Pantheon International PLC · LSE:PIN
Pantheon International — Pantheon International Participations — Shareholder Meeting (November 2011)
22 slides from Pantheon International's shareholder meeting presentation, Nov 22, 2011
Slide 1: Pantheon International Participations PLC Annual General Meeting
Pantheon International Participations PLC Annual General Meeting 22nd November 2011
Slide 2: PIP performance to 30th September 2011
PIP performance to 30th September 2011 1,600 Since 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception 1,400 Performance % % P.A. % P.A. % P.A. % P.A. 1,200 NAV per share 22.0 (0.1) 7.0 6.4 11.7 Share price 5.2 (3.2) (5.5) 2.5 9.4 1,000 FTSE All-Share (4.4) 6.0 0.8 4.8 7.3 MSCI World (3.3) 4.9 1.9 3.6 5.9 800 600 400
Slide 3: Activity in period
Activity in period > Balance sheet strengthened ‒ Issued £51 million B series bridge loan notes ‒ Bank credit facility refinanced: £100 million to June 2015 ‒ Issued £100.5 million redeemable shares closing out bridge loan ‒ Cash generation in period: Company debt free > Recommenced new investment ‒
Slide 4: Investment performance
Investment performance
Slide 5: Increase in NAV driven by investment gains
Increase in NAV driven by investment gains NAV Movement: Quarter to 30th September '11 1,000 > NAV per share +15%* in year 900 +£101m +£24m +£7m -£6m £0m to June 2011 (FY 2011) and 800 700 +4% in quarter to Sept 2011. 600 500 > Mature portfolio experienced 400 £733m £859m healthy level of realisatio
Slide 6: Strong returns across all stages, particularly buyouts
Strong returns across all stages, particularly buyouts Portfolio Return (ex-FX): Year to June '11 > Total portfolio return of +16% 25% in the year to June 2011. +22% 20% > Market and leverage effects +18% are stronger in buyout +16% performance. 15% +13% +12% > Venture performance linked to 10% fina
Slide 7: Buyouts: Underlying performance and valuations
Buyouts: Underlying performance and valuations Revenue & EBITDAGrowth: Year to 31st Dec '10 > Earnings growth is an 25.0% PIP Buyout Sample important factor in value 20.0% EBITDA Growth FTSE All- growth. 15.0% Share 10.0% MSCI World 5.0% > Growth rates support the view 0.0% 0.0% 2.0% 4.0% 6.0% 8.0%
Slide 8: Balance between leveraged & non-leveraged assets
Balance between leveraged & non-leveraged assets STAGE % OF PORTFOLIO 100% > 42% of PIP’s portfolio Venture & invested in funds that Growth 42% 80% Low usage of debt in generally utilise less leverage. venture & growth and other stages Other 60% Stages 40% Small/Mid 36% Sample Data: Buyout net debt
Slide 9: Risk managed through diversification
Risk managed through diversification Region Fund Vintage 2000 and earlier 2001 2002 2003 Europe 2004 2005 USA 2006 2007 Asia & other 2008 2009 2010 Stage Sector Energy Small/Mid Buyout Materials Industrials Large/Mega Buyout Consumer Discretionary Venture & Growth Consumer Staples Health Care Specia
Slide 10: Cashflow and financing
Cashflow and financing
Slide 11: Substantial cash generated from portfolio
Substantial cash generated from portfolio Cash Flow (£, m): 5 Years to Sep '11 > Net cash inflows recovered 60 further during the year to June FY 2011 2011. Net cash inflow in 40 FY 2011 was £81m vs £5m in FY 2010 as underlying exit activity increased. 20 0 > Ratio of mature portfolio Mar-07 Mar-08
Slide 12: Mature portfolio driving realisations
Mature portfolio driving realisations Distribution rates = distributions in the year to 30th June 2011 divided by portfolio value at 30th June 2010. Figures calculated by looking through funds-of-funds and special purpose vehicles. 12
Slide 13: Commitments sufficiently covered
Commitments sufficiently covered PIP Financing Cover: 30th September 2011 > Financing should be sufficient to cover undrawn commitments. 1000 800 > Net cash represents ~5% of Cover = 4.2x NAV. 600 > Remaining unutilised standby 400 commitments terminated on 30th September 2011. 200 129% undrawn > 5
Slide 14: Largest distributions
Largest distributions Cost Multiples: Year to 30th June '11 >20.0x > Reviewed the largest 50 >15.0x - 20.0x distributions in year to 30th >10.0x - 15.0x June 2011. >7.5x - 10.0x >5.0x - 7.5x >4.0x - 5.0x >3.0x - 4.0x >2.0x - 3.0x > Approximately 54% derived >1.5x - 2.0x from trade sales, 26% IPOs, >
Slide 15: Distribution uplifts drive venture & growth returns
Distribution uplifts drive venture & growth returns Impact of Distributions: Return Spread of Distributing Funds Over Non-Distributing Funds > Returns driven by realisation 10.0% activity. 8.0% > Sample weighted average uplift for venture & growth = 6.0% +151%, versus +79% for all stages. Quarterly
Slide 16: Calls for the Year to June 2011
Calls for the Year to June 2011 Calls by Region > Calls weighted towards more recent vintages. 18% 38% USA Europe > European and Asian weightings reflected in Asia and other 44% younger portfolios. > Majority of calls through Calls by Stage primary commitments. Small/Mid Buyout 10% Large/Mega > Smal
Slide 17: Investment outlook
Investment outlook
Slide 18: Strategy and buybacks
Strategy and buybacks > The Company intends to emphasise opportunities in the secondary market. Fundamentals driving the secondary market remain compelling but the Company will continue to adopt a cautious approach to new investments given the difficult market outlook. > The Board believes the curre
Slide 19: Summary
Summary > Mature portfolio: Realisations can fuel performance > New investment: Emphasis on secondary investment to maintain maturity profile > Share buybacks: Opportunity to enhance NAV performance > Financing: Financial strength to execute new investment and buybacks in addition to calls from exis
Slide 20: Appendix
Appendix
Slide 21: Key information
Key information Ordinary Shares Redeemable Shares Trading symbol PIN PINR Bloomberg PIN:LN PINR:LN Exchange London Stock Exchange, MAINMARKET London Stock Exchange, MAINMARKET SEDOL 0414850 B020KN0 ISIN GB0004148507 GB00B020KN05 Market Cap1 £230.0m £243.0m Net Asset Value per share1 1,151.7p 1,151.7
Slide 22: Disclosure
Disclosure This document and the information contained herein is the confidential and proprietary information of Pantheon; it may not be reproduced, provided or disclosed to others, or used for any other purpose, without the prior written permission of Pantheon; and must be returned promptly upon re
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