European Capital Limited Reports 2012 Net Operating Income of euro 21 Million and Net Earnings of euro 78 Million

News provided by

European Capital Limited

Apr 16, 2013, 10:00 ET

ST. PETER PORT, Guernsey, April 16, 2013 /PRNewswire/ -- European Capital Limited ("European Capital" or the "Company") today issues a Management Statement announcing net operating income ("NOI") for the half year and year ended 31 December 2012 of €22 million and €21 million respectively.  Net earnings for the half year and year were €55 million and €78 million respectively.  As at 31 December 2012, net asset value ("NAV") was €705 million, an 8%, or €55 million increase from the 30 June 2012 NAV of €650 million and a 12%, or €78 million increase from the 31 December 2011 NAV of €627 million.

2012 FINANCIAL SUMMARY

  • €21 million NOI
    • €32 million, or 60%, decrease over 2011
  • €1 million net realised gain on investments
    • €29 million improvement over 2011
  • €57 million net unrealised appreciation on investments excluding foreign exchange
    • €60 million increase over 2011
  • €78 million net earnings
    • €80 million increase over 2011
  • €82 million of cash proceeds from realisations
  • €37 million of securitised debt repaid
  • €151 million of committed investments
    • €122 million in new portfolio companies
  • Net Asset Value €705 million
    • €78 million, 12% increase from 31 December 2011

H2 2012 FINANCIAL SUMMARY

  • €22 million NOI
    • €8 million increase compared to H2 2011
  • €1 million net realised gain on investments
    • €14 million improvement compared to H2 2011
  • €39 million net unrealised appreciation on investments excluding foreign exchange
    • €141 million improvement compared to H2 2011
  • €55 million net earnings
    • €143 million improvement compared to H2 2011
  • €27 million of cash proceeds from realisations
  • €17 million of securitised debt repaid
  • €56 million of committed investment
    • €37 million in new portfolio companies
  • Net Asset Value €705 million
    • €55 million, 8% increase from 30 June 2012

"Two thousand and twelve capped a good year for European Capital.  NAV grew by €78 million, or 12% in 2012, with investments performing better than we had expected considering the weak economy in some parts of Europe," said Malon Wilkus, Chairman and Chief Executive Officer.  "We generated €82 million of cash realisations and invested €151 million of which €122 million was in new portfolio companies."

PORTFOLIO LIQUIDITY AND ORIGINATIONS
In the half year and year ended 31 December 2012, €27 million and €82 million of cash proceeds were received from realisations of portfolio investments respectively.  The Company also made new committed investments of €56 million in the second half of the year and €151 million for the full year respectively.  Of the full year total commitments, €122 million was committed to new portfolio companies and €29 million in our existing portfolio for growth, acquisitions and refinancings. 

"During the second half, we continued to see liquidity in the portfolio and deployed our capital into areas that add to shareholder value," said Ira Wagner, President.  "We are committed to supporting our existing portfolio companies as well as originating new investments in both debt opportunities and for One Stop Buyouts®.  We are seeing increasingly attractive opportunities in European credit as a result of the regulatory environment making it difficult for banks to lend to mid market companies as they had in the past.  As a result, we are seeing more lending opportunities with better pricing and terms."

PORTFOLIO VALUATION
For the half year and year ended 31 December 2012, net unrealised appreciation of investments totalled €39 million and €57 million respectively; with €40 million of appreciation for the year attributable to our controlled portfolio driven by performance improvements in the portfolio and €17 million of appreciation attributable to the sponsored finance portfolio.

Since inception, European Capital has invested €3.5 billion in 105 portfolio companies and has realised €1.9 billion from portfolio company exits.  Out of the €1.9 billion we have exited fully 45 portfolio companies, realising an aggregate of €1.2 billion comprising:

  • €826 million of principal repayments;
  • €166 million from loan syndications and sales;
  • €128 million of collections of PIK notes and dividends; and
  • €113 million from sales of equity. 

These exits achieved an aggregate IRR of 9.9%. The equity investments of these exited portfolio companies have achieved a 29.1% IRR.

The European Capital portfolio as of 31 December 2012 stood at fair value of €1.2 billion, with an average investment size of €25 million per portfolio company.  European Capital's largest investment represents 15.0% of total investment assets at fair value and the ten largest investments represent 56.4% of total investment assets at fair value as of 31 December 2012. 

