financial statements; and a
description of the principal risks and uncertainties for the remaining six
months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do so.
Signed on behalf of the Board of Directors on 3 August 2009
John Hallam
Chairman
FINANCIAL FIGURES
Income statement
for the period from 01 January 2009 to 30 June 2009
+----------------------------------+-------+------------+------------+------------+------------+
| In thousands of EUR |Notes | 01.04.2009 | 01.01.2009 | 01.04.2008 | 01.01.2008 |
+----------------------------------+-------+------------+------------+------------+------------+
| | | 30.06.2009 | 30.06.2009 | 30.06.2008 | 30.06.2008 |
+----------------------------------+-------+------------+------------+------------+------------+
| Net income from designated | | (67'957) | (94'271) | 14'762 | (4'791) |
| financial assets at fair value | | | | | |
| through profit or loss | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Private Equity | | (55'688) | (79'052) | 12'468 | (8'080) |
+----------------------------------+-------+------------+------------+------------+------------+
| Interest & dividend | | 2 | 2 | - | - |
| income | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Revaluation | 5 | (45'329) | (79'785) | 12'034 | 9'139 |
+----------------------------------+-------+------------+------------+------------+------------+
| Net foreign exchange | 5 | (10'361) | 731 | 434 | (17'219) |
| gains / (losses) | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Private Debt | | (12'269) | (15'219) | 2'294 | 3'289 |
+----------------------------------+-------+------------+------------+------------+------------+
| Interest income | | 3'904 | 7'594 | 5'204 | 9'895 |
| (including PIK) | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Revaluation | 5 | (14'959) | (23'360) | (3'264) | (3'848) |
+----------------------------------+-------+------------+------------+------------+------------+
| Net foreign exchange | 5 | (1'214) | 547 | 354 | (2'758) |
| gains / (losses) | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Net income from financial assets | | - | 143 | 108 | (2'016) |
| at fair value through profit or | | | | | |
| loss held for trading | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Net income from | | - | 143 | 108 | (2'016) |
| opportunistic investments | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Dividend income | | - | - | 525 | 525 |
+----------------------------------+-------+------------+------------+------------+------------+
| Revaluation | 6 | - | 143 | (417) | (2'541) |
+----------------------------------+-------+------------+------------+------------+------------+
| Net income from cash & cash | | (56) | (53) | (271) | 86 |
| equivalents and other income | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Interest income | | 4 | 16 | 31 | 66 |
+----------------------------------+-------+------------+------------+------------+------------+
| Net foreign exchange | | (60) | (69) | (302) | 20 |
| gains / (losses) | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Total Net Income | | (68'013) | (94'181) | 14'599 | (6'721) |
+----------------------------------+-------+------------+------------+------------+------------+
| Operating expenses | | (1'519) | (3'490) | (3'152) | (5'610) |
+----------------------------------+-------+------------+------------+------------+------------+
| Management fee | | (1'073) | (2'458) | (1'610) | (3'206) |
+----------------------------------+-------+------------+------------+------------+------------+
| Administration fee | | (472) | (1'081) | (708) | (1'410) |
+----------------------------------+-------+------------+------------+------------+------------+
| Other operating | | (20) | (55) | (828) | (972) |
| expenses | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Other net foreign | | 46 | 104 | (6) | (22) |
| exchange gains / | | | | | |
| (losses) | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Other financial activities | | (493) | (11'082) | (1'190) | 13'478 |
+----------------------------------+-------+------------+------------+------------+------------+
| Setup expenses - | | - | - | (80) | (205) |
| credit facility | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Interest expense - | | (987) | (2'535) | (1'046) | (1'698) |
| credit facility | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Other finance cost | | (1) | (2) | - | - |
+----------------------------------+-------+------------+------------+------------+------------+
| Net result from | | 495 | (8'545) | (64) | 15'381 |
| hedging activities | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Surplus / (loss) for the | | (70'025) | (108'753) | 10'257 | 1'147 |
| financial period | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Other comprehensive income for | | - | - | - | - |
| the period; net of tax | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Total comprehensive income | | (70'025) | (108'753) | 10'257 | 1'147 |
| for the period | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Earnings per share | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Weighted average number of | | 39'900'002 | 39'900'002 | 39'900'002 | 39'900'002 |
| shares outstanding | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| Basic surplus / (loss) per share | | (1.76) | (2.73) | 0.26 | 0.03 |
| for the financial period | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
