Markedsrapport – Desember 2007 - NRP AS

Markedsrapport – Desember 2007 Side 74
Ness, Risan & Partners AS
NRP Fleetfinance IV DIS
Company facts
Key Data Investment Policy Guidelines* The silent partnership and agreements
Foundation date 28.06.2007 Shipping sub-segment < 40% The company primarily invests in shipping
Called Capital NOK 200 mill One single Charter < 25% projects syndicated by leading industry
Uncalled Capital NOK 160 mill Charters on BB > 70% players in Norway. The investment return
Life time 7 years One single Company < 20% shall primarily relate to bare boat (BB)
Return target 12% - 15% pa Currency hedging > 60% contracts
Instruments KS/DIS shares
*Limites to NAV exposure apply after end of investment period
Net Asset Value, Capital Account and Currency
Net Asset Value NOK mill Capital Account per 1% share NOK Currency
Portfolio Value 58,1 Capital contributions from partners 1 000 000 NOK/USD 5,44
Bank deposits 37,6 Capital distributions to partners 0 USD/EUR
Receivables 0,0 Net Asset value of Company
999 934
Accrued cost 3,1 Remaining capital to be drawn
Payment liability -1,1 from partners in Investment Period 1 000 000
Currency Hedging 2,3 Uncalled Capital
1 600 000
Net Asset Value 100,0 Nominal return -66 Currency hedging as
Portfolio companies uncalled capital 37,4 Committed undrawn capital 2 600 000 % of NAV 70 %
Return %
Nominal return of
capital contributions IRR p.a. 2) IRR per quarter and accumulated for the period perioden 3)
IRR p.a. 4)
since foundation since foundation 1 kv 2 kv 3 kv 4 kv Per year
per year
0,0 % 0,0 %
2007 0,0 %
0,0 % 0,0 %
8 portfolio investments made during Q3. Due to high
demand for new project issued, the share of capital per
portfolio company is lower than preferred.
The portfoliocompanies are performing according to budgets
except that the offshore new builds are somewhat delayed.
These delays have been compensated by the sellers /
charterers.
For several projects, the interest rate has been fixed at better
terms than assumed in the project base case calculation.
Gains from interest fixing is only included in the valuation
on Bulk Transloading per the end of Q3.
220
200
180
160
140
120
100
80
60
40
20
0
NRP FleetFinance IV DIS (NOK millions)
Net asset value
Capital distributions
1) Accumulated return since incorporation in relation to capital contributions disregarding timing of payments
Capital contr ibutions
2) Internal Rate of Return (IRR) since incorporation as a yearly rate based on capital contributions, distributions and latest reported NAV.
3) IRR per quarter (or relevant part of quarter) based on capital contribution, distributions and reported NAV at period end. NAV for one period is input for the next period.
4) IRR as a yearly rate based on capital contributions, distributions and reported NAV at period end. Reported NAV for one period is used as input for the next period.
1)-4) alle measures before tax and effect of the profit distribution agreement
1 kv
05
2 kv
05
3 kv
05
4 kv
05
1 kv
06
2 kv
06
3 kv
06
4 kv
06
1 kv
07
2 kv
07
3 kv
07