2022 FY Trading Update

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 ("Oakley"). 

The Oakley Funds 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.   

NAV growth

The Company's unaudited NAV as at 31 December 2022 was £1,167 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 £244 million. This consisted of:

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 £269 million attributable to:

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 £210 million, comprising £110 million of cash on the balance sheet and a £100 million credit facility
• Total outstanding commitments - OCI's recent €30 million commitment to Oakley Capital PROfounders Fund III took its total outstanding commitments to the Oakley Funds to £929 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.