TIDMOCI
RNS Number : 3595S
Oakley Capital Investments Limited
09 March 2023
9 March 2023
Oakley Capital Investments Limited
Final results for the Year Ended 31 December 2022
Oakley Capital Investments Limited(1) ("OCI" or the "Company")
today announces its final results for the year ended 31 December
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, profitable,
pan-European businesses with recurring revenues, and across three
sectors: Technology, Consumer and Education. Oakley's origination
capabilities combined with proven value creation drivers help
management teams accelerate growth and produce consistently
superior returns for investors.
A focused portfolio of tech-enabled businesses delivers another
year of outperformance
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)
-- Total shareholder return of 1%
-- Additional investments made of GBP271 million and share of proceeds of GBP244 million
-- Year-end cash and available credit facility of GBP210 million
-- Outstanding commitments of GBP929 million
-- Buy-back and cancellation of 2.2 million shares
-- Final dividend of 2.25 pence, taking dividends declared to 4.5 pence
Portfolio highlights
-- Average portfolio company year-on-year EBITDA growth of 22% (2021: 30%)
-- Average portfolio company valuation multiple (EV/EBITDA) of 15.9x (2021: 15.3x)
-- Portfolio value increase was driven 65% by EBITDA growth, and 35% by multiple expansion primarily
from exits
-- Average net debt/EBITDA ratio of 4.3x (2021: 4.2x)
-- The key drivers of NAV growth were:
- IU Group (+64 pence): continuing strong growth in enrolments, reaching 100,000 students during
the year
- Contabo (+26 pence): sale of business at 105% premium to book value
- Grupo Primavera (+21 pence): valuation uplift following its strategic combination with Cegid
- Foreign exchange (+29 pence): 5% change in EUR:GBP
To better reflect the drivers of performance and the
increasingly diverse weighting of each investee company within the
portfolio, OCI has enhanced its reporting metrics from a simple,
straight average to a weighted average based on its look through
fair value in the underlying portfolio company investments. As such
and unless stated otherwise, all ratios and EBITDA growth
percentages are now published on a weighted average basis. To
compare ratios and for current and historic data calculated on both
a straight average and weighted average basis, please refer to this
table .
Proceeds
OCI's share of proceeds from realisations and refinancings
totalled GBP244 million, consisting of:
-- Realisations: GBP234 million from five realisations at an average 5x gross money multiple
and an average premium to carrying value of c.70%. They include:
- TechInsights - GBP59 million from Fund III's investment realisation
- Contabo - GBP61 million from Fund IV's investment realisation
- Facile - GBP54 million from Fund III's investment realisation
- Seedtag - GBP14 million from Origin's partial investment realisation
- Wishcard - GBP45 million from Fund IV's investment realisation
-- Refinancings: GBP10 million combined - both Wishcard and idealista completed refinancings,
demonstrating the quality of their earnings growth
Investments
During the period, OCI made a total look-through investment of
GBP271(4) million comprising GBP216 million of new investments and
GBP55 million of follow-on investments. The new investments
comprise:
-- TechInsights (Fund IV) - GBP35 million - reinvestment in the content information platform
for the chip industry
-- Vice Golf (Origin) - GBP11 million - a digital-first golf ball and apparel brand
-- Contabo (Fund V) - GBP34 million - reinvestment in the SME-focused cloud hosting platform
-- Affinitas (Fund IV) - GBP9 million - a global K-12 schools group
-- Phenna Group & CTS (Fund V) - GBP73 million - leading providers of TICC ('testing, inspection,
certification and compliance') services
-- Facile (Fund V) - GBP45 million - reinvestment in Italy's leading price comparison website
-- vLex (Origin) - GBP9 million - a cloud-based, global legal information platform
Follow-on investments include Grupo Primavera (now part of
Cegid) and Alessi in Fund III; TechInsights' acquisition of
Strategy Analytics in Fund IV; and direct debt investments in Time
Out and North Sails.
During the period, OCI also completed the buyback and
cancellation of 2.2 million shares at an average price of 407 pence
per share, resulting in a NAV uplift of c.2 pence. The OCI Board
remains committed to its share buyback programme.
Cash & commitments
-- Liquid resources - OCI's total liquidity at year end was GBP210 million, comprising GBP110
million of cash and a GBP100 million credit facility
-- Total outstanding commitments - following OCI's EUR800 million commitment to Oakley Capital
Fund V and EUR30 million commitment to Oakley Capital PROfounders Fund III during the year,
OCI's total outstanding commitments to the Oakley Funds amounted to GBP929 million as at 31
December 2022. In excess of GBP200 million of this is forecast not to be drawn, and the remainder
is expected to be deployed into new investments over the next five years
-- Dividends declared of 4.5 pence of which final 2.25 pence to be paid on 21 April 2023 to shareholders
on the register on or before 17 March 2023
Outlook
The prevailing macroeconomic environment is likely to have an
impact on portfolio company trading in 2023. However, resilient
earnings growth, and demand for Oakley's attractive assets are
expected to continue driving NAV growth in the year ahead:
-- The portfolio of 26 European businesses continues to profit from long-term megatrends including
the shift to online solutions by businesses and consumers, and the growing, global demand
for quality, accessible education
-- The companies typically benefit from being both digitally disruptive and having recurring
revenue streams. This results in predictable and stable cashflows that can grow by taking
market share, rather than by relying on market growth
-- Continued liquidity and anticipated future exits as a result of growing demand for investee
companies will enable OCI to take full advantage of the investment adviser's origination strategy
and pipeline
Caroline Foulger, Chair of Oakley Capital Investments Limited,
commented:
"We are pleased to report that OCI has continued to generate
strong NAV growth during a period of considerable market volatility
and macroeconomic uncertainty. Despite numerous head winds our
underlying portfolio of private businesses generated double-digit
profit growth and this, together with strong demand for our
investee companies, pushed OCI's net assets to c.GBP1.2 billion. As
we look to the year ahead, the Board remains confident in Oakley's
ability to continue sourcing attractive investment opportunities,
and to support its portfolio companies accelerate growth and create
value."
Peter Dubens, Managing Partner of Oakley Capital Limited,
commented:
"Oakley remains focused on applying the same investment strategy
and capabilities we have developed and validated over two decades
of investing through economic cycles: backing profitable, enduring
businesses led by talented, proven entrepreneurs, and then
partnering with them to strengthen, professionalise and grow the
businesses they founded."
The Annual Report and Accounts are available on the Company's
website at
https://www.oakleycapitalinvestments.com/investor-centre/results-and-reports/
A video overview of the 12-month performance is also available
here
https://www.oakleycapitalinvestments.com/news-and-media/videos/
The Company's Q1 2023 trading update is expected to be released
on 26 April 2023.
- ends -
Results presentation
A live presentation of the results, delivered by Oakley Capital
Partner Steven Tredget, will take place at 9:00am today, Thursday 9
March 2023 . The presentation will be available to view via video
webcast at the following link:
https://www.investis-live.com/oakley-capital/63f4c21e33aa1a1200cf68eb/oasj
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 V and Oakley Capital Origin
Fund and 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.
4 Includes GBP2 million look-through investments in PROfounders
portfolio companies acquired during the year.
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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