As at 31 December 2012, loans with a cost of €307 million and a fair value of €60 million were on non-accrual, representing 8.0% of total loans at fair value, compared to €263 million cost and €60 million fair value of non-accrual loans, representing 8.2% of total loans at fair value as at 30 June 2012.  Fair value of loans remained stable during the second half although cost of loans on non-accrual increased as result of loans added to non-accrual status with nil fair value.

EUROPEAN CAPITAL LIMITED

CONSOLIDATED BALANCE SHEETS

As of 31 December 2012 and 31 December 2011

(in thousands)

















 31 December 

 31 December 

31 December 2012 Versus
31 December 2011

2012

2011

€

€

€

%








Assets






Investments at fair value (Cost basis of €1,650,113, €1,568,941 and €1,555,191, respectively)

1,126,862

973,607

153,255

16%

Cash and cash equivalents

2,573

2,803

(230)

-8%

Restricted cash and cash equivalents

87,569

142,056

(54,487)

-38%

Interest receivable

3,603

5,588

(1,985)

-36%

Derivatives agreements at fair value

9

-

9

100%

Other

5,191

4,529

662

15%

Total assets

1,225,807

1,128,583

97,224

9%

Liabilities and Shareholder's Equity






Debt (maturing within one year €1,074, €1,965 and  €2,356, respectively)

441,846

439,017

2,829

1%

Due to European Capital Financial Services (Guernsey) Limited

2,123

1,439

684

48%

Derivatives agreements at fair value

26,571

24,238

2,333

10%

Other

50,467

37,153

13,314

36%

Total liabilities

521,007

501,847

19,160

4%

Shareholder's equity:






Share Capital

224,475

224,475

-

0%

Undistributed net realised earnings 

1,098,368

1,078,718

19,650

2%

Net unrealised foreign currency depreciation

(101,090)

(110,079)

8,989

8%

Net unrealised depreciation of investments

(516,953)

(566,378)

49,425

9%

Total shareholder's equity

704,800

626,736

78,064

12%

Total liabilities and shareholder's equity

1,225,807

1,128,583

97,224

9%








NM = Not Meaningful














EUROPEAN CAPITAL LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

Six Months and Year Ended 31 December 2012 and 2011

(in thousands)











Six Months Ended

Six Months Ended

Year ended

Year ended

31 December

31 December

31 December

31 December

2012

2011

2012 Versus 2011

2012

2011

2012 Versus 2011

€

€

€

%

€

€

€

%

(unaudited)

(unaudited)











OPERATING INCOME:














Interest and dividend income

44,969

39,484

5,485

14%

69,227

€105,724

€(36,497)

-35%

Fee and other income

123

407

(284)

-70%

723

915

(192)

-21%

Total operating income

45,092

39,891

5,201

13%

69,950

106,639

(36,689)

-34%

OPERATING EXPENSES:














Interest

10,521

13,584

(3,063)

-23%

23,818

26,471

(2,653)

-10%

Management fee

11,452

11,686

(234)

-2%

22,695

22,666

29

0%

General and administrative

1,299

1,015

284

28%

2,248

4,718

(2,470)

-52%

          Total operating expenses

23,272

26,285

(3,013)

-11%

48,761

53,855

(5,094)

-9%

OPERATING INCOME BEFORE INCOME TAXES

21,820

13,606

8,214

60%

21,189

52,784

(31,595)

-60%

Provision for income taxes

(31)

(44)

13

30%

(50)

(88)

38

43%

NET OPERATING INCOME

21,789

13,562

8,227

61%

21,139

52,696

(31,557)

-60%
















Net realised loss on extinguishment of debt

-

-

-

-

100%

-

(8,240)

8,240

100%
















Net realisations on investments














Portfolio company investments

925

(13,208)

14,133

107%

445

(28,826)

29,271

102%

Foreign currency translations

3,004

(9,335)

12,339

132%

4,815

(5,307)

10,122

191%

Derivative agreements

(3,212)

(289)

(2,923)

-1011%

(6,749)

3,492

(10,241)

-293%

Total net realisations on investments

717

(22,832)

23,549

103%

(1,489)

(30,641)

