20 largest investments

Industry sector: Industrials

Ferretti 1

Geography: Italy
Date of investment: January 07
Residual cost of investment £000: 32,099
Directors’ valuation £000: 41,915
Effective equity interest (fully diluted): 5.5%
% of Candover’s net assets: 9.3%
Basis of valuation: Multiple of earnings
Dividends received £m: –
Year-end: August 07
Sales: €950.8m
Earnings1: €158.4m

Ferretti, headquartered in Italy, is one of the world’s leading companies in the design and construction of high performance luxury motor yachts. Founded in 1968, the Group now comprises nine prestigious brands, each of which is at the top end of its market segment.

Notes:
1.



 Earnings figures are taken from the portfolio company’s most recent audited a ccounts or financial statements filed with regulatory bodies. The figures shown are the total earnings on ordinary activities before exceptional items, deprecation, goodwill amortisation, interest and tax for the period.
2. Audited accounts for the period since acquisition are not yet available.
3. Investment in a fund, sales and earnings figures not relevant.
4. Results for the period from 4th April, 2006 to 30th June, 2007.
5. Results for the period from 9th May, 2006 to 31st December, 2006.
6. Excludes results of Linos acquisition.
7. Results for the six months to 30th September, 2007.