The total NAV Return per Share, including dividends, was 4% for the year to 31 December 2023. The total return includes 42 pence of valuations gains in the underlying portfolio companies offset by 12 pence of unrealised foreign exchange loss due to the 2% movement in EUR:GBP.
NAV per Share
Importance
Represents the underlying value of each share.
Performance
Driven by the growth of the underlying investments, OCI's NAV per Share has increased to 684 pence in the year, net of a 4.5 pence dividend paid to shareholders.
Total NAV Return per Share
4%
Importance
Represents shareholder value creation through dividends and NAV growth.
Performance
While the total NAV Return per Share decreased compared to prior years, the financial performance in the underlying portfolio companies remained strong, increasing OCI's valuation gains by 42 pence during the year. This was offset by 12 pence of foreign exchange loss.
Total Shareholder Return
18%
Importance
Represents a shareholder’s return on investment through dividends received and share price growth.
Performance
Total Shareholder Return was 18% for the year compared to 4% for the FTSE All-Share Index.
OCI assesses its performance using a variety of measures that are not specifically defined under IFRS and are therefore termed Alternative Performance Measures (APMs). These APMs have been used as they are considered by the Board to be the most relevant bases for shareholders in assessing the performance of the Company. The APMs used by the Company are listed in the Glossary, along with their definition/explanation, their closest IFRS measure and, where appropriate, reconciliations to those IFRS measures.