29,152

95%
















NET REALISED EARNINGS / (LOSS) 

22,506

(9,270)

31,776

NM

19,650

13,815

5,835

42%
















Net unrealised appreciation / (depreciation) on investments














Portfolio company investments

38,768

(101,955)

140,723

138%

56,504

(3,624)

60,128

NM

Foreign currency translations

(2,694)

23,294

(25,988)

-112%

8,989

(11,932)

20,921

175%

Derivative agreements

(3,470)

(164)

(3,306)

-2016%

(7,079)

(599)

(6,480)

-1082%

Total net unrealised appreciation / (depreciation) on investments

32,604

(78,825)

111,429

141%

58,414

(16,155)

74,569

462%
















NET INCREASE / (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
("NET EARNINGS")

€55,110

(88,095)

€143,205

NM

€78,064

€(2,340)

€80,404

NM
































NM = Not Meaningful






























 

 EUROPEAN CAPITAL LIMITED 

OTHER FINANCIAL INFORMATION

Six Months Ended 31 December 2012, 30 June 2012 and 31 December 2011

(in thousands)

(unaudited)





Six Months Ended


Six Months Ended

Six Months Ended

31 December 2012 Versus


31 December 2012 Versus

 31 December 2012 

 30 June 2012 

 30 June 2012 

 31 December 2011 

 31 December 2011 

€

€

€

%

€

€

%















 New Investments: 













 Senior Debt 

32,345

89,269

(55,424)

-62%

-

-

100%

 Subordinated debt 

23,720

2,713

21,007

NM

212

23,508

NM

 Convertible Bond 

-

-

-

100%

223

(223)

-100%

 Preferred Equity 

-

5

(5)

-100%

-

-

100%

 Common Equity 

-

3,001

(3,001)

-100%

2,874

(2,874)

-100%

 Total 

56,065

94,988

(37,423)

-39%

3,309

20,411

NM















 Add-on Financing for Acquisitions 

56,065

83,725

(26,160)

-31%

297

57,268

NM

 Add-on Financing for Recapitalisations 

-

11,263

(11,263)

-100%

3,012

(3,012)

-100%

 Total 

56,065

94,988

(37,423)

-39%

3,309

54,256

NM















 Realisations: 













 Principal Prepayments 

21,120

47,751

(26,631)

-56%

47,688

(26,568)

-56%

 Payment of Accrued Payment-in-kind Interest and Dividends and Original Issue Discount 

3,179

6,261

(3,082)

-49%

14,338

(11,159)

-78%

 Sale of Equity Investments 

2,050

-

2,050

100%

1,293

757

59%

 Sale of Loans 

316

1,494

(1,178)

-79%

15,992

(15,676)

-98%

 Total 

26,665

55,506

(28,841)

-52%

79,311

(52,646)

-66%















 Appreciation, Depreciation, Gains and Losses: 













 Gross Realised Gains 

5,877

-

5,877

100%

419

5,458

NM

 Gross Realised Losses 

(6,802)

(276)

(6,526)

-2364%

(13,627)

6,825

50%

 Portfolio Net (Losses) Gains 

(925)

(276)

(649)

-235%

(13,208)

12,283

93%

 Foreign Currency 

(3,004)

1,812

(4,816)

-266%

(9,335)

6,331

68%

 Derivative Agreements 

3,212

(3,385)

6,597

195%

(289)

3,501

NM

 Extinguishment of debt 

-

(152)

152

100%

-

-

100%

 Net Realised Losses 

(717)

(2,001)

1,284

64%

(22,832)

22,115

97%















 Gross Unrealised Appreciation of Portfolio Investments 

44,107

72,856

(28,749)

-39%

40,142

3,965

10%

 Gross Unrealised Depreciation of Portfolio Investments 

(82,028)

(56,779)

(25,249)

-44%

(158,510)

76,482

48%

 Reversal of Prior Period Unrealised (Depreciation) Appreciation Upon Realisation 

(847)

1,465

(2,312)

-158%

16,413

(17,260)

-105%

 Net Unrealised Depreciation of Portfolio Investments 

(38,768)

17,542

(56,310)

-321%

(101,955)

63,187

62%

 Foreign Currency 

(2,694)

11,660

(14,354)

-123%

23,294

(25,988)