| The earnings per share are | | | | | |
| calculated by | | | | | |
| dividing the surplus / (loss) | | | | | |
| for the financial | | | | | |
| period by the weighted average | | | | | |
| number of shares outstanding. | | | | | |
+----------------------------------+-------+------------+------------+------------+------------+
Balance sheet
As at 30 June 2009
+------------------------------------------+-------+-----------+------------+----------+---------------+
| In |Notes | | 30.06.2009 | | 31.12.2008 |
| thousands | | | | | |
| of EUR | | | | | |
| ASSETS | | | | | |
| Designated | | | | | |
| assets at | | | | | |
| fair value | | | | | |
| through | | | | | |
| profit or | | | | | |
| loss | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Private | 5 | 197'026 | | 276'094 | |
| Equity | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Private | 5 | 93'682 | | 127'023 | |
| Debt | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Non-current | | | 290'708 | | 403'117 |
| assets | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Financial assets at fair value | 6 | - | | 2'989 | |
| through profit or loss held for | | | | | |
| trading | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Other | | 466 | | 1'345 | |
| short-term | | | | | |
| receivables | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Hedging | | 4'299 | | 15'703 | |
| assets | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Cash | 7 | 10'923 | | 9'992 | |
| and | | | | | |
| cash | | | | | |
| equivalents | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Current | | | 15'688 | | 30'029 |
| assets | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| TOTAL | | | 306'396 | | 433'146 |
| ASSETS | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| LIABILITIES | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Share | | 33'776 | | 33'776 | |
| premium | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Reserves | 8 | 342'020 | | 342'020 | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Retained | | (175'435) | | (66'682) | |
| Earnings | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Total | | | 200'361 | | 309'114 |
| Equity | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Short | 9 | 100'700 | | 116'700 | |
| term | | | | | |
| credit | | | | | |
| facilities | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Other | | 5'335 | | 7'332 | |
| short-term | | | | | |
| payables | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| Liabilities | | | 106'035 | | 124'032 |
| falling due | | | | | |
| within one | | | | | |
| year | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
| TOTAL | | | 306'396 | | 433'146 |
| EQUITY | | | | | |
| AND | | | | | |
| LIABILITIES | | | | | |
+------------------------------------------+-------+-----------+------------+----------+---------------+
Statement of changes in equity
for the period from 01 January 2009 to 30 June 2009
+----------------------------------------------+-----------+----------+-----------+--------------+
| In thousands | Share | Reserves | Retained | Total |
| of EUR | premium | | Earnings | |
+----------------------------------------------+-----------+----------+-----------+--------------+
| Equity at | 33'776 | 342'020 | (66'682) | 309'114 |
| beginning of | | | | |
| reporting | | | | |
| period | | | | |
+----------------------------------------------+-----------+----------+-----------+--------------+
| Other | | | - | - |
| comprehensive | | | | |
| income for | | | | |
| the period; | | | | |
| net of tax | | | | |
+----------------------------------------------+-----------+----------+-----------+--------------+
| Surplus / | | | (108'753) | (108'753) |
| (loss) for | | | | |
| the | | | | |
| financial | | | | |
| period | | | | |
+----------------------------------------------+-----------+----------+-----------+--------------+
| Equity at end of | 342'020 | (175'435) | 200'361 |
| reporting period33'776 | | | |
| for the period from 01 | | | |
| January 2008 to 30 June | | | |
| 2008 | | | |
+----------------------------------------------------------+----------+-----------+--------------+
| | Share | | Retained | |
+----------------------------------------------+-----------+----------+-----------+--------------+
| In thousands | premium | Reserves | Earnings | Total |
| of EUR | | | | |
+----------------------------------------------+-----------+----------+-----------+--------------+
+----------------------------------------------+----------+----------+---------+--------------+
| Equity at | 33'776 | 350'000 | 23'107 | 406'883 |
| beginning of | | | | |
| previous | | | | |
| period | | | | |
+----------------------------------------------+----------+----------+---------+--------------+
| Dividend paid | | (7'980) | - | (7'980) |
+----------------------------------------------+----------+----------+---------+--------------+
| Other | | | - | - |
| comprehensive | | | | |
| income for | | | | |
| the period; | | | | |
| net of tax | | | | |
+----------------------------------------------+----------+----------+---------+--------------+
| Surplus / | | - | 1'147 | 1'147 |
| (loss) for | | | | |
| the financial | | | | |
| period | | | | |
+----------------------------------------------+----------+----------+---------+--------------+
| Equity at end | 33'776 | 342'020 | 24'254 | 400'050 |
| of previous | | | | |
| period | | | | |
+----------------------------------------------+----------+----------+---------+--------------+
