TIDMOCI
RNS Number : 6843Y
Oakley Capital Investments Limited
08 September 2022
8 September 2022
Oakley Capital Investments Limited
Interim Results for the Six Months ended 30 June 2022
Oakley Capital Investments Limited(1) ("OCI" or the "Company")
today announces its interim results for the six months ended 30
June 2022. OCI is a listed investment company providing consistent,
long-term returns in excess of the FTSE All-Share Index by
investing in the funds managed by Oakley Capital(2) ("Oakley"),
thereby capturing the outperformance of a leading private equity
manager.
The Oakley Funds(3) invest primarily in unquoted, pan-European
businesses across three sectors: Technology, Consumer and
Education. Oakley leverages its unique business founder network to
source attractive investment opportunities and then applies proven
value creation strategies to accelerate sustainable growth.
Financial Highlights
Net Asset Value ("NAV") per share of 630 pence and NAV
-- of GBP1,119 million
Total NAV return per share of 17% (+94 pence) since 31
-- December 2021 and 42% since 30 June 2021 (+189 pence)
Total shareholder return of -7%
--
Investments of GBP68 million and share of proceeds of GBP64
-- million
Period-end cash and available debt of GBP197 million. Expected
-- cash proceeds from transactions post period end of c.GBP110
million
Total outstanding Oakley Fund commitments of GBP993 million
--
Buy-back and cancellation of just under 1 million shares
--
Half-year dividend of 2.25 pence to be paid on 13 October
-- 2022 to shareholders on the register on or before 23 September
2022
Portfolio Highlights
Average portfolio company year-on-year EBITDA growth of 18%
-- (2021 annual results: 28%)
Average portfolio company valuation multiple (EV/EBITDA)
-- of 13.7x (2021 annual results: 13.9x)
Portfolio value increase was 72% driven by EBITDA growth
-- and 28% by multiple expansion
Average net debt/EBITDA ratio of 3.9x (2021 annual results:
-- 4.2x)
70% of portfolio companies deliver their products or services
-- digitally
The largest drivers of NAV movement were:
--
IU Group (+38 pence) - valuation uplift underpinned by growth
-- in student enrolments
Contabo (+26 pence) - sale of business agreed at c.105% premium
-- to book value
Grupo Primavera (+8 pence) - strategic combination of business
-- with Cegid
Wishcard (+8 pence) - strong voucher sales drive revenue
-- growth
Foreign exchange (+19 pence) - +2% change in EUR:GBP, +10%
-- change in USD:GBP
Investments
During the period, OCI made a total look-through investment of
GBP68 million which was attributable primarily to the following
platform deals, as well as the Grupo Primavera bolt on acquisitions
of Cloudware S.A. and Eticadata:
TechInsights (Fund IV) - GBP35 million - leading information
-- services platform for the semiconductor market
Vice Golf (Origin Fund) - GBP11 million - digitally native
-- golf brand
Affinitas Education (Fund IV) - GBP8 million - global K12
-- schools group
During the period, OCI also completed the buyback and
cancellation of just under 1 million shares at an average price of
409 pence per share, resulting in a NAV uplift of 1 pence. The OCI
Board remains committed to its share buyback programme.
Cash & commitments
Balance sheet - OCI had GBP97 million in cash at 30 June
-- 2022, equal to 9% of NAV
Expected proceeds - OCI anticipates c.GBP110 million of
-- cash proceeds from transactions announced post-period end,
which are expected to complete later this year
Revolving credit facility - during the period OCI agreed
-- a GBP100 million facility with major lenders to increase
the Company's flexibility and liquidity
Commitments - OCI had outstanding commitments of GBP993
-- million at 30 June 2022. This will be deployed into new
investments over the next five years, funded with existing
balance sheet cash as well as expected proceeds from future
realisations
Post balance sheet events
Oakley continued to sustain a high level of activity post-period
end with a number of transactions due to complete after 30 June,
including: the sale and reinvestment in both Contabo and Facile;
the strategic combination of Grupo Primavera with Cegid, the French
market leader in SME business software; the partial exit of
Seedtag; as well as two new platform investments in Phenna Group
and vLex.
