Annual report and financial statements - NVM Private Equity Ltd.

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Investment Portfolioas at 30 September 2003% ofCost Valuation net assets£000 £000 by valueFifteen largest investments (see pages 11 to 15)TFB Group 1,000 2,132 6.3CGI International 226 1,969 5.8T J Brent 1,000 1,917 5.6John Fredericks Plastics 995 1,835 5.4Alizyme* 460 1,792 5.3DMN Installations 286 1,098 3.2Weldex (International) Offshore 200 857 2.5ComputerLand UK** 535 817 2.4Remsdaq 789 789 2.3C & D Industrial Services 100 775 2.3Alaric Systems 1,523 761 2.2Tolwood 1,000 750 2.2Interlube Systems 946 710 2.1Cyclacel 683 683 2.0Computer Software Group** 331 649 1.910,074 17,534 51.5Other venture capital investmentsBioFocus** 191 634 1.9DxS 835 627 1.8CQC 602 602 1.8BBI Holdings 516 516 1.5Keith Prowse 500 500 1.5West’s Engineering Design 495 495 1.5ATA Group** 435 476 1.4Union Snack 121 449 1.3Cedalion 400 400 1.2Stainton Metal Company 250 392 1.2Intec Holdings 387 387 1.1Aiza 386 386 1.1WM Engineering 743 371 1.1Crabtree of Gateshead 350 350 1.0John Laing Partnership 350 350 1.0Vectura 345 345 1.0Prospect & Peachgate Group 667 334 1.0Barony Universal Products 315 315 0.9RBF Industries 250 250 0.8Others (valuation less than £250,000) 7,179 1,513 4.5Total venture capital investments 25,391 27,226 80.1Other listed investments 4,783 3,750 11.0Total fixed asset investments 30,174 30,976 91.1Net current assets 3,024 8.9Net assets 34,000 100.0* Listed on London Stock Exchange** Traded on Alternative Investment MarketPAGE 10 Northern Venture Trust PLC Annual Report and Accounts 2003
Fifteen Largest Venture Capital InvestmentsTFB GROUP LIMITEDCost £1,000,000Valuation £2,132,000Basis of valuation Earnings multiple (based on draftunaudited financial statements for yearended 30 September 2003)Equity held 20.8%Business/location Development of software forprofessional practice administration,FarehamHistoryManagement buy-out from privateownership, May 1999, led by NVMOther NVM funds Northern Investors Company,investingNorthern 2 VCTDividends in year NilAudited financial information:Year ended 30 September 2002 2001£m £mSales 7.0 5.4Profit/(loss) before tax 0.1 (1.1)Retained profit/(loss) — (0.9)Net liabilities (0.2) (0.2)CGI INTERNATIONAL LIMITEDCost £226,000Valuation £1,969,000Basis of valuationEquity held 17.2%Business/locationHistoryEarnings multipleManufacture of fire-resistant and safetyglass, WarringtonManagement buy-out from Colebrand ofLondon, February 1999, led by DunedinCapitalAudited financial information:Year ended 31 December 2002 2001£m £mSales 8.7 7.6Profit before tax 2.1 1.8Retained profit 1.4 1.2Net assets 5.5 5.3Other NVM fundsinvestingNorthern Investors CompanyDividends in year £101,000T J BRENT LIMITEDCost £1,000,000Valuation £1,917,000Basis of valuationEquity held 8.5%Business/locationHistoryEarnings multipleSub-contract civil engineering services toutility companies, BodminManagement buy-out from PennonGroup, December 2000, led by NVMAudited financial information:Year ended 31 March 2003 2002£m £mSales 73.9 63.8Profit before tax 1.4 0.8Retained profit 0.8 0.3Net assets 1.6 1.1Other NVM fundsinvestingNorthern Investors Company,Northern 2 VCT, Northern AIM VCTDividends in year £16,000PAGE 11 Northern Venture Trust PLC Annual Report and Accounts 2003
Page 1 and 2: 2003Northern Venture Trust PLCAnnua
Page 3 and 4: Financial SummaryYear ended 30 Sept
Page 5 and 6: Chairman’s StatementAt 30 Septemb
Page 7: AdvisersSecretary and Registered Of
Page 10 and 11: Investment Manager’s Review£233,
Page 14 and 15: Fifteen Largest Venture Capital Inv
Page 16 and 17: Fifteen Largest Venture Capital Inv
Page 18 and 19: Directors’ ReportThe directors pr
Page 20 and 21: Directors’ Remuneration ReportThi
Page 22 and 23: Corporate GovernanceThe company is
Page 24 and 25: Profit and Loss Accountfor the year
Page 26 and 27: Cash Flow Statementfor the year end
Page 28 and 29: Notes to the Financial Statementsfo
Page 36 and 37: Independent Auditors’ ReportTo th
Page 38 and 39: Notice of Annual General MeetingNot

Annual report and financial statements - NVM Private Equity Ltd.

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