TVC Holdings plc Interim Financial Results for the period ended 30 September 2011

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TVC Holdings plc (“TVC” or the “Company”), the investment holding company, today (Wednesday, 9 November 2011) announces its Interim Financial Results for the 6 months ended 30 September 2011.

Key Performance Highlights:
 

  • Gross portfolio return of €4.5 million in the 6 month period to 30 September 2011 (2010: loss of €10.4 million).
  • Profit before tax of €3.8 million (2010: loss of €11.3 million).
  • Sale of investment in OpSource, Inc. in June 2011, as part of its acquisition by Dimension Data, a wholly owned subsidiary of NTT Holdings. TVC realised total proceeds of €1.3 million which was also the gain realised over the €nil carrying value at 31 March 2011. The total proceeds represented a return of 1.3 times original cost.
  • Operating expenses, excluding share-based payment expenses, of €1.08 million (2010: €1.24 million), decreased by 13%.
  • Net assets at 30 September 2011 of €109.7 million mainly comprised of cash at bank and government bonds of €73.0 million (66%), quoted equity investments of €23.9 million (22%) and unquoted investments of €12.2 million (11%). TVC has no debt.
  • Net assets per share at 30 September 2011 of €1.08 compared to €1.05 at 31 March 2011.
  • During the first 6 months of the year, TVC‟s main focus was on optimising the value of its existing portfolio of investments as well as positioning the business to take further advantage of opportunities as they arise.

Commenting on the Interim Results, TVC Holdings‟ Executive Chairman, Shane Reihill, said:

“We have continued to work actively with our core portfolio investments to maximise their value. During the period, this included the sale of our investment in OpSource, Inc. realising proceeds of €1.3 million.

“The Company had net assets of €110 million and no debt at 30 September 2011. TVC‟s cash plus its quoted investment in UTV represent 88% of our net asset value at 30 September 2011. Four unquoted investments represent most of the remaining 12% of our net asset value.

“We believe that there will be significant restructuring opportunities in Ireland and the UK where trading companies with excessive debt will need to raise new equity at attractive terms for new investors, plus the banks are continuing to focus on resolving problems within their own corporate portfolios. TVC‟s management has extensive experience of complex turnaround transactions.

“With cash and government bonds increased to €73 million, we believe that TVC is in a very strong position to make additional long term investments at what we expect to be attractive valuations, adding further value to our investment portfolio. We also believe that, given this significant cash balance, the Company is in a very strong position to continue to deliver on its strategy and maximise value for all our shareholders”.

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