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Thursday 22 March, 2012

Volta Finance Limited

VOLTA FINANCE - PUBLICATION OF SEMI-ANNUAL REPO...

VOLTA FINANCE - PUBLICATION OF SEMI-ANNUAL REPORT & ACCOUNTS 2012

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

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Guernsey, 22 March 2012 - Volta Finance Limited (the "Company" or "Volta Finance") has published its semi-annual report and accounts 2012. The full report and the presentation of the semi-annual results are attached to this release and are available on Volta Finance Limited's financial website (www.voltafinance.com).

Semi-Annual Report & Accounts Highlights

  • Net Asset Value ("NAV") of €137.9 million (€4.46 per share) at 31 January 2012, a decline of 3.3% from €142.6 million at 31 July 2011. Overall, after taking into account the amount of dividend paid in cash during the period (€6.4 million), this reflects a positive performance of 1.2% for the period
  • A dividend payment of €0.22 per share for the semi-annual period from 1 August 2011 to 31 January 2012 will be made in April 2012
  • Net profit of the Company for the semi-annual period was €16.0 million, or €0.52 per share, taking into account recognition of the following significant items: effective income of €12.2 million; a positive adjustment of €2.3 million to previous estimates of effective income; a net positive impairment adjustment of €0.8 million on previously impaired assets; a net gain of €4.5 million on foreign exchange retranslation and revaluation of foreign exchange derivatives; a mark-to-market loss of €2.6 million on financial assets designated at fair value through profit or loss; net realised gains on sales and partial redemptions of €0.2 million; and net operating expenses of €1.3 million
  • The investments held by the Company generated €15.6 million of interest or coupons during the semi-annual period
  • Over the period, the investment strategy has been to invest cash mainly in CDOs following the stabilisation of market conditions. The cash holdings were €2.6 million at the end of the semi-annual period against €8.9 million at the beginning of the period
  • During the semi-annual period, the Company purchased assets for €15.3 million, sold assets for €4.0 million and redeemed assets for €0.1 million, which continued to increase its asset base
  • As of 31 January 2012, the Company held investments in three underlying asset classes (CDOs, Corporate Credits and ABS)
  • The Company intends to continue pursuing investment opportunities that are consistent with its objective of paying a dividend in line with the annual 10% objective described in the Chairman's Statement whilst at the same time increasing its asset base
  • Operating expenses as a percentage of average NAV for the semi-annual period ended 31 January 2012 were 0.91% compared to 1.16% for the semi-annual period ended 31 January 2011

(Full semi-annual report in attachment or on www.voltafinance.com)

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ABOUT VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Laws, 1994 to 1996 (as amended) and listed on Euronext Amsterdam. Its investment objectives are to preserve capital and to provide a stable stream of income to its shareholders through dividends. For this purpose, it pursues a multi-asset investment strategy targeting various underlying assets. The assets that the Company may invest in either directly or indirectly include, but are not limited to: corporate credits; sovereign and quasi-sovereign debt; residential mortgage loans; automobile loans. Volta Finance Limited's basic approach to its underlying assets is through vehicles and arrangements that provide leveraged exposure to some of those underlying assets.

Volta Finance Limited has appointed AXA Investment Managers Paris, an investment management company with a division specialised in structured credit, for the investment management of all its assets.

ABOUT AXA INVESTMENT MANAGERS

AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with nearly €512 billion in assets under management as of the end of December 2011. AXA IM employs approximately 2,367 people around the world and operates out of 21 countries.

CONTACTS

Company Secretary
State Street (Guernsey) Limited
volta.finance@ais.statestreet.com
+44 (0) 1481 715601

Portfolio Administrator
Deutsche Bank
voltaadmin@list.db.com 

For the Investment Manager
AXA Investment Managers Paris
Serge Demay
serge.demay@axa-im.com
+33 (0) 1 44 45 84 47

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This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions.

 

This press release is not an offer of securities for sale in the United States.  Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act").  Volta Finance has not registered, and does not intend to register, any portion of any offering of its securities in the United States or to conduct a public offering of any securities in the United States.

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This document is being distributed by Volta Finance Limited in the United Kingdom only to investment professionals falling within article 19(5) of the Financial Services and Market Act 2000 (Financial Promotion) Order 2005 (the "Order") or high net worth companies and other persons to whom it may lawfully be communicated, falling within article 49(2)(A) to (E) of the Order ("Relevant persons"). The shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the shares will be engaged only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

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This press release contains statements that are, or may deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "anticipated", "expects", "intends", "is/are expected", "may", "will" or "should". They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta's investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance's actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. Volta Finance does not undertake any obligation to publicly update or revise forward-looking statements.

Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

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Source: Volta Finance Limited via Thomson Reuters ONE

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