-112%

 Derivative Agreements 

(3,470)

(3,609)

139

4%

(164)

(3,306)

-2016%

 Net Unrealised Depreciation of Investments 

(44,932)

25,593

(70,525)

-276%

(78,825)

33,893

43%











-


 Net Gains, Losses, Appreciation and Depreciation 

(45,649)

23,592

(69,241)

-293%

(101,657)

56,008

55%















 Other Financial Data: 













 Net Asset Value 

704,800

649,678

55,122

8%

626,736

78,064

12%

 Financial Liabilities 

441,846

434,579

7,267

2%

439,017

2,829

1%

 Asset Coverage Ratio 

260%

249%




243%




 Debt to Equity Ratio 

0.6 x

0.7 x




0.7 x




 Credit Quality: 













 Weighted Average Effective Interest Rate on Debt Investments 

5.8%

2.1%

0.7%

33%

6.5%

-3.7%

-56.9%

 Loans on Non-Accrual at Cost 

307,172

263,429

88,431

34%

244,947

106,913

44%

 Loans on Non-Accrual at Fair Value 

59,975

60,483

19,416

32%

39,940

39,959

100%

 Non-Accrual Loans at Cost as a Percentage of Total Loans 

26.5%

24.9%




23.0%




 Non-Accrual Loans at Fair Value as a Percentage of Total Loans 

7.5%

8.2%




5.6%




 Non-Accrual Loans at Fair Value as a Percentage of Non-Accruing Loans at Cost 

19.5%

23.0%




16.3%




 Return on Equity: 













 LTM Net Operating Income Return on Average Equity at Cost 

1.8%

1.1%




4.2%




 LTM Realised Earnings Return on Average Equity at Cost 

1.6%

-1.0%




1.1%




 LTM Earnings Return on Average Equity 

11.8%

-9.8%




-0.4%




 Current Half Year Net Operating Income Return on Average Equity at Cost Annualised 

3.6%

-0.1%




2.2%




 Current Half Year Realised Earnings Return on Average Equity at Cost Annualised 

3.7%

-0.4%




-1.5%




 Current Half Year Earnings Return on Average Equity Annualised 

16.3%

7.1%




-26.2%



















 NM = Not Meaningful 













 NA = Not Applicable 




























 

 

EUROPEAN CAPITAL LIMITED

STATIC POOL INFORMATION

Portfolio Statistics for Investments Made in Each of the Following Years

(in thousands)

(unaudited)














Portfolio statistics  (1) (14)

2005

2006

2007

2008

2012

Aggregate














IRR at Fair Value of All Investments(1) (14)

12.0%

7.0%

(0.7)%

0.9%

10.4%

3.0%

IRR of Exited Investments  (2) (14)

14.3%

8.5%

1.8%

2.3%

0.0%

6.5%

IRR of Exited Portfolio Companies  (14)

14.4%

9.5%

9.4%

2.3%

0.0%

9.9%

IRR at Fair Value of Equity Investments Only  (1) (3) (14) 

4.8%

11.3%

(11.1)%

(9.4)%

0.0%

2.4%

IRR of Exited Equity Investments Only  (2) (3) (4) (14)

21.1%

24.1%

(42.9)%

409.6%

0.0%

(12.9)%

IRR of Exited Portfolio Companies' Equity Only  (3) (4) (14)

21.1%

34.4%

18.7%

409.6%

0.0%

29.1%

IRR at Fair Value of All One Stop Buyout®Investments(1) (14) 

(9.9)%

11.8%

(16.0)%

0.0%

0.0%

2.3%

IRR at Fair Value of Current One Stop Buyout®Investments (1) (14)

(11.0)%

10.9%

(7.6)%

0.0%

0.0%

5.5%

IRR of Exited One Stop Buyout®Investments  (2) (3) (14)

6.9%

16.9%

(47.2)%

0.0%

0.0%

(18.2)%

Committed Investments  (14)

€

240,673

€

1,242,200

€

1,535,235

€

333,927

€

121,570

€

3,473,605

Total Exits and Prepayments of Committed Investments  (14)

€

262,607

€

835,868

€

726,390

€

107,529

€

563

€

1,932,957

Total Interest, Dividends and Fees Collected  (14)

