Cash and cash equivalents include cash in hand and deposits held at call with banks. Preferred Equity Certificates ("PECs") issued by the Investment Vehicle. Shareholders wishing to communicate with the Chairman, or any Director, may do so by writing to the Company, for the attention of the Company Secretary, at the Registered Office. of the shares in issue at the relevant quarter record date, (being the date on which the number of shares then in issue will be recorded for the purposes of determining the restrictions), subject to a maximum annual limit of 50 per cent. The main risks arising from the Company's financial instruments are credit risk, liquidity risk, market risk, interest rate risk, valuation risk and foreign currency risk. CVC Capital Partners VI Ltd . 1996 Annual Report. The estimated fair values may differ from the values that would have been realised had a ready market existed and the difference could be material. 16. Half Yearly Report – December 2012, 2012 Valuation risk is the risk that the valuation of the Company's investments in the Investment Vehicle, and accordingly the periodic calculation of the NAV of the Company's Sterling and Euro Shares, does not reflect the true value of the Investment Vehicle's underlying investment portfolio. July 2019 - Monthly Performance Report. 11. Chairman Audit Committee Chairman. Half Yearly Report – December 2017, 2017 (*) NAV of the Investment Vehicle attributable per PEC unit. Leveraged loan volume during H2 2016 totalled €40.2bn and averaged €6.7bn per month - 31% up on H1 2016. The Investment Vehicle board of directors and Investment Vehicle Manager believe that where certain credit facilities are classified as Level 3 due to limited number of broker quotes, there is still sufficient supporting evidence of liquidity to value these at an undiscounted bid price. Please refer to note 3 for details of income received from the PECs. Financial liabilities are recognised initially at fair value plus any directly attributable incremental costs of acquisition or issue and are subsequently carried at amortised cost. This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data; and. The costs and expenses of the placing attributable to the Company have been expensed in the Statement of Comprehensive Income and amounted to a total of €nil (2015: €213,792). Ad hoc other administration services are chargeable on a time cost basis. Absent bad faith or manifest error, valuation determinations in accordance with the Investment Vehicle's valuation policy will be conclusive and binding. During the year 63,883,680 (2015: 37,446,615) Euro Shares and 57,627,016 (2015: 367,071) Sterling Shares were redeemed as part of the Contractual Quarterly Tender facility and held by the Company in the form of treasury shares. Continued or recurring market deterioration may materially adversely affect the ability of an issuer whose debt obligations form part of the Investment Vehicle portfolio to service its debts or refinance its outstanding debt. A copy of the Company's Annual Financial Report will be available shortly from the Company Secretary, (BNP Paribas Securities Services S.C.A., Jersey Branch, 19-23 La Motte Street, St Helier, Jersey, JE2 4SY), or will be circulated on the Company's website (www.ccpeol.com). The following table shows a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 between the beginning and the end of the reporting period. 2014 The Company is entitled to receive income distributions every quarter, which will equate to not less than 75% of the net income derived from the Company's investment in the Investment Vehicle. The Committee was also responsible for the oversight of the operational activity including working capital, corporate governance of the Company and monitoring the regulatory requirements applicable to the Company under its AIFMD registrations in various jurisdictions and periodic review of the Investment Vehicle Manager's procedures for undertaking investment decisions to ensure decisions are consistent with the approved investment policy and strategies of the Company. - On 19 September 2016 the Company resolved to amend its dividend policy such that the Company would pay dividends on a quarterly basis rather than on a semi-annual basis. Half Yearly Report – December 2018, 2018 Half Yearly Report – December 2011, 2011 The Company categorises its financial assets according to the following fair value hierarchy detailed in IFRS 13, that reflects the significance of the inputs used in determining their fair values: Level 1: Quoted market price (unadjusted) in an active market for an identical instrument; Level 2: Valuation techniques based on observable inputs, either directly (i.e., as prices) or indirectly (i.e., derived from prices). All the shares tendered were transferred into the Company's name and held in treasury. Financial assets and liabilities at fair value through profit or loss - (for Investment Vehicle), Collateralised loan obligations (including Asset Backed Securities), Corporate bonds and debt instruments sold short, Other financial liabilities measured at amortised cost1. The offer of Contractual Quarterly Tenders will be subject to annual Shareholder approval and subject to the terms, conditions and restrictions as set out in the prospectus. Cvc Capital Partners Vi Limited is a RC - Registered Private Company registered in Jersey - Channel Islands with Jersey Financial Services Commission Key Data. SQXV. 2017 Annual Report | 2017 Notice of Meeting During the year 3,448,301.83 (2015: 1,794,572.23) Euro PECs were converted into 2,584,326.95 (2015: 1,265,599.36) Sterling PECs and 656,205.39 (2015: 900,655.72) Sterling PECs were converted into 866,070.85 (2015: 1,221,521.69) Euro PECs as part of the monthly share conversion process. During 2015, there were no reclassifications between levels of the fair value hierarchy. 1 Farrer Place. CVC Capital Partners is a leading private equity and investment advisory firm. The holders of Sterling Shares will therefore be subject to the foreign currency fluctuations between Sterling and Euro. As at 31 December 2016, 98,187,170 (34,303,490) Euro Shares and 58,001,488 (2015: 374,472) Sterling Shares are held as treasury shares. Initial Date. This category includes instruments that are valued based on quoted prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instruments. Factors, including restrictions at the Investment Vehicle level on the amount of PECs which can be redeemed, may mean that sufficient Company Investment Vehicle Interests cannot be redeemed and, consequently, tender purchases in any given quarter may be scaled back on a pro rata basis. All transactions between related parties were conducted on terms equivalent to those prevailing in an arm's length transaction. Financial liabilities also include payables which are also held at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised. 2014 Annual Report | 2014 AGM Notice In the event of a material adverse event occurring in relation to the Investment Vehicle or the market generally, the ability of the Company to realise its investment and prevent the possibility of further losses could, therefore, be limited by its restricted ability to realise its investment in the Investment Vehicle. The costs and expenses of the placing attributable to the Company have been expensed in the Statement of Comprehensive Income and amounted to a total of, During the year ended 31 December 2016, the Directors did not receive any one off payments in addition to their annual remuneration (2015: £37,500 one off payment as a result of the additional work arising out of AIFMD, supplementary prospectuses and carrying out more work than initially anticipated (Richard Boléat: £15,000. A report of the Investment Policy Committee (“IPC”) summarizing the details of the proposed investment is attached. CVC LIMITED AND ITS CONTROLLED ENTITIES 2017 ANNUAL REPORT 3 CVC Limited – Shareholder Value Creation Since 2010, CVC’s share price has increased 133% largely reflecting the growth in Net Tangible Assets (NTA) of the Company. Half Yearly Report – December 2015, 2015 Richard Michael Boléat (Independent Chairman), Mark Richard Tucker (Independent Director). During the course of the year the Company's website (www.ccpeol.com) was redesigned. Please refer below for sensitivity analysis on the impact on the profit and loss account and NAV of the Company, if the fair value of the PECs at the year-end increased or decreased by 5%: Investments held at fair value through profit or loss. Established in 1981, CVC is a world leader in private equity and credit. The Investment Vehicle Manager, together with the Company Secretary, also ensure that all Directors receive, in a timely manner, all relevant management, regulatory and financial information relating to the Company and. Subscription monies for Sterling Shares have been used to fund subscriptions for Sterling-denominated PECs and such monies may then be converted to Euro for operating purposes. Status . 