REINET INVESTMENTS S.C.A. As in previous years, and especially in these uncertain times, Reinet remains committed to achieving growth for its shareholders over the long-term.
Johann Rupert
Chairman
Reinet Investments Manager S.A.
Luxembourg, 25 May 2021
BUSINESS OVERVIEW
The Company has determined that it meets the definition of an investment entity in terms of International Financial Reporting Standards ('IFRS') 10. The net asset value, the income statement and the cash flow statement included in this business overview have however been presented in a more comprehensive format than required by IFRS in order to provide readers with detailed information relating to the underlying assets and liabilities.
Net asset value
The net asset value ('NAV') at 31 March 2021 comprised:
31 March 2021 31 March 2020
EUR m % EUR m %
Listed investments
British American Tobacco p.l.c. 1 826 33.9 1 802 40.9
Other listed investments 96 1.8 72 1.6
Unlisted investments
Pension Insurance Corporation Group Limited 2 755 51.2 1 618 36.8
Private equity and related partnerships 776 14.4 733 16.7
Trilantic Capital Partners 179 3.3 167 3.8
Fund IV, Fund V, Fund VI, TEP, TEP II, related general partners and
management companies
Snow Phipps funds and co-investment opportunities 161 3.0 118 2.7
36 South macro/volatility funds - - 61 1.4
Asian private equity companies and portfolio funds 242 4.5 207 4.7
Milestone China Opportunities funds, investment
49 60
holdings and management company participation
Prescient China funds and investment
142 102
management company
Grab Holdings Inc. 43 45
Asia Partners fund 8 -
Specialised investment funds 194 3.6 180 4.1
Vanterra C Change TEM and holding companies 17 19
NanoDimension funds and co-investment
84 52
opportunities
GAM Real Estate Finance Fund 9 13
Other fund investments 84 96
United States land development and mortgages 33 0.6 41 0.9
Diamond interests 17 0.3 29 0.7
Other investments 69 1.3 76 1.7
Total investments 5 572 103.5 4 371 99.3
Cash and liquid funds 507 9.4 501 11.4
Bank borrowings and derivatives
Borrowings (837) (15.5) (625) (14.2)
Net derivative assets 114 2.1 155 3.5
Other assets/(liabilities)
Other assets net of minority interest, fees payable and other 28 0.5 1 -
liabilities
Net asset value 5 384 100.0 4 403 100.0
All investments are held, either directly or indirectly, by Reinet Fund.
Information relating to current key investments AT 31 MARCH 2021
Remaining Current
Committed Invested Realised fair Total realised and
committed unrealised value(3)
amount(1) amount(2) proceeds(2) value(1)
amount(1) in millions
in millions in millions in millions in millions
in millions
Listed investments
British American Tobacco EUR - - 1 739 2 792 1 826 4 618
p.l.c.
GBP - - 1 418 2 333 1 555 3 888
Other listed investments EUR - - 84 68 96 164
USD - - 96 78 112 190
Unlisted investments
Pension Insurance
Corporation Group EUR 1 301 - 1 309 - 2 755 2 755
Limited GBP 1 107 - 1 107 - 2 345 2 345
Trilantic Capital Partners EUR 591 258 346 458 179 637
Euro investment EUR 87 20 67 143 32 175
US dollar investment(4) USD 590 279 321 380 172 552
Snow Phipps funds
and co-investment EUR 151 17 138 48 161 209
opportunities USD 177 20 157 52 189 241
36 South macro/volatility
funds EUR - - 93 68 - 68
Euro investment EUR - - 88 60 - 60
US dollar investment USD - - 6 10 - 10
Asian private equity
companies and portfolio funds
Milestone China
Opportunities funds,
investment holdings and
management company EUR 144 1 128 139 49 188
participation USD 169 2 167 158 57 215
Prescient China funds
and investment EUR - - 68 2 142 144
management company USD - - 82 2 166 168
Grab Holdings Inc. EUR - - 43 - 43 43
USD - - 50 - 50 50
Asia Partners fund EUR 21 14 7 - 8 8
USD 25 16 9 - 9 9
Specialised investment funds
Vanterra C Change TEM EUR 61 4 53 2 17 19
and holding companies USD 71 4 67 3 20 23
NanoDimension funds and
co-investment
opportunities EUR 99 15 85 38 84 122
Euro investment EUR 4 - 4 1 4 5
US dollar investment USD 112 18 94 42 94 136
GAM Real Estate EUR 117 33 87 81 9 90
Finance Fund GBP 100 28 72 70 8 78
United States land
development and EUR 183 5 160 43 33 76
mortgages USD 215 6 209 48 39 87
Diamond interests(5) EUR - - 116 92 17 109
ZAR - - 1 190 1 362 301 1 663
1. Calculated using year-end foreign exchange rates.
2. Calculated using actual foreign exchange rates at transaction date.
3. Total of realised proceeds and current fair value.
4. The invested amount for Trilantic Capital Partners includes an initial payment of USD 10 million.
5. The exposure to the South African rand has been partially hedged by a forward exchange contract and borrowings in
this currency.
PERFORMANCE
NET ASSET VALUE
The net asset value ('NAV') comprises total assets less total liabilities, and equates to total equity under International Financial Reporting Standards. The increase in the NAV of EUR 981 million during the year reflects dividends received from British American Tobacco p.l.c. ('BAT') together with increases in the estimated fair value of certain investments including BAT, other listed investments, Pension Insurance Corporation Group Limited, Trilantic Capital Partners, Snow Phipps funds and co-investment opportunities, Prescient China funds and NanoDimension funds. Offsetting these increases are decreases in the fair value of derivative assets and Diamond interests. Details of the Company's NAV and details of movements in key investments can be found on pages 4 and 5.
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