€

81,216

€

186,571

€

334,000

€

83,556

€

2,732

€

688,075

Total Net Realised Gains (Loss) on Investments

€

11,342

€

(53,152)

€

(44,670)

€

(25,997)

€

-

€

(112,477)

Current Cost of Investments

€

16,804

€

412,230

€

870,460

€

240,622

€

110,675

€

1,650,791

Current Fair Value of Investments

€

3,848

€

362,501

€

478,822

€

170,347

€

111,344

€

1,126,862

Current Fair Value of Investments as a % of Total Investments at Fair Value

0.3%

32.2%

42.5%

15.1%

9.9%

100.0%

Net Unrealised Depreciation  (15)

€

(12,956)

€

(49,729)

€

(391,638)

€

(70,275)

€

669

€

(523,929)

Non-Accruing Loans at Cost

€

9,212

€

28,470

€

197,427

€

72,063

€

-

€

307,172

Non-Accruing Loans at Fair Value

€

3,848

€

17,355

€

16,828

€

21,944

€

-

€

59,975

Equity Interest at Fair Value (3)

€

0

€

226,475

€

92,347

€

3,280

€

861

€

322,963

Debt to Adjusted EBITDA  (3) (6) (7) (8) (11)

8.3

3.7

6.1

4.8

3.5

5.3

Interest Coverage  (3) (8) (11)

2.2

13.5

3.2

4.6

4.1

5.5

Debt Service Coverage  (3) (8) (11)

1.0

2.0

1.9

2.2

3.3

2.1

Average Age of Companies (3) (11)

14

62

50

44

44

43

Diluted Ownership Percentage (3) (12)

51.1%

67.0%

14.1%

1.7%

0.4%

26.9%

Average Revenue  (3) (9) (11)

€

32,761

€

553,864

€

447,762

€

168,689

€

2,095,858

€

659,787

Average Adjusted EBITDA  (3) (6) (11)

€

3,007

€

52,245

€

75,185

€

28,350

€

266,254

€

85,008

Total Revenues(3) (9)

€

32,761

€

4,984,772

€

13,432,871

€

1,180,821

€

25,150,296

€

44,781,521

Total Adjusted EBITDA  (3) (6)

€

3,007

€

470,201

€

2,255,547

€

198,451

€

3,136,428

€

6,063,634

% Senior Loans  (3) (8) (10)

0.0%

19.8%

30.9%

0.0%

85.5%

27.9%

% Loans with Lien(3) (8) (10)

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%


Majority Owned Portfolio Companies ("MOPC")

2005-2008
Static
Pools


Number of MOPC

8

Total Revenues (9)

€

617,749

Total Gross Profits(9)

€

295,864

Total Adjusted EBITDA  (6)

€

78,171

Total Capital Expenditure(9)

€

14,339

Total Current European Capital Investment in MOPC At Fair Value

€

386,392

Total Current European Capital Investment in MOPC At Cost Basis

€

508,552

Total Current European Capital Debt Investment in MOPC At Fair Value

€

118,708

Total Current European Capital Debt Investment in MOPC At Cost Basis

€

161,765

Diluted Ownership Percentage of European Capital in MOPC(12)

70.4%

Total Cash

€

93,104

Total Assets

€

741,695

Total Debt

€

530,442

Total Third Party Debt at Cost

€

347,914

Total Shareholders' Equity (16)

€

246,536

Static pool classification is based on the year the initial investment was made.  Subsequent add-on investments are included in the static pool year of the original investment.  There were no new investments made in 2009 to 2011.

