Annual report and financial statements - NVM Private Equity Ltd.

Fifteen Largest Venture Capital InvestmentsC & D INDUSTRIAL SERVICES LIMITEDCost £100,000Valuation £775,000Basis of valuation Earnings multipleEquity held 20.0%Business/location Provider of specialist industrial services,Jarrow/MansfieldHistoryManagement buy-out from privateownership, March 1996, led by NVMOther NVM funds Northern Investors CompanyinvestingDividends in year £13,000Audited financial information:Year ended 31 March 2002 2001£m £mSales 17.2 16.7Profit before tax 0.2 0.3Retained profit 0.1 0.1Net assets 1.3 1.4ALARIC SYSTEMS LIMITEDCost £1,523,000Valuation £761,000Basis of valuationEquity held 13.5%Business/locationHistoryCost less provisionDeveloper of electronic paymentprotection software, LondonDevelopment capital financing inNovember 2000, led by NVMAudited financial information:Year ended 31 March 2002 2001£m £mSales 1.9 1.6Loss before tax (2.1) (0.6)Retained loss (2.2) (0.6)Net assets 1.6 1.6Other NVM fundsinvestingDividends in yearNorthern Investors Company,Northern 2 VCTNilTOLWOOD LIMITEDCost £1,000,000Valuation £750,000Basis of valuationEquity held 16.0%Business/locationHistoryCost less provisionManufacture of pressed steel componentsfor automotive industry, Newton AycliffeManagement buy-in/buy-out from privateownership, December 1999, led by NVMAudited financial information:Year ended 31 July 2002 2001*£m £mSales 9.6 11.3Profit/(loss) before tax 0.2 (0.1)Retained profit/(loss) 0.1 (0.1)Net assets 0.7 0.6*15 months ended 31 JulyOther NVM fundsinvestingDividends in yearNorthern Investors Company,Northern 2 VCTNilPAGE 14 Northern Venture Trust PLC Annual Report and Accounts 2003