63,439,573.00 (2015: 37,186,412.00) Euro and 57,227,653.00 (2015: 364,635.00) Sterling PECs were redeemed as part of the Quarterly Contractual Tender. safeguard the Company's ability to continue as a going concern; maintain an optimal capital structure to minimise the cost of capital. During 2016, there were no reclassifications between levels of the fair value hierarchy. IFRS 13 'Fair Value Measurement' requires an analysis of investments valued at fair value based on the reliability and significance of information used to measure their fair value. Financial statements and reports for CVC Credit Partners European Opportunities Ltd (CCPG) Ordinary NPV GBP including annual reports and financial results for the last 5 years. As yields continued to tighten, senior leverage for all new European transactions increased, reaching 4.5x through the 1st lien debt - the highest this measure had reached since hitting 4.6x in 2007. 05 August 2019. The Company has, however, established a Contractual Quarterly Tender facility that enables Shareholders to tender their shares in the Company in accordance with a stated contracted mechanism. Investments in CLOs are primarily valued based on the bid price as provided by a third party pricing service, and may be amended following consideration of the Net Assets Value (NAV) published by the administrator of the CLOs. It is not intended to illustrate a remote, worst case or stress test scenario. According to their latest annual reports submitted on 2019-12-31, the company had a Turnover of £79M, while the Gross Profit of £5M and Cash of £36M. Total expenses of €100,537 (2015: €132,450), have been recharged to the Corporate Services Manager. As at 31 December 2016, the Audit Committee reviewed documentary evidence of the valuation of Investment Vehicle investments and scrutinised fair value estimates used to gain assurances as to the appropriateness and robustness of the valuation methodology applied by the Investment Vehicle to its underlying portfolio assets and hence to the Company investments in the Investment Vehicle. The company news service from the London Stock Exchange, CVC CREDIT PARTNERS EUROPEAN OPPORTUNITIES LIMITED, ANNOUNCE FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016, During the year CVC Credit Partners European Opportunities Limited (the "Company") completed the following Contractual Quarterly Tenders. Operating expenses are recognised on an accruals basis and are recognised in the Statement of Comprehensive Income. These investments are not listed or quoted on any securities exchange and are not traded regularly and on this basis no active market exists. the financial statements, which have been prepared in accordance with IFRS, give a true and fair view of the assets, liabilities, financial position and profit of the Company; the Chairman's Statement includes a fair review of the information required by DTR 4.1.8 (indication of important events up to 31 December 2016 and a description of principal risks and uncertainties); the Chairman's Statement includes a fair review of the information required by DTR 4.1.9 and 4.1.10 (analysis of the development and performance of the Company aided by the use of key performance indicators; and where appropriate information relating to environmental factors); the Chairman's Statement includes a fair review of the information required by DTR 4.1.11 (disclosure of important events that have occurred after 31 December 2016; future developments; financial risk management objectives and policies and Company exposure to price, credit, liquidly and cash flow risk); and. Interest rate movements affect the fair value of investments in fixed interest rate securities and floating rate loans and on the level of income receivable on cash deposits. The base currency of the Company and the Investment Vehicle is the Euro. Native Company Number. Half Yearly Report – December 2003, 2003 To mitigate market risk, the Board meet on a monthly basis and receive appropriate updates from the Investment Vehicle Manager to assist them in monitoring the performance of the Investment Vehicle portfolio including concentration of industry and geographical risk and compliance with the stated investment strategy and policy. advice and assistance provided in respect of the returns required to be filed under the Reporting Fund Scheme. 2002 Annual Report ACTIVE. investment performance, ensuring that the investment objective and strategy of the Company are met; ensuring investment holdings are in line with the Company's prospectus; review and monitoring financial risk management and operating cash flows, including cash flow forecasts and budgets of the Company; and. CVC CAPITAL PARTNERS VI LIMITED] SEC: 0001838970. The trend is also upward for total leverage as total debt-to-EBITDA has been steadily increasing since 2009 from 4.1x to 4.9x. On 9 February 2017, the Company announced it had received applications from Shareholders to tender 5,543,631 Euro Shares and 6,965,652 Sterling Shares under the March 2017 Contractual Quarterly Tender. The Investment Vehicle uses a third party professional foreign exchange manager to fully hedge the foreign currency exposures to which it is exposed. The