(1)    Assumes investments are exited at current US GAAP fair value.
(2)    Includes fully exited investments of existing portfolio companies.
(3)    Excludes investments in Structured Products.
(4)    Excludes equity investments that are the result of conversions of debt and warrants received with the issuance of debt.
(5)    Majority Owned Portfolio Company ("MOPC") investments represents investments in which European Capital, or its affiliates, have a fully diluted ownership  percentage of 50% or more or has over 50% board representation at the portfolio company.
(6)    Adjusted EBITDA may reflect certain adjustments to the reported EBITDA of a portfolio company for non-recurring, unusual or infrequent items or other pro-forma items or events to normalize current earnings which a buyer may consider in a change in control transactions.  These adjustments may be material and are highly subjective in nature.  Portfolio company reported EBITDA is for the most recently available twelve months, or when appropriate, the forecasted twelve months or current annualized run-rate
(7)    For portfolio companies with a nominal Adjusted EBITDA amount, the portfolio company's maximum debt leverage is limited to 15 times Adjusted EBITDA.
(8)    Excludes investments in which we own only equity.
(9)    For the most recent twelve months, or when appropriate, the forecasted twelve months.
(10)  As a percentage of our total debt investments.
(11)  Weighted average based on fair value.
(12)  Weighted average based on fair value of equity investments.
(13)  Non euro-denominated amounts are retranslated at the exchange rate ruling at the date of original investment.
(14)  Non euro-denominated balances, other than those referred to in (13), are retranslated at the exchange rate ruling at the balance sheet date.
(15)  Balance Sheet appreciation (depreciation) of investments excluding foreign exchange revaluation.
(16)  Calculated as the estimated enterprise value of the MOPC's less the cost basis of any outstanding debt of the MOPC's.

IMPORTANT DISCLOSURES
NAV
Any valuation information relating to the portfolio companies of European Capital stated or referred to in this release has been determined by the Board of European Capital in good faith, on a basis consistent with past practice and for the purposes of complying with its reporting obligations under applicable laws.

Forward-looking statements
This document may contain "forward-looking statements."  By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances.  Many of these risks and uncertainties relate to factors beyond European Capital's control or which cannot be estimated precisely.  These factors include, but are not limited to, uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions, and changes in the conditions of the industries in which European Capital has made investments.  Actual outcomes and results may therefore differ materially from any outcomes or results expressed or implied by any such forward-looking statements.

Performance data quoted above represents past performance of European Capital.  Past performance does not guarantee future results and the investment return and principal value of an investment in European Capital will likely fluctuate.  Additionally, European Capital's current performance may be lower or higher than the performance data quoted above.

Basis of preparation
This interim management statement has been prepared to provide further transparent information about European Capital and should not be relied on by any person for any other purpose.  Certain financial information in this interim management statement is based on unaudited management accounts.  Nothing in this document is intended to be, or should be construed as, a profit forecast.

ABOUT EUROPEAN CAPITAL
European Capital is an investment company for pan-European equity, mezzanine and senior debt investments with €1.2 billion in assets under management.  European Capital is a wholly-owned affiliate of American Capital, Ltd ("American Capital").  It is managed by European Capital Financial Services (Guernsey) Limited ("ECFSG" or the "Investment Manager"), a wholly-owned affiliate of American Capital.  The Investment Manager has offices in London and Paris.  As of 31 December 2012 the Investment Manager had 5 investment teams with 22 investment professionals and employed 27 support staff.  European Capital and its affiliate, American Capital, will consider senior and mezzanine debt investment opportunities from 10 million to 40 million in either euros or sterling and up to 400 million for One Stop Buyouts®.  For further information, please refer to www.EuropeanCapital.com.

ABOUT AMERICAN CAPITAL
American Capital, Ltd. (Nasdaq: ACAS) is a publicly traded private equity firm and global asset manager.  American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products.  American Capital manages $18.6 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with $117 billion of total assets under management (including levered assets).  Through an affiliate, American Capital manages publicly traded American Capital Agency Corp. (Nasdaq: AGNC) with approximately a $13 billion market capitalization and American Capital Mortgage Investment Corp. (Nasdaq: MTGE) with approximately a $1.5 billion market capitalization. From its eight offices in the U.S. and Europe, American Capital and its affiliate, European Capital, will consider investment opportunities from $10 million to $750 million.  For further information, please refer to www.AmericanCapital.com.

Contact: European Capital Financial Services Limited

+ 44 207 539 7000


Ira Wagner, President
Juan Carlos Morales Cortes, Director
Richard Smith, Finance Director

EUROPEAN CAPITAL FINANCIAL SERVICES, LTD.

London
25 Bedford Street
London WC2E 9ES
United Kingdom
+44 (0)207 539 7000
+44 (0)207 539 7001 Fax

 

Paris Branch
37 Avenue Pierre 1er de Serbie
75008 Paris
France
+33 (0)1 40 68 06 66
+33 (0)1 40 68 06 88 Fax

SOURCE European Capital Limited

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