Strategic report / OCI KPIs
OCI key performance
indicators
2024 has been a year of significant investment for OCI, with £299 million invested during the period and £179 million of look-through proceeds realised, the majority of which was during the second half of the year, as macroeconomic conditions began to improve. Total Net Asset Value ("NAV") Return per share was +15 pence, reporting a 2% Total NAV Return per share for the 12 month period. When the impact of foreign exchange is removed, Total NAV Return per share is approximately +40 pence, representing a 6% increase on the prior year.
Creating value
Net asset value
£1,226m
Performance
OCI's net asset value grew to £1,226 million following a year focused on capital deployment, with total NAV being fully invested at the year-end, in support of maximising future returns.
NAV per share
Represents the underlying value of each share.
695p
Importance
Represents the underlying value of each share.
Performance
OCI's NAV per share has increased to 695 pence in the year, net of 4.5 pence of dividends, representing consistent value creation for shareholders despite challenging macroeconomic conditions.
Resilient performance
Total NAV Return per share
2%
Importance
Represents shareholder value creation through dividends and NAV growth.
Performance
OCI's Total NAV Return per share was 2% despite the euro depreciating 5% against the pound. Without the impact of foreign exchange, OCI's Total NAV Return per share was 6%.
Delivering returns
Total Shareholder Return
2%
Importance
Measures total return to shareholders by expressing share price appreciation and dividends paid as an annualised percentage.
Performance
Total Shareholder Return was 2% for the 12 month period.
OCI long-term shareholder return vs indices
OCI shareholder return and FTSE All Share return has been re-based to 2014.
Invested by OCI during the period
£299m
Importance
Demonstrates the activity during the period through capital deployment for future returns.
Performance
OCI was active in respect of capital deployment during the period, investing £299 million into new investments including £236 million of new platform deals, for the majority of these fair value remains at cost at the year-end.
Look-through proceeds to OCI during the period
£179m
Importance
Represents the value realised by OCI from its investments in the Oakley Funds.
Performance
OCI's look-through share of proceeds for the period was £179 million, including £159 million of realisations from exits in the second half of the year, as improved macroeconomic conditions began to support deal flow.
Realised gross Money Multiple
2.3x
Importance
Demonstrates the underlying gross returns of the Oakley Fund Investments realised during the year.
Performance
During the year, Oakley Fund III exited Schülerhilfe and Oakley Fund IV exited Idealista and Ocean Technologies Group, achieving an average 2.3x realised gross Money Multiple.
Liquidity
Cash
£103m
A further £122m of additional credit is available at the year-end.
Investing for future growth
Outstanding fund commitments
£646m
Of which, £200m is not expected to be drawn.
Five-year CAGR
16%
Importance
Annualised Total NAV Return per share calculated over a five-year period. A measure of the consistency and quality of growth in the portfolio.
Performance
OCI's five-year Compound Annual Growth Rate (CAGR) is 16%, demonstrating continued and resilient growth when compared to its peers.
Discount to NAV
28%
Importance
Share price relative to NAV per share.
Performance
OCIs discount to NAV remains inline with the prior year reflecting a continuing industry-wide trend, particularly for investment companies holding private assets.
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 and KPIs 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.
Related content
See OCI NAV overview
See this section to learn about OCI's NAV and how we have delivered consistent returns for shareholders during a period of investment.