Directors then incorporated those fair value estimates into the Company's Statement of Financial Position. CVC CAPITAL PARTNERS VII LIMITED (Jersey, 3 Nov 2016 - ) controls TMF SERVICES (UK) LIMITED (United Kingdom, 23 Feb 2006 - ) Significant Influence Or Control: details: 2018-05-03: CVC CAPITAL PARTNERS VII LIMITED (Jersey, 3 Nov 2016 - ) controls TMF HOLDING UK LIMITED (United Kingdom, 17 Aug 2011 - ) Significant Influence Or Control: details: 2019-07-22 On the settlement date the tendered shares were. 2003 Annual Report Although the Investment Vehicle has in place a hedging programme, there is no guarantee that any such hedging arrangements will be successful. cvc capital partners limited 05 jan 2004 - 13 jun 2018 aprilway limited 07 apr 2003 - 05 jan 2004 Half Yearly Report – December 2007, 2007 CVC Capital Partners BV operates as a private equity and investment advisory firm. Market risk is the risk that the Company's performance will be adversely affected by changes in the markets in which it invests. examined the valuation of the Company investments periodically throughout the year. 1996. the Annual Report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the company's performance, position, business model and strategy. are the most subordinate share class and therefore these are classified as equity. Incorporation Date. This has generated a total shareholder return over that It is important to note that as at 31 December 2016, the Company held a 82.7% (2015: 88.3%) interest in the PECs issued by the Investment Vehicle. Dividends are recognised as finance costs in the Statement of Comprehensive Income and are accrued when there is an obligation. Seit einem Management-Buy-out im Jahr 1993 besitzt das Management von CVC das Unternehmen. The Board regularly monitors and reviews its currency transactions on an on-going basis. As disclosed in note 2.6, the Company classifies its ordinary shares as financial liabilities held at amortised cost. Level 3 reconciliation - Compartment A PECs. A fee is built into the tender price in years 1 to 5 following the IPO of the Contractual Quarterly Tender facility to cover this partial termination fee. The Company has no imposed capital requirements. Financial assets designated at fair value through profit or loss at inception. CVC Capital Partners VI Associates is based out of St Helier. As at 31 December 2016, the Company had no contingent liabilities or commitments (2015: nil). The Board has in place monitoring procedures in respect of counterparty risk which is reviewed on an ongoing basis. HY new issue volume continued its underwhelming trend in 2016, with €10.2bn of paper hitting the market in Q4 (c. 50% of the €18.8bn issued in Q3). The Company's capital base has again reduced this year as certain investors have taken advantage of the Company's quarterly tender programme to either rotate out of the asset class or otherwise to withdraw from exposure to listed funds such as the Company. In addition, there can be no assurance that any attempt to hedge against a particular change or event would be successful, and any such hedging failure could materially and adversely affect the performance of the Investment Vehicle and, by extension, the Company's business, financial condition, results of operations, NAV and/or the market price of the ordinary shares. If the Investment Vehicle Manager and the relevant independent service provider have difficulty in establishing an agreed upon valuation for an asset, they will discuss and agree alternative valuation methods. (***) 15% has been assessed at 31 December 2016 as a reasonably possible movement in currency rate sensitivity over the year. Transaction costs are expensed as incurred and movements in fair value are recorded in the Statement of Comprehensive Income. Level 3: Valuation techniques using significant unobservable inputs. The AIC guide states that all non-executive Directors should be submitted for re-election by shareholders at regular intervals and that nomination for re-election should not be assumed but be based on disclosed procedures and continued satisfactory performance. 111863. On 12 February 2016, 29,210,354 Euro Shares and 262,055 Sterling Shares were tendered in line with the Company's December 2015 Contractual Quarterly Tender mechanism. Please refer to note 2.3(c) for detail regarding fair value estimation of financial assets and note 7 for IFRS 13 disclosures. The Board defines capital as financial resources available to the Company. 1 - As at 31 December 2016, there is collateral of €9 million in cash with Sumitomo Mitsui Banking Corporation ("SMBC") and assets with a market value of €208.2 million. However, the call will also be for interested parties to raise any queries that they may have concerning the proposed changes to the tender programme. 