Cash flow statement
for the period from 01 January 2009 to 30 June 2009
+----------------------------------------------------+-------------+--------------------+-------------------+
| In | Notes | 01.01.2009 | 01.01.2008 |
| thousands | | | |
| of EUR | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| | | 30.06.2009 | 30.06.2008 |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Operating | | | |
| activites | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Surplus | | (108'753) | 1'147 |
| / | | | |
| (loss) | | | |
| for the | | | |
| financial | | | |
| period | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Adjustments: | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Foreign | | (1'313) | 19'979 |
| exchange | | | |
| result | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Investment | | 103'002 | (2'750) |
| revaluation | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Net | | (5'077) | (8'788) |
| gain | | | |
| / | | | |
| (loss) | | | |
| on | | | |
| interests | | | |
| & | | | |
| dividends | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| (Increase) | | 12'366 | 5'782 |
| / decrease | | | |
| in | | | |
| receivables | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Increase | | (1'975) | 3'056 |
| / | | | |
| (decrease) | | | |
| in | | | |
| payables | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Purchase | 5 | (3'637) | (40'175) |
| of | | | |
| private | | | |
| equity | | | |
| investments | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Purchase | 5 | - | (16'659) |
| of | | | |
| private | | | |
| debt | | | |
| investments | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Distributions and sales of private | 5 | 3'651 | 5'591 |
| equity investments | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Distributions | 5 | 13'460 | - |
| and sales of | | | |
| private debt | | | |
| investments | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Sale | 6 | 3'132 | - |
| of | | | |
| opportunistic | | | |
| investments | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Interest | | 4'679 | 7'100 |
| & | | | |
| dividends | | | |
| received | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Net | | 19'535 | (25'717) |
| cash | | | |
| from | | | |
| / | | | |
| (used | | | |
| in) | | | |
| operating | | | |
| activities | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Financing | | | |
| activities | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Increase | 9 | (16'000) | 22'700 |
| / | | | |
| (decrease) | | | |
| in credit | | | |
| facilities | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Interest | | (2'535) | (1'698) |
| expense | | | |
| - credit | | | |
| facility | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Distribution | | - | (7'980) |
| of dividends | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Net | | (18'535) | 13'022 |
| cash | | | |
| from | | | |
| / | | | |
| (used | | | |
| in) | | | |
| financing | | | |
| activities | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Net increase / (decrease) in cash and | | 1'000 | (12'695) |
| cash equivalents | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Cash and cash equivalents at | 7 | 9'992 | 16'560 |
| beginning of reporting period | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Movement | | (69) | 20 |
| in | | | |
| exchange | | | |
| rates | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
| Cash and cash equivalents at end of | 7 | 10'923 | 3'885 |
| reporting period | | | |
+----------------------------------------------------+-------------+--------------------+-------------------+
Notes to the financial statements
for the period from 01 January 2009 to 30 June 2009
1 Organization and business activity
Partners Group Global Opportunities Limited (the "Company") is a limited
liability company, incorporated and domiciled in Guernsey, Channel Islands. The
Company together with Partners Group Prime Yield, S.à r.l. (the "Subsidiary")
invests in a broadly diversified portfolio of private market investments. The
Company's registered office is Tudor House, St. Peter Port, Guernesy, GY1 1BT.
The Subsidiary was incorporated as a private limited liability company (société
à responsabilité limitée) on 22 February 2006 and is governed by the laws of
Luxembourg, in particular by the law dated 10 August 1915, on commercial
companies, as amended, the law of 22 March 2004 on securitization (the
"Securitization Law"), as well as by the present articles of association.
2 Basis of preparation
The condensed consolidated financial statements have been prepared in accordance
with IAS 34 Interim Financial Reporting. The condensed financial statements do
not include all the information and disclosures required in the consoliated
annual financial statements, and should be read in conjunction with the Group's
consolidated annual financial statements for the year ended 31 December 2008.
The accounting policies adopted in the preparation of the condensed consolidated
financial statements are consistent with those followed in the preparation of
the Group's consolidated annual financial statements for the year ended 31
December 2008, except for the adoption of the following amendments mandatory for
annual periods beginning on or after 1 January 2009, with the exception of IFRS
3, 5 and IFRIC 17 and 18 that are only effective for annual periods beginning on
or after 1 July 2009.
