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Annual report and financial statements - NVM Private Equity Ltd.

Annual report and financial statements - NVM Private Equity Ltd.

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Fifteen Largest Venture Capital InvestmentsJOHN FREDERICKS PLASTICS LIMITEDCost £995,000Valuation £1,835,000Basis of valuation<strong>Equity</strong> held 11.9%Business/locationHistoryEarnings multipleManufacture of uPVC windows, doors<strong>and</strong> conservatories, HuddersfieldManagement buy-in from privateownership, October 2001, led by <strong>NVM</strong>Audited <strong>financial</strong> information:Period ended 31 October 2002*£mSales 22.5Profit before tax 2.1Retained profit 1.3Net assets 3.6*17 months ended 31 OctoberOther <strong>NVM</strong> fundsinvestingNorthern Investors Company,Northern 2 VCTDividends in year £14,000ALIZYME PLCCost £460,000Valuation £1,792,000Basis of valuation<strong>Equity</strong> held 0.9%Business/locationMid-market price(London Stock Exchange)Biotechnology research <strong>and</strong>development, CambridgeAudited <strong>financial</strong> information:Year ended 31 December 2002 2001£m £mSales — —Loss before tax (10.5) (7.8)Retained loss (9.8) (6.6)Net assets 4.4 14.1HistoryOther <strong>NVM</strong> fundsinvestingDividends in yearFloated on AiM in 1996; NorthernVenture Trust invested in a share placingin May 1998; moved to London StockExchange in October 2000Northern Investors Company,Northern 2 VCT, Northern 3 VCTNilDMN INSTALLATIONS LIMITEDCost £286,000Valuation £1,098,000Basis of valuation<strong>Equity</strong> held 3.4%Business/locationHistoryEarnings multipleInfrastructure installation for mobiletelephone operators, ShrivenhamManagement buy-out from privateownership, September 2001, led by <strong>NVM</strong>Audited <strong>financial</strong> information:Year ended 31 December 2002 2001*£m £mSales 19.4 3.2Profit before tax 3.9 0.6Retained profit 2.5 0.4Net assets 2.0 1.0*4 months ended 31 DecemberOther <strong>NVM</strong> fundsinvestingNorthern Investors Company,Northern 2 VCT, Northern AIM VCTDividends in year £20,000PAGE 12 Northern Venture Trust PLC <strong>Annual</strong> Report <strong>and</strong> Accounts 2003

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