31 July 2019 Notice of Meeting Half Yearly Report – December 2002, 2002 Adverse economic conditions may also decrease the value of any security obtained in relation to any of the Investment Vehicle investments. CVC Credit Partners Investment Management Limited; CVC Credit Partners European CLO Management LLP; Please click here for the UK Stewardship Code Disclosure Document. The Board believes that the AGM provides an appropriate forum for investors to communicate with the Board, and encourages participation. The Company's credit risk is attributable to its investments at fair value through profit and loss, cash and cash equivalents and interest and other receivables. However, it may not be possible for the Investment Vehicle to hedge against a particular change or event at an acceptable price or at all. The offer of Contractual Quarterly Tenders will be subject to annual Shareholder approval and subject to the terms, conditions and restrictions as set out in the prospectus. CVC Capital Partners is a Luxembourg-registered private equity and investment advisory firm, managing capital on behalf of 300+ institutional, governmental and private investors worldwide. A contingent liability is a possible obligation depending on whether some uncertain future event occurs; or a present obligation but payment is not probable or the amount cannot be measured reliably. Foreign currency risk is the risk that the values of the Company's assets and liabilities are adversely affected by changes in the values of foreign currencies by reference to the Company's base currency. During 2016, following further developments in the liquidity of certain debt securities, investments of the Compartment with a value of €4.8 million (2015: €10.6 million) were reclassified from Level 2 to Level 3 and there was reclassification from Level 3 to Level 2 of €27.3 million (2015: €8.1 million). Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement. Further, such financial market disruptions may have a negative effect on the valuations of the Investment Vehicle investments (and, by extension, on the NAV and/or the market price of the Company's ordinary shares), and on liquidity events involving such Investment Vehicle investments. by the board of the Investment Vehicle and its advisors through hedging arrangements as detailed in note 8.6. Although these judgements, estimates and assumptions are based on best knowledge of current facts, circumstances and, to some extent, future events and actions. (*) Note that €nil (2015: €30,110) of regulatory fees and €100,537 (2015: €102,340) of professional fees relate to share issue costs, AIFMD marketing legal costs and set up costs paid by the Company on behalf of the Corporate Services Manager. These are then valued by considering in detail the limited broker quotes available for evidence of outliers (which may skew the average) which if existent are then removed, and then by considering the range of the remaining quotes. In total, CVC currently manages … The appointment of a Senior Independent Director; The need for an internal audit function; and. In addition, the Contractual Quarterly Tenders and the voluntary conversion facility are not available in respect of treasury shares. Foreign exchange differences arising on translation are recognised in the Statement of Comprehensive Income. Earnings per share has been calculated on a weighted average basis. - As at 31 December 2015, there was collateral of €3 million in cash with SMBC and assets with a market value of €216.9m. Each Euro Share holds 1 voting right, and each Sterling Share holds 1.17 voting rights. On 14 November 2016, 7,128,382 Euro Shares and 39,612,080 Sterling Shares were tendered in line with the Company's September 2016 Contractual Quarterly Tender mechanism. It is regularly updated with monthly factsheets and provides further information about the Company, including the Company's financial reports and announcements. (b) Recognition, measurement and derecognition. During the year 3,479,320 (2015: 1,810,146) Euro Shares were converted into 2,608,457 (2015: 1,276,518) Sterling Shares and 661,630 (2015: 907,557) Sterling Shares were converted into 872,880, - Recognised in the year ended 31 December 2016, - Recognised in the year ended 31 December 2015. he Directors believe that the Company's Contractual Quarterly Tender mechanism should provide Shareholders with additional liquidity when compared with other listed closed-ended investment companies. Such hedging arrangements during the year Board discuss and closely monitor with the Investment Vehicle and its advisors hedging! 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