IFRS 2 - Share based payments
IFRS 3 - Business combinations
IFRS 5 - Non-current assets held for sale and discontinued operations
IFRS 7 - Financial instruments
IFRS 8 - Operating segments
IAS 1 - Presentation of financial statements
IAS 16 - Property, plant and
equipment
IAS 19 - Employee benefits
IAS 20 - Government grants and disclosure of government assistance
IAS 23 - Borrowing costs
IAS 27 - Consolidated and separate financial statements
IAS 28 - Investment in associates
IAS 31 - Interests in joint ventures
IAS 32 - Financial instruments: presentation
IAS 36 - Impairment of assets
IAS 38 - Intangible assets
IAS 39 - Recognition and measurement
IAS 40 - Investment property
IAS 41 - Agriculture
IFRIC 15 - Agreements for the construction of real estate
IFRIC 16 - Hedges
of a net investment in a foreign operation
IFRIC 17 - Distribution of
non-cash assets to owners
IFRIC 18 - Transfers of assets from customers
The board of Directors has assessed the impact of these amendments and concluded
that these standards and new interpretations will not affect the Group's results
of operations or financial position.
The adoption of IFRS 8 - Operating segments requires a 'management approach'
under which segment information is presented on the same basis as that used for
internal reporting purposes and therefore results in presentational changes
within these financial statements. Operating segments are reported in a manner
consistent with the internal reporting of Partners Group AG, the investment
advisor and are based on the following segments: private equity, private debt,
private real estate, private infrastructure and private resources.
The investment advisor assesses the performance of the operating segments based
on net income from designated financial assets at fair value through profit or
loss. This measurement basis excludes additional income and expenses which are
not allocated to segments but are managed by the administrator on a central
basis.
3Change in accounting policy
With effect from 1 January 2009, interest and dividend income received from
financial assets at fair value through profit or loss, other than those derived
from assets within the operating segment private debt or where the fund
holds a direct interest, are recognized against the cost or fair value of the
applicable financial asset in the period in which they arise or the right to
receive payments is established.
As in previous accounting periods, gains and losses arising from changes in the
fair value of the "financial assets or financial liabilities at fair value
through profit or loss" category are presented in the income statement in the
period in which they arise.
Interest and dividend income derived from assets within the operating segment
private debt or where the fund holds a direct interest continue to be recognized
in the income statement within interest and dividend income, when the right to
receive payments is established.
4Segment calculation
+--------------------------------------------------+----------+----------+----------+---------+---------+---------+-----------+-----------+
| In | Private Equity | Private Debt | Non | | Total |
| thousands | | | attributable | | |
| of EUR | | | | | |
+--------------------------------------------------+---------------------+--------------------+-------------------+-----------+-----------+
| | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 |
+--------------------------------------------------+----------+----------+----------+---------+---------+---------+-----------+-----------+
| Interest | 2 | - | 7'594 | 9'895 | 16 | 591 | 7'612 | 10'486 |
| & | | | | | | | | |
| dividend | | | | | | | | |
| income | | | | | | | | |
+--------------------------------------------------+----------+----------+----------+---------+---------+---------+-----------+-----------+
| Revaluation | (79'785) | 9'139 | (23'360) | (3'848) | 143 | (2'541) | (103'002) | 2'750 |
+--------------------------------------------------+----------+----------+----------+---------+---------+---------+-----------+-----------+
| Net | 731 | (17'219) | 547 | (2'758) | (69) | 20 | 1'209 | (19'957) |
| foreign | | | | | | | | |
| exchange | | | | | | | | |
| gains / | | | | | | | | |
| (losses) | | | | | | | | |
+--------------------------------------------------+----------+----------+----------+---------+---------+---------+-----------+-----------+
| Total | (79'052) | (8'080) | (15'219) | 3'289 | 90 | (1'930) | (94'181) | (6'721) |
| Net | | | | | | | | |
| Income | | | | | | | | |
+--------------------------------------------------+----------+----------+----------+---------+---------+---------+-----------+-----------+
| Segment | (79'052) | (8'080) | (15'219) | 3'289 | (3'400) | (7'540) | (97'671) | (12'331) |
| Result | | | | | | | | |
+--------------------------------------------------+----------+----------+----------+---------+---------+---------+-----------+-----------+
| Other | | | | | | | (11'082) | 13'478 |
| financial | | | | | | | | |
| activities | | | | | | | | |
| not | | | | | | | | |
| allocated | | | | | | | | |
+--------------------------------------------------+----------+----------+----------+---------+---------+---------+-----------+-----------+
| Surplus | | | | | | | (108'753) | 1'147 |
| / | | | | | | | | |
| (loss) | | | | | | | | |
| for the | | | | | | | | |
| financial | | | | | | | | |
| period | | | | | | | | |
+--------------------------------------------------+----------+----------+----------+---------+---------+---------+-----------+-----------+
+-------------------------------------------------------------+------------+----------------+
| 5Designated assets at fair value through profit or loss | | |
| 5.1Private Equity | | |
+-------------------------------------------------------------+------------+----------------+
| In thousands of EUR | 30.06.2009 | 31.12.2008 |
+-------------------------------------------------------------+------------+----------------+
| Balance at beginning | 276'094 | 285'660 |
| of period | | |