Outlook
A portfolio of attractive, digitally-enabled businesses with
recurring revenue models position Oakley and OCI for continued,
resilient performance during a period of heightened economic
uncertainty and accelerating inflation
Long-term, enduring structural tailwinds continue to drive
-- demand for the products and services Oakley's portfolio
companies provide, as more businesses and consumers shift
online
Sustained, strong demand for Oakley's assets validate the
-- firm's investment strategy and replenish resources for
new investments
Unique origination strategy, proven value creation levers
-- and active management lay the foundations for future growth
The Interim Report and Accounts are available on the Company's
website:
https://oakleycapitalinvestments.com/publication-category/results-centre/
A video overview of the six-month performance is also available
here:
https://oakleycapitalinvestments.com/videos/
Caroline Foulger, Chair of Oakley Capital Investments Limited,
commented:
"We are pleased to report strong returns due to an excellent
performance from the Oakley Funds. The period saw healthy
realisations and robust earnings from Oakley's portfolio of
tech-enabled businesses which underpinned strong NAV growth and
comes after a very strong 2021. It is reassuring to see robust
demand for Oakley's portfolio companies, which provides confidence
in the quality of our underlying assets and the integrity of
valuations at a time of significant market and economic
uncertainty."
Peter Dubens, Managing Partner of Oakley Capital Limited,
commented:
"In the teeth of a rapid economic slowdown and growing business
uncertainty, we have sustained our track record of double-digit
revenue growth while continuing to find exciting new businesses to
back. We anticipate that a challenging operating environment lays
ahead, however we remain focused on applying the same toolkit that
has helped us sustain strong performance over two decades of
investing: being the very best partner for ambitious business
founders, applying our unique brand of active management, and
carefully balancing our entrepreneurial ethos with deep sector
expertise and effective value creation."
- ends -
Results presentation
A live presentation of the results, delivered by Oakley Capital
Partner Steven Tredget, will take place at 9:00 BST today, Thursday
8 September 2022. The presentation will be available to view via
video webcast at the following link:
https://www.investis-live.com/oakley-capital/62fcf06e14e08212006fa776/dfdsq
For further information please contact:
Oakley Capital Limited
+44 20 7766 6900
Steven Tredget
Greenbrook Communications Limited
+44 20 7952 2000
Rob White / Michael Russell
Liberum Capital Limited (Financial Adviser & Broker)
+44 20 3100 2000
Chris Clarke / Darren Vickers / Owen Matthews
Notes:
LEI Number: 213800KW6MZUK12CQ815
All FX rates are as at 30 June 2022. Contribution from
post-balance sheet events is the subject to final FX rates and deal
costs.
(1) About Oakley Capital Investments Limited ("OCI")
OCI is a Specialist Fund Segment ("SFS") traded investment
vehicle that aims to provide shareholders with consistent long-term
capital growth in excess of the FTSE All-Share Index by providing
liquid access to private equity returns through investment in the
Oakley Funds.
A video introduction to OCI is available at
https://oakleycapitalinvestments.com/videos/
The contents of the OCI website are not incorporated into, and
do not form part of, this announcement.
(2) Oakley Capital, the Investment Adviser
Founded in 2002, Oakley Capital Limited has demonstrated the
repeated ability to source attractive growth assets at attractive
prices. To do this it relies on its sector and regional expertise,
its ability to tackle transaction complexity and its deal
generating entrepreneur network.
(3) The Oakley Funds
Oakley Capital Private Equity L.P. and its successor funds,
Oakley Capital Private Equity II, Oakley Capital Private Equity
III, Oakley Capital IV, Oakley Capital V and Oakley Capital Origin
Fund are unlisted lower-mid to mid-market private equity funds that
aim to provide investors with significant long-term capital
appreciation. The investment strategy of the Funds is to focus on
buy-out opportunities in industries with the potential for growth,
consolidation and performance improvement.
Important information
Specialist Fund Segment securities are not admitted to the
Official List of the Financial Conduct Authority. Therefore, the
Company has not been required to satisfy the eligibility criteria
for admission to listing on the Official List and is not required
to comply with the Financial Conduct Authority's Listing Rules.
The Specialist Fund Segment is intended for institutional,
professional, professionally advised and knowledgeable investors
who understand, or who have been advised of, the potential risk
from investing in companies admitted to the Specialist Fund
Segment.
This announcement may include "forward-looking statements".
These forward-looking statements are statements regarding the
Company's objectives, intentions, beliefs or current expectations
with respect to, amongst other things, the Company's financial
position, business strategy, results of operations, liquidity,
prospects and growth. Forward-looking statements are subject to
risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Accordingly
the Company's actual future financial results, operational
performance and achievements may differ materially from those
expressed in, or implied by, the statements. Given these
uncertainties, prospective investors are cautioned not to place any
undue reliance on such forward-looking statements, which speak only
as at the date of this announcement. The Company expressly
disclaims any obligation or undertaking to update or revise any
forward-looking statements contained herein to reflect actual
results or any change in the Company's expectations with regard to
them or any change in events, conditions or circumstances on which
any such statements are based unless required to do so by the
Financial Services and Markets Act 2000, the Listing Rules or
Prospectus Regulation Rules of the Financial Conduct Authority or
other applicable laws, regulations or rules.
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END
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