Oct 31, 2011 - Trading Emissions PLC (LON:TRE ), a UK investment firm focused on renewable energy projects and emission instruments, on Monday reported a decline in net asset value (NAV) for the fiscal year to the end of June 2011.
The company said its NAV stood at GBP 1.2108 (USD 1.939/EUR 1.385) at the end of June versus GBP 1.3769 in the previous year. It added that a revaluation of its carbon portfolio on October 28 had knocked about GBP 0.2972, unaudited, off NAV per share, because of the fall in carbon prices since end-June.
At the end of the fiscal 2010/11 the company's carbon portfolio was valued at GBP 122 million, or GBP 0.4884 per share, down from GBP 0.5841 a year ago. The private equity portfolio was worth GBP 93 million, GBP 0.3723 per share, compared with GBP 0.4523 at the end of June 2010.
Trading Emissions booked a full-year loss of GBP 0.0949 per share against a per-share loss of GBP 0.1119 in the previous year.
The group also confirmed its plans to return funds to shareholders by means of asset realisation. It said it was actively pursuing that policy through individual asset sales aimed at strategic buyers and had hired advisers where needed.