TVC Holdings plc
Interim financial results for the period ended 30 September 2009

TVC Holdings plc (“TVC” or the “Company”), the investment holding company, today (Wednesday, 11 November 2009) announces its Interim Financial Results for the 6 months ended 30 September 2009. 

Key Performance Highlights:

• Strong gross portfolio return of €22.7 million (53% of opening portfolio value) in the 6 months to 30 September 2009, driven by the increase in value of the Company?s quoted investments, Norkom and UTV.
• 28% increase in equity value per share from €0.68 at 31 March 2009 to €0.87 at 30 September 2009.
  
• Equity value per share of €0.87 at 30 September 2009 represents a discount of 31% when compared to TVC?s closing bid price on 30 September 2009 of €0.60 and a discount of 46%, excluding cash and liquid investments.
  
• Net assets at 30 September 2009 of €96.4 million mainly comprised of cash at bank and other liquid investments of €28.9 million (30%), quoted equity investments of €49.0 million (51%) and unquoted equity investments of €16.6 million (17%). TVC has no debt.
  
• In the period ended 30 September 2009, the value of the Company?s investment portfolio increased by €22.1 million, which comprised of a mark up of €24.1 million on its quoted investments and a mark down on its unquoted portfolio of €2.0 million (including unrealised foreign exchange losses of €0.4 million).
  
• As a result of the economic downturn, there was very limited investment activity during the period to 30 September 2009 and TVC?s main focus was on optimising the value of the existing portfolio as well as positioning the business for a stabilisation in market conditions.

Commenting on the Audited Financial Results, TVC Holdings’ Executive Chairman, Shane Reihill, said:

“We have continued to work actively with our core portfolio investments to maximise their value and identify new opportunities for investment despite challenging market conditions.  This is shown by the successful sale of ChangingWorlds and our strategic investment in UTV Media plc.   

“TVC’s cash plus two quoted investments, Norkom and UTV, represents 74% of our balance sheet value at 31 March 2009.  Four unquoted investments, which we believe are prudently valued, represent most of the remaining 26% of our balance sheet value at 31 March 2009.  

“With cash and liquid investments in excess of €31.0 million and no debt in the Company, we believe that TVC is in a strong position to take advantage of the anticipated opportunities to make further long term investments at what we expect to be attractive valuations, adding real value to our investment portfolio.  We also believe that, given this significant cash balance, the Company is in a very strong position to deliver its strategy and maximise value for all our shareholders”.

To read the full Interim Results, please click here...