+-------------------------------------------------------------+------------+----------------+
| Purchase of limited | 3'637 | 53'560 |
| partnerships and | | |
| directly held | | |
| investments | | |
+-------------------------------------------------------------+------------+----------------+
| Distributions and sales from limited partnerships and | (3'651) | (11'237) |
| directly held investments; net | | |
+-------------------------------------------------------------+------------+----------------+
| Revaluation | (79'785) | (65'371) |
+-------------------------------------------------------------+------------+----------------+
| Foreign exchange gains | 731 | 13'482 |
| / (losses) | | |
+-------------------------------------------------------------+------------+----------------+
| Balance at end of | 197'026 | 276'094 |
| period | | |
+-------------------------------------------------------------+------------+----------------+
+-------------------------------------------------------------+------------+----------------+
| 5.2Private Debt | | |
+-------------------------------------------------------------+------------+----------------+
| In thousands of EUR | 30.06.2009 | 31.12.2008 |
+-------------------------------------------------------------+------------+----------------+
| Balance at beginning of | 127'023 | 131'825 |
| period | | |
+-------------------------------------------------------------+------------+----------------+
| Purchase of limited | - | 16'658 |
| partnerships and directly | | |
| held investments | | |
+-------------------------------------------------------------+------------+----------------+
| Distributions and sales from limited partnerships and | (13'460) | - |
| directly held investments; net | | |
+-------------------------------------------------------------+------------+----------------+
| Accrued cash and PIK | 2'932 | 7'021 |
| interest | | |
+-------------------------------------------------------------+------------+----------------+
| Revaluation | (23'360) | (28'209) |
+-------------------------------------------------------------+------------+----------------+
| Foreign exchange gains / | 547 | (272) |
| (losses) | | |
+-------------------------------------------------------------+------------+----------------+
| Balance at end of period | 93'682 | 127'023 |
+-------------------------------------------------------------+------------+----------------+
| 6Financial assets at fair value through profit or loss held | | |
| for trading | | |
+-------------------------------------------------------------+------------+----------------+
| In thousands of EUR | 30.06.2009 | 31.12.2008 |
+-------------------------------------------------------------+------------+----------------+
| Balance at beginning of | 2'989 | 15'532 |
| period | | |
+-------------------------------------------------------------+------------+----------------+
| Sale of listed private | (3'132) | (3'901) |
| equity investments | | |
+-------------------------------------------------------------+------------+----------------+
| Revaluation | 143 | (8'642) |
+-------------------------------------------------------------+------------+----------------+
| Balance at end of period | - | 2'989 |
+-------------------------------------------------------------+------------+----------------+
| 7Cash and cash equivalents | | |
+-------------------------------------------------------------+------------+----------------+
| In thousands of EUR | 30.06.2009 | 31.12.2008 |
+-------------------------------------------------------------+------------+----------------+
| Bank balances | 4'423 | 5'992 |
+-------------------------------------------------------------+------------+----------------+
| Cash equivalents | 6'500 | 4'000 |
+-------------------------------------------------------------+------------+----------------+
| Total cash and cash | 10'923 | 9'992 |
| equivalents | | |
+-------------------------------------------------------------+------------+----------------+
| 8 Capital | | |
+-------------------------------------------------------------+------------+----------------+
| Reserves | | |
+-------------------------------------------------------------+------------+----------------+
| In thousands of EUR | 30.06.2009 | 31.12.2008 |
+-------------------------------------------------------------+------------+----------------+
| Share premium | | |
+-------------------------------------------------------------+------------+----------------+
| Share premium at beginning | 33'776 | 33'776 |
| of period | | |
+-------------------------------------------------------------+------------+----------------+
| Share premium at end of | 33'776 | 33'776 |
| period | | |
+-------------------------------------------------------------+------------+----------------+
| Distributable reserves | | |
+-------------------------------------------------------------+------------+----------------+
| Distributable reserves at | 342'020 | 350'000 |
| beginning of reporting | | |
| period | | |
+-------------------------------------------------------------+------------+----------------+
| Dividend payment | - | (7'980) |
+-------------------------------------------------------------+------------+----------------+
| Total distributable reserves | 342'020 | 342'020 |
| at end of reporting period | | |
+-------------------------------------------------------------+------------+----------------+
| 9Short term credit facilities | | |
+-------------------------------------------------------------+------------+----------------+
| In thousands of EUR | 30.06.2009 | 31.12.2008 |
+-------------------------------------------------------------+------------+----------------+
| Balance at end of period | 100'700 | 116'700 |
+-------------------------------------------------------------+------------+----------------+
The Company entered into an uncommitted revolving credit facility with Bank of
Scotland on 16 August 2007 for a maximum of EUR 160'000'000. This was reduced in
May 2009 to EUR 130'000'000 and was due to expire on 20 July 2009.
