TIDMOCI
RNS Number : 7505N
Oakley Capital Investments Limited
25 January 2023
25 January 2023
Oakley Capital Investments Limited
Trading update for the year ended 31 December 2022
Oakley Capital Investments Limited (1) ("OCI" or the "Company")
today announces its trading update for the year ended 31 December
2022. OCI is a listed investment company aiming to provide
consistent, long-term returns in excess of the FTSE All-Share Index
by investing in the funds managed by Oakley Capital (2)
("Oakley").
The Oakley Funds (3) invest primarily in unquoted, pan-European
businesses across three sectors: Technology, Consumer and
Education. Oakley's origination capabilities combined with proven
value creation drivers generate sustainable growth and consistently
superior returns for investors.
Highlights for the year ended 31 December 2022
-- Net Asset Value ("NAV") per share of 662 pence and NAV of GBP1,167 million
-- Total NAV return per share of 24% (+128 pence)
-- Investments of GBP269 million and share of proceeds of GBP244 million
-- Year-end cash and available debt of GBP210 million
-- Outstanding commitments of GBP929 million
-- Buy-back and cancellation of 2.2 million shares
NAV growth
The Company's unaudited NAV as at 31 December 2022 was GBP1,167
million, which represents a NAV per share of 662 pence, based on
portfolio valuations at year-end. The total NAV per share return
including dividends was 24% (+128 pence) since 31 December 2021 and
1% (+9 pence) since 30 September 2022. Of the realised and
unrealised portfolio value uplift in the year, 65% of the increase
was driven by EBITDA growth, and 35% as a result of multiple
expansion driven primarily by exits. The largest contributions came
from IU Group which enjoyed further strong growth in enrolments,
reaching 100,000 students during the year, Contabo, whose sale was
agreed in June at a 105% premium to its carrying value, and the
valuation uplift in Grupo Primavera following its strategic
combination with Cegid.
Portfolio company performance
In 2022, OCI's underlying portfolio of asset-light, tech-enabled
businesses continued to perform well and deliver earnings growth
despite the macroeconomic environment, supported by Oakley
Capital's active management. Looking ahead, the combination of
disruptive business models targeting long-term megatrends,
including the shift online for businesses and consumers, and global
demand for quality education, is expected to continue delivering
resilient trading in 2023.
Proceeds
OCI's look-through share of proceeds from exits and refinancings
during the year amounted to GBP244 million. This consisted of:
-- Realisations - GBP234 million - five exits, including Contabo, TechInsights, Facile, Wishcard
and Seedtag (partial exit) at an average 5x gross money multiple and an average premium to
carrying value of c.70%
-- Refinancings - GBP10 million - both Wishcard and Idealista completed refinancings, demonstrating
the quality of their earnings growth
Investments
During the year, Oakley Capital continued to originate
proprietary opportunities for its Funds across its focus sectors.
OCI made a total look-through investment of GBP269 million
attributable to:
-- New investments - GBP214 million - comprising Affinitas and the reinvestment in TechInsights
in Fund IV; Phenna Group & CTS, and reinvestments in Contabo and Facile in Fund V; and vLex
and Vice Golf in the Origin Fund
-- Follow-on investments - GBP55 million - including Grupo Primavera (now part of Cegid) and
Alessi in Fund III, TechInsights' acquisition of Strategy Analytics in Fund IV, and Time Out
and North Sails direct investments
OCI also completed the buy-back and cancellation of 2.2 million
shares at an average price of 407 pence per share during the year,
resulting in a NAV uplift of 2 pence. The OCI Board remains
committed to its share buyback programme.
Cash & Commitments
-- Liquid resources - OCI's total liquidity as at 31 December 2022 was GBP210 million, comprising
GBP110 million of cash on the balance sheet and a GBP100 million credit facility
-- Total outstanding commitments - OCI's recent EUR30 million commitment to Oakley Capital PROfounders
Fund III took its total outstanding commitments to the Oakley Funds to GBP929 million as at
31 December 2022. This will be deployed into new investments over the next five years.
The Company expects to report its audited annual results for
2022 on 9 March 2023.
- ends -
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
(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 Origin Fund and Oakley
Capital Private Equity V 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.
The Oakley family of funds also includes PROfounders funds, which
are venture capital funds focused on investments in
entrepreneur-led, private businesses across Europe.
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
TSTEAFFLAELDEAA
(END) Dow Jones Newswires
January 25, 2023 02:00 ET (07:00 GMT)
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