TVC Holdings plc Audited Financial Results for the year ended 31 March 2010

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TVC Holdings plc (“TVC” or the “Company”), the investment holding company, today (Thursday, 10 June 2010) announces its Audited Financial Results for the year ended 31 March 2010.

Key Performance Highlights:

• Strong gross portfolio return of €30.4 million (70% of opening portfolio value) in the year to 31 March 2010, driven by the increase in value of the Company's quoted investments, Norkom and UTV.

• Profit before tax of €28.3 million (2009: loss of €66.2 million).

• Operating expenses, excluding share-based payment expenses and prior year VAT recoverable, of €2.8 million (2009: €3.1 million), a decrease of almost 10%.

• 37% increase in equity value per share from €0.68 at 31 March 2009 to €0.93 at 31 March 2010.

• Equity value per share at 31 March 2010 of €0.93 (shareholders' equity of €94.3 million and 101.1 million shares in issue) represents a discount of 34% when compared to TVC's closing bid price on 31 March 2010 of €0.62 and a discount of 48%, excluding cash and government bonds.

• Net assets at 31 March 2010 of €103.6 million mainly comprised of cash at bank and government bonds of €28.5 million (28%), quoted equity investments of €61.0 million (59%) and unquoted equity investments of €11.4 million (12%). TVC has no debt.
• In the year ended 31 March 2010, the value of the Company's investment portfolio increased by €28.7 million, which comprised of a mark up of €36.0 million on its quoted investments and a mark down on its unquoted portfolio of €7.3 million.
• As a result of the economic downturn, there was limited investment activity during the year to 31 March 2010 and TVC's main focus was on optimising the value of the existing portfolio as well as maintaining the business for a stabilisation in market conditions. When suitable opportunities arise, the Company expects to make investments at attractive valuations to add further value to the portfolio.

Commenting on the year end Financial Results, TVC Holdings' Executive Chairman, Shane Reihill, said:

“We are pleased with our performance for the year during which we have continued to work actively with our core portfolio investments to maximise their value, resulting in a gross portfolio return of €30.4 million.

“TVC's cash plus two quoted investments, Norkom and UTV, represent 86% of our net asset value at 31 March 2010. Four unquoted investments represent most of the remaining 14% of our net asset value at 31 March 2010.

“With net assets of €103.6 million and cash and government bonds in excess of €28 million and no debt in the Company, we believe that TVC is in a strong position to make additional long term investments at what we expect to be attractive valuations, adding further value to our investment portfolio. We also believe that, given this significant cash balance, the Company is in a very strong position to deliver its strategy and maximise value for all our shareholders”.

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