The credit facility has now been extended, at an amount of EUR 80'000'000 and
will mature on 20 October 2009.
+--------------------------------------------------------------+------------+----------------+
| 10Commitments | | |
+--------------------------------------------------------------+------------+----------------+
| In thousands of EUR | 30.06.2009 | 31.12.2008 |
+--------------------------------------------------------------+------------+----------------+
| Unfunded commitments | 50'646 | 60'762 |
| translated at the rate | | |
| prevailing at the balance | | |
| sheet date | | |
+--------------------------------------------------------------+------------+----------------+
| 11Net assets and diluted assets per share | | |
+--------------------------------------------------------------+------------+----------------+
| In thousands of EUR | 30.06.2009 | 31.12.2008 |
+--------------------------------------------------------------+------------+----------------+
| Net assets of the Company | 200'361 | 309'114 |
+--------------------------------------------------------------+------------+----------------+
| Outstanding shares at the | 39'900'002 | 39'900'002 |
| balance sheet date | | |
+--------------------------------------------------------------+------------+----------------+
| Net assets per share at | 5.02 | 7.75 |
| period-end | | |
+--------------------------------------------------------------+------------+----------------+
LIST OF ADDRESSES
Registered office
Partners Group Global Opportunities Limited
Tudor House
Le Bordage
St. Peter Port
Guernsey GY1 1BT
Channel Islands
Phone +44 1481 730 946
Facsimile +44 1481 730 947
Email: info@pg-globalopportunities.net
Info: www.pg-globalopportunities.net
Registered Number: 45101
Investment manager
Partners Group (Guernsey) Limited
Guernsey, Channel Islands
Investor relations
Björn Seynsche
info@pg-globalopportunities.net
Auditors
PricewaterhouseCoopers CI LLP
Corporate broker
JPMorgan Cazenove
20 Moorgate
London EC2R 6DA
United Kingdom
Trading information
Listing London Stock Exchange (Official List)
ISIN GB00B16KPY96
Valor 2 701 643
SEDOL Number B16KPY96
Trading symbol PGGO
Bloomberg PGGO LN
Reuters PGGO.L
A copy of this annoucenet will be available upon the Company's website
(www.pggo.net).
This document does not constitute an offer to sell or a solicitation of an offer
to buy or subscribe for any securities and neither is it intended to be an
investment advertisement or sales instrument of Partners Group Global
Opportunities Limited. The distribution of this document may be restricted by
law in certain jurisdictions. Persons into whose possession this document comes
must inform themselves about, and observe any such restrictions on the
distribution of this document. In particular, this document and the information
contained therein is not for distribution or publication, neither directly nor
indirectly, in or into the United States of America, Canada, Australia or Japan.
This document may have been prepared using financial information contained in
the books and records of the product described herein as of the reporting date.
This information is believed to be accurate but has not been audited by any
third party. This document may describe past performance, which may not be
indicative of future results. No liability is accepted for any actions taken on
the basis of the information provided in this document.
Issued and approved by Partners Group (UK) Ltd., authorised and regulated by the
Financial Services Authority in the United Kingdom.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR USVVRKRRWRRR
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